<SEC-DOCUMENT>0001104659-25-010545.txt : 20250207
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<ACCEPTANCE-DATETIME>20250207161141
ACCESSION NUMBER:		0001104659-25-010545
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		28
FILED AS OF DATE:		20250207
DATE AS OF CHANGE:		20250207

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05597
		FILM NUMBER:		25601838

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

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

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

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-283796
		FILM NUMBER:		25601837

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	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
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
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        <ix:header><ix:hidden><ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="C_20250207to20250207" id="Fdei_EntityCentralIndexKey20250207045113159">0000835333</ix:nonNumeric><ix:nonNumeric name="dei:AmendmentFlag" contextRef="C_20250207to20250207" id="Fdei_AmendmentFlag20250207045118049">false</ix:nonNumeric><ix:nonNumeric name="dei:DocumentType" contextRef="C_20250207to20250207" id="Fdei_DocumentType20250207045125680">N-2/A</ix:nonNumeric><ix:nonNumeric name="dei:EntityWellKnownSeasonedIssuer" contextRef="C_20250207to20250207" id="F20230624103304062_33">No</ix:nonNumeric><ix:footnote id="FN20250207102137112" xml:lang="en-US">	If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.</ix:footnote>
<ix:footnote id="FN20250207102152136" xml:lang="en-US">	Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</ix:footnote>
<ix:footnote id="FN20250207101802589" xml:lang="en-US">The example above does not include sales loads or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales load and estimated offering costs.</ix:footnote>
<ix:footnote id="FN20250207101837362" xml:lang="en-US">	Based upon average net assets applicable to Common Shares for the semi-annual period ended August 31, 2024 (unaudited).</ix:footnote>
<ix:footnote id="FN20250207101853863" xml:lang="en-US">The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#8217;s average weekly Managed Assets. The fee shown above is based upon outstanding leverage of 28.70% of the Fund&#8217;s total assets. If leverage of more than 28.70% of the Fund&#8217;s total assets is used, the management fees shown would be higher.</ix:footnote>
<ix:footnote id="FN20250207102241857" xml:lang="en-US">Based upon the Fund&#8217;s outstanding borrowings as of August 31, 2024 of approximately $114,600,000, and the average daily weighted interest rate for the period ended August 31, 2024 of 4.14% . The Fund currently has no preferred shares outstanding.</ix:footnote>
<ix:footnote id="FN20250207102252688" xml:lang="en-US">Other Expenses have been restated to reflect current fees.</ix:footnote>
<ix:footnote id="FN20241211175509991" xml:lang="en-US">Calculated based on the information presented. Percentages are rounded.</ix:footnote>
<ix:footnote id="FN20241211175458647" xml:lang="en-US">Based on the Fund&#8217;s computations.</ix:footnote>
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          <p style="margin:0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:right">As filed with the Securities and Exchange Commission on February 7, 2025</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:right">Securities Act File No.&#160;<ix:nonNumeric id="Fxbrl_20250207021320924" name="dei:EntityFileNumber" contextRef="C_20250207to20250207">333-283796</ix:nonNumeric></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:right;text-indent:320.25pt">Investment Company Act File No.&#160;<ix:nonNumeric id="Fxbrl_20250207021326060" name="dei:InvestmentCompanyActFileNumber" contextRef="C_20250207to20250207">811-05597</ix:nonNumeric></p>
          <p style="font:5pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="margin-top:0pt;margin-bottom:3pt;width:100%">
            <div style="border-top:Black 2pt solid;font-size:1pt;border-bottom:Black 1pt solid">&#160;</div>
          </div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:14pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>United States</strong></p>
          <p style="font:14pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Securities and Exchange Commission</strong></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Washington, D.C. 20549</strong></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="margin:0pt auto;width:25%">
            <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
          </div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:14pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>FORM&#160;<ix:nonNumeric id="F20230624103304044_2" name="dei:EntityInvCompanyType" contextRef="C_20250207to20250207">N-2</ix:nonNumeric></strong></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="margin:0pt auto;width:25%">
            <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.75in;text-indent:0.5in"><span><span><ix:nonNumeric id="F20230624103304046_8" name="dei:InvestmentCompanyActRegistration" contextRef="C_20250207to20250207" format="ixt:fixed-true">&#9746;</ix:nonNumeric></span></span> Registration Statement under the Investment Company Act of 1940</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="margin:0pt auto;width:25%">
            <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">(Exact Name of Registrant as Specified in Charter)</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="margin:0pt auto;width:25%">
            <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">(Address of Principal Executive Offices)</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">(Name and Address of Agent for Service)</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="margin:0pt auto;width:25%">
            <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">Copies to:</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0;margin-bottom:0;width:100%">

              <tr style="vertical-align:top;text-align:justify">
                <td style="width:50%;text-align:center">
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">Taylor V. Edwards, Esquire</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">Invesco Advisers,&#160;Inc.</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">225 Liberty Street, 15th FL</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">New York, NY 10281-1087</p>
                </td>
                <td style="text-align:center;width:50%">
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">Matthew R. DiClemente, Esquire</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">Mena M. Larmour, Esquire</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">Stradley Ronon Stevens and Young, LLP</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">2005 Market Street, Suite&#160;2600</p>
                  <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">Philadelphia. Pennsylvania 19103-7018</p>
                </td>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">Approximate Date of Commencement of Proposed Public Offering:</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt;font-family:Times New Roman"><ix:nonNumeric id="F20230624103304058_21" name="dei:ApproximateDateOfCommencementOfProposedSaleToThePublic" contextRef="C_20250207to20250207">From time to time after the effective date of this Registration Statement.</ix:nonNumeric></span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse">

              <tr style="vertical-align:top">
                <td style="padding-left:3pt;width:0.5in;font-size:10pt;text-align:left"><span><ix:nonNumeric id="Fxbrl_20241211184245103" name="dei:DividendOrInterestReinvestmentPlanOnly" contextRef="C_20250207to20250207" format="ixt:fixed-false">&#9744;</ix:nonNumeric></span></td>
                <td style="text-align:justify;font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if the only securities being registered on this Form&#160;are being offered pursuant to dividend or interest reinvestment plans.</span></td>
              </tr>

          </table>
          <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse">

              <tr style="vertical-align:top">
                <td style="padding-left:3pt;width:0.5in;font-size:10pt;text-align:left"><span><ix:nonNumeric id="F20230624103304059_22" name="dei:DelayedOrContinuousOffering" contextRef="C_20250207to20250207" format="ixt:fixed-true">&#9746;</ix:nonNumeric></span></td>
                <td style="text-align:justify;font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if any securities being registered on this Form&#160;will be offered on a delayed or continuous basis in reliance on Rule&#160;415 under the Securities Act of 1933 (&#8220;Securities Act&#8221;), other than securities offered in connection with a dividend reinvestment plan.</span></td>
              </tr>

          </table>
          <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse">

              <tr style="vertical-align:top">
                <td style="padding-left:3pt;width:0.5in;font-size:10pt;text-align:left"><span><ix:nonNumeric id="Fxbrl_20241211172603261" name="cef:PrimaryShelfFlag" contextRef="C_20250207to20250207" format="ixt:fixed-true">&#9746;</ix:nonNumeric></span></td>
                <td style="text-align:justify;font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if this Form&#160;is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</span></td>
              </tr>

          </table>
          <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse">

              <tr style="vertical-align:top">
                <td style="padding-left:3pt;width:0.5in;font-size:10pt;text-align:left"><span><ix:nonNumeric id="Fxbrl_20241211172627381" name="dei:EffectiveUponFiling462e" contextRef="C_20250207to20250207" format="ixt:fixed-false">&#9744;</ix:nonNumeric></span></td>
                <td style="text-align:justify;font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if this Form&#160;is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule&#160;462(e)&#160;under the Securities Act.</span></td>
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          </table>
          <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse">

              <tr style="vertical-align:top">
                <td style="padding-left:3pt;width:0.5in;font-size:10pt;text-align:left"><span><ix:nonNumeric id="Fxbrl_20241211172654196" name="dei:AdditionalSecuritiesEffective413b" contextRef="C_20250207to20250207" format="ixt:fixed-false">&#9744;</ix:nonNumeric></span></td>
                <td style="text-align:justify;font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if this Form&#160;is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule&#160;413(b)&#160;under the Securities Act.</span></td>
              </tr>

          </table>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>It is proposed that this filing will become effective (check appropriate box):</strong></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse">

              <tr style="vertical-align:top">
                <td style="padding-left:3pt;width:0.5in;font-size:10pt;text-align:left"><span><ix:nonNumeric id="F20230624103304059_23" name="dei:EffectiveWhenDeclaredSection8c" contextRef="C_20250207to20250207" format="ixt:fixed-false">&#9744;</ix:nonNumeric></span></td>
                <td style="text-align:justify;font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">when declared effective pursuant to Section&#160;8(c)&#160;of the Securities Act.</span></td>
              </tr>

          </table>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>If appropriate, check the following box:</strong></p>
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          <p style="font:10pt Times New Roman, Times, Serif;text-align:justify;margin:0pt 0">THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY&#160;BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION&#160;8(a)&#160;OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION&#160;8(a), MAY&#160;DETERMINE.</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <div><div style="font:10pt Times New Roman, Times, Serif"><p style="margin:0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>BASE PROSPECTUS</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>25,500,000 Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Invesco Municipal Income Opportunities Trust</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Common Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Rights to Purchase Common Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="text-align:center;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"><strong>February 7, 2025</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>The Fund</i></span>. Invesco Municipal Income Opportunities Trust (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company. The Fund&#8217;s investment objective is to provide a high level of current income which is exempt from federal income tax. The investment objective is fundamental and may not be changed without approval of a majority of the Trust&#8217;s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Common Shares are listed on the New York Stock Exchange (the &#8220;NYSE&#8221;). The trading or &#8220;ticker&#8221; symbol of the Common Shares is &#8220;OIA.&#8221; The closing price of the Common Shares, as reported by the NYSE on February 4, 2025, was $6.38 per Common Share. The net asset value of the Common Shares at the close of business on that same date was $6.12 per Common Share. Rights issued by the Fund may also be listed on a securities exchange.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><i>Offerings</i></span>. The Fund may offer, from time to time, up to 25,500,000 of common shares of beneficial interest, no par value (&#8220;Common Shares&#8221;) and/or subscription rights to purchase Common Shares (&#8220;Rights,&#8221; and collectively with Common Shares, &#8220;Securities&#8221;), in any combination, in one or more offerings in amounts, at prices and on terms set forth in one or more supplements to this Prospectus (each a &#8220;Prospectus Supplement&#8221;). The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. The Prospectus Supplement relating to any offering of Securities will describe such offering, including, as applicable, the names of any underwriters, dealers or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated. The Prospectus Supplement relating to any Rights offering will set forth the number of Common Shares issuable upon the exercise of each Right (or number of Rights) and the other terms of such Rights offering. For more information about the manners in which the Fund may offer Securities, see &#8220;Plan of Distribution.&#8221;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-family:Times New Roman,Times,serif;font-size:10pt"><strong>You should read this Prospectus and any related Prospectus Supplement carefully before you decide to invest in these Securities.</strong> &#160;<strong>This Prospectus, together with any related prospectus supplements sets forth concisely the information about the Fund that a prospective investor should know before investing, and should be retained for future reference. Investing in Securities involves risks, including the risks associated with the Fund&#8217;s use of leverage. See &#8220;Use of Leverage&#8221; beginning on page 9. You could lose some or all of your investment. You should consider carefully these risks, together with all of the other information in this Prospectus and any related prospectus supplement before making a decision to purchase any of the Securities. See &#8220;Risks&#8221; beginning on page&#160;10.</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt"></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A Statement of Additional Information, dated February 7, 2025 (the &#8220;SAI&#8221;), containing additional information about the Fund has been filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) and is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the SAI, the table of contents of which is on the last page&#160;of this Prospectus, annual and semi-annual reports to shareholders and other information about the Fund and make shareholder inquiries by calling 800-959-4246, by writing to the Fund at Invesco Distributors Inc., 11 Greenway Plaza, Houston, Texas, 77046-1173 or from the Fund&#8217;s website www.invesco.com/reports. The information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this Prospectus, except to the extent specifically incorporated by reference herein. You also may obtain a copy of the SAI (and other information regarding the Fund) from the SEC&#8217;s web site (http://www.sec.gov).</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>The Securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other governmental agency.</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center"><strong>Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt"><p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">ii</p></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div></div><div style="font:10pt Times New Roman, Times, Serif"><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>TABLE OF CONTENTS</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse"><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;width:90%;vertical-align:top;padding-bottom:1pt"><a href="#ps_001"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">PROSPECTUS SUMMARY</span></a></td><td style="padding-top:1pt;vertical-align:bottom;width:10%;text-align:right;padding-bottom:1pt"><a href="#ps_001"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">2</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_002"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">SUMMARY OF FUND EXPENSES</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_002"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">6</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_003"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">FINANCIAL HIGHLIGHTS</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_003">7</a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_004"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">SENIOR SECURITIES</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_004"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">7</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_005"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">THE FUND</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_005"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">7</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_006"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">USE OF PROCEEDS</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_006"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">7</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_007"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">MARKET AND NET ASSET VALUE INFORMATION</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_007"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">7</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_008"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">INVESTMENT OBJECTIVE AND POLICIES</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_008"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">8</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_009"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">USE OF LEVERAGE</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_009"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">9</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_010"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">RISKS</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_010"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">10</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_011"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">MANAGEMENT OF THE FUND</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_011"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">10</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_012"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">NET ASSET VALUE</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_012"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">13</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_013"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">DISTRIBUTIONS</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_013"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">14</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_014"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">DIVIDEND REINVESTMENT 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DOCUMENTS</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#pss_001"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">19</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_016"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">CONVERSION TO OPEN-END FUND</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_016"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">21</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_017"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">TAX MATTERS</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_017"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">22</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_018"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">PLAN OF DISTRIBUTION</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_018"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">25</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_019"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">CUSTODIAN, DIVIDEND DISBURSING AGENT AND TRANSFER AGENT</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_019"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">27</span></a></td></tr><tr style="vertical-align:bottom;background-color:rgb(204,238,255)"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_020"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">LEGAL MATTERS</span></a></td><td style="padding-top:1pt;vertical-align:bottom;text-align:right;padding-bottom:1pt"><a href="#ps_020"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">27</span></a></td></tr><tr style="vertical-align:bottom"><td style="padding-top:1pt;text-align:left;vertical-align:top;padding-bottom:1pt"><a href="#ps_021"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></a></td><td 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The Fund has not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this Prospectus is accurate only as of the date of this Prospectus. The Fund&#8217;s business, financial condition and prospects may have changed since that date.</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><i>Forward-Looking Statements</i></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">Any projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary significantly from actual results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors that could cause actual results to differ materially from those in any forward looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections, forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated events, even if the underlying assumptions do not come to fruition. 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You should review the more detailed information contained elsewhere in this Prospectus and any related prospectus supplement and in the Statement of Additional Information (the &#8220;SAI&#8221;).</i></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse"><tr style="vertical-align:top"><td style="padding-right:5.4pt;padding-bottom:10pt;font-size:10pt;text-align:justify;width:25%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>The Fund </strong></span></td><td style="padding-bottom:10pt;font-size:10pt;text-align:justify;width:75%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Invesco Municipal Income Opportunities Trust is a diversified, closed-end management investment company registered under the 1940 Act. See &#8220;The Fund&#8221; below for more information. 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The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. The Prospectus Supplement relating to any offering of Securities will describe such offering, including, as applicable, the names of any underwriters, dealers or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The Fund may not sell any Securities through agents, underwriters or dealers without delivery of this Prospectus and a Prospectus Supplement, describing the method and terms of the particular offering of such Securities. 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See &#8220;Rights Offerings.&#8221;</p></td></tr><tr style="vertical-align:top"><td style="padding-right:5.4pt;padding-bottom:10pt;font-size:10pt;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Use Of Proceeds </strong></span></td><td style="padding-bottom:10pt;font-size:10pt;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Unless otherwise specified in a Prospectus Supplement, the Fund intends to invest the net proceeds of an offering of Securities in accordance with its investment objective and policies as stated herein. It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of an offering of Securities in accordance with its investment objective and policies within three to six months after the completion of any such offering or the receipt of such proceeds, depending on the availability of appropriate investment opportunities consistent with the Fund&#8217;s investment objective and market conditions. Pending such investment, it is anticipated that the proceeds will be invested in cash, cash equivalents or other securities, including U.S. government securities or high quality, short-term debt securities. The Fund may also use the proceeds for working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no intent to issue Securities primarily for these purposes.</span></td></tr><tr style="vertical-align:top"><td style="padding-right:5.4pt;font-size:10pt;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Investment Objective and Policies</strong></span></td><td><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"><span style="font-family:Times New Roman,Times,serif;font-size:10pt">Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">annual report</a> on Form&#160;N-CSR entitled &#8220;Additional Information&#8212;Investment Objective, Policies and Principal Risks of the Trust,&#8221; as such investment objective and investment policies may be supplemented from time to time, which are incorporated by reference herein, for a discussion of the Fund&#8217;s investment objective and policies.</span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"><span style="font-family:Times New Roman,Times,serif;font-size:10pt">There can be no assurance that such strategies will be successful. 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Invesco has entered into sub-advisory agreements (&#8220;Sub-Advisory Agreements&#8221;) with certain affiliates to serve as sub-advisers to the Fund (each a &#8220;Sub-Adviser&#8221; and collectively, the &#8220;Sub-Advisers&#8221;), pursuant to which these affiliated sub-advisers may be appointed by Invesco from time to time to provide discretionary investment management services, investment advice, and/or order execution services to the Fund.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">Under an investment advisory agreement between the Adviser and the Fund, the Fund pays the Adviser a monthly advisory fee based on the annual rate of 0.55% of the Fund&#8217;s average weekly Managed Assets. &#8220;Managed Assets,&#8221; for purposes of the advisory fee, means the Fund&#8217;s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Fund&#8217;s consolidated financial statements for purposes of generally accepted accounting principles (&#8220;GAAP&#8221;)). 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See &#8220;Market and Net Asset Value Information.&#8221;</span></td></tr><tr style="vertical-align:top"><td style="padding-right:5.4pt;padding-bottom:10pt;font-size:10pt;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Special Risk Considerations </strong></span></td><td style="padding-bottom:10pt;font-size:10pt;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Investment in the Fund involves special risk considerations, which are summarized below. The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. The Fund&#8217;s performance and the value of its investments will vary in response to changes in interest rates, inflation and other market factors. Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">annual report</a> on Form&#160;N-CSR entitled &#8220;Additional Information,&#160;Investment Objective, Policies and Principal Risks of the Trust.&#8221;</span></td></tr><tr><td style="padding-right:5.4pt;vertical-align:top;font-size:10pt;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Summary of Taxation</strong></span></td><td style="vertical-align:top;font-size:10pt;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. 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The Fund also may make distributions that are taxable to you as ordinary income or capital gains. See &#8220;Tax Matters.&#8221;</span></td></tr></table><p style="margin:0">&#160;</p><div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt"><p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">4</p></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div><p style="margin:0">&#160;</p><table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse"><tr><td style="padding-right:5.4pt;padding-bottom:10pt;vertical-align:top;font-size:10pt;text-align:justify;width:25%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Reports to Common Shareholders</strong></span></td><td style="padding-bottom:10pt;vertical-align:top;font-size:10pt;text-align:justify;width:75%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">As soon as practicable after the end of each calendar year, a statement on Form&#160;1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to Internal Revenue Service (&#8220;IRS&#8221;) reporting. 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                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><sup>&#160;</sup>&#160;</td>
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            <ix:continuation id="F20250207101250058">
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <div style="margin-top:0pt;margin-bottom:0pt;width:25%">
                  <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
                </div>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(1)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(2)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</td>
                    </tr>

                </table>
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            </ix:continuation>
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            <ix:continuation id="F20250207101300849">
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(3)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">Based upon average net assets applicable to Common Shares for the semi-annual period ended August&#160;31, 2024 (unaudited).</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(4)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#8217;s average weekly Managed Assets. The fee shown above is based upon outstanding leverage of 28.70% of the Fund&#8217;s total assets. If leverage of more than 28.70% of the Fund&#8217;s total assets is used, the management fees shown would be higher.</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(5)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">Based upon the Fund&#8217;s outstanding borrowings as of August&#160;31, 2024 of approximately $114,600,000, and the average daily weighted interest rate for the period ended August&#160;31, 2024 of 4.14% . The Fund currently has no preferred shares outstanding.</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(6)&#160;</sup>&#160;</span></td>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Example</strong></p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1)&#160;&#8220;Total annual expenses&#8221; of 2.41% of net assets attributable to Common Shares and (2)&#160;a 5% annual return*:</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%">

                    <tr style="vertical-align:bottom">
                      <td style="font-size:10pt;text-align:center">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">1 Year</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">3 Years</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">5 Years</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">10 Years</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                      <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
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                      <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(1)&#160;</sup>&#160;</span></td>
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                    </tr>

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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
            <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">6</p>
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          <div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div>
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  <div>
    <div style="font:10pt Times New Roman, Times, Serif">
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund&#8217;s financial highlights for the fiscal years ended February 29, 2024, February 28, 2023, February 29, 2022, February 28, 2021, and February 29, 2020 are incorporated by reference from the Fund&#8217;s&#160;<a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm">Annual Report</a> for the fiscal year ended February 29, 2024 (File No. 811-05597), as filed with the SEC on Form N-CSR on May 2, 2024. The financial highlights for each of these fiscal periods have been derived from financial statements audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), the Fund&#8217;s independent registered public accounting firm, for the last five fiscal periods. PwC has not reviewed or examined any records, transactions or events after the date of such reports. The Fund&#8217;s unaudited financial highlights for the period ended August 31, 2024 are incorporated by reference to the Fund&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524249658/d817801dncsrs.htm">Semi-Annual Report</a> for the fiscal period ended August 31, 2024 (File No. 811-05597), as filed with the SEC on Form N-CSRS on November 1, 2024. The Fund&#8217;s financial highlights for the fiscal years ended February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016, and February 28, 2015, are set forth in the table below. A copy of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm">Annual Report</a> and <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524249658/d817801dncsrs.htm">Semi-Annual Report</a> may be obtained from <span style="text-decoration:underline">www.sec.gov</span> or by visiting <span style="text-decoration:underline">www.invesco.com</span>.</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <td style="white-space:nowrap;text-align:center;font-size:10pt">&#160;</td>
            <td style="white-space:nowrap;text-align:center;font-size:10pt">&#160;</td>
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            <td style="white-space:nowrap;text-align:center;font-size:10pt">&#160;</td>
            <td style="white-space:nowrap;text-align:center;font-size:10pt">&#160;</td>
            <td colspan="2" style="white-space:nowrap;font-size:10pt;text-align:center">&#160;</td>
            <td style="white-space:nowrap;text-align:center;font-size:10pt">&#160;</td>
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            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center">&#160;</td>
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            <td style="white-space:nowrap;text-align:center;font-size:10pt">&#160;</td>
            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
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            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
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            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
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            <td style="white-space:nowrap;text-align:center;font-size:10pt">&#160;</td>
            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
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            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
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            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
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            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
            <td style="font:bold 10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:center;padding-bottom:1pt">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;width:1%">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">13.63</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">359,602</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">19</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">13</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">14</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.79</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.76</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.74</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.69</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">Without fee waivers and/or expense reimbursements</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.98</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">0.84</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">Ratio of net investment income to average net assets</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.63</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.33</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.58</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.51</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><strong>Senior securities:</strong></td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">Total amount of preferred shares outstanding (000&#8217;s omitted)</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250207050321382_xbrl_20250207044045029_xbrl_20250207031834703_xbrl_20250207031709362_xbrl_20250207030157218" name="cef:SeniorSecuritiesAmt" contextRef="C_20190228" unitRef="USD" scale="3" decimals="-3" format="ixt:num-dot-decimal">30,000</ix:nonFraction></td>
            <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250207050321382_xbrl_20250207044045029_xbrl_20250207031834703_xbrl_20250207031709362_xbrl_20250207030207185" name="cef:SeniorSecuritiesAmt" contextRef="C_20180228" unitRef="USD" scale="3" decimals="-3" format="ixt:num-dot-decimal">30,000</ix:nonFraction></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Asset coverage per preferred share<sup>(f)</sup></span></td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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            <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">&#160;</td>
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            <td style="font:10pt Times New Roman, Times, Serif;text-align:right">1,272,271</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          </tr>
          <tr style="vertical-align:bottom">
            <td style="font:10pt Times New Roman, Times, Serif">Liquidating preference per preferred share</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250207050321386_xbrl_20250207044057549_xbrl_20250207031713408_xbrl_20250207030157218" name="us-gaap:PreferredStockLiquidationPreference" contextRef="C_20190228" unitRef="Usd_per_Share" scale="0" decimals="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction></td>
            <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250207050321386_xbrl_20250207044057549_xbrl_20250207031713408_xbrl_20250207030207185" name="us-gaap:PreferredStockLiquidationPreference" contextRef="C_20180228" unitRef="Usd_per_Share" scale="0" decimals="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">N/A</span></td>
            <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          </tr>

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

          <tr style="vertical-align:top">
            <td style="width:0.25in"><span style="font-size:10pt"><sup>(a)</sup></span></td>
            <td style="text-align:justify"><span style="font-size:10pt">Calculated using average shares outstanding.</span></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;margin-top:0pt;margin-bottom:0pt">

          <tr style="vertical-align:top">
            <td style="width:0.25in"><span style="font-size:10pt"><sup>(b)</sup></span></td>
            <td style="text-align:justify"><span style="font-size:10pt">Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Not annualized for periods less than one year, if applicable.</span></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;margin-top:0pt;margin-bottom:0pt">

          <tr style="vertical-align:top">
            <td style="width:0.25in"><span style="font-size:10pt"><sup>(c)</sup></span></td>
            <td style="text-align:justify"><span style="font-size:10pt">Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Fund&#8217;s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.</span></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;margin-top:0pt;margin-bottom:0pt">

          <tr style="vertical-align:top">
            <td style="width:0.25in"><span style="font-size:10pt"><sup>(d)</sup></span></td>
            <td style="text-align:justify"><span style="font-size:10pt">Portfolio turnover is not annualized for periods less than one year, if applicable.</span></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;margin-top:0pt;margin-bottom:0pt">

          <tr style="vertical-align:top">
            <td style="width:0.25in"><span style="font-size:10pt"><sup>(e)</sup></span></td>
            <td style="text-align:justify"><span style="font-size:10pt">Ratios are based on average daily net assets applicable to common shares (000&#8217;s omitted) of $349,748.</span></td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;width:100%;margin-top:0pt;margin-bottom:0pt">

          <tr style="vertical-align:top">
            <td style="width:0.25in"><span style="font-size:10pt"><sup>(f)</sup></span></td>
            <td style="text-align:justify"><span style="font-size:10pt">Calculated by subtracting the Fund&#8217;s total liabilities (not including preferred shares, at liquidation value) from the Fund&#8217;s total assets and dividing this by the total number of preferred shares outstanding.</span></td>
          </tr>

      </table>
      <p style="margin:0pt"><span style="font-size:10pt">N/A - Not applicable</span></p>
      <p style="margin:0pt"><span style="font-size:10pt">&#160;</span></p>
      <ix:nonNumeric id="Fxbrl_20250207032118000" name="cef:SeniorSecuritiesNoteTextBlock" contextRef="C_20250207to20250207" escape="true">
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_004"></span><strong>SENIOR SECURITIES</strong></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;text-align:justify;margin:0pt 0;text-indent:0.5in">The information regarding the Fund&#8217;s outstanding senior securities at the end of each of the Fund&#8217;s last five fiscal years are included in the Fund&#8217;s financial highlights, which are incorporated by reference from the Fund&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">Annual Report</a> for the fiscal year ended February 29, 2024 (File No. 811-05597), as filed with the SEC on Form N-CSR on May 2, 2024. The information regarding the Fund's outstanding senior securities for the fiscal years ended February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016, and February 28, 2015 is set forth in the table above. See &#8220;Financial Highlights&#8221; above.</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_005"></span><strong>THE FUND</strong></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Invesco Municipal Income Opportunities Trust (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company registered under the </span>Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) and organized as a statutory trust under the laws of the State of Delaware. The Fund was originally organized as a Massachusetts business trust on June&#160;22, 1988. The Fund commenced operations on September&#160;19, 1988. Effective as of August&#160;27, 2012, the Fund completed a redomestication to a Delaware statutory trust. The Fund&#8217;s principal office is located at 1331 Spring Street NW, Suite&#160;2500., Atlanta, Georgia 30309 and its phone number is (404) 892-0896.</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_006"></span><strong>USE OF PROCEEDS</strong></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Unless otherwise specified in a Prospectus Supplement, the net proceeds from any offering will be invested in accordance with the Fund&#8217;s investment objective and policies within three to six months after the completion of such offering or the receipt of such proceeds, depending on the availability of appropriate investment opportunities consistent with the Fund&#8217;s investment objective and market conditions. Pending such investment, it is anticipated that the proceeds will be invested in cash, cash equivalents or other securities, including U.S. government securities, affiliated money market funds or high quality, short-term debt securities. The Fund may also use the proceeds for working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no intent to issue Securities primarily for this purpose. See &#8220;Use of Leverage.&#8221;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_007"></span></p>
    </div>
  </div>


  <div>
    <div style="font:10pt Times New Roman, Times, Serif">
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>MARKET AND NET ASSET VALUE INFORMATION</strong></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund&#8217;s currently outstanding Common Shares are listed on the NYSE under the symbol &#8220;OIA&#8221; and the Common Shares offered by this Prospectus, subject to notice of issuance, will also be listed on the NYSE. The Fund&#8217;s Common Shares commenced trading on the NYSE in June&#160;1998.</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Shares of closed-end investment companies frequently trade at a discount from net asset value. The Common Shares have traded both at a premium and at a discount in relation to the Fund&#8217;s net asset value per share. Although the Common Shares have previously traded at a premium to net asset value, there can be no assurance that they will do so in the future. If the Common Shares trade at a premium to net asset value, there can be no assurance that this will continue after any offering nor that the Common Shares will not trade at a discount in the future. Shares of closed-end investment companies frequently trade at a discount to net asset value. Costs incurred in connection with an offering of Common Shares will be borne entirely by the Fund, which may reduce the Fund&#8217;s net asset value per share. The sale of Common Shares by the Fund (or the perception that such sales may occur) may have an adverse effect on prices of Common Shares in the secondary market. An increase in the number of Common Shares available may put downward pressure on the market price for Common Shares.</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
        <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">7</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_223" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240901to20241130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">1.68</ix:nonFraction></td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_33" name="cef:HighestPriceOrBid" contextRef="C_20240601to20240831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.59</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_37" name="cef:LowestPriceOrBid" contextRef="C_20240601to20240831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.20</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_311" name="cef:HighestPriceOrBidNav" contextRef="C_20240601to20240831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.59</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_315" name="cef:LowestPriceOrBidNav" contextRef="C_20240601to20240831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.23</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_319" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240601to20240831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">1.93</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_323" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240601to20240831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">3.43</ix:nonFraction></td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_43" name="cef:HighestPriceOrBid" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.70</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_47" name="cef:LowestPriceOrBid" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.06</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_411" name="cef:HighestPriceOrBidNav" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.48</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_415" name="cef:LowestPriceOrBidNav" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.22</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_57" name="cef:LowestPriceOrBid" contextRef="C_20231201to20240229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.20</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_623" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230901to20231130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">11.15</ix:nonFraction></td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_823" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230301to20230531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">3.92</ix:nonFraction></td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_97" name="cef:LowestPriceOrBid" contextRef="C_20221201to20230228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">5.98</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_911" name="cef:HighestPriceOrBidNav" contextRef="C_20221201to20230228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.59</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_915" name="cef:LowestPriceOrBidNav" contextRef="C_20221201to20230228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.25</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_919" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20221201to20230228" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">9.89</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_923" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20221201to20230228" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">4.93</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_103" name="cef:HighestPriceOrBid" contextRef="C_20220901to20221130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.92</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_107" name="cef:LowestPriceOrBid" contextRef="C_20220901to20221130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">5.45</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1011" name="cef:HighestPriceOrBidNav" contextRef="C_20220901to20221130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.52</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1015" name="cef:LowestPriceOrBidNav" contextRef="C_20220901to20221130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">5.85</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1019" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20220901to20221130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">7.45</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_1023" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20220901to20221130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">7.43</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
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                <tr style="vertical-align:bottom">
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174150711_xbrl_20241211173742404" name="cef:HighestPriceOrBid" contextRef="C_20220601to20220831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">7.19</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211190012478" name="cef:LowestPriceOrBid" contextRef="C_20220601to20220831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.03</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1111" name="cef:HighestPriceOrBidNav" contextRef="C_20220601to20220831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.86</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1115" name="cef:LowestPriceOrBidNav" contextRef="C_20220601to20220831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.39</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1119" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20220601to20220831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">8.59</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_1123" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20220601to20220831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">5.93</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_123" name="cef:HighestPriceOrBid" contextRef="C_20220301to20220531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">7.47</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_127" name="cef:LowestPriceOrBid" contextRef="C_20220301to20220531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.26</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1211" name="cef:HighestPriceOrBidNav" contextRef="C_20220301to20220531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">7.46</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1215" name="cef:LowestPriceOrBidNav" contextRef="C_20220301to20220531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">6.50</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20241211174103665_1219" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20220301to20220531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">3.75</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20241211174103665_1223" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20220301to20220531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">8.55</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom">
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(1)</sup></span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-size:10pt">Based on the Fund&#8217;s computations.</span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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        </ix:nonNumeric>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    </div>
    <div style="font:10pt Times New Roman, Times, Serif">
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    </div>
  </div>


  <div>
    <div style="font:10pt Times New Roman, Times, Serif">
      <div>
        <ix:nonNumeric id="Fxbrl_20250207045939544" name="cef:InvestmentObjectivesAndPracticesTextBlock" contextRef="C_20250207to20250207" continuedAt="F20250207045957791" escape="true">
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_008"><strong>INVESTMENT OBJECTIVE AND POLICIES</strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Objective and Policies</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">annual report</a> on Form&#160;N-CSR, entitled &#8220;Additional Information&#8212;Investment Objective, Policies and Principal Risks of the Trust&#8212;Investment Objective&#8221; and &#8220;&#8212;Investment Policies of the Trust,&#8221; as such investment objective and policies may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the Fund&#8217;s investment objective and policies.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Portfolio Turnover</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" cellspacing="0" style="font-size:10pt;border-collapse:collapse;width:60%">

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                  <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;width:66%"><span style="font-size:10pt">Fiscal Year Ended</span></td>
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                  <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;width:1%;text-align:left"><span style="font-size:10pt">&#160;</span></td>
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                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt;text-align:left"><span style="font-size:10pt">&#160;</span></td>
                </tr>
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                  <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt">February&#160;29, 2024</span></td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt">%</span></td>
                </tr>
                <tr style="font-size:10pt;vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt">February&#160;28, 2023</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt">&#160;</span></td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt">21</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt">%</span></td>
                </tr>

            </table>
          </div>
        </ix:nonNumeric>
        <div style="display:none">
          <ix:continuation id="F20250207045957791" continuedAt="F20250207045948017">
            <div>&#160;</div>
          </ix:continuation>
        </div>
      </div>
      <div style="display:none">
        <div>&#160;</div>
      </div>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
        <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">8</p>
      </div>
      <div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <div>
        <ix:continuation id="F20250207045948017">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Restrictions</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund has adopted certain other investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as defined in the 1940 Act (and preferred shares, if any, voting together as a single class), which is defined by the 1940 Act as the lesser of (i)&#160;67% or more of the Fund&#8217;s voting securities present at a meeting, if the holders of more than 50% of the Fund&#8217;s outstanding voting securities are present or represented by proxy; or (ii)&#160;more than 50% of the Fund&#8217;s outstanding voting securities. See &#8220;Investment Restrictions&#8221; in the SAI for a complete list of the fundamental investment policies of the Fund.</p>
          </div>
        </ix:continuation>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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        <ix:nonNumeric id="Fxbrl_20250207150207373" name="cef:EffectsOfLeverageTextBlock" contextRef="C_20250207to20250207" continuedAt="F20250207150235202" escape="true">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_009"><strong>USE OF LEVERAGE</strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods, including through issuing preferred shares. In addition, the Fund may also use other forms of leverage including, but not limited to certain derivatives that have the economic effect of leverage. In addition, the Fund may also use other forms of leverage including, but not limited to, portfolio investments that have the economic effect of leverage, such as by investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities. The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund&#8217;s holdings.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund does not currently have any outstanding preferred shares. The Fund currently also invests in residual interest certificates of tender option bond trusts, also called inverse floating rate securities, that have the economic effect of leverage because the Fund&#8217;s investment exposure to the underlying bonds held by the trust have been effectively financed by the trust&#8217;s issuance of floating rate certificates.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The amounts and forms of leverage used by the Fund may vary with prevailing market or economic conditions. The timing and terms of any leverage transactions are determined by the Board of Trustees. There is no assurance that the Fund&#8217;s leveraging strategy will be successful.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may use derivative instruments (including futures and options) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">So long as the net rate of income received from the Fund&#8217;s investments purchased with leverage proceeds exceeds the then current interest rate on such leverage, the investment of the proceeds of leverage will generate more net income than if the Fund had not leveraged itself. However, if the rate of net income received from the Fund&#8217;s portfolio investments purchased with the proceeds of leverage is less than the then current interest rate on that leverage, the Fund may be required to utilize other Fund assets to make interest payments on its leveraging instruments.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund pays a management fee to the Adviser (which in turn pays a portion of such fee to the Sub-Adviser) based on a percentage of Managed Assets. Managed Assets include the proceeds realized and managed from the Fund&#8217;s use of leverage (excluding the leverage exposure attributable to the use of futures, options and similar derivatives). Because Managed Assets includes the Fund&#8217;s net assets as well as assets that are attributable to the Fund&#8217;s investment of the proceeds of its leverage, it is anticipated that the Fund&#8217;s Managed Assets will be greater than its net assets. The Adviser will be responsible for using leverage to pursue the Fund&#8217;s investment objective. The Adviser will base its decision regarding whether and how much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage will have the effect, all other things being equal, of increasing Managed Assets and in turn the Adviser&#8217;s and Sub-Adviser&#8217;s management fees. Thus, the Adviser may have a conflict of interest in determining whether to use or increase leverage. The Adviser will seek to manage that potential conflict by recommending to the Fund&#8217;s Board of Trustees to leverage the Fund (or increase such leverage) only when it determines that such action would be in the best interests of the Fund and its Shareholders, and by periodically reviewing with the Board of Trustees the Fund&#8217;s performance and the impact of the use of leverage on that performance.</p>
          </div>
        </ix:nonNumeric>
        <div style="display:none">
          <ix:continuation id="F20250207150235202" continuedAt="F20250207150220418">
            <div>&#160;</div>
          </ix:continuation>
        </div>
      </div>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
        <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">9</p>
      </div>
      <div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <div>
        <ix:continuation id="F20250207150220418">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Under the 1940 Act, the Fund is not permitted to issue &#8220;senior securities&#8221; that are preferred shares if, immediately after the issuance of preferred shares, the asset coverage ratio with respect to such preferred shares would be less than 200%. With respect to any such preferred shares, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate liquidation preference of such preferred shares.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Preferred Shares</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.</span></span></p>
          </div>
        </ix:continuation>
      </div>
      <div style="display:none">
        <div>&#160;</div>
      </div>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <div>
        <ix:nonNumeric id="Fxbrl_20250207050012937" name="cef:RiskFactorsTableTextBlock" contextRef="C_20250207to20250207" escape="true">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_010"><strong>RISKS</strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">annual report</a> on Form&#160;N-CSR entitled &#8220;Additional Information&#8212;Investment Objective, Policies and Principal Risks of the Trust&#8212;Principal Risks of Investing in the Trust,&#8221; as such principal risks may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the principal risks you should consider before making an investment in the Fund. Any additional risks applicable to a particular offering of Securities will be set forth in the related Prospectus Supplement.</p>
          </div>
        </ix:nonNumeric>
      </div>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_011"></span></p>
    </div>
  </div>
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      <div>
        <div style="font:10pt Times New Roman, Times, Serif">
          <div>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_015" style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">DESCRIPTION OF CAPITAL STRUCTURE</strong></span></p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated as of April&#160;2, 2012. The following is a brief description of the terms of the Common Shares, Borrowings and preferred shares which may be issued by the Fund. This description does not purport to be complete and is qualified by reference to the Fund&#8217;s Governing Documents.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><span style="font:bold 10pt Times New Roman"><ix:nonNumeric id="Fxbrl_20250207102641318" name="cef:SecurityTitleTextBlock" contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember" escape="true"><span style="font-size:10pt;font-family:Times New Roman">Common Shares</span></ix:nonNumeric></span></strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Declaration of Trust permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value. Each Common Share represents an equal proportionate interest in the assets of the Fund with each other Common Share in the Fund. <span style="font-size:10pt;font-family:Times New Roman"><ix:nonNumeric id="Fxbrl_20250207102719568" name="cef:SecurityDividendsTextBlock" contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember" escape="true"><span style="font-size:10pt;font-family:Times New Roman">Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.</span></ix:nonNumeric> <ix:nonNumeric id="Fxbrl_20250207102748657" name="cef:SecurityVotingRightsTextBlock" contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember" escape="true"><span style="font-size:10pt;font-family:Times New Roman">Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.</span></ix:nonNumeric></span>&#160;<ix:nonNumeric id="Fxbrl_20250207131112633" name="cef:SecurityLiquidationRightsTextBlock" contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember" escape="true"><span style="font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt;text-align:left">Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a </span><i style="font-size:10pt;text-align:left">pro rata </i><span style="font-size:10pt;text-align:left">basis.</span></span></ix:nonNumeric></p>
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              <ix:continuation id="F20250207131201221" continuedAt="F20250207103715792">
                <div>&#160;</div>
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            <p style="margin:0pt">&#160;</p>
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          <div style="display:none">
            <div>&#160;</div>
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          <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
            <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">15</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <ix:continuation id="F20250207103715792" continuedAt="F20250207131914057">
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">While there are any borrowings or preferred shares outstanding, the Fund may not be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i)&#160;all accrued distributions on preferred shares or accrued interest on borrowings have been paid and (ii)&#160;the value of the Fund&#8217;s total assets (determined after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding preferred shares plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the Fund obtaining a rating of the preferred shares from a rating agency. These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification for taxation as a RIC for federal income tax purposes. The Fund intends, however, to the extent possible to purchase or redeem preferred shares or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with any such impairment of the Fund&#8217;s status as a RIC. Depending on the timing of any such redemption or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund will not issue certificates for the Common Shares.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Issuance of Additional Common Shares</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Any additional offering of Common Shares will be subject to the requirements of the 1940 Act. The provisions of the 1940 Act generally require that the public offering price (less underwriting commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company&#8217;s common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its Common Shareholders.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Rights Offerings</strong></p>
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                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#8217;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.</p>
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                    <ix:continuation id="F20250207132453725" continuedAt="F20250207103643423">
                      <div>&#160;</div>
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                </div>
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                  <div>&#160;</div>
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              </div>
              <div style="display:none">
                <div>&#160;</div>
              </div>
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          </ix:continuation>
          <div style="display:none">
            <ix:continuation id="F20250207131914057" continuedAt="F20250207103732656">
              <div>&#160;</div>
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          </div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">16</p>
          </div>
          <div style="break-before:page;margin-top:6pt;margin-bottom:6pt">
            <p style="margin:0pt">&#160;</p>
          </div>
          <ix:continuation id="F20250207103732656" continuedAt="F20250207133029274">
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              <ix:continuation id="F20250207103643423">
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                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the period of time the offering would remain open;</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the title of such rights;</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the exercise price for such rights (or method of calculation thereof);</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the number of such rights issued in respect of each Share;</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the number of rights required to purchase a single Share;</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the extent to which such rights are transferable and the market on which they may be traded if they are transferable;</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and</td>
                          </tr>

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

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">termination rights we may have in connection with such rights offering.</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.</p>
                    </div>
                  </div>
                </div>
              </ix:continuation>
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Repurchase of Common Shares</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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              </div>
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          </ix:continuation>
          <div style="display:none">
            <ix:continuation id="F20250207133029274" continuedAt="F20250207103742784">
              <div>&#160;</div>
            </ix:continuation>
          </div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
            <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">17</p>
          </div>
          <div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div>
            <ix:continuation id="F20250207103742784" continuedAt="F20250207131715283">
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><span style="font:bold 10pt Times New Roman"><ix:nonNumeric id="Fxbrl_20250207103504983" name="cef:SecurityTitleTextBlock" contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333PreferredSharesMember" escape="true"><span style="font-size:10pt;font-family:Times New Roman">Preferred Shares</span></ix:nonNumeric></span></strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred shares, no par value, in one or more series, with rights as determined by the Board, by action of the Board without the approval of the holders of Common Shares.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under&#160;the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio which the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. The liquidation value of the preferred shares is expected to equal their aggregate original purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon (on a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.</span></span></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <ix:nonNumeric id="Fxbrl_20250207103543769" name="cef:SecurityLiquidationRightsTextBlock" contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333PreferredSharesMember" escape="true">
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <ix:nonNumeric id="Fxbrl_20250207103610368" name="cef:SecurityVotingRightsTextBlock" contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333PreferredSharesMember" escape="true">
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Holders of preferred shares, voting as a class, shall be entitled to elect two of the Fund&#8217;s Trustees. Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&#8217; distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority of the Fund&#8217;s Trustees until all distributions in arrears have been paid or declared and set apart for payment.</p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In addition, if the Board determines it to be in the best interests of the Common Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares may be entitled to elect a majority of the Fund&#8217;s Board in other circumstances, for example, if one payment on the preferred shares is in arrears.</p>
              </div>
            </ix:continuation>
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              <ix:continuation id="F20250207131715283" continuedAt="F20250207103752182">
                <div>&#160;</div>
              </ix:continuation>
            </div>
          </div>
          <div style="display:none">
            <div>&#160;</div>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt">
            <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">18</p>
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          <div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <ix:continuation id="F20250207103752182">
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Borrowings</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may utilize leverage through borrowings, including through a credit facility, commercial paper program or other borrowing program. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the total asset value of the Fund&#8217;s portfolio is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3% of the Fund&#8217;s total assets). In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund&#8217;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such liquidation value. If the Fund borrows money, the Fund intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may negotiate with commercial banks to arrange a borrowing facility pursuant to which the Fund may borrow an amount equal to approximately one-third of the Fund&#8217;s total assets (inclusive of the amount borrowed). Any such borrowings would constitute leverage. Such a borrowing facility is not expected to be convertible into any other securities of the Fund, outstanding amounts are expected to be prepayable by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement provisions. Outstanding amounts would be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts under the borrowing facility or incur a penalty rate of interest upon the occurrence of certain events of default. The Fund would be expected to indemnify the lenders against liabilities they may incur in connection with the borrowing facility.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In addition, the Fund expects that a borrowing facility would contain covenants that, among other things, likely will limit the Fund&#8217;s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and expenses. The Fund expects that any borrowing facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund will enter into an agreement for a borrowing facility on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such borrowing facility may in the future be replaced or refinanced by one or more borrowing facilities having substantially different terms or by the issuance of preferred shares or debt securities.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Capitalization</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.5in">The following table provides information about the outstanding securities of the Fund as of November&#160;30, 2024:</p>
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              <ix:nonNumeric id="Fxbrl_20250207103124681" name="cef:OutstandingSecuritiesTableTextBlock" contextRef="C_20241130to20241130" escape="true">
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                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Authorized</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Held by the<br/>Fund or for its Account</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Outstanding</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:center">Unlimited</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right">-<ix:nonFraction id="Fxbrl_20250207103310321" name="cef:OutstandingSecurityHeldShares" contextRef="C_20241130to20241130_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember" unitRef="SHARES" scale="0" decimals="0" format="ixt:fixed-zero">-</ix:nonFraction></td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
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                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="pss_001"></span></p>
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    <div><div style="font:10pt Times New Roman, Times, Serif"><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>ANTI-TAKEOVER AND OTHER PROVISIONS IN THE FUND&#8217;S GOVERNING DOCUMENTS</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund presently has provisions in its Governing Documents (the Declaration and the Bylaws of the Fund) which could have the effect of limiting, in each case, (i)&#160;the ability of other entities or persons to acquire control of the Fund, (ii)&#160;the Fund&#8217;s freedom to engage in certain transactions or (iii)&#160;the ability of the Fund&#8217;s Board of Trustees or shareholders to amend the Governing Documents or effectuate changes in the Fund&#8217;s management. 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Any amendment to declassify the Board of Trustees requires the affirmative vote or consent of the Board of Trustees followed by the affirmative vote or consent of the holders of at least 75% of the outstanding shares of the Fund, unless such amendment has been previously approved, adopted or authorized by the affirmative vote of at least 66 2/3% of the Board of Trustees, in which case &#8220;a majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund shall be required.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt"><p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">19</p></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A Majority Trustee Vote is required on all Board actions, including amendments to the Declaration. &#8220;Majority Trustee Vote&#8221; means (a)&#160;with respect to a vote of the Board, a vote of the majority of the Trustees then in office, and, if there is one or more Continuing Trustees, a separate vote of a majority of the Continuing Trustees; and (b)&#160;with respect to a vote of a committee or sub-committee of the Board, a vote of the majority of the members of such committee or subcommittee, and, if there is one or more Continuing Trustees on such committee or sub-committee, a separate vote of a majority of the Continuing Trustees that are members of such committee or sub-committee. &#8220;Continuing Trustee&#8221; means a Trustee who either (a)&#160;has been a member of the Board for a period of at least thirty-six months or (b)&#160;was nominated to serve as a member of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A Trustee may be removed from office, only for cause, including but not limited to (i)&#160;willful misconduct, dishonesty, or fraud on the part of the Trustee in the conduct of his or her office; (ii)&#160;failing to meet, on a continuous basis, the trustee qualifications outlined in the Declaration; or (iii)&#160;being indicted for, pleading guilty to or being convicted of a felony, in each case only by a written instrument signed by at least 75% of the number of Trustees (not including the Trustee(s)&#160;for which removal is being sought) prior to such removal.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Further, under the Governing Documents, certain qualifications must be met to qualify for nomination and service as a Trustee. Nominees may be disqualified if they engaged in disabling conduct outlined in the Declaration of Trust. Nominees that are associated with other investment vehicles and investment advisers may not be eligible for nomination and service as a Trustee if the Board finds that such associations have conflicts of interest with the long-term best interests of the Fund, impede the ability of the nominee to perform, or impede the free-flow of information from management. 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The Board of Trustees may require an undertaking by the shareholders making such demand to reimburse the Fund for the fees and expenses of any such counsel or other advisors and other out of pocket expenses of the Fund, in the event that the Board of Trustees determines not to bring such action. These conditions generally are intended to provide the Trustees with the ability to pursue a claim if they believe doing so would be in the best interests of the Fund and its shareholders and to preclude the pursuit of claims that the Trustees determine to be without merit or otherwise not in the Fund&#8217;s best interest to pursue. Any suit, claim or other action by shareholders must be brought pursuant to these provisions, irrespective of whether such claim involves a violation of shareholders&#8217; rights. 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See &#8220;Additional Information.&#8221;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong><span id="ps_016"></span>CONVERSION TO OPEN-END FUND</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may be converted to an open-end management investment company if approved by an affirmative vote of a majority of the Board of Trustees followed by the affirmative vote of the holders of at least 75% of the outstanding shares of the Fund, unless the conversion has been approved by at least 66 2/3% of the Board of Trustees, in which case the affirmative vote of &#8220;a majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund shall be required. The composition of the Fund&#8217;s portfolio and/or its investment policies could prohibit the Fund from complying with regulations of the SEC applicable to open-end management investment companies unless significant changes in portfolio holdings and investment policies are made. Conversion of the Fund to an open-end management investment company also would require the redemption of any outstanding preferred shares and could require the repayment of borrowings, which would reduce the leveraged capital structure of the Fund with respect to the Common Shares. In the event of conversion, the Common Shares would cease to be listed on the NYSE or other national securities exchange or market system. Common shareholders of an open-end management investment company can require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such redemption charge, if any, as might be in effect at the time of a redemption. If converted to an open-end fund, the Fund expects to pay all redemption requests in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. 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A more detailed discussion of the tax rules&#160;applicable to the Fund and its Common Shareholders can be found in the SAI that is incorporated by reference into this Prospectus. Except as otherwise noted, this discussion assumes you are a taxable U.S. person (as defined for U.S. federal income tax purposes) and that you hold your Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service (the &#8220;IRS&#8221;), possibly with retroactive effect. 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In that event, the Fund expects to report the retained amount as undistributed capital gain in a notice to its shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&#160;will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii)&#160;will be entitled to credit its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii)&#160;will increase its basis in its shares by the amount of undistributed capital gain included in such shareholder&#8217;s gross income net of the tax deemed paid the shareholder under clause (ii).</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Code imposes a 4% nondeductible excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i)&#160;98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&#160;98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October&#160;31 of the calendar year (unless an election is made to use the Fund&#8217;s fiscal year). 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Incorporated materials not delivered with the Prospectus may be obtained, without charge, by calling 800-959-4243, by writing to the Fund at Invesco Distributors Inc., 11 Greenway Plaza, Houston, Texas 77046-1173, or from the Fund&#8217;s website www.invesco.com/reports.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_023"></span><strong>PRIVACY POLICY</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Even within Invesco. only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security,&#160;Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt"><p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">28</p></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>25,500,000 Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Invesco Municipal Income Opportunities Trust</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Common Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Rights to Purchase Common Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="margin:0pt auto;width:25%"><div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>PROSPECTUS</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="margin:0pt auto;width:25%"><div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>February 7, 2025</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">All dealers that effect transactions in Common Shares, whether or not participating in this offering, may be required to deliver a Prospectus.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="border-bottom:Black 1pt solid;margin-top:12pt;margin-bottom:6pt"><p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">29</p></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p></div></div></div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm254314d1_sai.htm" BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1" --><div>

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


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


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


</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="-keep: true">F<span style="font-size: 10pt"><b>ebruary
7, 2025</b></span></span></p><div>


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


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-keep: true">This Statement of Additional Information
relates to the offering, from time to time, of up to 25,500,000 common shares of beneficial interest, no par value (&#8220;Common
Shares&#8221;) and/or rights to purchase Common Shares (&#8220;Rights&#8221; and with the Common Shares, &#8220;Securities&#8221;)
in one or more offerings. This Statement of Additional Information (&#8220;SAI&#8221;) is not a prospectus, but should be read in
conjunction with the prospectus for the Fund, dated February 7, 2025 (the &#8220;Prospectus&#8221;), and any related supplement to
the Prospectus (each a &#8220;Prospectus Supplement&#8221;). Investors should obtain and read the Prospectus and any related
Prospectus Supplement prior to purchasing Common Shares. A copy of the Prospectus and any related Prospectus Supplement may be
obtained without charge, by calling the Fund at 800-959-4246.</span></p><div>


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


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


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


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 1pt; width: 90%; padding-bottom: 1pt"><a href="#si_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE FUND</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; width: 10%; text-align: right; padding-bottom: 1pt"><a href="#si_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</span></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT OBJECTIVE AND POLICIES</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</span></a></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT RESTRICTIONS</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-14</span></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEES AND OFFICERS</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-17</span></a></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT ADVISORY AND OTHER SERVICES</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-35</span></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER SERVICE PROVIDERS</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-37</span></a></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO MANAGERS</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-38</span></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-40</span></a></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAX MATTERS</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-45</span></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER INFORMATION</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-50</span></a></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#si_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#si_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-50</span></a></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#saiappendixa_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES RATINGS</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#saiappendixa_001">A-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></a></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 1pt; padding-bottom: 1pt"><a href="#saiappendixa_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROXY VOTING POLICIES AND PROCEDURES</span></a></td>
    <td style="padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><a href="#saiappendixa_002">B-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></a></td></tr>
  </table><div>
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</div><div><a id="si_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE FUND</b></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is a diversified,
closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)
and organized as a statutory trust under the laws of the State of Delaware. The Fund was originally organized as a Massachusetts business
trust on June&#160;22, 1988. The Fund commenced operations on September&#160;19, 1998. Effective as of August&#160;27, 2012, the Fund
completed a redomestication to a Delaware statutory trust. Effective June&#160;1, 2010, the Fund&#8217;s name was changed from Morgan
Stanley Municipal Income Opportunities Trust to Invesco Municipal Income Opportunities Trust. The Fund&#8217;s currently outstanding common
shares of beneficial interest, no par value (the &#8220;Common Shares&#8221;) are listed on the New York Stock Exchange (the &#8220;NYSE&#8221;)
under the symbol &#8220;OIA&#8221; and the Common Shares offered by this Prospectus, subject to notice of issuance, will also be listed
on the NYSE. The Fund&#8217;s principal office is located at 1331 Spring Street NW, Suite&#160;2500, Atlanta, Georgia 30309 and its phone
number is (404) 892-0896.</p><div>


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</div><div><a id="si_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT OBJECTIVE AND POLICIES</b></p><div>


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


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


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


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Municipal Securities are typically
debt obligations of states, territories or possessions of the United States and the District of Columbia and their political subdivisions,
agencies and instrumentalities, the interest on which, in the opinion of bond counsel or other counsel to the issuers of such securities,
is, at the time of issuance, exempt from federal income tax. The issuers of municipal securities obtain funds for various public purposes,
including the construction of a wide range of public facilities such as airports, highways, bridges, schools, hospitals, housing, mass
transportation, streets and water and sewer works. Other public purposes for which municipal securities may be issued include refunding
outstanding obligations, obtaining funds for general operating expenses and obtaining funds to lend to other public institutions and facilities.</p><div>


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


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


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue debt obligations,
such as revenue bonds and revenue notes, are usually payable only from the revenues derived from a particular facility or class of facilities
or, in some cases, from the proceeds of a special excise tax or other specific revenue source but not from the general taxing power. The
principal and interest payments for industrial development bonds or pollution control bonds are often the sole responsibility of the industrial
user and therefore may not be backed by the taxing power of the issuing municipality. The interest paid on such bonds may be exempt from
federal income tax, although current federal tax laws place substantial limitations on the purposes and size of such issues. Such obligations
are considered to be Municipal Securities provided that the interest paid thereon, in the opinion of bond counsel, qualifies as exempt
from federal income tax. However, interest on municipal securities may give rise to a federal alternative minimum tax (AMT) liability
and may have other collateral federal income tax consequences. There is a risk that some or all of the interest received by the Fund from
tax-exempt municipal securities might become taxable as a result of tax law changes or determinations of the IRS.</p><div>


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


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After purchase by the Fund,
an issue of Municipal Securities may cease to be rated by Moody&#8217;s Investors Service,&#160;Inc. (Moody&#8217;s) or S&amp;P Global
Ratings (S&amp;P), or another nationally recognized statistical rating organization (NRSRO), or the rating of such a security may be reduced
below the minimum credit quality rating required for purchase by the Fund. Neither event would require the Fund to dispose of the security.
To the extent that the ratings applied by Moody&#8217;s, S&amp;P or another NRSRO to Municipal Securities may change as a result of changes
in these rating systems, the Fund will attempt to use comparable credit quality ratings as standards for its investments in Municipal
Securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The yields on Municipal Securities
are dependent on a variety of factors, including general economic and monetary conditions, money market factors, conditions of the Municipal
Securities market, size of a particular offering, and maturity and rating of the obligation. Because many Municipal Securities are issued
to finance similar projects, especially those related to education, health care, transportation and various utilities, conditions in those
sectors and the financial condition of an individual municipal issuer can affect the overall municipal market. The market values of the
Municipal Securities held by the Fund will be affected by changes in the yields available on similar securities. If yields increase following
the purchase of a Municipal Security, the market value of such Municipal Security will generally decrease. Conversely, if yields decrease,
the market value of a Municipal Security will generally increase. The ratings of S&amp;P and Moody&#8217;s represent their opinions of
the quality of the municipal securities they undertake to rate. It should be emphasized, however, that ratings are general and are not
absolute standards of quality. Consequently, municipal securities with the same maturity, coupon and rating may have different yields
while municipal securities of the same maturity and coupon with different ratings may have the same yield.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of the municipal securities
in which the Fund may invest represent relatively recent innovations in the municipal securities markets and the markets for such securities
may be less developed than the market for conventional fixed rate municipal securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under normal market conditions,
longer-term municipal securities generally provide a higher yield than shorter-term municipal securities. The Fund has no limitation as
to the maturity of municipal securities in which they may invest. The Adviser may adjust the average maturity of the Fund&#8217;s portfolio
from time to time depending on its assessment of the relative yields available on securities of different maturities and its expectations
of future changes in interest rates.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net asset value of the
Fund will change with changes in the value of its portfolio securities. With fixed income municipal securities, the net asset value of
the Fund can be expected to change as general levels of interest rates fluctuate. When interest rates decline, the value of a portfolio
invested in fixed income securities generally can be expected to rise. Conversely, when interest rates rise, the value of a portfolio
invested in fixed income securities generally can be expected to decline. The prices of longer term municipal securities generally are
more volatile with respect to changes in interest rates than the prices of shorter term municipal securities. Volatility may be greater
during periods of general economic uncertainty.</p><div>


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


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


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Taxable municipal securities
are debt securities issued by or on behalf of states and their political subdivisions, the District of Columbia, and possessions of the
United States, the interest on which is not exempt from federal income tax. Taxable investments include, for example, hedging instruments,
repurchase agreements, and many of the types of securities the Fund would buy for temporary defensive purposes.</p><div>


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


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


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Bond Anticipation Notes usually are general obligations of state and local governmental issuers which
are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds.</td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Revenue Anticipation Debt Securities, including bonds, notes, and certificates, are issued by<br/>
governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the securities.
In general, they also constitute general obligations of the issuer.</td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Tax Anticipation Notes are issued by state and local governments to finance the current operations of
such governments. Repayment is generally to be derived from specific future tax revenues.</td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Tax-Exempt Commercial Paper (Municipal Paper) is similar to taxable commercial paper, except that tax-exempt
commercial paper is issued by states, municipalities and their agencies.</td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Tax-Exempt Mandatory Paydown Securities (TEMPS) are fixed rate term bonds carrying a short-term maturity,
usually three to four years beyond the expected redemption. TEMPS are structured as bullet repayments, with required optional redemptions
as entrance fees are collected.</td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span style="-keep: true">&#9679;</span></td><td style="text-align: justify"><span style="-keep: true">Zero
                                            Coupon and Pay-in-Kind Securities do not immediately produce cash income. These securities
                                            are issued at an original issue discount, with the full value, including accrued interest,
                                            paid at maturity. Interest income may be reportable annually, even though no annual payments
                                            are made. Market prices of zero coupon bonds tend to be more volatile than bonds that pay
                                            interest regularly. Pay-in-kind securities are securities that have interest payable by delivery
                                            of additional securities. Upon maturity, the holder is entitled to receive the aggregate
                                            par value of the securities. Zero coupon and pay-in-kind securities may be subject to greater
                                            fluctuation in value and less liquidity in the event of adverse market conditions than comparably
                                            rated securities paying cash interest at regular interest payment periods. Prices on non-cash-paying
                                            instruments may be more sensitive to changes in the issuer&#8217;s financial condition, fluctuation
                                            in interest rates and market demand/supply imbalances than cash-paying securities with similar
                                            credit ratings, and thus may be more speculative. Special tax considerations are associated
                                            with investing in certain lower-grade securities, such as zero coupon or pay-in-kind securities.
                                            Pay-in-kind securities are subject to additional risks including that the interest payments
                                            deferred on pay-in-kind loans are subject to the risk that the borrower may default when
                                            the deferred payments are due in cash at the maturity of the loan.</span></td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Capital Appreciation Bonds are municipal securities in which the investment return on the initial principal
payment is reinvested at a compounded rate until the bond matures. The principal and interest are due on maturity. Thus, like zero coupon
securities, investors must wait until maturity to receive interest and principal, which increases the interest rate and credit risks.</td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Payments in lieu of taxes (also known as PILOTs) are voluntary payments by, for instance the U.S. government
or nonprofits, to local governments that help offset losses in or otherwise serve as a substitute for property taxes.</td></tr></table><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span>&#9679;</span></td><td style="text-align: justify">Converted Auction Rate Securities (CARS) are a structure that combines the debt service deferral feature
of Capital Appreciation Bonds (CABS) with Auction Rate Securities. The CARS pay no debt service until a specific date, then they incrementally
convert to conventional Auction Rate Securities. At each conversion date the issuer has the ability to call and pay down any amount of
the CARS. Some bonds may be &#8220;callable,&#8221; allowing the issuer to redeem them before their maturity date. To protect bondholders,
callable bonds may be issued with provisions that prevent them from being called for a period of time. Typically, that is 5 to 10 years
from the issuance date. When interest rates decline, if the call protection on a bond has expired, it is more likely that the issuer may
call the bond. If that occurs, the Fund might have to reinvest the proceeds of the called bond in investments that pay a lower rate of
return, which could reduce the Fund&#8217;s yield.</td></tr></table><div>


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Municipal lease obligations
are generally subject to greater risks than general obligation or revenue bonds. State laws set forth requirements that states or municipalities
must meet in order to issue municipal obligations, and such obligations may contain a covenant by the issuer to budget for, appropriate,
and make payments due under the obligation. However, certain municipal lease obligations may contain non-appropriation clauses which provide
that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose
each year. If not enough money is appropriated to make the lease payments, the leased property may be repossessed as security for holders
of the municipal lease obligation. In such an event, there is no assurance that the property&#8217;s private sector or re-leasing value
will be enough to make all outstanding payments on the municipal lease obligation or that the payments will continue to be tax-free. Additionally,
it may be difficult to dispose of the underlying capital asset in the event of non-appropriation or other default. Direct investments
by the Fund in municipal lease obligations may be deemed illiquid and therefore subject to the Fund&#8217;s percentage limitations for
illiquid investments and the risks of holding illiquid investments.</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A municipal forward contract
is an agreement by the Fund to purchase a Municipal Security on a when-issued basis with a longer-than-standard settlement period, in
some cases with the settlement date taking place up to five years from the date of purchase. Municipal forward contracts typically carry
a substantial yield premium to compensate the buyer for the risks associated with a long when-issued period, including shifts in market
interest rates that could materially impact the principal value of the bond, deterioration in the credit quality of the issuer, loss of
alternative investment options during the when-issued period and failure of the issuer to complete various steps required to issue the
bonds.</p><div>


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Derivatives may be used for
 &#8220;hedging,&#8221; which means that they may be used when the portfolio managers seek to protect the Fund&#8217;s investments from
a decline in value, which could result from changes in interest rates, market prices, currency fluctuations and other market factors.
Derivatives may also be used when the portfolio managers seek to increase liquidity, implement a tax or cash management strategy, invest
in a particular stock, bond or segment of the market in a more efficient or less expensive way, modify the characteristics of the Fund&#8217;s
portfolio investments, for example, duration, and/or to enhance return. However derivatives are used, their successful use is not assured
and will depend upon, among other factors, the portfolio managers&#8217; ability to predict and understand relevant market movements.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain derivatives involve
leverage, that is, the amount invested may be smaller than the full economic exposure of the derivative instrument and the Fund could
lose more than it invested. The leverage involved in these derivative transactions may result in the Fund&#8217;s net asset value being
more sensitive to changes in the value of its investments.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Leverage
Risk</span></span>: Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or
enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. Leverage may
cause the Fund to be more volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund&#8217;s portfolio
securities. The use of some derivatives may result in economic leverage, which does not result in the possibility of the Fund incurring
obligations beyond its initial investment, but that nonetheless permits the Fund to gain exposure that is greater than would be the case
in an unlevered instrument.</p><div>


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Liquidity
Risk</span></span>: The risk that a particular derivative is difficult to sell or liquidate. If a derivative transaction is particularly
large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous
time or price, which may result in significant losses to the Fund.</p><div>


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


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


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


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


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


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The use by the Fund of hedging
strategies involves special considerations and risks, as described below. Successful use of hedging transactions depends upon Invesco&#8217;s
and the Sub-Advisers&#8217; ability to predict correctly the direction of changes in the value of the applicable markets and securities,
contracts and/or currencies. While Invesco and the Sub-Advisers are experienced in the use of derivatives for hedging, there can be no
assurance that any particular hedging strategy will succeed.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In a hedging transaction,
there might be imperfect correlation, or even no correlation, between the price movements of an instrument used for hedging and the price
movements of the investments being hedged. Such a lack of correlation might occur due to factors unrelated to the value of the investments
being hedged, such as changing interest rates, market liquidity, and speculative or other pressures on the markets in which the hedging
instrument is traded.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Hedging strategies, if successful,
can reduce risk of loss by wholly or partially offsetting the negative effect of unfavorable price movements in the investments being
hedged. However, hedging strategies can also reduce opportunity for gain by offsetting the positive effect of favorable price movements
in the hedged investments. Investors should bear in mind that the Fund is not obligated to actively engage in hedging. For example, the
Fund may not have attempted to hedge its exposure to a particular foreign currency at a time when doing so might have avoided a loss.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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</div><div><a id="si_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT RESTRICTIONS</b></p><div>


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


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


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">1.</td><td style="text-align: justify">The Fund is a &#8220;diversified company&#8221; as defined in the 1940 Act. The Fund will not purchase
the securities of any issuer if, as a result, the Fund would fail to be a diversified company within the meaning of the 1940 Act, and
the rules&#160;and regulations promulgated thereunder, as such statute, rules&#160;and regulations are amended from time to time or are
interpreted from time to time by the SEC staff (collectively, the &#8220;1940 Act Laws and Interpretations&#8221;) or except to the extent
that the Fund may be permitted to do so by exemptive order or similar relief (collectively, with the 1940 Act Laws and Interpretations,
the &#8220;1940 Act Laws,&#160;Interpretations and Exemptions&#8221;). In complying with this restriction, however, the Fund may purchase
securities of other investment companies to the extent permitted by the 1940 Act Laws,&#160;Interpretations and Exemptions.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">2.</td><td style="text-align: justify">The Fund will not make investments that will result in the concentration (as that term may be defined
or interpreted by the 1940 Act Laws,&#160;Interpretations and Exemptions) of its investments in the securities of issuers primarily engaged
in the same industry. This restriction does not limit the Fund&#8217;s investments in (i)&#160;obligations issued or guaranteed by the
U.S. government, its agencies or instrumentalities, or (ii)&#160;tax-exempt obligations issued by governments or political subdivisions
of governments. In complying with this restriction, the Fund will not consider a bank-issued guaranty or financial guaranty insurance
as a separate security.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">3.</td><td style="text-align: justify">The Fund may not borrow money or issue senior securities, except as permitted by the 1940 Act Laws,&#160;Interpretations
and Exemptions.</td></tr></table><div>


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">4.</td><td style="text-align: justify">The Fund may not underwrite the securities of other issuers. This restriction does not prevent the Fund
from engaging in transactions involving the acquisition, disposition or resale of its portfolio securities, regardless of whether the
Fund may be considered to be an underwriter under the 1933 Act.</td></tr></table><div>


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">5.</td><td style="text-align: justify">The Fund may not make personal loans or loans of its assets to persons who control or are under common
control with the Fund, except to the extent permitted by the 1940 Act Laws,&#160;Interpretations and Exemptions. This restriction does
not prevent the Fund from, among other things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to
broker-dealers or institutional investors, or investing in loans, including assignments and participation interests.</td></tr></table><div>


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">6.</td><td style="text-align: justify">The Fund may not purchase real estate or sell real estate unless acquired as a result of ownership of
securities or other instruments. This restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise
engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">7.</td><td style="text-align: justify">The Fund may not purchase or sell physical commodities except to the extent permitted by the 1940 Act
and any other governing statute, and by the rules&#160;thereunder, and by the SEC or other regulatory agency with authority over the Fund.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">8.</td><td style="text-align: justify">The Trust will invest at least 80% of its net assets in Municipal Obligations, except during temporary
defensive periods.</td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">For purposes of the foregoing,
&#8220;assets&#8221; means net assets, plus the amount of any borrowings for&#160;investment purposes. Derivatives and other instruments
that have economic characteristics similar to the securities described above for the Fund may be counted toward that Fund&#8217;s 80%
policy. For purposes of the Fund&#8217;s 80% policy, the Fund will consider Municipal Obligations, the interest from which, in the opinion
of bond counsel to the Fund, is exempt from federal income tax. &#8220;Municipal Obligations&#8221; consist of Municipal Bonds, Municipal
Notes and Municipal Commercial Paper (each described below), including such obligations purchased on a when-issued or delayed delivery
basis.</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">&#8220;Municipal Bonds,&#8221;
&#8220;Municipal Notes&#8221; and &#8220;Municipal Commercial Paper&#8221; are debt obligations of states or territories, cities, counties,
municipalities and other agencies or instrumentalities which generally have maturities, at the time of their issuance, of either one
year or more (Bonds), from six months to three years (Notes), or less than one year (Commercial Paper).</span></p><div>


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Fund&#8217;s
fundamental restriction related to senior securities above, the 1940 Act prohibits a fund from issuing a &#8220;senior security,&#8221;
which is generally defined as any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness,
or any stock of a class having priority over any other class of the fund&#8217;s shares with respect to the payment of dividends or the
distribution of fund assets, except that the fund may borrow money as described above.</p><div>


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


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


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


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">1.</td><td style="text-align: justify">In complying with the fundamental restriction regarding issuer diversification, the Fund will not, with
respect to 75% of its total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government
or any of its agencies or instrumentalities and securities issued by other investment companies), if, as a result, (i)&#160;more than
5% of the Fund&#8217;s total assets would be invested in the securities of that issuer, or (ii)&#160;the Fund would hold more than 10%
of the outstanding voting securities of that issuer. The Fund may purchase securities of other investment companies as permitted by the
1940 Act Laws,&#160;Interpretations and Exemptions.</td></tr></table><div>


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">2.</td><td style="text-align: justify">In complying with the fundamental restriction regarding borrowing money and issuing senior securities,
the Fund may borrow money in an amount not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other
than borrowings).</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">3.</td><td style="text-align: justify">In complying with the fundamental restriction regarding industry concentration, the Fund may invest up
to 25% of its total assets in the securities of issuers whose principal business activities are in the same industry.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">4.</td><td style="text-align: justify">In complying with the fundamental restriction with regard to making loans, the Fund may lend up to 33
1/3% of its total assets and may lend money to an Invesco Fund, on such terms and conditions as the SEC may require in an exemptive order.</td></tr></table><div>


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


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


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


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


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


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


</div><div><a id="si_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRUSTEES AND OFFICERS</b></p><div>


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; white-space: nowrap; width: 18%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">Name, year of Birth</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">and Position(s)&#160;Held</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">with the Trust</b></p></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee</b></span><span style="font-size: 10pt"><br/>
    <b>and/or<br/>
    Officer<br/>
    Since</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 41%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Principal Occupation(s)</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">During Past 5
    years</b></p></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of</b></span><span style="font-size: 10pt"><br/>
    <b>Funds&#160;in<br/>
    Fund<br/>
    Complex<br/>
    Overseen<br/>
    by&#160;Trustee</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; border-bottom: black 1pt solid; width: 21%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Other</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Trusteeship(s)/</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Directorship</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Held&#160;by</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Trustee/Director</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">During&#160;Past</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">5&#160;Years</b></p></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interested Trustees:</b></span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td><span style="-keep: true">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Jeffery
                                            H. Kupor<sup>1</sup>&#160;&#8211;&#160;1969</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Senior
                                            Managing Director and General Counsel,&#160;Invesco Ltd.; Trustee,&#160;Invesco Foundation,&#160;Inc.;
                                            Director,&#160;Invesco Advisers,&#160;Inc.; Executive Vice President,&#160;Invesco Asset
                                            Management (Bermuda),&#160;Ltd.,&#160;Invesco Investments (Bermuda) Ltd.; and Vice President,&#160;Invesco
                                            Group Services,&#160;Inc.</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: Head of Legal of the Americas,&#160;Invesco
    Ltd.; Senior Vice President and Secretary,&#160;Invesco Advisers,&#160;Inc. (formerly known as Invesco Institutional (N.A.),&#160;Inc.)
    (registered investment adviser); Secretary,&#160;Invesco Distributors,&#160;Inc. (formerly known as Invesco AIM Distributors,&#160;Inc.);
    Vice President and Secretary,&#160;Invesco Investment Services,&#160;Inc. (formerly known as Invesco AIM Investment Services,&#160;Inc.);
    Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel,&#160;Invesco Investment
    Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel,&#160;Invesco Capital Markets,&#160;Inc.
    (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer,&#160;Invesco Exchange-Traded Fund Trust,&#160;Invesco Exchange-Traded
    Fund Trust II,&#160;Invesco India Exchange-Traded Fund Trust,&#160;Invesco Actively Managed Exchange-Traded Fund Trust,&#160;Invesco
    Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President,
    Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds,&#160;Inc. and Invesco Managed Accounts,
    LLC; Secretary and Senior Vice President, OFI Global Institutional,&#160;Inc.; Secretary and Vice President, OFI SteelPath,&#160;Inc.;
    Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services,&#160;Inc.; Secretary
    and Vice President, Trinity Investment Management Corporation, Senior Vice President,&#160;Invesco Distributors,&#160;Inc.; Secretary
    and Vice President, Jemstep,&#160;Inc.; Head of Legal, Worldwide Institutional,&#160;Invesco Ltd.; Secretary and General Counsel,&#160;INVESCO
    Private Capital Investments,&#160;Inc.; Senior Vice President, Secretary and General Counsel,&#160;Invesco Management Group,&#160;Inc.
    (formerly known as Invesco AIM Management Group,&#160;Inc.); Assistant Secretary,&#160;INVESCO Asset Management (Bermuda) Ltd.; Secretary
    and General Counsel,&#160;Invesco Private Capital,&#160;Inc.; Assistant Secretary and General Counsel,&#160;INVESCO Realty,&#160;Inc.;
    Secretary and General Counsel,&#160;Invesco Senior Secured Management,&#160;Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary,&#160;Invesco
    Indexing LLC; and Secretary, W.L. Ross&#160;&amp; Co., LLC.</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Douglas
                                            Sharpe <sup>2</sup>&#160;&#8211;&#160;1974</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="-keep: true">Senior
                                            Managing Director and Head of Americas&#160;&amp; EMEA,&#160;Invesco Ltd.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="-keep: true">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="-keep: true">Formerly: Director and Chairman Invesco UK
    Limited; Director, Chairman and Chief Executive,&#160;Invesco Fund Managers Limited</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
</table><div>


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


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; white-space: nowrap; width: 18%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">Name, year of Birth</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">and Position(s)&#160;Held</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">with the Trust</b></p></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee</b></span><span style="font-size: 10pt"><br/>
    <b>and/or<br/>
    Officer<br/>
    Since</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 41%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Principal Occupation(s)</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">During Past 5
    years</b></p></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of</b></span><span style="font-size: 10pt"><br/>
    <b>Funds&#160;in<br/>
    Fund<br/>
    Complex<br/>
    Overseen<br/>
    by&#160;Trustee</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 21%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Other</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Trusteeship(s)/</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Directorship</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Held&#160;by</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Trustee/Director</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">During&#160;Past</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">5&#160;Years</b></p></td></tr>


<tr>
    <td style="text-align: left; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
    Trustees</b></span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Beth
                                            Ann Brown &#8211; 1968</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee (2019) and Chair (2022)</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Independent
                                            Consultant</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: Head of Intermediary Distribution,
    Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager
    and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager,
    Liberty Funds Distributor,&#160;Inc; and Trustee of certain Oppenheimer Funds</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Board of Directors
    of Caron Engineering Inc.; Formerly: Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh
    Youth Conservation Corps (non-profit) President and Director Director of Grahamtastic Connection (non-profit)</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Carol
                                            Deckbar &#8211; 1962</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly:
                                            Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice
                                            President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President
                                            and Head of Institutional Investments and Endowment Services, TIAA</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formerly: Board Member,
    TIAA Asset Management,&#160;Inc.; and Board Member, TH Real Estate Group Holdings Company</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Cynthia
                                            Hostetler &#8211; 1962</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Non-Executive
                                            Director and Trustee of a number of public and private business corporations</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: Director, Aberdeen Investment Funds
    (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group,&#160;Inc. (specialized energy
    and infrastructure products distributor); Director, Genesee&#160;&amp; Wyoming,&#160;Inc. (railroads); Head of Investment Funds and
    Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation,&#160;Inc.; and Attorney, Simpson
    Thacher&#160;&amp; Bartlett LLP</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resideo Technologies,&#160;Inc.
    (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings,
    (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council
    (professional organization)</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Eli
                                            Jones&#8211; 1961</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Professor
                                            and Dean Emeritus, Mays Business School - Texas A&amp;M University</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: Dean of Mays Business School-Texas
    A&amp;M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana
    State University; and Director, Arvest Bank</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insperity,&#160;Inc.
    (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad
    Member, First Financial Bankshares,&#160;Inc. Texas</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Elizabeth
                                            Krentzman&#8211; 1959</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly:
                                            Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund
                                            Leader of Deloitte&#160;&amp; Touche LLP; General Counsel of the Investment Company Institute
                                            (trade association); National Director of the Investment Management Regulatory Consulting
                                            Practice, Principal, Director and Senior Manager of Deloitte&#160;&amp; Touche LLP; Assistant
                                            Director of the Division of Investment Management - Office of Disclosure and Investment Adviser
                                            Regulation of the U.S. Securities and Exchange Commission and various positions with the
                                            Division of Investment Management &#8211; Office of Regulatory Policy of the U.S. Securities
                                            and Exchange Commission; Associate at Ropes&#160;&amp; Gray LLP; and Trustee of certain Oppenheimer
                                            Funds</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formerly: Member of
    the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida NationalBoard Foundation; and
    Member of the University of Florida Law Center Association,&#160;Inc.Board of Trustees, Audit Committee and Membership Committee</span></td></tr>
</table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; white-space: nowrap; width: 18%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">Name, year of Birth</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">and Position(s)&#160;Held</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">with the Trust</b></p></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee</b></span><span style="font-size: 10pt"><br/>
    <b>and/or<br/>
    Officer<br/>
    Since</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 41%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Principal Occupation(s)</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">During Past 5
    years</b></p></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of</b></span><span style="font-size: 10pt"><br/>
    <b>Funds&#160;in<br/>
    Fund<br/>
    Complex<br/>
    Overseen<br/>
    by&#160;Trustee</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 21%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Other</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Trusteeship(s)/</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Directorship</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Held&#160;by</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">Trustee/Director</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">During&#160;Past</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b style="-keep: true">5&#160;Years</b></p></td></tr>


<tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Anthony
                                            J. LaCava,&#160;Jr. &#8211; 1956</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly:
                                            Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution)
                                            and Managing Partner, KPMG LLP</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Member and Chairman, of the
                                    Bentley University, Business School Advisory Council; and Board Member and Chair of the Audit and
                                    Finance Committee and Nominating Committee, KPMG LLP</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Prema
                                            Mathai-Davis &#8211; 1950</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly:
                                            Co-Founder&#160;&amp; Partner of Quantalytics Research, LLC, (a FinTech Investment Research
                                            Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of
                                            the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the
                                            NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of Board of Positiv
    Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">James
                                            &#8220;Jim&#8221; Liddy &#8211; 1959</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formerly:
    Chairman, Global Financial Services, Americas and Retired Partner, KPMG LLP</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Director and Treasurer, Gulfside
                                    Place Condominium Association,&#160;Inc. and Non-Executive Director, Kellenberg Memorial High School</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Joel
                                            W. Motley &#8211; 1952</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Director
                                            of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley
                                            Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its
                                            Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member
                                            of its Investment Committee; and Member of Investment Committee Board of Historic Hudson
                                            Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.;
                                            and Member of the Vestry and the Investment Committee of Trinity Church Wall Street.</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: Managing Director of Public Capital
    Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman,&#160;Inc. (privately held financial
    advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of Board of Trust
    for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research
    foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and
    Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">Edward Perkin &#8211; 1972 Trustee</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">2025</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">Former: Chief Investment Officer, Equity, Eaton Vance; Managing Director, Morgan
    Stanley; and Chief Investment Officer, Goldman Sachs Asset Management.</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">160</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="-keep: true">None</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td></tr>


<tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Teresa
                                            M. Ressel &#8211; 1962</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">2017</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Non-executive
                                            director and trustee of a number of public and private business corporations</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: Chief Executive Officer, UBS Securities
    LLC (investment banking); Group Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America,
    The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management&#160;&amp; Budget and Designated
    Chief Financial Officer, U.S. Department of Treasury</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">None</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td></tr>
<tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><span style="-keep: true">&#160;</span></td></tr>



<tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Daniel S. Vandivort &#8211; 1954</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Trustee</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
    <p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="-keep: true">2019</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">President, Flyway Advisory Services LLC (consulting
    and property management) and Member,&#160;Investment Committee of Historic Charleston Foundation</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: President and Chief Investment
    Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer
    Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Formerly: Trustee and Governance
                                    Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease
                                    Foundation of America T-3 Invesco Senior Income Trust</span></p></td></tr>
</table><div>


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; white-space: nowrap; width: 18%">
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>Name, year of Birth</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>and Position(s)&#160;Held</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>with the Trust</b></p></td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee</b></span><span style="font-size: 10pt"><br/>
<b>and/or<br/>
Officer<br/>
Since</b></span></td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 41%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Principal Occupation(s)</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>During Past 5 years</b></p></td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of</b></span><span style="font-size: 10pt"><br/>
<b>Funds&#160;in<br/>
Fund<br/>
Complex<br/>
Overseen<br/>
by&#160;Trustee</b></span></td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 21%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Other</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Trusteeship(s)/</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Directorship</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Held&#160;by</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Trustee/Director</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>During&#160;Past</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>5&#160;Years</b></p></td></tr>


<tr>
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Officers</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Glenn Brightman &#8211; 1972</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Principal Executive Officer</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Operating Officer, Americas,&#160;Invesco Ltd.; Senior Vice President,&#160;Invesco
    Advisers,&#160;Inc.; President and Principal Executive Officer, The Invesco Funds; Manager,&#160;Invesco Investment Advisers LLC.</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Formerly: Global Head of Finance,&#160;Invesco Ltd; Executive Vice
    President and Chief Financial Officer, Nuveen</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Melanie Ringold&#8211; 1975</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President, Chief Legal Officer and Secretary</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Head of Legal of the Americas,&#160;Invesco Ltd.; Senior Vice President
    and Secretary,&#160;Invesco Advisers,&#160;Inc. (formerly known as Invesco Institutional (N.A.),&#160;Inc.) (registered investment adviser);
    Secretary,&#160;Invesco Distributors,&#160;Inc. (formerly known as Invesco AIM Distributors,&#160;Inc.); Secretary,&#160;Invesco Investment
    Services,&#160;Inc. (formerly known as Invesco AIM Investment Services,&#160;Inc.); Senior Vice President, Chief Legal Officer and Secretary,
    The Invesco Funds; Secretary,&#160;Invesco Investment Advisers LLC,&#160;Invesco Capital Markets,&#160;Inc.; Chief Legal Officer,&#160;Invesco
    Exchange-Traded Fund Trust,&#160;Invesco Exchange-Traded Fund Trust II,&#160;Invesco India Exchange-Traded Fund Trust,&#160;Invesco Actively
    Managed Exchange-Traded Fund Trust,&#160;Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary
    and Senior Vice President, OppenheimerFunds,&#160;Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, Oppenheimer
    Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management
    Corporation</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Formerly: Secretary and Senior Vice President,
OFI SteelPath,&#160;Inc., Assistant Secretary,&#160;Invesco Distributors,&#160;Inc.,&#160;Invesco Advisers,&#160;Inc.,&#160;Invesco Investment
Services,&#160;Inc.,&#160;Invesco Capital Markets,&#160;Inc.,&#160;Invesco Capital Management LLC and Invesco Investment Advisers LLC;
and Assistant Secretary and Investment Vice President,&#160;Invesco Funds</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
</table><div>


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b style="-keep: true">with the Trust</b></p></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
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    <b>and/or<br/>
    Officer<br/>
    Since</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
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    <b>Funds&#160;in<br/>
    Fund<br/>
    Complex<br/>
    Overseen<br/>
    by&#160;Trustee</b></span></td>
    <td style="text-align: center; width: 1%"><span style="-keep: true">&#160;</span></td>
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<tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Crissie M. Wisdom &#8211; 1969</span></p>
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    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013</span></td>
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    Distributors,&#160;Inc.,&#160;Invesco Investment Services,&#160;Inc., The Invesco Funds,&#160;Invesco Capital Management, LLC,&#160;Invesco
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    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>


<tr>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Tony Wong &#8211; 1973</span></p>
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    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">2023</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">Senior Managing Director,&#160;Invesco Ltd.;
    Director, Chairman, Chief Executive Officer and President,&#160;Invesco Advisers,&#160;Inc.; Director and Chairman,&#160;Invesco
    Private Capital,&#160;Inc.,&#160;INVESCO Private Capital Investments,&#160;Inc. and INVESCO Realty,&#160;Inc.; Director,&#160;Invesco
    Senior Secured Management,&#160;Inc.; President,&#160;Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior
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    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
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    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">N/A</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">N/A</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="-keep: true">&#160;</span></p>
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<tr>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">Stephanie C. Butcher &#8211; 1971<br/>
    Senior Vice President</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="-keep: true">2023</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="-keep: true">Senior Managing Director,&#160;Invesco Ltd.; Senior Vice President, The Invesco
    Funds; Director and Chief Executive Officer,&#160;Invesco Asset Management Limited</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="-keep: true">N/A</span></td>
    <td style="vertical-align: bottom"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; vertical-align: top"><span style="-keep: true">N/A</span></td></tr>
  </table><div>




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


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; text-align: left; white-space: nowrap; width: 18%">
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    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>and Position(s)&#160;Held</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>with the Trust</b></p></td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee</b></span><span style="font-size: 10pt"><br/>
<b>and/or<br/>
Officer<br/>
Since</b></span></td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 41%">
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    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of</b></span><span style="font-size: 10pt"><br/>
<b>Funds&#160;in<br/>
Fund<br/>
Complex<br/>
Overseen<br/>
by&#160;Trustee</b></span></td>
    <td style="text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center; width: 21%">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Trusteeship(s)/</b></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Held&#160;by</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Trustee/Director</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>During&#160;Past</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>5&#160;Years</b></p></td></tr>


<tr>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adrien Deberghes &#8211; 1967</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Principal Financial Officer, Treasurer and Senior Vice President</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2020</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Head of the Fund Office of the CFO and Fund
Administration; Vice President,&#160;Invesco Advisers,&#160;Inc.; Director,&#160;Invesco Trust Company; Principal Financial Officer,
Treasurer and Senior Vice President, The Invesco Funds; Vice President,&#160;Invesco Exchange-Traded Fund Trust,&#160;Invesco Exchange-Traded
Fund Trust II,&#160;Invesco India Exchange-Traded Fund Trust,&#160;Invesco Actively Managed Exchange-Traded Fund Trust,&#160;Invesco
Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust</p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td></tr>
  <tr>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>

<tr>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Todd F. Kuehl &#8211; 1969</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Compliance Officer and Senior Vice President</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2020</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Formerly: Vice President, The Invesco Funds;
Senior Vice President and Treasurer, Fidelity Investments</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Compliance Officer,&#160;Invesco Advisers,&#160;Inc. (registered
    investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Formerly: Managing Director and Chief Compliance Officer, Legg Mason
    (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)</p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"></p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td></tr>


<tr>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James Bordewick,&#160;Jr. &#8211; 1959<br/>
 Senior Vice President and Senior
    Officer</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2022</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: left; vertical-align: top">
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Formerly: Chief Legal Officer, KingsCrowd,&#160;Inc.
(research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory,
Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer
for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice
President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes&#160;&amp; Gray;
and Associate, Gaston Snow&#160;&amp; Ely Bartlett</p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td></tr>
</table><div>


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


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


</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">1</span></td><td style="text-align: justify">Mr.&#160;Kupor is considered an interested person (within the meaning of Section&#160;2(a)(19) of the 1940 Act) of the Fund because
he is an officer of the Adviser to the Trust, and an officer of Invesco Ltd., ultimate parent of the Adviser.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">2</span></td><td style="text-align: justify">Mr.&#160;Sharp is considered an interested person (within the meaning of Section&#160;2(a)(19) of the 1940 Act) of the Fund because
he is an officer of the Adviser to the Trust, and an officer of Invesco Ltd., ultimate parent of the Adviser.</td></tr></table><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From 2014 to 2017, Ms.&#160;Brown
served on the Board of Advisors of Caron Engineering Inc. and also served as President and Director of Acton Shapleigh Youth Conservation
Corps, a non&#8211;profit organization, from 2012 to 2015.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From 1996 to 1997, Ms.&#160;Krentzman
served as an Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the
U.S. Securities and Exchange Commission. She also served from 1991 to 1996 in various positions with the Division of Investment Management
 &#8211; Office of Regulatory Policy of the U.S. Securities and Exchange Commission and from 1987 to 1991 as an Associate at Ropes&#160;&amp;
Gray LLP.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">&#160;</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Prior to joining Eaton
Vance, Mr. Perkin served as Chief Investment Officer, International &amp; Emerging Markets Equity, at Goldman Sachs Asset Management.
He also served as a senior research analyst at FISERV from 1997 to 2000 and as an insurance broker at American Retirement Insurance Services
from 1993 to1997.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">&#160;</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">&#160;</span></p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board is currently composed
of fourteen Trustees, including twelve Trustees who are not &#8220;interested persons&#8221; of the Fund, as that term is defined in the
1940 Act (collectively, the Independent Trustees and each, an Independent Trustee). In addition to eight regularly scheduled meetings
per year, the Board holds special meetings or informal conference calls to discuss specific matters that may require action prior to the
next regular meeting. As discussed below, the Board has established four standing committees &#8211; the Audit Committee, the Compliance
Committee, the Governance Committee and the Investments Committee (the Committees), to assist the Board in performing its oversight responsibilities.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The members of the Audit
Committee are Messrs.&#160;LaCava (Chair), Liddy and Vandivort, Dr.&#160;Jones, and Mss. Hostetler and Ressel. The Audit Committee performs
a number of functions with respect to the oversight of the Fund&#8217;s accounting and financial reporting, including: (i)&#160;assisting
the Board with its oversight of the qualifications, independence and performance of the independent registered public accountants; (ii)&#160;selecting
independent registered public accountants for the Fund; (iii)&#160;to the extent required, pre-approving certain audit and permissible
non-audit services; (iv)&#160;overseeing the financial reporting process for the Fund; (v)&#160;assisting the Board with its oversight
of the integrity of the Fund&#8217;s financial statements and compliance with legal and regulatory requirements that relate to the Fund&#8217;s
accounting and financial reporting, internal control over financial reporting and independent audits; (vi)&#160;pre-approving engagements
for non-audit services to be provided by the Fund&#8217;s independent auditors to the Fund&#8217;s investment adviser or to any of its
affiliates; and (vii)&#160;overseeing the performance of the fair valuation determinations by the Adviser. During the fiscal year ended
February&#160;29, 2024, the Audit Committee held six meetings.</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The members of the Compliance
Committee are Messrs.&#160;Motley and Perkin, and Mss. Brown, Deckbar and Krentzman (Chair) and Dr.&#160;Mathai-Davis. The Compliance
Committee performs a number of functions with respect to compliance matters, including: (i)&#160;reviewing and making recommendations
concerning the qualifications, performance and compensation of the Fund&#8217;s Chief Compliance Officer; (ii)&#160;reviewing recommendations
and reports made by the Chief Compliance Officer of the Fund regarding compliance matters; (iii)&#160;overseeing compliance policies
and procedures of the Fund and their service providers; (iv)&#160;overseeing potential conflicts of interest that are reported to the
Compliance Committee by Invesco, the Chief Compliance Officer or other independent advisors; (v)&#160;reviewing reports prepared by a
third party&#8217;s compliance review of Invesco; (vi)&#160;if requested by the Board, overseeing risk management with respect to the
Fund (other than risks overseen by the other Committees), including receiving and overseeing risk management reports from Invesco that
are applicable to the Fund and their service providers; and (vii)&#160;reviewing reports by Invesco on correspondence with regulators
or governmental agencies with respect to the Fund and recommending to the Board what action, if any, should be taken by the Fund in light
of such reports. During the fiscal year ended February&#160;29, 2024, the Compliance Committee held four meetings.</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of the Governance
Committee are Messrs.&#160;Motley and Vandivort (Chair) and Mss. Brown and Hostetler and Dr.&#160;Mathai-Davis. The Governance Committee
performs a number of functions with respect to governance, including: (i)&#160;nominating persons to serve as Independent Trustees and
as members of each Committee, and nominating the Chair of the Board and the Chair of each committee, except that the members and Chair
of each Sub-Committee of the Investments Committee shall be appointed by the Chair of the Investments Committee in consultation with the
Chair of the Governance Committee; (ii)&#160;reviewing and making recommendations to the full Board regarding the size and composition
of the Board and the compensation payable to the Independent Trustees; (iii)&#160;overseeing the annual evaluation of the performance
of the Board and its Committees; (iv)&#160;considering and overseeing the selection of independent legal counsel to the Independent Trustees;
(v)&#160;considering and overseeing the selection and engagement of a Senior Officer if and as they deem appropriate, including compensation
and scope of services, and recommending all such matters to the Board or the independent trustees as appropriate; (vi)&#160;reviewing
administrative and/or logistical matters pertaining to the operations of the Board; and (vii)&#160;reviewing annually recommendations
from Invesco regarding amounts and coverage of primary and excess directors and officers/errors and omissions liability insurance and
allocation of premiums. During the fiscal year ended February&#160;29, 2024, the Governance Committee held nine meetings.</p><div>


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice procedures set forth
in the Fund&#8217;s Bylaws require that any shareholder of the Fund desiring to nominate a trustee for election at an annual shareholder
meeting must deliver to the Fund&#8217;s Secretary notice of the shareholder&#8217;s intent to nominate in writing not less than ninety
(90)&#160;nor more than one hundred twenty (120)&#160;days prior to the first anniversary date of the annual meeting for the preceding
year.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The members of the
Investments Committee are Messrs.&#160;LaCava, Liddy, Motley, Perkin and Vandivort, Mss. Brown, Deckbar (Sub-Committee Chair),
Hostetler (Chair and Sub-Committee Chair), Krentzman and Ressel and Drs.&#160;Jones and Mathai-Davis (Sub-Committee Chair). The Investments
Committee&#8217;s primary purposes are to assist the Board in its oversight of the investment management services provided by
Invesco and the Sub-Advisers and to periodically review Fund performance information, and information regarding the investment
personnel and other resources devoted to the management of the Fund and make recommendations to the Board, when applicable. During
the fiscal year ended February&#160;29, 2024, the Investments Committee held four meetings.</span></p><div>


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


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


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


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


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


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


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


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


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true">Information regarding
compensation paid or accrued for each trustee of the Fund who was not affiliated with Invesco during the year ended December&#160;31,
2023, unless otherwise noted, are as follows:</span></p><div>


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


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.55in">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><span style="-keep: true">Name</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="-keep: true">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="-keep: true">Aggregate<br/>
    Compensation from<br/>
    the Fund(1)</span></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="-keep: true">Retirement
    Benefits<br/>
    Accrued by All<br/>
    Invesco Funds</span></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="-keep: true">Estimated
    Annual<br/>
    Benefits Upon<br/>
    Retirement(2)</span></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="-keep: true">Total
    Compensation from<br/>
    the Invesco Fund<br/>
    Complex(3)</span></td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="-keep: true">Independent Trustees(4)(5)(6)</span></td><td style="font-size: 10pt"><span style="-keep: true">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 31%; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Beth Ann Brown</span></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">$</span></td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,905</span></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Carol Deckbar</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Cynthia Hostetler</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,280</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">465,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Eli Jones</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">21,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">422,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Elizabeth Krentzman</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">23,780</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">470,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Anthony J. LaCava,&#160;Jr.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">James &#8220;Jim&#8221; Liddy</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">22,153</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Prema Mathai-Davis</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">21,774</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">205,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">442,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Joel W. Motley</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">22,026</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">430,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Theresa M. Ressel</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">22,151</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">440,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Robert C. Troccoli</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">23,153</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">445,000</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Daniel S. Vandivort</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-keep: true">462,500</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">&#160;</span></td></tr>
  </table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup>&#160;</span></td><td style="text-align: justify"><span style="-keep: true">Amounts
                                            shown are based on the fiscal year ended February&#160;29, 2024. The total amount of compensation
                                            deferred by all trustees of the Fund during the fiscal year ended February&#160;29, 2024,
                                            including earnings, was $51,896.69.</span></td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><sup>(2)</sup>&#160;</span></td><td style="text-align: justify">These amounts represent the estimated annual benefits payable by the Invesco Funds upon the trustees&#8217;
retirement and assumes each trustee serves until his or her normal retirement date. These amounts are not adjusted to reflect deemed investment
appreciation or depreciation.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(3)</sup>&#160;</span></td><td style="text-align: justify">These amounts represent the compensation paid from all Invesco
Funds to the individuals who serve as trustees. All trustees currently serve as trustee of 32 registered investment companies advised
by Invesco, unless otherwise noted.</td>
</tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(4)</sup>&#160;</span></td><td style="text-align: justify"><span style="-keep: true">On
                                            August&#160;28, 2022, Christopher Wilson retired. During the fiscal year ended February&#160;29,
                                            2024, compensation from the Fund for Mr.&#160;Wilson for consultant services provided to
                                            the Fund subsequent to his retirement was $16,959.63. Pursuant to a consulting agreement
                                            with the Trust, Mr.&#160;Wilson may receive payments for consulting services provided to
                                            the Fund for up to three years following his retirement.</span></td>
</tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(5)</sup>&#160;</span></td><td style="text-align: justify">Effective January&#160;16, 2024, Carol Deckbar and James Liddy
have been onboarded as two new Trustees.</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td><span style="-keep: true">&#160;</span></td><td style="text-align: left"><sup style="-keep: true">(6)</sup></td><td style="text-align: justify"><span style="-keep: true">On December 31, 2024, Robert C. Troccoli retired.</span></td></tr>
     </table><div>


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


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


</div><!-- Field: Page; Sequence: 32; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt"></p><p style="margin: 0pt"></p></div><div>
    </div><!-- Field: /Page --><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The dollar range of equity
securities beneficially owned by each trustee (i)&#160;in the Fund and (ii)&#160;on an aggregate basis, in all registered investment
companies overseen by the trustee within the Invesco Funds complex, as of December&#160;31, 2023, are as follows:</span></p><div>


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


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.55in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 46%"><span style="-keep: true">Name</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="-keep: true">Fund</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="-keep: true">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate
    dollar range<br/> of equity securities in all<br/> registered investment<br/> companies overseen by<br/> trustee in the Invesco<br/> Fund
    Complex<sup>(1)</sup></b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Independent Trustees</span></td><td style="font-size: 10pt"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; font-size: 10pt">&#160;</td><td style="font-size: 10pt"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Beth Ann Brown</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Carol Deckbar<sup>2</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Cynthia Hostetler</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Eli Jones</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Elizabeth Krentzman</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Anthony J. LaCava,&#160;Jr.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">James &#8220;Jim&#8221; Liddy<sup>2</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Prema Mathai-Davis</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Joel W. Motley</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Edward Perkin<sup>2</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Theresa M. Ressel</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Robert C. Troccoli<sup>2</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Daniel S. Vandivort</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Beth Ann Brown</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Interested Trustees</span></td><td style="font-size: 10pt"><span style="-keep: true">&#160;</span></td>
    <td style="text-align: center; font-size: 10pt"><span style="-keep: true">&#160;</span></td><td style="font-size: 10pt"><span style="-keep: true">&#160;</span></td>
    <td style="font-size: 10pt"><span style="-keep: true">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Jeffrey H. Kupor<sup>2</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">Over $100,000</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="-keep: true">Douglas Sharp<sup>2</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="-keep: true">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="-keep: true">None</span></td></tr>
  </table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup>&#160;</span></td><td style="text-align: justify">Includes total amount of compensation deferred by the trustee at his or her election pursuant to a deferred compensation plan. Such
deferred compensation is placed in a deferral account and deemed to be invested in one or more of the Invesco Funds.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                              <tr style="vertical-align: top">
<td><span style="-keep: true">&#160;</span></td><td><sup style="-keep: true">(2)</sup></td><td style="text-align: justify"><span style="-keep: true">The information in the table is provided as of December 31, 2023. Messrs Kupor, Sharp and Liddy
                                                    and Ms. Deckbar were elected as trustees of the Trust effective January 16, 2024 Mr. Troccoli retired on December 31, 2024. Mr. Perkin
                                                    was appointed as a trustee of the Trust on January 2, 2025.</span></td></tr>
                                                                                                                              </table><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><!-- Field: Page; Sequence: 33; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt"></p><p style="margin: 0pt"></p></div><div>
    </div><!-- Field: /Page --><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><div><a id="si_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT ADVISORY AND OTHER SERVICES</b></p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco serves as the Fund&#8217;s
investment adviser. The Adviser manages the investment operations of the Fund as well as other investment portfolios that encompass a
broad range of investment objectives, and has agreed to perform or arrange for the performance of the Fund&#8217;s day-to-day management.
The Adviser, as successor in interest to multiple investment advisers, has been an investment adviser since 1976. Invesco is an indirect,
wholly owned subsidiary of Invesco Ltd. Invesco Ltd. and its subsidiaries are an independent global investment management group. Certain
of the directors and officers of Invesco are also executive officers of the Fund and their affiliations are shown in this Statement of
Additional Information</p><div>


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Advisory Agreement provides
that the Fund will pay or cause to be paid all expenses of such Fund not assumed by Invesco, including, without limitation: brokerage
commissions, taxes, legal, auditing, or governmental fees, custodian, transfer and shareholder service agent costs, expenses of issue,
sale, redemption and repurchase of shares, expenses of registering and qualifying shares for sale, expenses relating to trustees and shareholder
meetings, the cost of preparing and distributing reports and notices to shareholders, the fees and other expenses incurred by the Fund
in connection with membership in investment company organizations and the cost of printing copies of prospectuses and statements of additional
information distributed to the Fund&#8217;s shareholders.</p><div>


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


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


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; width: 70%; margin-left: 0.5in">
  <tr style="font-size: 10pt; vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Fiscal Year Ended</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Advisory Fees Paid</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 71%">February&#160;29, 2024</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: right">2,279,476</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;28, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,251,841</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;28, 2022</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,630,301</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>




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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco has contractually
agreed through at least June&#160;30, 2026, to waive advisory fees payable by the Fund in an amount equal to 100% of the net advisory
fee Invesco receives from the affiliated money market funds as a result of the Fund&#8217;s investment of uninvested cash in the affiliated
money market funds. Unless Invesco continues the fee waiver agreement, it will terminate as indicated above. During its term, the fee
waiver agreements cannot be terminated or amended to reduce the advisory fee waivers without approval of the Board.</p><div>


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco has entered into a
Sub-Advisory Agreement with certain affiliates to serve as sub-advisers to the Fund pursuant to which these affiliated sub-advisers may
be appointed by Invesco from time to time to provide discretionary investment management services, investment advice, and/or order execution
services to the Fund.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The only fees payable to the
Sub-Advisers under the Sub-Advisory Agreement are for providing discretionary investment management services. For such services,&#160;Invesco
(and not the Fund) pays each Sub-Adviser a fee, computed daily and paid monthly, equal to (i)&#160;40% of the monthly compensation that
Invesco receives from the Fund, multiplied by (ii)&#160;the fraction equal to the net assets of such Fund as to which such Sub-Adviser
shall have provided discretionary investment management services for that month divided by the net assets of such Fund for that month.
Pursuant to the Sub-Advisory Agreement, this fee is reduced to reflect contractual or voluntary fee waivers or expense limitations by
Invesco, if any, in effect from time to time. In no event shall the aggregate monthly fees paid to the Sub-Advisers under the Sub-Advisory
Agreement exceed 40% of the monthly compensation that Invesco receives from the Fund pursuant to its advisory agreement with the Fund,
as reduced to reflect contractual or voluntary fees waivers or expense limitations by Invesco, if any.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Administrative
Services Agreement</i></span>. Invesco and the Fund have entered into a Master Administrative Services Agreement (the &#8220;Administrative
Services Agreement&#8221;) pursuant to which Invesco may perform or arrange for the provision of certain accounting and other administrative
services to the Fund which are not required to be performed by Invesco under the Advisory Agreement. The Administrative Services Agreement
provides that it will remain in effect and continue from year to year only if such continuance is specifically approved at least annually
by the Board, including the independent trustees, by votes cast in person at a meeting called for such purpose. Under the Administrative
Services Agreement,&#160;Invesco is entitled to receive from the Fund reimbursement of its costs or such reasonable compensation as may
be approved by the Board. Currently,&#160;Invesco is reimbursed for the services of the Fund&#8217;s principal financial officer and her
staff and any expenses related to fund accounting services.</p><div>


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; width: 70%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Fiscal Year Ended</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="text-align: center; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Administrative Fees Paid</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 71%; text-align: left">February&#160;29, 2024</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 25%; font: 10pt Times New Roman, Times, Serif; text-align: right">41,583</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">February&#160;28, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">44,766</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">February&#160;28, 2022</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">52,689</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>




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


</div><div><a id="si_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER SERVICE PROVIDERS</b></p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Custodian and sub-custodian
are authorized to establish separate accounts in foreign countries and to cause foreign securities owned by the Fund to be held outside
the United States in branches of U.S. banks and, to the extent permitted by applicable regulations, in certain foreign banks and securities
depositories. Invesco is responsible for selecting eligible foreign securities depositories and for assessing the risks associated with
investing in foreign countries, including the risk of using eligible foreign securities&#8217; depositories in a country. The Custodian
is responsible for monitoring eligible foreign securities depositories.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under its contract with the
Fund, the Custodian maintains the portfolio securities of the Fund, administers the purchases and sales of portfolio securities, collects
interest and dividends and other distributions made on the securities held in the portfolio of the Fund and performs other ministerial
duties. These services do not include any supervisory function over management or provide any protection against any possible depreciation
of assets.</p><div>


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Fund&#8217;s
independent registered public accounting firm is responsible for auditing the financial statements of the Fund. The Audit Committee
of the Fund&#8217;s Board has selected, and the Board has ratified and approved, PricewaterhouseCoopers LLP (&#8220;PwC&#8221;),
1000 Louisiana Street, Suite 5800, Houston, Texas 77002-5021, as the independent registered public accounting firm to audit the
financial statements of the Fund. In connection with the audit of the Fund&#8217;s financial statements, the Fund entered into an
engagement letter with PwC. The terms of the engagement letter required by PwC, and agreed to by the Fund&#8217;s Audit Committee,
include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising
out of or relating to the engagement letter or the services provided thereunder. The financial statements incorporated in this SAI by reference to the
<a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract: exhibit">Annual Report</a> on Form N-CSR for the year ended February 29, 2024 have been so incorporated in reliance on the report of PwC, an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</span></p><div>


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


</div><div><a id="si_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PORTFOLIO MANAGERS</b></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Portfolio Manager Fund&#160;Holdings and Information on Other Managed
Accounts</b></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco&#8217;s portfolio
managers develop investment models which are used in connection with the management of certain Invesco funds as well as other mutual funds
for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other
accounts managed for organizations and individuals. The &#8216;Investments&#8217; chart reflects the portfolio managers&#8217; investments
in the Fund and includes investments in the Fund&#8217;s shares beneficially owned by a portfolio manager, as determined in accordance
with Rule&#160;16a-1(a)(2)&#160;under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio
manager&#8217;s immediate family members sharing the same household). The &#8216;Assets Managed&#8217; chart reflects information regarding
accounts other than the Fund for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three
categories: (i)&#160;other registered investment companies; (ii)&#160;other pooled investment vehicles; and (iii)&#160;other accounts.
To the extent that any of these accounts pay advisory fees that are based on account performance (performance-based fees), information
on those accounts is specifically noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars
using the exchange rates as of the applicable date.</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following information is as of February&#160;29,
2024:</p><div>


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


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 83%; text-align: left">Portfolio Manager</td><td style="padding-bottom: 1pt; width: 2%; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Dollar&#160;Range&#160;of<br/> Investments&#160;in<br/> the Fund</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Mark Paris</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Julius Williams</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">John Schorle</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Jack Connelly</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Tim O&#8217;Reilly</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td></tr>
  </table><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following information is as of February&#160;29,
2024:</p><div>


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


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Portfolio Manager</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">901.02</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Julius Williams</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">901.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">John Schorle</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,861.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">901.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Jack Connelly</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,850.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">901.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Tim O&#8217;Reilly</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">47,831.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"/><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">901.02</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  </table><div>




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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Actual or apparent conflicts
of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other
account. More specifically, portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the
following potential conflicts:</p><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in"><span>&#9679;</span></td><td style="text-align: justify">The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal
time and attention to the management of the Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing
interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most
other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management
of the funds.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in"><span>&#9679;</span></td><td style="text-align: justify">If a portfolio manager identifies a limited investment opportunity which may be suitable for more than
one Fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase
or sale orders across all eligible funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the funds
have adopted procedures for allocating portfolio transactions across multiple accounts.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in"><span>&#9679;</span></td><td style="text-align: justify">The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions
for the funds, consistent with its duty to seek best execution of the transaction. However, for certain other accounts (such as mutual
funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and
other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect
to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, trades for the Fund in
a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with
respect to a security may temporarily affect the market price of the security or the execution of the transaction, or both, to the possible
detriment of the Fund or other account(s)&#160;involved.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in"><span>&#9679;</span></td><td style="text-align: justify">The appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive,
such as a performance-based management fee, which relates to the management of one Fund or account but not all funds and accounts for
which a portfolio manager has day-to-day management responsibilities.</td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser, each Sub-Adviser,
and the Fund have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee
that such procedures will detect each and every situation in which a conflict arises.</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser and each Sub-Adviser
seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals.
Portfolio managers receive a base salary, an incentive cash bonus opportunity and a deferred compensation opportunity. Portfolio manager
compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors
used to determine bonuses to promote competitive Fund performance. The Adviser and each Sub-Adviser evaluate competitive market compensation
by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio manager&#8217;s
compensation consists of the following three elements:</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Annual
Bonus.</i></span> The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate
in a discretionary year-end bonus pool. The Compensation Committee of Invesco Ltd. reviews and approves the firm-wide bonus pool available
based upon progress against strategic objectives and annual operating plan, including investment performance and financial results. In
addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus
funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on quantitative (i.e., investment performance)
and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).</p><div>


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


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


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


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Sub-Adviser</span></b></span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Performance&#160;time&#160;period</span></b></span><b><span style="text-decoration:underline"><span style="font-size: 10pt">(5)</span></span></b></td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="padding-bottom: 1pt; vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Invesco</span>(1)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Canada(1)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Deutschland(1)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Invesco Hong
    Kong</span>(1)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management(1)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Listed Real Assets Division(1)</p></td>
    <td style="padding-bottom: 1pt; vertical-align: bottom">&#160;</td>
    <td style="padding-bottom: 1pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-, Three- and Five-year performance against Fund peer group.</span></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; vertical-align: top">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: top">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="padding-bottom: 1pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invesco Senior Secured</span><span style="font-size: 10pt">(1),(2)</span></td>
    <td style="padding-bottom: 1pt; vertical-align: bottom">&#160;</td>
    <td style="padding-bottom: 1pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td style="border-bottom: black 1pt solid; vertical-align: top">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: black 1pt solid; vertical-align: top">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invesco Japan</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-, Three- and Five-year performance</span></td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">&#160;</td></tr>
  </table><div>


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


</div><p style="margin-top: 0; margin-bottom: 0"></p><div>


</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>


</div><p style="margin-top: 0; margin-bottom: 0"></p><div>




</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four year period. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invesco Senior Secured&#8217;s bonus is based on annual measures of equity return and standard tests of collateralization performance. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">High investment performance
(against applicable peer group and/or benchmarks) would deliver compensation generally associated with top pay in the industry (determined
by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group)
would result in low bonus compared to the applicable peer group or no bonus at all. These decisions are reviewed and approved collectively
by senior leadership which has responsibility for executing the compensation approach across the organization.</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><div><a id="si_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</b></p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantially all of the Fund&#8217;s
trades are effected on a principal basis. Brokerage commissions during the Fund&#8217;s last three fiscal years are as follows:</p><div>


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


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Fiscal Year Ended</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Brokerage Commissions</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; font: 10pt Times New Roman, Times, Serif">February&#160;29, 2024	</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;28, 2023	</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;28, 2022	</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund does not and
will not pay brokerage commissions to Brokers affiliated with the Fund, the Adviser, the Sub-Advisers or any affiliates of such
entities.</p><div>


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


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund may purchase or sell a security from or
to certain other Invesco funds or other accounts (and may invest in affiliated money market funds) provided the Fund follows procedures
adopted by the Boards of the various Invesco funds, including the Fund. These inter-fund transactions do not generate brokerage commissions
but may result in custodial fees or taxes or other related expenses.</p><div>


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser and the Sub-Advisers
face a potential conflict of interest when they use client trades to obtain Soft Dollar Products. This conflict exists because the Adviser
and the Sub-Advisers are able to use the Soft Dollar Products to manage client accounts without paying cash for the Soft Dollar Products,
which reduces the Adviser&#8217;s or the Sub-Advisers&#8217; expenses to the extent that the Adviser or the Sub-Advisers would have purchased
such products had they not been provided by Brokers. Section&#160;28(e)&#160;permits the Adviser or the Sub-Advisers to use Soft Dollar
Products for the benefit of any account it manages. Certain Invesco-managed client accounts (or accounts managed by the Sub-Advisers)
may generate soft dollars used to purchase Soft Dollar Products that ultimately benefit other Adviser- managed accounts (or Sub-Adviser-managed
accounts), effectively cross subsidizing the other Adviser-managed accounts (or the other Sub-Adviser-managed accounts) that benefit directly
from the product. The Adviser or the Sub-Advisers may not use all of the Soft Dollar Products provided by Brokers through which the Fund
effects securities transactions in connection with managing the Fund whose trades generated the soft dollar commissions used to purchase
such products. Fixed income trading normally does not generate soft dollar commissions to pay for Soft Dollar Products. Therefore, soft
dollar commissions used to pay for Soft Dollar Products which are used to manage certain fixed income Invesco funds or other fixed-income
client accounts are generated entirely by equity-focused Invesco funds and other equity-focused client accounts managed by the Adviser.
In other words, certain fixed income Invesco funds are cross-subsidized by the equity Invesco Funds in that the fixed income Invesco funds
receive the benefit of Soft Dollar Products for which they do not pay.</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain Soft Dollar Products
may be available directly from a vendor on a hard dollar basis; other Soft Dollar Products are available only through Brokers in exchange
for soft dollars. The Adviser and the Sub-Advisers use soft dollar commissions to purchase two types of Soft Dollar Products:</p><div>


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Proprietary research consists
primarily of traditional research reports, recommendations and similar materials produced by the in-house research staffs of broker-dealer
firms. This research includes evaluations and recommendations of specific companies or industry groups, as well as analyses of general
economic and market conditions and trends, market data, contacts and other related information and assistance. The Adviser periodically
rates the quality of proprietary research produced by various Brokers. Based on the evaluation of the quality of information that the
Adviser receives from each Broker, the Adviser develops an estimate of each Broker&#8217;s share of Invesco clients&#8217; commission
dollars and attempts to direct trades to these firms to meet these estimates.</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser and the Sub-Advisers
also use soft dollars to acquire products from third parties that are supplied to the Adviser or the Sub-Advisers through Brokers executing
the trades or other Brokers who &#8220;step in&#8221; to a transaction and receive a portion of the brokerage commission for the trade.
The Adviser or the Sub-Advisers may from time to time instruct the executing Broker to allocate or &#8220;step out&#8221; a portion of
a transaction to another Broker. The Broker to which the Adviser or the Sub-Advisers have &#8220;stepped out&#8221; would then settle
and complete the designated portion of the transaction, and the executing Broker would settle and complete the remaining portion of the
transaction that has not been &#8220;stepped out.&#8221; Each Broker may receive a commission or brokerage fee with respect to that portion
of the transaction that it settles and completes.</p><div>


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify">Database Services &#8212; comprehensive databases containing current and/or historical information on
companies and industries and indices. Examples include historical securities prices, earnings estimates and financial data. These services
may include software tools that allow the user to search the database or to prepare value-added analyses related to the investment process
(such as forecasts and models used in the portfolio management process).</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify">Quotation/Trading/News Systems &#8212; products that provide real time market data information, such as
pricing of individual securities and information on current trading, as well as a variety of news services.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify">Economic Data/Forecasting Tools &#8212; various macro-economic forecasting tools, such as economic data
or currency and political forecasts for various countries or regions.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify">Quantitative/Technical Analysis &#8212; software tools that assist in quantitative and technical analysis
of investment data.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify">Fundamental Company/Industry Analysis &#8212; company or industry specific fundamental investment research.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify">Fixed Income Security Analysis &#8211; data and analytical tools that pertain specifically to fixed income
securities. These tools assist in creating financial models, such as cash flow projections and interest rate sensitivity analyses, which
are relevant to fixed income securities.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify">Other Specialized Tools &#8212; other specialized products, such as consulting analyses, access to industry
experts, and distinct investment expertise or custom-built investment-analysis software. Occasionally, the Adviser or a Sub-Adviser will
receive certain &#8220;mixed-use&#8221; research and brokerage services, a portion of the cost of which is eligible under Section&#160;28(e)&#160;for
payment with soft dollar commissions and a portion of which is not. In these instances, the Adviser or the Sub-Adviser will make a reasonable
allocation of the cost of the product or service according to its use and pay for only that portion of the cost that is eligible under
Section&#160;28(e)&#160;with soft dollar commission (and will pay for the remaining portion with its own resources).</td></tr></table><div>


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Portfolio transactions may
be effected through Brokers that recommend the Fund to their clients, or that act as agent in the purchase of the Fund&#8217;s shares
for their clients, provided that the Adviser or the Sub-Advisers believes such Brokers provide best execution and such transactions are
executed in compliance with the Adviser&#8217;s policy against using directed brokerage to compensate Brokers for promoting or selling
Invesco fund shares. The Adviser and the Sub-Advisers will not enter into a binding commitment with Brokers to place trades with such
Brokers involving brokerage commissions in precise amounts. As noted above, under MiFID II, European Union and United Kingdom investment
advisers, including Invesco Deutschland and Invesco Asset Management, are not permitted to use soft dollar commissions to pay for research
from brokers but rather must pay for research out of their own profit and loss or have research costs paid by clients through research
payment accounts that are funded by a specific client research charge or the research component of trade orders. Such payments for research
must be unbundled from the payments for execution. As a result,&#160;Invesco Deutschland and Invesco Asset Management are restricted from
using Soft Dollar Products in managing the Invesco funds that they sub-advise.</p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><div><a id="si_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TAX MATTERS</b></p><div>


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any gain or loss from the
sale or other disposition of a tax-exempt security generally is treated as either long-term or short-term capital gain or loss, depending
upon its holding period, and is fully taxable.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alternative minimum tax (AMT)
is imposed in addition to, but only to the extent it exceeds, the regular tax and is computed at a maximum rate of 28% for non-corporate
taxpayers on the excess of the taxpayer&#8217;s alternative minimum taxable income (AMTI) over an exemption amount. Exempt- interest dividends
derived from certain &#8220;private activity&#8221; Municipal Securities issued after August&#160;7, 1986, generally will constitute an
item of tax preference includable in AMTI for non-corporate taxpayers. However, tax-exempt interest on private activity bonds issued in
2009 and 2010 is not an item of tax preference for purposes of the AMT.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Exempt-interest dividends
must be taken into account in computing the portion, if any, of social security or railroad retirement benefits that must be included
in an individual Common Shareholder&#8217;s gross income subject to federal income tax. Further, a Common Shareholder of the Fund is denied
a deduction for interest on indebtedness incurred or continued to purchase or carry Common Shares of the Fund. Moreover, a Common Shareholder
who is (or is related to) a &#8220;substantial user&#8221; of a facility financed by industrial development bonds held by the Fund likely
will be subject to tax on dividends paid by the Fund that are derived from interest on such bonds. Receipt of exempt-interest dividends
may result in other collateral federal income tax consequences to certain taxpayers, including financial institutions, property and casualty
insurance companies and foreign corporations engaged in a trade or business in the United States.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that exempt-interest
dividends are derived from interest on obligations of a state or its political subdivisions or from interest on qualifying U.S. territorial
obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands, and Guam), they also may be exempt from that state&#8217;s
personal income taxes. Most states, however, do not grant tax-free treatment to interest on state and municipal securities of other states.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure of the issuer of a
tax-exempt security to comply with certain legal or contractual requirements relating to a Municipal Security could cause interest on
the Municipal Security, as well as Fund distributions derived from this interest, to become taxable, perhaps retroactively to the date
the Municipal Security was issued. In such a case, the Fund may be required to report to the IRS and send to Common Shareholders amended
Forms 1099 for a prior taxable year in order to report additional taxable income. This in turn could require Common Shareholders to file
amended federal and state income tax returns for such prior year to report and pay tax and interest on their pro rata share of the additional
amount of taxable income. Moreover, if a sufficient number of Municipal Securities were determined not to be tax-exempt bonds, the Fund
could fail to satisfy the requirement that the Fund hold at least 50% of the Fund&#8217;s total assets consists of Municipal Securities,
which are exempt from federal income tax. This would prevent the Fund from making any distributions of exempt-interest dividends.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest a portion
of its assets in securities that pay taxable interest. The Fund also may distribute to you any market discount and net short-term capital
gains from the sale of its portfolio securities. If you are a taxable investor, Fund distributions from this income are taxable to you
as ordinary income to the extent of the Fund&#8217;s earnings and profits. None of the dividends paid by the Fund will qualify for the
dividends-received deduction in the case of corporate shareholders or as qualified dividend income subject to reduced rates of taxation
in the case of noncorporate shareholders. Provided the Fund otherwise satisfies the Distribution Requirement, the Fund reserves the right
to retain, and not distribute to Common Shareholders, income and gains taxable as ordinary income, in which case the Fund would be subject
to tax at the corporate income tax rate.</p><div>


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


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


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


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Common Shareholder that
is a nonresident alien individual or a foreign corporation (a &#8220;foreign investor&#8221;) generally will be subject to U.S. federal
withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except
as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized
by a foreign investor in respect of any distribution of net capital gain (including amounts credited as an undistributed capital gain
dividend) or upon the sale or other disposition of Common Shares of the Fund. Different tax consequences may result if the foreign investor
is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days
or more during a taxable year and certain other conditions are met.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign investors should consult
their tax advisers regarding the tax consequences of investing in the Fund&#8217;s Common Shares.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends
properly reported by the RIC are generally exempt from U.S. federal withholding tax where they (i)&#160;are paid in respect of the RIC&#8217;s
 &#8220;qualified net interest income&#8221; (generally, its U.S.-source interest income, other than certain contingent interest and interest
from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable
to such income) or (ii)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified short-term capital gains&#8221; (generally, the excess
of the RIC&#8217;s net short-term capital gain over its long-term capital loss for such taxable year). The Fund may report all, some or
none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat
such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding,
a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general,
furnishing an IRS Form&#160;W-8BEN, W-8BEN-E or substitute Form&#160;or other applicable W-8 Form). In the case of shares held through
an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified short-term
capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules&#160;to their accounts.
There can be no assurance as to what portion of the Fund&#8217;s distributions will qualify for favorable treatment as qualified net interest
income or qualified short-term capital gains if this provision is extended.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Foreign Account
Tax Compliance Act (FATCA), the Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities,
referred to as foreign financial institutions (FFI) or non-financial foreign entities (NFFE). After December&#160;31, 2018, FATCA withholding
also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale
of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer
required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a)&#160;by
an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b)&#160;by
an NFFE, if it: (i)&#160;certifies that it has no substantial U.S. persons as owners or (ii)&#160;if it does have such owners, reporting
information relating to them. The U.S. Treasury has negotiated intergovernmental agreements (IGA) with certain countries and is in various
stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An FFI can avoid FATCA withholding
if it is deemed compliant or by becoming a &#8220;participating FFI,&#8221; which requires the FFI to enter into a U.S. tax compliance
agreement with the IRS under section 1471(b)&#160;of the Code (FFI agreement) under which it agrees to verify, report and disclose certain
of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the
U.S. accounts to the IRS, or, to the government of the FFI&#8217;s country of residence (pursuant to the terms and conditions of applicable
law and an applicable IGA entered into between the U.S. and the FFI&#8217;s country of residence), which will, in turn, report the specified
information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt
from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An NFFE that is the beneficial
owner of a payment from the Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S.
owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information
to the Fund or other applicable withholding agent, which will, in turn, report the information to the IRS.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such foreign shareholders
also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations,&#160;IGAs, and
other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the Fund with documentation properly certifying
the entity&#8217;s status under FATCA in order to avoid FATCA withholding. Non-U.S. investors should consult their own tax advisors regarding
the impact of these requirements on their investment in the Fund. The requirements imposed by FATCA are different from, and in addition
to, the U.S. tax certification rules&#160;to avoid backup withholding described above. Shareholders are urged to consult their tax advisors
regarding the application of these requirements to their own situation.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may be required to
withhold (currently at a rate of 24%), for U.S. federal backup withholding tax purposes, a portion of the dividends, distributions and
redemption proceeds payable to certain non-exempt Common Shareholders who fail to provide the Fund (or its agent) with their correct taxpayer
identification number (in the case of individuals, generally, their social security number) or to make required certifications, or who
are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited
against your U.S. federal income tax liability, if any, provided that you timely furnish the required information to the IRS.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends,
capital gain dividends, and gain from the sale or other disposition of Common Shares of the Fund also may be subject to state, local,
and/or foreign taxes. Common Shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal,
state, local or foreign tax consequences to them of investing in the Fund.</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>The foregoing is a general
and abbreviated summary of certain provisions of the Code and the Treasury Regulations presently in effect as they directly govern the
taxation of the Fund and its shareholders. For complete provisions, reference should be made to the pertinent Code sections and Treasury
Regulations. The Code and the Treasury Regulations are subject to change by legislative or administrative action, and any such change
may be retroactive with respect to Fund transactions. Prospective shareholders are advised to consult their own tax advisers for more
detailed information concerning the tax consequences of an investment in the Fund.</b></p><div>


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


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


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


</div><div><a id="si_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER INFORMATION</b></p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of January 27, 2025,
to the knowledge of the Fund, no person beneficially owned more than 5% of the voting securities of any class of equity securities of
the Fund.</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of January 27, 2025,
the trustees and officers as a group owned less than 1% of the outstanding shares of each class of the Fund.</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Proxy Voting Policy and Proxy Voting Record</b></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that the
voting of proxies on securities held by the Fund is an important element of the overall investment process. The Board has delegated the
day-to-day responsibility to the Adviser to vote such proxies pursuant to the Board approved Proxy Voting Policy. A description of the
policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at (800) 341-2929 or at invesco.com/corporate/about-us/esg. The information is also
available on the SEC website, sec.gov.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information regarding how
the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June&#160;30 is available at invesco.com/proxysearch.
The information is also available on the SEC website, sec.gov.</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco, the Fund,&#160;Invesco
Distributors and certain of the Sub-Advisers each have adopted a Code of Ethics that applies to all Invesco Fund trustees and officers,
and employees of Invesco, the Sub-Advisers and their affiliates, and governs, among other things, the personal trading activities of
all such persons. Certain Sub-Advisers have adopted their own Code of Ethics. Each Code of Ethics is designed to detect and prevent improper
personal trading by portfolio managers and certain other employees that could compete with or take advantage of the Fund&#8217;s portfolio
transactions. Unless specifically noted, to the extent a Sub-Adviser has adopted its own Code of Ethics, each Sub-Adviser&#8217;s Code
of Ethics does not materially differ from Invesco&#8217;s Code of Ethics discussed below. The Code of Ethics is intended to address conflicts
of interest with the Fund that may arise from personal trading in the Invesco Funds. Personal trading, including personal trading involving
securities that may be purchased or held by an Invesco Fund, is permitted under the Code of Ethics subject to certain restrictions; however,
employees are required to pre-clear security transactions with the Compliance Officer or a designee and to report transactions on a regular
basis. The Code of Ethics can be viewed online or downloaded from the EDGAR Database on the SEC&#8217;s internet website at www.sec.gov.
In addition, a copy of the Code of Ethics may be obtained, after paying the appropriate duplicating fee, by&#160;e-mail&#160;request
at&#160;<span style="text-decoration:underline">publicinfo@sec.gov.</span></p><div>


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


</div><div><a id="si_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FINANCIAL STATEMENTS</b></p><div>


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


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited financial statements for the Fund&#8217;s most recent fiscal year ended February&#160;29, 2024, including the notes thereto and
the reports of PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) thereon, are incorporated by reference to the Fund&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract: exhibit">Form&#160;N-CSR</a>
</span>filed on May&#160;2, 2024.</span></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Fund&#8217;s unaudited financial
statements for the six months period ended August 31, 2024 are incorporated herein by reference to the Fund&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524249658/d817801dncsrs.htm" style="-sec-extract: exhibit">Form
N-CSRS</a> filed on November 1, 2024.</span></p><div>


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


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true">The portions of such Form&#160;N-CSR
and Form N-CSRS that are not specifically listed above are not incorporated by reference into this SAI and are not a part of this SAI.</span></p><div>


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


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


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</div><div><a id="saiappendixa_001"></a></div><p style="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Appendix A</b></p><div>


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

         <div><a id="xx_b2b791c6-8d7b-45c2-99d0-5717b52b1465_1"></a>

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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-transform:uppercase">APPENDIX A - RATINGS OF DEBT SECURITIES</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The following is a description of the factors underlying the debt ratings of Moody's,
                           S&amp;P, and Fitch.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Moody's Long-Term Debt Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Aaa</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'Aaa' are judged to be of the highest quality, subject to the
                           lowest level of credit risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Aa</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'Aa' are judged to be of high quality and are subject to very
                           low credit risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'A' are judged to be upper-medium grade and are subject to low
                           credit risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Baa</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'Baa' are judged to be medium-grade and subject to moderate credit
                           risk and as such may possess certain speculative characteristics.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Ba</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'Ba' are judged to be speculative and are subject to substantial
                           credit risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">B</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'B' are considered speculative and are subject to high credit
                           risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Caa</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'Caa' are judged to be speculative of poor standing and are subject
                           to very high credit risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Ca</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'Ca' are highly speculative and are likely in, or very near, default,
                           with some prospect of recovery of principal and interest.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">C</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'C' are the lowest rated and are typically in default, with little
                           prospect for recovery of principal or interest.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification
                           from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic
                           rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in
                           the lower end of that generic rating category. Additionally, a &#8220;(hyb)&#8221; indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms*.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">* By their terms, hybrid securities allow for the omission of scheduled dividends,
                           interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid
                           securities may also be subject to contractually allowable write-downs of principal that could result in
                           impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security
                           is an expression of the relative credit risk associated with that security.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Moody's Short-Term Prime Rating System</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">P-1</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Ratings of Prime-1 reflect a superior ability to repay short-term obligations.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">P-2</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Ratings of Prime-2 reflect a strong ability to repay short-term obligations.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">P-3</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">NP (Not Prime)</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Issuers (or supporting institutions) rated Not Prime do not fall within any of the
                           Prime rating categories.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Moody's MIG/VMIG US Short-Term Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Short-Term Obligation Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">We use the global short-term Prime rating scale for commercial paper issued by US
                           municipalities and </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">nonprofits. These commercial paper programs may be backed by external letters of credit
                           or liquidity facilities, or by an issuer&#8217;s self-liquidity.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">For other short-term municipal obligations, we use one of two other short-term rating
                           scales, the Municipal </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">Investment Grade (MIG) and Variable Municipal Investment Grade (VMIG) scales discussed
                           below.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>
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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-1</span></div>
               </div>
            </div>
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                  <div style="line-height:9.84pt; text-align:justify"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">We use the MIG scale for US municipal cash flow notes, bond anticipation notes and
                        certain other short-term</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> obligations, which typically mature in three years or less. Under certain circumstances,
                        we use the MIG scale for bond anticipation notes with maturities of up to five years.</span></div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">MIG 1</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes superior credit quality. Excellent protection is afforded
                           by established cash flows, highly reliable liquidity support, or demonstrated broad-based access
                           to the market for refinancing.</span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">MIG 2</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes strong credit quality. Margins of protection are ample,
                           although not as large as in the preceding group.</span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">MIG 3</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes acceptable credit quality. Liquidity and cash-flow protection
                           may be narrow, and market access for refinancing is likely to be less well-established.</span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">SG</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes speculative-grade credit quality. Debt instruments in this
                           category may lack sufficient margins of protection.</span></div>
                  </div>

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                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">VMIG Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">For variable rate demand obligations (VRDOs), Moody&#8217;s assigns both a long-term rating and a short-term </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">payment obligation rating. The long-term rating addresses the issuer&#8217;s ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability
                           of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders (&#8220;on demand&#8221;) and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG
                           scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime
                           ratings reflecting the risk that external liquidity support will terminate if the issuer&#8217;s long-term rating drops below investment grade. Please see our methodology that discusses obligations with conditional liquidity support.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">For VRDOs, we typically assign a VMIG rating if the frequency of the payment obligation
                           is less than </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">every three years. If the frequency of the payment obligation is less than three years,
                           but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as &#8220;NR&#8221;.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Industrial development bonds in the US where the obligor is a corporate may carry
                           a VMIG rating that </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">reflects Moody&#8217;s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the liquidity of the corporate obligor.</span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">VMIG Scale</span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">VMIG 1</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes superior credit quality. Excellent protection is afforded
                           by the superior short-term credit strength of the liquidity provider and structural and legal protections.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">VMIG 2</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes strong credit quality. Good protection is afforded by the
                           strong short-term credit strength of the liquidity provider and structural and legal protections.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">VMIG 3</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes acceptable credit quality. Adequate protection is afforded
                           by the satisfactory short-term credit strength of the liquidity provider and structural and
                           legal protections.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">SG</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This designation denotes speculative-grade credit quality. Demand features rated
                           in this category may be supported by a liquidity provider that does not have a sufficiently strong
                           short-term rating or may lack the structural or legal protections.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Standard &amp; Poor's Long-Term Issue Credit Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Issue credit ratings are based, in varying degrees, on S&amp;P Global Ratings&#8217; analysis of the following </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">considerations:</span></div>
                  </div>

                  <div>

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                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The likelihood of payment--the capacity and willingness of the obligor to meet its
                              financial commitment on an obligation in accordance with the terms of the obligation;</span></div>
                     </div>

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                  </div>

                  <div>

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                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The nature and provisions of the financial obligation, and the promise we impute;
                              and</span></div>
                     </div>

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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-2</span></div>
               </div>
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                  <div>

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                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The protection afforded by, and relative position of, the financial obligation in
                              the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting
                              creditors' rights.</span></div>
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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">An issue rating is an assessment of default risk but may incorporate an assessment
                           of relative seniority or </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">ultimate recovery in the event of default. Junior obligations are typically rated
                           lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may
                           apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating
                           company and holding company obligations.)</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">AAA</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'AAA' has the highest rating assigned by S&amp;P Global Ratings.
                           The obligor's capacity to meet its financial commitments on the obligation is extremely strong.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">AA</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'AA' differs from the highest-rated obligations only to a small
                           degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.</span></div>
                  </div>

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                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes
                           in circumstances and economic conditions than obligations in higher-rated categories.
                           However, the obligor's capacity to meet its financial commitments on the obligation is still strong.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">BBB</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse
                           economic conditions or changing circumstances are more likely to weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">BB, B, CCC, CC and C</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Obligations rated 'BB', 'B', 'CCC' 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation
                           and 'C' the highest. While such obligations will likely have some quality and protective characteristics,
                           these may be outweighed by large uncertainties or major exposure to adverse conditions.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">BB</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'BB' is less vulnerable to nonpayment than other speculative
                           issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic
                           conditions which could lead to the obligor's inadequate capacity to meet its financial commitments
                           on the obligation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">B</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'B' is more vulnerable to nonpayment than obligations rated
                           'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse
                           business, financial, or economic conditions will likely impair the obligor's capacity or willingness
                           to meet its financial commitments on the obligation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">CCC</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent
                           upon favorable business, financial, and economic conditions for the obligor to meet its financial
                           commitments on the obligation. In the event of adverse business, financial, or economic conditions, the
                           obligor is not likely to have the capacity to meet its financial commitments on the obligation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">CC</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC'
                           rating is used when a default has not yet occurred but S&amp;P Global Ratings expects default to be a virtual
                           certainty, regardless of the anticipated time to default.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">C</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation
                           is expected to have lower relative seniority or lower ultimate recovery compared with obligations
                           that are rated higher.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">D</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid
                           capital instruments, the 'D' rating category is used when payments on an obligation are not
                           made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within five
                           business days in the absence of a stated grace period or within the earlier of the stated grace period
                           or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or
                           the taking of similar action and where default on an obligation is a virtual certainty, for example due
                           to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed
                           exchange offer.</span></div>
                  </div>
               </div>

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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-3</span></div>
               </div>
            </div>
         </div>

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                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Plus (+) or minus (-)</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or
                        minus (-) sign to show relative standing within the major rating categories.</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">NR</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: This indicates that no rating has been requested, or that there is insufficient
                           information on which to base a rating, or that S&amp;P Global Ratings does not rate a particular obligation as
                           a matter of policy.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Standard &amp; Poor's Short-Term Issue Credit Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A-1</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: A short-term obligation rated 'A-1' is rated in the highest category by S&amp;P Global
                           Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong.
                           Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's
                           capacity to meet its financial commitments on these obligations is extremely strong.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A-2</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse
                           effects of changes in circumstances and economic conditions than obligations in higher rating categories.
                           However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A-3</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: A short-term obligation rated 'A-3' exhibits adequate protection parameters. However,
                           adverse economic conditions or changing circumstances are more likely to weaken an obligor's
                           capacity to meet its financial commitments on the obligation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">B</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: A short-term obligation rated 'B' is regarded as vulnerable and has significant
                           speculative characteristics. The obligor currently has the capacity to meet its financial commitments;
                           however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity
                           to meet its financial commitments.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">C</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent
                           upon favorable business, financial, and economic conditions for the obligor to meet its
                           financial commitments on the obligation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">D</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: A short-term obligation rated 'D' is in default or in breach of an imputed promise.
                           For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation
                           are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within
                           any stated grace period. However, any stated grace period longer than five business days will be treated
                           as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or
                           the taking of a similar action and where default on an obligation is a virtual certainty, for example due
                           to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed
                           debt restructuring.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Standard &amp; Poor's Municipal Short-Term Note Ratings Definitions</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">An S&amp;P Global Ratings U.S. municipal note rating reflects S&amp;P Global Ratings&#8217; opinion about the liquidity </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">factors and market access risks unique to the notes. Notes due in three years or less
                           will likely receive a note rating. Notes with an original maturity of more than three years will most likely
                           receive a long-term debt rating. In determining which type of rating, if any, to assign, S&amp;P Global Ratings&#8217; analysis will review the following considerations:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Amortization schedule -- the larger final maturity relative to other maturities, the
                              more likely it will be treated as a note; and</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Source of payment -- the more dependent the issue is on the market for its refinancing,
                              the more likely it will be treated as a note.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Note rating symbols are as follows:</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">SP-1</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Strong capacity to pay principal and interest. An issue determined to possess a
                           very strong capacity to pay debt service is given a plus (+) designation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">SP-2</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Satisfactory capacity to pay principal and interest, with some vulnerability to
                           adverse financial and economic changes over the term of the notes.</span></div>
                  </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-4</span></div>
               </div>
            </div>
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                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">SP-3</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Speculative capacity to pay principal and interest.</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">D</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: &#8216;D&#8217; is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or the taking of similar action and where default
                           on an obligation is a virtual certainty, for example due to automatic stay provisions.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Standard &amp; Poor's Dual Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Dual ratings may be assigned to debt issues that have a put option or demand feature.
                           The first </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">component of the rating addresses the likelihood of repayment of principal and interest
                           as due, and the second component of the rating addresses only the demand feature. The first component
                           of the rating can relate to either a short-term or long-term transaction and accordingly use either
                           short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned
                           a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand
                           debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating
                           (for example, 'SP-1+/A-1+').</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Fitch Credit Rating Scales</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative
                           ability of an entity </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">or obligation to meet financial commitments. Issuer default ratings (IDRs) are assigned
                           to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers,
                           and public finance entities (local and regional governments). Issue level ratings are also assigned,
                           often include an expectation of recovery and may be notched above or below the issuer level rating. Issue ratings
                           are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments, Structured
                           finance ratings are issue ratings to securities backed by receivables or other financial assets that consider the obligations&#8217; relative vulnerability to default. Credit ratings are indications of the likelihood
                           of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations
                           (i.e., rate to a higher or lower standard than that implied in the obligation&#8217;s documentation). Please see the section Specific Limitations Relating to Credit Rating Scales for details. Fitch Ratings also publishes
                           other ratings, scores and opinions. For example, Fitch provides specialized ratings of servicers of residential
                           and commercial mortgages, asset managers and funds. In each case, users should refer to the definitions
                           of each individual scale for guidance on the dimensions of risk covered in each assessment.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Fitch&#8217;s credit rating scale for issuers and issues is expressed using the categories &#8216;AAA&#8217; to &#8216;BBB&#8217; </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">(investment grade) and &#8216;BB&#8217; to &#8216;D&#8217; (speculative grade) with an additional +/-for AA through CCC levels indicating relative differences of probability of default or recovery for issues.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">The terms &#8220;investment grade&#8221; and &#8220;speculative grade&#8221; are market conventions and do not imply any </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">recommendation or endorsement of a specific security for investment purposes. Investment
                           grade categories indicate relatively low to moderate credit risk, while ratings in the speculative
                           categories signal either a higher level of credit risk or that a default has already occurred.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Fitch may also disclose issues relating to a rated issuer that are not and have not
                           been rated. Such </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">issues are also denoted as &#8216;NR&#8217; on its web page.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Credit ratings express risk in relative rank order, which is to say they are ordinal
                           measures of credit risk </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">and are not predictive of a specific frequency of default or loss. For information
                           about the historical performance of ratings, please refer to Fitch&#8217;s Ratings Transition and Default studies, which detail the historical default rates. The European Securities and Markets Authority also maintains
                           a central repository of historical default rates.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Fitch&#8217;s credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">the risk of market value loss due to changes in interest rates, liquidity and/or other
                           market considerations. However, market risk may be considered to the extent that it influences the ability
                           of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to
                           the extent that they </span></div>
                  </div>
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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-5</span></div>
               </div>
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                  <div style="line-height:9.84pt; text-align:justify"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0%">influence the size or other conditionality of the obligation to pay upon a commitment
                        (for example, in the case </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">of payments linked to performance of an equity index).</span></div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Fitch will use credit rating scales to provide ratings to privately issued obligations
                           or certain note issuance </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">programs, or for private ratings using the same public scale and criteria. Private
                           ratings are not published, and are only provided to the issuer or its agents in the form of a rating letter. The
                           primary credit rating scales may also be used to provide ratings for a narrower scope, including interest strips and
                           return of principal or in other forms of opinions such as Credit Opinions or Rating Assessment Services.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Credit Opinions are either a notch- or category-specific view using the primary rating
                           scale and omit one </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">or more characteristics of a full rating or meet them to a different standard. Credit
                           Opinions will be indicated using a lower-case letter symbol combined with either an &#8216;*&#8217; (e.g. &#8216;bbb+*&#8217;) or (cat) suffix to denote the opinion status. Credit Opinions will be typically point-in-time but may be monitored if the
                           analytical group believes information will be sufficiently available.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Rating Assessment Services are a notch-specific view using the primary rating scale
                           of how an existing or </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">potential rating may be changed by a given set of hypothetical circumstances. While
                           Credit Opinions and Rating Assessment Services are point-in-time and are not monitored, they may have
                           a directional Watch or Outlook assigned, which can signify the trajectory of the credit profile.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Ratings assigned by Fitch are opinions based on established, approved and published
                           criteria. A variation </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">to criteria may be applied but will be explicitly cited in our rating action commentaries
                           (RACs), which are used to publish credit ratings when established and upon annual or periodic reviews.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Ratings are the collective work product of Fitch, and no individual, or group of individuals,
                           is solely </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">responsible for a rating. Ratings are not facts and, therefore, cannot be described
                           as being "accurate" or "inaccurate." Users should refer to the definition of each individual rating for guidance
                           on the dimensions of risk covered by the rating.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Fitch Long-Term Rating Scales</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Issuer Default Ratings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Rated entities in a number of sectors, including financial and non-financial corporations,
                           sovereigns, </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">insurance companies and certain sectors within public finance, are generally assigned
                           Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities in global infrastructure and project
                           finance. IDRs opine on an entity's relative vulnerability to default on financial obligations. The threshold
                           default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect
                           the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative
                           receivership or similar concepts.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view
                           of their relative </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">vulnerability to default, rather than a prediction of a specific percentage likelihood
                           of default.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">AAA: Highest credit quality.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">'AAA' ratings denote the lowest expectation of default risk. They are assigned only
                           in cases of </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">exceptionally strong capacity for payment of financial commitments. This capacity
                           is highly unlikely to be adversely affected by foreseeable events.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">AA: Very high credit quality.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">'AA' ratings denote expectations of very low default risk. They indicate very strong
                           capacity for payment of </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">financial commitments. This capacity is not significantly vulnerable to foreseeable
                           events.</span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-6</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

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            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">A: High credit quality.</span></div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">'A' ratings denote expectations of low default risk. The capacity for payment of financial
                           commitments is </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">considered strong. This capacity may, nevertheless, be more vulnerable to adverse
                           business or economic conditions than is the case for higher ratings.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">BBB: Good credit quality.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">'BBB' ratings indicate that expectations of default risk are currently low. The capacity
                           for payment of </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">financial commitments is considered adequate, but adverse business or economic conditions
                           are more likely to impair this capacity.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">BB: Speculative.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">'BB' ratings indicate an elevated vulnerability to default risk, particularly in the
                           event of adverse changes </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">in business or economic conditions over time; however, business or financial flexibility
                           exists that supports the servicing of financial commitments.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">B: Highly speculative.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">'B' ratings indicate that material default risk is present, but a limited margin of
                           safety remains. Financial </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">commitments are currently being met; however, capacity for continued payment is vulnerable
                           to deterioration in the business and economic environment.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">CCC: Substantial credit risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Very low margin of safety. Default is a real possibility.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">CC: Very high levels of credit risk.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Default of some kind appears probable.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">C: Near default</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">A default or default-like process has begun, or the issuer is in standstill, or for
                           a closed funding vehicle, </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">payment capacity is irrevocably impaired. Conditions that are indicative of a 'C'
                           category rating for an issuer include:</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">a. the issuer has entered into a grace or cure period following non-payment of a material
                           financial obligation;</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">b. the issuer has entered into a temporary negotiated waiver or standstill agreement
                           following a payment default on a material financial obligation; or</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">c. the formal announcement by the issuer or their agent of a distressed debt exchange;</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">d. a closed financing vehicle where payment capacity is irrevocably impaired such
                           that it is not expected to pay interest and/or principal in full during the life of the transaction, but where
                           no payment default is imminent</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">RD: Restricted default.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">&#8216;RD&#8217; ratings indicate an issuer that in Fitch&#8217;s opinion has experienced:</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">a. an uncured payment default or distressed debt exchange on a bond, loan or other
                           material financial obligation, but</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">b. has not entered into bankruptcy filings, administration, receivership, liquidation,
                           or other formal winding-up procedure, and</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">c. has not otherwise ceased operating.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">This would include:</span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-7</span></div>
               </div>
            </div>
         </div>

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">i. the selective payment default on a specific class or currency of debt;</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">ii. the uncured expiry of any applicable grace period, cure period or default forbearance
                           period following a payment default on a bank loan, capital markets security or other material financial
                           obligation;</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">iii. the extension of multiple waivers or forbearance periods upon a payment default
                           on one or more material financial obligations, either in series or in parallel; ordinary execution
                           of a distressed debt exchange on one or more material financial obligations.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">D: Default.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">'D' ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy
                           filings, </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">administration, receivership, liquidation or other formal winding-up procedure or
                           which has otherwise ceased business.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Default ratings are not assigned prospectively to entities or their obligations; within
                           this context, non-payment</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> on an instrument that contains a deferral feature or grace period will generally
                           not be considered a default until after the expiration of the deferral or grace period, unless a default
                           is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">In all cases, the assignment of a default rating reflects the agency's opinion as
                           to the most appropriate </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">rating category consistent with the rest of its universe of ratings and may differ
                           from the definition of default under the terms of an issuer's financial obligations or local commercial practice.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">Notes</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">The modifiers + or - may be appended to a rating to denote relative status within
                           major rating categories. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">Such suffixes are not added to the 'AAA' Long-Term IDR category, or to Long-Term IDR
                           categories below 'B'.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline; text-transform:uppercase">Fitch Short-Term Ratings Assigned to Issuers and Obligations</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">A short-term issuer or obligation rating is based in all cases on the short-term vulnerability
                           to default of the </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">rated entity and relates to the capacity to meet financial obligations in accordance
                           with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for
                           loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term"
                           based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured
                           obligations and up to 36 months for obligations in U.S. public finance markets.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">F1: Highest Short-Term Credit Quality.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. Under the agency&#8217;s National Rating scale, this rating is assigned to the lowest default risk relative to other
                           in the same country or monetary union. Where the liquidity profile is particularly strong, a &#8220;+&#8221; is added to the assigned rating.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">F2: Good Short-Term Credit Quality.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary
                           union. However, the margin of safety is not as great as in the case of the higher ratings.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">F3: Fair Short-Term Credit Quality.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary
                           union.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">B: Speculative Short-Term Credit Quality.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country
                           or monetary union.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">C: High Short-Term Default Risk.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations in the same country or monetary
                           union.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">RD: Restricted Default.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Applicable
                           to entity ratings only.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">D: Default.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Indicates a broad-based default event for an entity, or the default of a short-term
                           obligation.</span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">A-8</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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    </div><div style="margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div><a id="saiappendixa_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><b>Appendix B</b></p><div>


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


</div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_1"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-transform:uppercase">APPENDIX B - PROXY POLICY AND PROCEDURES</span></div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:center">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">The Adviser and each sub-adviser rely on this policy. In addition, Invesco Asset Management
                           (Japan) Limited has also adopted operating guidelines and procedures for proxy voting
                           particular to each regional investment center. Such guidelines and procedures are attached hereto.</span></div>
                  </div>

                  <div style="line-height:12.0pt; text-align:left"> </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-1</span></div>
               </div>
            </div>
         </div>

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         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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      </div><div>

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                  <div style="text-align:center">
                     <img alt=" " src="tm254314d1appendixbi001.jpg" style="height:20pt; width:113pt"/><span style="color:#000000; float:left; font-family:Arial; font-size:8.20pt; font-weight:bold; line-height:1pt; margin-left:-187pt">&#8201;</span></div>

                  <div style="line-height:11.48pt; margin-top:2pt; text-align:center">

                     <div style="margin-top:2pt"><span style="color:#000000; font-family:Arial; font-size:9.84pt; font-weight:bold">Invesco&#8217;s Policy Statement on Global
                        <br/>Corporate Governance
                        <br/>and Proxy Voting</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:center">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Effective January 2025</span></div>
                  </div>

                  <div style="line-height:12.0pt; text-align:left"> </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-2</span></div>
               </div>
            </div>
         </div>

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         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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                  <div style="line-height:9.84pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Table of Contents</span><span style="color:#000000; font-family:Arial; font-size:1pt; font-weight:bold; line-height:0.00pt">&#8195;</span></div>

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                                 <div style="margin-right:4.5pt; text-align:Center; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; font-weight:bold">&#160;</span></div>
                              </div>
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                              <div style="line-height:0.5pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Center; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; font-weight:bold">&#160;</span></div>
                              </div>
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                              <div style="line-height:0.5pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Center; white-space:nowrap"><span style="color:#000000; font-family:Arial Narrow; font-size:8pt; font-weight:bold">&#160;</span></div>
                              </div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">I.</span></div>
                              </div>
                           </td>

                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">Introduction</span></div>
                              </div>
                           </td>

                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -4</span></div>
                              </div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
                           </td>

                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">A. Our Approach to Proxy Voting</span></div>
                              </div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -4</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B. Applicability of Policy</span></div>
                              </div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -4</span></div>
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                              </div>
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                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                              <div style="line-height:0.5pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:15.61pt">

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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">II.</span></div>
                              </div>
                           </td>

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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">Global Proxy Voting Operational Procedures</span></div>
                              </div>
                           </td>

                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -5</span></div>
                              </div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">A. Oversight and Governance</span></div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -5</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B. The Proxy Voting Process</span></div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -5</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">C. Retention and Oversight of Proxy Service Providers</span></div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -6</span></div>
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                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">D. Disclosures and Recordkeeping</span></div>
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                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -6</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">E. Market and Operational Limitations</span></div>
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                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -7</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">F. Securities Lending</span></div>
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                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -8</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">G. Conflicts of Interest</span></div>
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                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -8</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">H. Voting Funds of Funds</span></div>
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                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -9</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">I. Review of Policy</span></div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -9</span></div>
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                              </div>
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                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                           <td style="background-color:azure; vertical-align:Top; width:205.75pt">

                              <div style="line-height:0.5pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:15.61pt">

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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">III.</span></div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">Our Good Governance Principles</span></div>
                              </div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -10</span></div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:15.61pt">

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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">A. Transparency</span></div>
                              </div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

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                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -10</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

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                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B. Accountability</span></div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -11</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">C. Board Composition and Effectiveness</span></div>
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                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -13</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
                           </td>

                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">D. Capitalization</span></div>
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                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -16</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">E. Environmental, Social and Governance Risk Oversight</span></div>
                              </div>
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                           <td style="background-color:azure; padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -17</span></div>
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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
                           </td>

                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:265.64pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">F. Executive Compensation and Performance Alignment</span></div>
                              </div>
                           </td>

                           <td style=" padding-bottom:3pt; padding-top:3pt; vertical-align:Top; width:205.75pt">

                              <div style="line-height:9.84pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">B -18</span></div>
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                        <tr style="height:12pt">

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                                 <div style="margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
                           </td>

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                              <div style="line-height:0.5pt; text-align:left">

                                 <div style="margin-left:4.5pt; margin-right:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
                           </td>

                           <td style="background-color:azure; vertical-align:Top; width:205.75pt">

                              <div style="line-height:0.5pt; text-align:left">

                                 <div style="margin-left:4.5pt; text-align:Left; white-space:nowrap"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0.0pt">&#160;</span></div>
                              </div>
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                  <div style="line-height:12.0pt; text-align:left"> </div>
               </div>

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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-3</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

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         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_4"></a>

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                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:5.56pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">I.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:12.44pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Introduction</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Ltd. and its wholly owned investment adviser subsidiaries (collectively, &#8220;Invesco,&#8221; the &#8220;Company,&#8221; &#8220;our&#8221; or &#8220;we&#8221;) have adopted and implemented this Policy Statement on Global Corporate Governance and Proxy Voting (this &#8220;Global Proxy Voting Policy&#8221; or &#8220;Policy&#8221;), which we believe describes policies and procedures reasonably designed to assure proxy voting matters are conducted in the
                           best interests of our clients.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Our Approach to Proxy Voting</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco understands proxy voting is an integral aspect of the investment management
                           services it provides to clients. As an investment adviser, Invesco has a fiduciary duty to act
                           in the best interests of our clients. Where Invesco has been delegated the authority to vote proxies with respect
                           to securities held in client portfolios, we exercise such authority in the manner we believe best
                           serves the interests of such clients and their investment objectives. We recognize that proxy voting is an
                           important tool that enables us to drive shareholder value.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">A summary of our global operational procedures and governance structure is included
                           in Part II of this Policy. Invesco&#8217;s good governance principles, which are included in Part III of this Policy, and our internal proxy voting guidelines are both principles and rules, and cover topics that
                           typically appear on voting ballots. Invesco&#8217;s investment teams retain ultimate authority to vote proxies. Given the complexity of proxy issues across our clients&#8217; holdings globally, our investment teams consider many factors when determining how to cast votes. We seek to evaluate and make voting decisions that
                           favor proxy proposals and governance practices that, in our view, promote long-term shareholder
                           value.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">B.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Applicability of Policy</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco&#8217;s investment teams vote proxies on behalf of Invesco-sponsored funds and both fund and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote
                           proxies on their behalf. In the case of institutional or sub-advised clients, Invesco will vote the
                           proxies in accordance with this Policy unless the client agreement specifies that the client retains the
                           right to vote or has designated a named fiduciary to direct voting. This Policy is implemented by all entities
                           listed in Exhibit A, except as noted below. Due to regional or asset class-specific considerations,
                           certain entities may have local proxy voting guidelines or policies and procedures that differ from this
                           Policy. In the event local policies and this Policy differ, the local policy will apply. These entities
                           subject to local policies are listed in Exhibit A and include Invesco Asset Management (Japan) Limited, Invesco
                           Asset Management (India) Pvt. Ltd., Invesco Taiwan Limited, Invesco Real Estate Management S.&#224; r.l. and Invesco Capital Markets, Inc. for Invesco Unit Investment Trusts.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Where our passively managed strategies and certain other client accounts managed in
                           accordance with fixed income, money market and index strategies (including exchange-traded funds)
                           (referred to as &#8220;passively managed accounts&#8221;) hold the same investments as our actively managed equity funds, voting decisions with respect to those accounts generally follow the voting decisions made
                           by the largest active holder of the equity shares. Invesco refers to this approach as &#8220;Majority Voting.&#8221; This process of Majority Voting seeks to ensure that our passively managed accounts benefit from the engagement
                           and deep dialogue of our active investment teams, which can benefit shareholders in passively
                           managed accounts. Invesco will generally apply the majority holder&#8217;s vote instruction to these passively managed accounts. Where securities are held only in passively managed accounts and not owned
                           in our actively managed accounts, the proxy will be generally voted in line with this Policy and internal
                           proxy voting guidelines. Notwithstanding the above, investment teams of our passively managed accounts
                           retain full discretion over proxy voting decisions to individually evaluate a specific proxy proposal
                           or override Majority Voting and vote the shares as they determine to be in the best interest of
                           those accounts, absent certain types of conflicts of interest which are discussed elsewhere in this
                           Policy. To the extent our investment teams believe a specific proxy proposal requires enhanced analysis
                           or if it is not covered by this Policy or internal guidelines, our investment teams will evaluate such proposal
                           and execute the voting decision.</span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-4</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

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                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:8.34pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">II.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:9.66pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Global Proxy Voting Operational Procedures</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco&#8217;s global proxy voting operational procedures (the &#8220;Procedures&#8221;) are in place to implement the provisions of this Policy. Invesco aims to vote all proxies for which it has voting
                           authority in accordance with this Policy, as implemented by the Procedures outlined in this Section II. It is the responsibility of Invesco&#8217;s Proxy Voting and Governance team to maintain and facilitate the review of the Procedures
                           annually.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Oversight and Governance</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Oversight of the proxy voting process is provided by the Proxy Voting and Governance
                           team and the Global Invesco Proxy Advisory Committee (&#8220;Global IPAC&#8221;). For some clients, third parties (e.g., U.S. fund boards) and internal sub-committees also provide oversight of the proxy voting
                           process.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Guided by its philosophy that investment teams should manage proxy voting, Invesco
                           has created the Global IPAC. The Global IPAC is an investments-driven committee comprising representatives
                           from various investment management teams. Representatives from Invesco&#8217;s Legal, Compliance, Risk, ESG and Government Affairs departments may also participate in Global IPAC meetings. The
                           Director of Proxy Voting and Governance chairs the committee. The Global IPAC provides a forum
                           for investment teams, in accordance with this Policy, to:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">monitor, understand and discuss key proxy issues and voting trends within the Invesco
                              complex;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">assist Invesco in meeting regulatory obligations;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">review votes not aligned with our good governance principles; and</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">consider conflicts of interest in the proxy voting process.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In fulfilling its responsibilities, the Global IPAC meets as necessary (but no less
                           than semi-annually) and has the following responsibilities and functions: (i) acts as a key liaison between
                           the Proxy Voting and Governance team and investment teams to assure compliance with this Policy; (ii) provides
                           insight on market trends as it relates to stewardship practices; (iii) monitors proxy votes that
                           present potential conflicts of interest; and (iv) reviews and provides input, at least annually, on
                           this Policy and related internal procedures and recommends any changes to this Policy based on, but not limited to, Invesco&#8217;s experience, evolving industry practices, or developments in applicable laws or regulations.
                           In addition, when necessary, the Global IPAC Conflict of Interest Sub-committee makes voting decisions
                           on proxies that require an override of this Policy due to an actual or perceived conflict of
                           interest. The Global IPAC reviews Global IPAC Conflict of Interest Sub-committee voting decisions.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">B.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">The Proxy Voting Process</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">At Invesco, investment teams execute voting decisions through our proprietary voting
                           platform and are supported by the Proxy Voting and Governance team and a dedicated technology team. Invesco&#8217;s proprietary voting platform streamlines the proxy voting process by providing our
                           global investment teams with direct access to proxy meeting materials, including ballots, Invesco&#8217;s internal proxy voting guidelines and recommendations, as well as proxy research and vote recommendations
                           issued by Proxy Service Providers (as such term is defined in Part C below). Votes executed on Invesco&#8217;s proprietary voting platform are transmitted to our proxy voting agent electronically and are then
                           delivered to the respective designee for tabulation.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco&#8217;s Proxy Voting and Governance team monitors whether we have received proxy ballots for shareholder meetings in which we are entitled to vote. This involves coordination
                           among various parties in the proxy voting ecosystem, including, but not limited to, our proxy voting agent,
                           custodians and ballot distributors. If necessary, we may choose to escalate a matter in accordance with
                           our internal procedures to facilitate our ability to exercise our right to vote.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Our proprietary systems facilitate internal control and oversight of the voting process.
                           To facilitate the casting of votes in an efficient manner, Invesco may choose to pre-populate and leverage
                           the </span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-5</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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      </div><div>

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            <div style="page-break-after:always">

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">capabilities of these proprietary systems to automatically submit votes based on internal
                        proxy voting guidelines. If necessary, votes may be cast by Invesco or via the Proxy Service Providers
                        Web platform at our direction.</span></div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">C.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Retention and Oversight of Proxy Service Providers</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco has retained two independent third-party proxy voting service providers to
                           provide proxy support globally: Institutional Shareholder Services Inc. (&#8220;ISS&#8221;) and Glass Lewis (&#8220;GL&#8221;). In addition to ISS and GL, Invesco may retain certain local proxy service providers to access regionally
                           specific research (such local proxy service providers, collectively with ISS and GL, &#8220;Proxy Service Providers&#8221;). The services may include one or more of the following: providing a comprehensive analysis of each voting
                           item and interpretations of each voting item based on Invesco&#8217;s internal proxy voting guidelines; and providing assistance with the administration of the proxy process and certain proxy voting-related
                           functions, including, but not limited to, operational, reporting and recordkeeping services.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">While Invesco may take into consideration the information and recommendations provided
                           by the Proxy Service Providers, including recommendations based upon Invesco&#8217;s internal proxy voting guidelines and recommendations provided to such Proxy Service Providers, Invesco&#8217;s investment teams retain full and independent discretion with respect to proxy voting decisions.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Updates to previously issued proxy research reports and recommendations may be provided
                           to incorporate newly available information or additional disclosure provided by an issuer
                           regarding a matter to be voted on, or to correct factual errors that may result in the issuance of revised
                           proxy vote recommendations. Invesco&#8217;s Proxy Voting and Governance team periodically monitors for these research alerts issued by Proxy Service Providers that are shared with our investment
                           teams.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco performs extensive initial and ongoing due diligence on the Proxy Service
                           Providers it engages globally. Invesco conducts annual due diligence meetings as part of its ongoing due
                           diligence. The topics included in these annual due diligence meetings include material changes in
                           service levels, leadership and control, conflicts of interest, methodologies for formulating vote
                           recommendations, operations, and research personnel, among other topics. In addition, Invesco monitors
                           and communicates with the Proxy Service Providers throughout the year and monitors their
                           compliance with Invesco&#8217;s performance and policy standards.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">As part of our annual policy development process, Invesco may engage with other external
                           proxy and governance experts to understand market trends and developments. These meetings provide
                           Invesco with an opportunity to assess the Proxy Service Providers&#8217; capabilities, conflicts of interest and service levels, as well as provide investment professionals with direct insight into the Proxy Service Providers&#8217; stances on key corporate governance and proxy topics and their policy framework/methodologies.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco completes a review of the System and Organizational Controls (&#8220;SOC&#8221;) Reports for Proxy Service Providers to confirm the related controls were in place and to provide reasonable
                           assurance that the related controls operated effectively.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">D.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Disclosures and Recordkeeping</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Unless otherwise required by local or regional requirements, Invesco maintains voting
                           records for at least seven (7) years. Invesco makes its proxy voting records publicly available in
                           compliance with regulatory requirements and industry best practices in the regions below:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In accordance with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) regulations, Invesco will file a record of all proxy voting activity for the prior 12 months ending June
                              30th for each U.S. registered fund. In addition, Invesco, as an institutional manager that is required
                              to file Form 13F, will file a record of its votes on certain executive compensation (&#8220;say on pay&#8221;) matters. The proxy voting filings will generally be made on or before August 31st of each year
                              and are available on the SEC&#8217;s website at www.sec.gov. In addition, each year, the Form N-PX proxy voting records for Invesco mutual funds&#8217; and closed-end funds&#8217;, and Invesco ETF&#8217;s are made available on Invesco&#8217;s website here.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-6</span></div>
               </div>
            </div>
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         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">To the extent applicable, the U.S. Employee Retirement Income Security Act of 1974,
                              as amended (&#8220;ERISA&#8221;), including Department of Labor regulations and guidance thereunder, provide that the named fiduciary generally should be able to review not only the investment
                              adviser&#8217;s voting procedure with respect to plan-owned stock, but also the actions taken in individual proxy voting situations. In the case of institutional and sub-advised clients,
                              clients may contact their client service representative to request information about how Invesco
                              voted proxies on their behalf. Absent specific contractual guidelines, such requests may be made
                              on a semi-annual basis.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In the UK and Europe, Invesco publicly discloses our proxy votes monthly in compliance
                              with the UK Stewardship Code here. Additionally, in accordance with the European Shareholder Rights Directive and the European Fund and Asset Management Association Stewardship Code,
                              Invesco publishes an annual report on implementation of our engagement policies, including
                              a general description of voting behavior, an explanation of the most significant votes
                              and the use of proxy voting advisors.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In Canada, Invesco publicly discloses a record of all proxy voting activity for the
                              prior 12 months ending June 30th for each Invesco Canada registered mutual fund and ETF. In compliance
                              with the National Instrument 81-106 Investment Fund Continuous Disclosure, the proxy voting
                              records will generally be made available on or before August 31st of each year here.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In Japan, Invesco publicly discloses our proxy votes annually in compliance with the
                              Japan Stewardship Code here.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In India, Invesco publicly discloses our proxy votes quarterly here in compliance with The Securities and Exchange Board of India (&#8220;SEBI&#8221;) Circular on stewardship code for all Mutual Funds and all categories of Alternative Investment Funds in relation to their investment
                              in listed equities. SEBI has implemented principles on voting for Mutual Funds through circulars
                              dated March 15, 2010, March 24, 2014, and March 5, 2021, which prescribed detailed mandatory
                              requirements for Mutual Funds in India to disclose their voting policies and actual
                              voting by Mutual Funds on different resolutions of investee companies.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In Hong Kong, Invesco Hong Kong Limited will provide proxy voting records upon request
                              in compliance with the Securities and Futures Commission Principles of Responsible Ownership.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In Taiwan, Invesco publicly discloses our proxy voting policy and proxy votes annually
                              in compliance with Taiwan&#8217;s Stewardship Principles for Institutional Investors here.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In Australia, Invesco publicly discloses a summary of its proxy voting record annually
                              here.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In Singapore, Invesco Asset Management Singapore Ltd. will provide proxy voting records
                              upon request in compliance with the Singapore Stewardship Principles for Responsible Investors.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco may engage Proxy Service Providers to make available or maintain certain required
                           proxy voting records in accordance with the above stated applicable regulations. Separately
                           managed account clients that have authorized Invesco to vote proxies on their behalf will receive
                           proxy voting information with respect to those accounts upon request. Certain other clients may obtain information
                           about how we voted proxies on their behalf by contacting their client service representative or
                           advisor. Invesco does not publicly disclose voting intentions in advance of shareholder meetings.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:9.45pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">E.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8.55pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Market and Operational Limitations</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In the great majority of instances, Invesco will vote proxies. However, in certain
                           circumstances, Invesco may refrain from voting where the economic or other opportunity costs of voting exceed
                           any benefit to clients. Moreover, ERISA fiduciaries must not subordinate the economic interests of
                           plan participants and beneficiaries to unrelated objectives when voting proxies or exercising other
                           shareholder rights. These matters are left to the discretion of the relevant investment team. Such circumstances
                           could include, for example:</span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-7</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_8"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Certain countries impose temporary trading restrictions, a practice known as &#8220;share blocking.&#8221; This means that once the shares have been voted, the shareholder does not have the
                              ability to sell the shares for a certain period of time, usually until the day after the conclusion
                              of the shareholder meeting. Unless a client directs otherwise, Invesco generally refrains
                              from voting proxies at companies or in markets where share blocking applies. In some instances,
                              Invesco may determine that the benefit to the client(s) of voting a specific proxy outweighs the client&#8217;s temporary inability to sell the shares.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Some companies require a representative to attend shareholder meetings in person to
                              vote a proxy or issuer-specific additional documentation, certification or the disclosure
                              of beneficial owner details to vote. Invesco may determine that the costs of sending a representative
                              or submitting additional documentation, including power of attorney documentation, or
                              disclosures outweigh the benefit of voting a particular proxy.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco may not receive proxy materials from the relevant fund or custodian used by
                              our clients with sufficient time and information to make an informed independent voting decision.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco held shares on the record date but has sold them prior to the meeting date.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Although Invesco uses reasonable efforts to vote a proxy, proxies may not be accepted
                              or may be rejected for various reasons, including due to changes in the agenda for a shareholder
                              meeting for which Invesco does not have sufficient notice, when certain custodians
                              used by our clients do not offer a proxy voting in a jurisdiction, or due to operational issues
                              experienced by third parties involved in the process or by an issuer or sub-custodian.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Additionally, despite the best efforts of Invesco and its proxy voting agent, there
                              may be instances where our votes may not be received or properly tabulated by an issuer or an issuer&#8217;s agent. Invesco will generally endeavor to vote and maintain any paper ballots received
                              provided they are delivered in a timely manner ahead of the vote deadline.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:7.78pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">F.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:10.22pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Securities Lending</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco&#8217;s funds may participate in a securities lending program. In circumstances where funds&#8217; shares are on loan, the voting rights of those shares are transferred to the borrower. If
                           the security in question is on loan as part of a securities lending program, Invesco may determine that the
                           vote is material to the investment, and therefore, the benefit to the client of voting a particular proxy
                           outweighs the economic benefits of securities lending. In those instances, Invesco may determine to recall
                           securities that are on loan prior to the meeting record date, so we will be entitled to vote those shares.
                           For example, for certain actively managed funds, the lending agent has standing instructions to systematically
                           recall all securities on loan for Invesco to vote the proxies on those previously loaned shares.
                           There may be instances where Invesco may be unable to recall shares or may choose not to recall
                           shares. Such circumstances may include instances when Invesco does not receive timely notice of
                           the meeting, or when Invesco deems the opportunity for a fund to generate securities lending revenue
                           outweighs the benefits of voting at a specific meeting. The relevant investment team will make these
                           determinations.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10.56pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">G.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:7.44pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Conflicts of Interest</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">There may be occasions where voting proxies may present a perceived or actual conflict
                           of interest between Invesco, as investment adviser, and one or more of Invesco&#8217;s clients or vendors.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Firm-Level Conflicts of Interest</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">A conflict of interest may exist if Invesco has a material business relationship with
                           either the company soliciting a proxy or a third party that has a material interest in the outcome of
                           a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may
                           include, among others, a client relationship, serving as a vendor whose products/services are material
                           or significant to Invesco, serving as a distributor of Invesco&#8217;s products, or serving as a significant research provider or broker to Invesco.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-8</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco identifies potential conflicts of interest based on a variety of factors,
                        including, but not limited, to the materiality of the relationship between the issuer or its affiliates to Invesco.</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Material firm-level conflicts of interests are identified by individuals and groups
                           within Invesco globally using criteria established by the Proxy Voting and Governance team. These criteria
                           are monitored and updated periodically by the Proxy Voting and Governance team so up-to-date information
                           is available when conducting conflicts checks. Operating procedures and associated governance are
                           designed to seek to assure conflicts of interest are appropriately considered ahead of voting
                           proxies. The Global IPAC Conflict of Interest Sub-committee maintains oversight of the process. Companies
                           identified as conflicted will be voted in line with the principles below as implemented by Invesco&#8217;s internal proxy voting guidelines. To the extent an investment team disagrees with the Policy, our
                           processes and procedures seek to assure that justifications and rationales are fully documented
                           and presented to the Global IPAC Conflict of Interest Sub-committee for approval by a majority vote.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">As an additional safeguard, persons from Invesco&#8217;s marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt, Invesco may
                           not consider Invesco Ltd.&#8217;s pecuniary interest when voting proxies on behalf of clients. To avoid any appearance of a conflict of interest, Invesco will not vote proxies issued by Invesco Ltd. that are
                           held in client accounts.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Personal Conflicts of Interest</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">A conflict also may exist where an Invesco employee has a known personal or business
                           relationship with other proponents of proxy proposals, participants in proxy contests, corporate
                           directors, or candidates for directorships. Under Invesco&#8217;s Global Code of Conduct, Invesco entities and individuals must act in the best interests of clients and must avoid any situation that gives
                           rise to an actual or perceived conflict of interest.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">All Invesco personnel with proxy voting responsibilities are required to report any
                           known personal or business conflicts of interest regarding proxy issues with which they are involved.
                           In such instances, the individual(s) with the conflict will be excluded from the decision-making process
                           relating to such issues.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">H.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:446.0pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Voting Funds of Funds</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Funds of funds holdings can create various special situations for proxy voting, including
                           operational challenges in certain markets. The scenarios below set out examples of how Invesco
                           votes funds of funds:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">When required by law or regulation, shares of an Invesco fund held by other Invesco
                              funds will be voted in the same proportion as the votes of external shareholders of the underlying
                              fund. If such proportional voting is not operationally possible, Invesco will not vote the
                              shares.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">When required by law or regulation, shares of an unaffiliated registered fund held
                              by one or more Invesco funds will be voted in the same proportion as the votes of external shareholders
                              of the underlying fund. If such proportional voting is not operationally possible, Invesco
                              will not vote the shares.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">For U.S. funds of funds where proportional voting is not required by law or regulation,
                              shares of Invesco funds held by other Invesco funds generally will be voted in the same proportion
                              as the votes of external shareholders of the underlying fund. If such proportional voting
                              is not operationally possible, Invesco will vote in line with internal proxy voting guidelines.
                              Investment teams retain full discretion over proxy voting decisions for funds of funds where
                              proportional voting is not required by law or regulation and may choose to vote differently.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">For U.S. funds of funds where proportional voting is not required by law or regulation,
                              shares of unaffiliated registered funds held by one or more Invesco funds generally will be
                              voted in the same proportion as the votes of external shareholders of the underlying fund. If such
                              proportional voting is not operationally possible, Invesco will vote in line with
                              internal proxy voting </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
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               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-9</span></div>
               </div>
            </div>
         </div>

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                  <div style="line-height:9.84pt; margin-left:51pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">guidelines. Investment teams retain full discretion over proxy voting decisions for
                        funds of funds where proportional voting is not required by law or regulation and may choose to vote
                        differently.</span></div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Non-U.S. funds of funds will not be voted proportionally due to operational limitations.
                              The applicable Invesco entity will vote in line with its local policies, as indicated
                              in Exhibit A. If no local policies exist, Invesco will vote non-U.S. funds of funds in line with the firm
                              level conflicts of interest process described above.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Where client or proprietary accounts are invested directly in shares issued by Invesco
                              affiliates and Invesco has proxy voting authority, shares will be voted in the same proportion
                              as the votes of external shareholders of the underlying holding. If proportional voting is not
                              possible, the shares will be voted in line with a Proxy Service Provider&#8217;s recommendation.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Unless it decides to solicit investor instructions, Invesco shall not vote the shares
                              of an Invesco fund held by a fund, client or proprietary account managed by Invesco Canada Ltd.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:18pt; text-align:left; width:5.56pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">I.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:12.44pt; text-align:left; width:446.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Review of Policy</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">It is the responsibility of the Global IPAC to review this Policy and the internal
                           proxy voting guidelines annually to consider whether any changes are warranted. This annual review seeks to
                           assure this Policy and the internal proxy voting guidelines remain consistent with clients&#8217; best interests, regulatory requirements, local market standards and best practices. Further, this Policy and
                           our internal proxy voting guidelines are reviewed at least annually by various departments within Invesco
                           to seek to ensure that they remain consistent with Invesco&#8217;s views on best practice in corporate governance and long-term investment stewardship.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:11.11pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">III.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:6.89pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Our Good Governance Principles</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco&#8217;s good governance principles outline our views on best practice in corporate governance and long-term investment stewardship. These principles have been developed by our global investment
                           teams in collaboration with the Proxy Voting and Governance team and various departments internally.
                           The broad philosophy and guiding principles in this section inform our approach to long-term
                           investment stewardship and proxy voting. The principles and positions reflected in this Policy are designed to guide Invesco&#8217;s investment professionals in voting proxies; they are not intended to be exhaustive
                           or prescriptive.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Our investment teams retain full discretion on vote execution in the context of our
                           good governance principles and internal proxy voting guidelines, except where otherwise specified
                           in this Policy. The final voting decisions may consider the unique circumstances affecting companies, regional
                           best practices and any dialogue we have had with company management. As a result, different investment
                           teams may vote differently on particular proxy votes for the same company. To the extent investment
                           teams choose to vote a proxy in a way that is not aligned with the principles below, rationales are fully
                           documented.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">When evaluating proxy issues and determining how to cast our votes, Invesco&#8217;s investment teams may engage with companies in advance of shareholder meetings, and throughout the year.
                           These meetings can be joint efforts between our global investment professionals.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The following guiding principles apply to proxy voting with respect to operating companies.
                           We apply a separate approach to open-end and closed-end investment companies and unit investment
                           trusts. Where appropriate, these guidelines may be supplemented by additional internal guidance
                           that considers regional variations in best practices, company disclosure and region-specific voting items.
                           Invesco may vote on proposals not specifically addressed by these principles or guidelines based on an
                           evaluation of a proposal&#8217;s likelihood to enhance long-term shareholder value.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Our good governance principles are organized around six broad pillars:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">A.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Transparency</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We expect companies to provide accurate, timely and complete information that enables
                           investors to make informed investment decisions and effectively carry out their stewardship activities.
                           Invesco </span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-10</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_11"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">supports the highest standards in corporate transparency and believes that these disclosures
                        should be made available ahead of the voting deadlines for an annual general meeting or special
                        meeting to allow for timely review and decision-making.</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Financial reporting:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Company accounts and reporting must accurately reflect the underlying economic position of a company. Arrangements that may constitute an actual or perceived conflict
                           with this objective should be avoided.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally support proposals to accept the annual financial statements, statutory
                              accounts and similar proposals. However, if these reports are not presented in a timely manner
                              or significant issues are identified regarding their integrity(e.g., the external auditor&#8217;s opinion is absent or qualified), we will generally review the matter on a case-by-case basis.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">External auditor ratification and audit fees:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally not support the ratification of the independent auditor and/or ratification
                              of their fees payable if non-audit fees exceed audit and audit related fees or if there are
                              significant auditing controversies or questions regarding the independence of the external auditor.
                              We will consider an auditor&#8217;s length of service as a company&#8217;s independent auditor in applying this policy.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against the incumbent audit committee chair, or nearest equivalent,
                              where the non-audit fees paid to the independent auditor exceed audit fees for two consecutive
                              years or other problematic accounting practices are identified such as fraud, misapplication
                              of audit standards or persistent material weaknesses/deficiencies in internal controls over
                              financial reporting.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Other business:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Generally, we vote against proposals to transact other business matters where disclosure is insufficient and we are not given the opportunity to review and understand
                           what issues may be raised.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Related-party transactions:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco will vote all related party transactions on a case-by-case basis. The vote analysis will consider the following factors, among others:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">disclosure of the transaction details must be full and transparent (such as details
                              of the related parties and of the transaction subject, timeframe, pricing, potential conflicts of
                              interest, and other terms and conditions);</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">the transaction must be fair and appropriate, with a sound strategic rationale;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">the company should provide an independent opinion either from the supervisory board
                              or an external financial adviser;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">minority shareholders&#8217; interests should be protected; and</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">the transactions should be on an arm&#8217;s length basis.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Routine business items and formalities:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco generally votes non-contentious routine business items and formalities as recommended by the issuer&#8217;s management and board of directors. Routine business items and formalities generally include proposals to:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">accept or approve a variety of routine reports; and</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">approve provisionary financial budgets and strategy for the current year.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">B.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Accountability</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Robust shareholder rights and strong board oversight help ensure that management adhere
                           to the highest standards of ethical conduct, are held to account for poor performance and
                           responsibly deliver value creation for stakeholders over the long term. We encourage companies to adopt
                           governance </span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-11</span></div>
               </div>
            </div>
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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">features that ensure board and management accountability. In particular, we consider
                        the following as key mechanisms for enhancing accountability to investors:</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">One share one vote:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Voting rights are an important tool for investors to hold boards and management teams accountable. Unequal voting rights may limit the ability of investors to exercise
                           their stewardship obligations.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally do not support proposals that establish or perpetuate dual classes of
                              voting shares, double voting rights or other means of differentiated voting or disproportionate
                              board nomination rights.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally support proposals to decommission differentiated voting rights.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
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                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Where unequal voting rights are established, we expect these to be accompanied by
                              reasonable safeguards to protect minority shareholders&#8217; interests.</span></div>
                     </div>

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                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Anti-takeover devices:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Mechanisms designed to prevent or delay takeover attempts may unduly limit the accountability of boards and management teams to shareholders.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally will not support proposals to adopt antitakeover devices such as poison
                              pills. Exceptions may be warranted at entities without significant operations and to preserve
                              the value of net operating losses carried forward or where the applicability of the pill is
                              limited in scope and duration.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In addition, we will generally not support capital authorizations or amendments to
                              corporate articles or bylaws at operating companies that may be utilized for antitakeover purposes,
                              for example, the authorization of classes of shares of preferred stock with unspecified
                              voting, dividend, conversion or other rights (&#8220;blank check&#8221; authorizations).</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally support proposals for the removal of anti-takeover provisions.</span></div>
                     </div>

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                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Shareholder rights:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We support the rights of shareholders to hold boards and management teams accountable for company performance. We generally support best-practice-aligned proposals
                           to enhance shareholder rights:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Proxy access:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Within the US market, we generally vote for management and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for
                              proxy access with the following provisions:</span></div>
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                     <div style="clear:both; position:relative"> </div>
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                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:72pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:395.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Ownership threshold: at least three percent (3%) of the voting power;</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
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                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:72pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:395.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Ownership duration: at least three (3) years of continuous ownership for each member
                              of the nominating group;</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

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                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:72pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:395.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Aggregation: minimal or no limits on the number of shareholders permitted to form
                              a nominating group; and</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

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                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:72pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:395.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Cap: cap on nominees of one (1) director or twenty-five percent (25%) of the board,
                              whichever is higher.</span></div>
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                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Shareholder ability to call special meetings:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Generally, we vote for management and shareholder proposals that provide shareholders with the ability to call special meetings
                              with a minimum threshold of 10% but not greater than 25%. We will not support proposals to
                              prohibit shareholders&#8217; right to call special meetings.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Shareholder ability to act by written consent:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Generally, assess shareholder proposals that provide shareholders with the ability to act by written consent case-by-case taking
                              into account the following factors, among other things:</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:72pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:395.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Shareholders&#8217; current right to call special meetings; and</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:72pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:395.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Investor ownership structure.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
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               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-12</span></div>
               </div>
            </div>
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         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Supermajority vote requirements:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Generally, vote against proposals to require a supermajority shareholder vote. We will vote for management and shareholder proposals to reduce
                              supermajority vote requirements, in favor of a simple majority threshold. Lowering
                              this requirement can democratize corporate governance and facilitate a more fair and dynamic
                              decision-making that empowers and represents a wider shareholder base; especially
                              for key corporate actions such as mergers, changes in control, or proposals to amend or repeal
                              a portion of a company&#8217;s articles of incorporation.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Bundling of proposals:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> It is our view that the bundling of multiple proposals or articles amendments in one single voting item restricts shareholders&#8217; ability to express their views, with an all-or-nothing vote. We generally oppose such proposals unless all bundled resolutions
                              are deemed acceptable and conducive of long-term shareholder value.</span></div>
                     </div>

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                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Virtual shareholder meetings</span><span style="color:#000000; font-family:Arial; font-size:8.20pt">: Companies should hold their annual or special shareholder meetings in a manner that best serves the needs of its shareholders and the company. Shareholders
                           should have an opportunity to participate in such meetings. Shareholder meetings provide an important
                           mechanism by which shareholders provide feedback or raise concerns without undue censorship
                           and hear from the board and management.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally support management proposals seeking to allow for the convening
                              of hybrid shareholder meetings (allowing shareholders the option to attend and participate either
                              in person or through a virtual platform).</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Management or shareholder proposals that seek to authorize the company to hold virtual-only
                              meetings (held entirely through virtual platform with no corresponding in-person physical
                              meeting) will be assessed on a case-by-case basis. Companies have a responsibility
                              to provide strong justification and establish safeguards to preserve comparable rights and opportunities
                              for shareholders to participate virtually as they would have during an in-person meeting.
                              Invesco will consider, among other things, a company&#8217;s practices, jurisdiction and disclosure, including the items set forth below:</span></div>
                     </div>

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                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:5pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">i.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:10pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">meeting procedures and requirements are disclosed in advance of a meeting detailing
                              the rationale for eliminating the in-person meeting;</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
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                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:7.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">ii.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:7.78pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">clear and comprehensive description of which shareholders are qualified to participate,
                              how shareholders can join the virtual-only meeting, how and when shareholders submit and
                              ask questions either in advance of or during the meeting;</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
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                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:9.43pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">iii.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.57pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">disclosure regarding procedures for questions received during the meeting, but not
                              answered due to time or other restrictions; and</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:9.26pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">iv.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.74pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">description of how shareholder rights will be protected in a virtual-only meeting
                              format including the ability to vote shares during the time the polls are open.</span></div>
                     </div>

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                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">C.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:464.0pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Board Composition and Effectiveness</span></div>
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                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Voting on director nominees in uncontested elections</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Definition of independence:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco considers local market definitions of director independence, but applies a proprietary standard for assessing director independence considering a director&#8217;s status as a current or former employee of the business, any commercial or consulting relationships
                           with the company, the level of shares beneficially owned or represented and familial relationships,
                           among others.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Board and committee independence:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> The board of directors, board committees and regional equivalents should be sufficiently independent from management, substantial shareholders
                           and conflicts of interest. We consider local market practices in this regard and in general we look
                           for a balance across the board of directors. Above all, we like to see signs of robust challenge
                           and discussion in the boardroom.</span></div>
                  </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-13</span></div>
               </div>
            </div>
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                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against one or more non-independent directors when a board
                              is less than majority independent, but we will take into account local market practice with regards
                              to board independence in limited circumstances where this standard is not appropriate.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against non-independent directors serving on the audit committee.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against non-independent directors serving on the compensation
                              committee.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against non-independent directors serving on the nominating
                              committee.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In relation to the board, compensation committee and nominating committee we will
                              consider the appropriateness of significant shareholder representation in applying this policy.
                              This exception will generally not apply to the audit committee.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Independent Board Chair:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> It is our view that independent board leadership generally enhances management accountability to investors. Companies deviating from this best practice
                           should provide a strong justification and establish safeguards to ensure that there is independent oversight of a board&#8217;s activities (e.g., by appointing a lead or senior independent director with clearly
                           defined powers and responsibilities).</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against the incumbent nominating committee chair, or nearest
                              equivalent, where the board chair is not independent unless a lead independent or senior director
                              is appointed.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will review shareholder proposals requesting that the board chair be an independent
                              director on a case-by-case basis, taking into account several factors, including, but not limited
                              to, the presence of a lead independent director and a sufficiently independent board, a sound
                              governance structure with no record of recent material governance failures or controversies,
                              and sound financial performance. Invesco will also positively consider less disruptive
                              proposals that will enter into force at the subsequent leadership transition.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally not vote against a CEO or executive serving as board chair solely
                              on the basis of this issue, however, we may do so in instances where we have significant concerns
                              regarding a company&#8217;s corporate governance, capital allocation decisions and/or compensation practices.</span></div>
                     </div>

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                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Attendance and over boarding:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Director attendance at board and committee meetings is a fundamental part of their responsibilities and provides efficient oversight for the
                           company and its investors. In addition, directors should not have excessive external board or managerial
                           commitments that may interfere with their ability to execute the duties of a director.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against or withhold votes from directors who attend less than
                              75% of board and committee meetings for two consecutive years. We expect companies to disclose
                              any extenuating circumstances, such as health matters or family emergencies, that would
                              justify a director&#8217;s low attendance, in line with good practices.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against directors who have more than four total mandates at
                              public operating companies, if their attendance is below 75% of all board and committee meetings
                              in the year under review, or if material governance failures have been identified. We
                              apply a lower threshold for directors with significant commitments such as executive positions and
                              chairmanships.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Diversity:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> In our view, an effective board should be comprised of directors with a mix of skills,
                           experience, tenure, and industry expertise together with a diverse profile of individuals
                           of different genders, ethnicities, race, culture, age, perspectives and backgrounds. The board
                           should reflect the diversity of the workforce, customers, and the communities in which a business operates.
                           In our view, greater diversity in the boardroom contributes to robust challenge and debate, avoids
                           groupthink, fosters innovation, and provides competitive advantage to companies. We consider diversity
                           at the board level, within the executive management team and in the succession pipeline.</span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-14</span></div>
               </div>
            </div>
         </div>

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         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_15"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In markets where there are regulatory expectations, listing standards or minimum quotas
                              for board diversity, Invesco will generally apply the same expectations. In all other
                              markets, we will generally vote against the incumbent nominating committee chair of a board, or nearest
                              equivalent, where a company failed to demonstrate improvements are being made to diversity
                              practices for three or more consecutive years, recognizing that building a qualified
                              and diverse board takes time.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">It is our view that an individual board&#8217;s nominating committee is best positioned to determine whether director term limits would be an appropriate measure to help achieve these
                              goals and, if so, the nature of such limits. Invesco generally opposes proposals to limit the tenure
                              of outside directors through mandatory retirement ages.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Director term limits and retirement age:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> It is important for a board of directors to examine its membership regularly with a view to ensuring that the board is effective, and the
                           company continues to benefit from a diversity of director viewpoints and experience. As stated above, an individual board&#8217;s nominating committee is best positioned to determine whether director term limits
                           or establishing a mandatory retirement age would be an appropriate measure to help achieve these goals
                           and, if so, the nature of such limits. Therefore, Invesco generally opposes shareholder proposals
                           to limit the tenure of board directors or to impose a mandatory retirement age.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Responsiveness:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Boards should respond to investor concerns in a timely fashion, including reasonable
                           requests to engage with company representatives regarding such concerns, and address
                           matters that receive significant voting dissent at general meetings of shareholders.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against the incumbent chair of the governance committee, or
                              nearest equivalent, in cases where the board has not adequately responded to items receiving
                              significant voting opposition from shareholders at an annual or extraordinary general meeting.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against the incumbent chair of the governance committee, or
                              nearest equivalent, where the board has not adequately responded to a shareholder proposal
                              which has received significant support from shareholders.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against the incumbent chair of the compensation committee,
                              or nearest equivalent, if there are significant ongoing concerns with a company&#8217;s compensation practices that have not been addressed by the committee or egregious concerns with the company&#8217;s compensation practices for two consecutive years.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against the incumbent compensation committee chair, or nearest
                              equivalent, where there are ongoing concerns with a company&#8217;s compensation practices and there is no opportunity to express dissatisfaction by voting against an advisory vote
                              on executive compensation, remuneration report (or policy) or nearest equivalent.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Where a company has not adequately responded to engagement requests from Invesco or
                              satisfactorily addressed issues of concern, we may oppose director nominations, including,
                              but not limited to, nominations for the lead independent director and/or committee chairs.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Director Indemnification:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits and legal costs.
                           As a result, reasonable limitations on directors&#8217; liability can benefit a company and its shareholders by helping to attract and retain qualified directors while preserving recourse for shareholders in the event
                           of misconduct by directors. Invesco will evaluate shareholder proposals to amend directors&#8217; indemnification and exculpation provisions on a case-by-case basis.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Discharge of directors:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We will generally support proposals to ratify the actions of the board of directors, supervisory board and/or executive decision-making bodies, provided there
                           are no material oversight failures and legal controversies, or other wrongdoings in the relevant fiscal year &#8211; committed or yet to be confirmed. When such oversight concerns are identified, we will consider a company&#8217;s </span></div>
                  </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-15</span></div>
               </div>
            </div>
         </div>

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         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_16"></a>

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">response to any issues raised and may vote against ratification proposals instead
                        of, or in addition to, director nominees.</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Director election process:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Board members should generally stand for election annually and individually.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally support proposals requesting that directors stand for election annually.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally vote against the incumbent governance committee chair or nearest
                              equivalent, if a company has a classified board structure that is not being phased out. We may
                              make exceptions to this guideline in regions where market practice is for directors to
                              stand for election on a staggered basis.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally support shareholder proposals to repeal a classified board and elect
                              all directors annually.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">When a board is presented for election as a slate (e.g., shareholders are unable to
                              vote against individual nominees and must vote for or against the entire nominated slate of directors)
                              and this approach is not aligned with local market practice, we will generally vote against
                              the slate in cases where we otherwise would vote against an individual nominee.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Where market practice is to elect directors as a slate, we will generally support
                              the nominated slate unless there are governance concerns with several of the individuals included
                              on the slate or we have broad concerns with the composition of the board such as a lack of independence.</span></div>
                     </div>

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                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Majority vote standard:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco generally votes in favor of proposals to elect directors by a majority vote, except in cases where a company has adopted formal governance principles that
                           present a meaningful alternative to the majority voting standard.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Board size:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We will generally defer to the board with respect to determining the optimal number
                           of board members given the size of the company and complexity of the business, provided
                           that the proposed board size is sufficiently large to represent shareholder interests and sufficiently
                           limited to remain effective. We might oppose amendments to the board size, when such change is
                           deemed diminishing of Invesco&#8217;s governance requirements such as an adequate level of independence and diversity on the board.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Board assessment and succession planning:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco will consider and vote case-by-case on shareholder proposals to adopt a policy on succession planning. When evaluating board
                           effectiveness, Invesco considers whether periodic performance reviews and skills assessments are
                           conducted to ensure the board represents the interests of shareholders. In addition, boards should
                           have a robust succession plan in place for key management and board personnel.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Voting on director nominees in contested elections</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Proxy contests:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We will review case-by-case dissident shareholder proposals based on their individual
                           merits. We consider the following factors, among others, when evaluating the merits
                           of each list of nominees: the long-term performance of the company relative to its industry, management&#8217;s track record, any relevant background information related to the contest, the qualifications
                           of the respective lists of director nominees, the strategic merits of the approaches proposed by both
                           sides, including the likelihood that the proposed goals can be met, and positions of stock ownership in
                           the company.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">D.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Capitalization</span></div>
                     </div>

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                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Capital allocation:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco expects companies to responsibly raise and deploy capital toward the long-term, sustainable success of the business. In addition, we expect capital allocation authorizations
                           and decisions to be made with due regard to shareholder dilution, rights of shareholders
                           to ratify significant corporate actions and pre-emptive rights, where applicable.</span></div>
                  </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-16</span></div>
               </div>
            </div>
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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Share issuance:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We generally support authorizations to issue shares without preemptive rights up
                        to 20% of a company&#8217;s issued share capital for general corporate purposes. However, for issuance requests with preemptive rights, we support authorizations up to a threshold of 50%.
                        Shares should not be issued at a substantial discount to the market price. The same requirements are
                        expected for convertible and non-convertible debt instruments.</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Share repurchase programs:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We generally support share repurchase plans in which all shareholders may participate on equal terms. However, it is our view that such plans should be
                           executed transparently and in alignment with long-term shareholder interests. Therefore, we
                           will not support such plans when there is clear evidence of abuse or no safeguards against selective buybacks,
                           or the terms do not align with market best practices.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Stock splits:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We will evaluate proposals for forward and reverse stock splits on a case-by-case
                           basis. Each proposal will be evaluated based on its potential impact on shareholder value,
                           local market best practices, and alignment with the company's long-term strategic goals.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Increases in authorized share capital:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We will generally support proposals to increase a company&#8217;s number of authorized common and/or preferred shares, provided we have not identified
                           concerns regarding a company&#8217;s historical share issuance activity or the potential to use these authorizations for antitakeover purposes. We will consider the amount of the request in relation to the company&#8217;s current authorized share capital, any proposed corporate transactions contingent on approval
                           of these requests and the cumulative impact on a company&#8217;s authorized share capital, for example, if a reverse stock split is concurrently submitted for shareholder consideration.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Mergers, acquisitions, disposals and other corporate transactions:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco&#8217;s investment teams will review proposed corporate transactions including mergers, acquisitions, reorganizations,
                           proxy contests, private placements, dissolutions and divestitures based on a proposal&#8217;s individual investment merits. In addition, we broadly approach voting on other corporate transactions as follows:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally support proposals to approve different types of restructurings that
                              provide the necessary financing to save the company from involuntary bankruptcy.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally support proposals to enact corporate name changes and other proposals
                              related to corporate transactions that we believe are in shareholders&#8217; best interests.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will generally support reincorporation proposals, provided that management has
                              provided a compelling rationale for the change in legal jurisdiction and provided further that
                              the proposal will not significantly adversely impact shareholders&#8217; rights.</span></div>
                     </div>

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                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:9.45pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">E.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:8.55pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Environmental, Social and Governance Risk Oversight</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Director responsibility for risk oversight:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> A board of directors is ultimately responsible for overseeing management and ensuring that proper governance, oversight and control mechanisms are
                           in place at the companies it oversees. Invesco may take voting action against director nominees
                           in response to material governance or risk oversight failures that adversely affect shareholder value.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco considers the adequacy of a company's response to material oversight failures
                           when determining whether any voting action is warranted. In addition, Invesco will consider
                           the responsibilities delegated to board sub-committees when determining if it is appropriate to hold the
                           incumbent chair of the relevant committee, or nearest equivalent, accountable for these material failures.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Material governance or risk oversight failures at a company may include, without limitation:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:5pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">i.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:10pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">significant bribery, corruption or ethics violations;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:7.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">ii.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:7.78pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">events causing significant climate-related risks;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:9.43pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">iii.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.57pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">significant health and safety incidents; and/or</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:9.26pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">iv.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.74pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">failure to ensure the protection of human rights.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-17</span></div>
               </div>
            </div>
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                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Reporting of financially material environmental, social and corporate governance (&#8220;ESG&#8221;) information: </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">Companies should report on their ESG opportunities and risks where material to their
                        business operations.</span></div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic">Climate risk management:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We encourage companies to report on material climate-related risks and opportunities and how these are considered within the company&#8217;s strategy, financial planning, governance structures and risk management frameworks aligned with applicable
                              regional regulatory requirements. For companies in industries that materially contribute
                              to climate change, we encourage comprehensive disclosure of greenhouse gas emissions and Paris
                              Agreement of 2015-aligned emissions reduction targets, where appropriate. Invesco
                              may take voting action at companies that fail to adequately address climate-related risks,
                              including opposing director nominations in cases where we view the lack of effective climate
                              transition risk management as potentially detrimental to long-term shareholder value.</span></div>
                     </div>

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                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Shareholder proposals addressing environmental and social (&#8220;E&amp;S&#8221;) issues: </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">We recognize E&amp;S shareholder proposals are nuanced and therefore, Invesco will analyze such proposals
                           on a case-by-case basis. When considering such proposals, we will consider the following factors, among
                           others: a company's track record on E&amp;S issues, the efficacy of the proposal's request, whether
                           the requested action is unduly burdensome, and whether we consider the adoption of such proposal
                           would promote long-term shareholder value. We will also consider company responsiveness to the proposal
                           and any engagement on the issue when casting votes.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco may support shareholder resolutions requesting that specific actions be taken
                           to address E&amp;S issues or mitigate exposure to material E&amp;S risks, including reputational risk, related
                           to these issues. We generally do not support resolutions where insufficient information has been provided
                           in advance of the vote or a lack of disclosure inhibits our ability to make fully informed voting
                           decisions.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:7.78pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">F.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:10.22pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Executive Compensation and Performance Alignment</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco supports compensation polices and equity incentive plans that promote alignment
                           between management incentives and shareholders&#8217; long-term interests. We pay close attention to local market practice and may apply stricter or modified criteria where appropriate.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Advisory votes on executive compensation, remuneration policy and remuneration reports:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We will generally not support compensation-related proposals where more than one of the
                           following is present:</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:5pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">i.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:10pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">there is an unmitigated misalignment between executive pay and company performance
                              for at least two consecutive years;</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:7.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">ii.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:7.78pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">there are problematic compensation practices which may include, among others, incentivizing
                              excessive risk taking or circumventing alignment between management and shareholders&#8217; interests via repricing of underwater options;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:9.43pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">iii.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.57pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">vesting periods for long-term incentive awards are less than three years;</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:9.26pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">iv.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.74pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">the company &#8220;front loads&#8221; equity awards;</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:7.04pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">v.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:7.96pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">there are inadequate risk mitigating features in the program such as clawback provisions;</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:10pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">vi.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">excessive, discretionary one-time equity grants are awarded to executives; and/or</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; margin-left:36pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">vii.</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:2.78pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">less than half of variable pay is linked to performance targets, except where prohibited
                              by law.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco will consider company reporting on pay ratios as part of our evaluation of
                           compensation proposals, where relevant.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Equity plans:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco generally supports equity compensation plans that promote the proper alignment
                           of incentives with shareholders&#8217; long-term interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features
                           which may include </span></div>
                  </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-18</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">provisions to reprice options without shareholder approval, plans that include evergreen
                        provisions or plans that provide for automatic accelerated vesting upon a change in control.</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Employee stock purchase plans:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> We generally support employee stock purchase plans that are reasonably designed to provide proper incentives to a broad base of employees, provided
                           that the price at which employees may acquire stock represents a reasonable discount from the market
                           price and that the total shareholder dilution resulting from the plan is not excessive (e.g., more
                           than 10% of outstanding shares).</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Severance Arrangements:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> Invesco considers proposed severance arrangements (sometimes known as &#8220;golden parachute&#8221; arrangements) on a case-by-case basis due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, and aligned
                           with local market best practices, may be in shareholders&#8217; best interests as a method of attracting and retaining high-quality executive talent. We generally evaluate case-by-case proposals requiring
                           shareholder ratification of senior executives&#8217; severance agreements depending on whether the proposed terms and disclosure align with good market practice.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-style:italic; font-weight:bold">Frequency of Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management
                           Proposals:</span><span style="color:#000000; font-family:Arial; font-size:8.20pt"> It is our view that shareholders should be given the opportunity to vote on executive
                           compensation and adequately express their potential concerns. Invesco will generally
                           vote in favor of a one-year frequency, in order to foster greater accountability, as well as to grant
                           shareholders a timely intervention on egregious pay practices.</span></div>
                  </div>
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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-19</span></div>
               </div>
            </div>
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                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Exhibit A</span></div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Harbourview Asset Management Corporation</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Advisers, Inc.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Asset Management (India) Pvt. Ltd*</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:-4.25pt">1</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Asset Management (Japan) Limited*</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:-4.25pt">1</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Asset Management (Schweiz) AG</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Asset Management Deutschland GmbH</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Asset Management Limited</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:-4.25pt">1</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Asset Management Singapore Ltd</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Australia Ltd</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Canada Ltd.</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:-4.25pt">1</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Capital Management LLC</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Capital Markets, Inc.*</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:-4.25pt">1</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco European RR L.P.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Fund Managers Limited</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Hong Kong Limited</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Investment Advisers LLC</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Investment Management (Shanghai) Limited</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Investment Management Limited</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Loan Manager, LLC</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Managed Accounts, LLC</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Management S.A.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Overseas Investment Fund Management (Shanghai) Limited</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Pensions Limited</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Private Capital, Inc.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Real Estate Management S.&#224;.r.l</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:-4.25pt">1</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco RR Fund L.P.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Senior Secured Management, Inc.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Taiwan Ltd*</span><span style="color:#000000; font-family:Arial Narrow; font-size:6.5pt; position:relative; top:-4.25pt">1</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Trust Company</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Oppenheimer Funds, Inc.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:18pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">WL Ross &amp; Co. LLC</span></div>
                  </div>

                  <div style="line-height:10.0pt; margin-left:24pt; margin-top:2pt; text-align:left">

                     <div style="margin-top:2pt"><span style="color:#000000; font-family:Arial Narrow; font-size:5pt; position:relative; top:-3.25pt">* </span><span style="color:#000000; font-family:Arial; font-size:6.56pt">Invesco entities with specific proxy voting guidelines</span></div>
                  </div>

                  <div style="line-height:10.0pt; margin-left:24pt; margin-top:2pt; text-align:left">

                     <div style="margin-top:2pt"><span style="color:#000000; font-family:Arial Narrow; font-size:5pt; position:relative; top:-3.25pt">1</span><span style="color:#000000; font-family:Arial; font-size:6.56pt"> Invesco entities with specific conflicts of interest policies</span></div>
                  </div>

                  <div style="line-height:10.0pt; text-align:left"> </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-20</span></div>
               </div>
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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-transform:uppercase">Proxy Voting Guidelines</span></div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-transform:uppercase">for</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:12pt; text-align:center">

                     <div style="margin-top:12pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-transform:uppercase">Invesco Asset Management (Japan) Limited</span></div>
                  </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-21</span></div>
               </div>
            </div>
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                  <div style="line-height:9.84pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Invesco Japan Proxy Voting Guideline</span></div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Japan (hereinafter &#8220;we&#8221; or &#8220;our) votes proxies to maximize the interests of our clients (investors) and beneficiaries in the long term, acknowledging the importance of corporate governance
                           based on fiduciary duties to our clients (investors) and beneficiaries. We do not vote proxies
                           for the interests of ourselves and any third party other than clients (investors) and beneficiaries. The
                           interests of clients (investors) and beneficiaries are to expand the corporate value or the shareholders&#8217; economic interests or prevent damage thereto. Proxy voting is an integral part of our stewardship activities,
                           and we make voting decisions considering whether the proposal would contribute to corporate value expansion
                           and sustainable growth.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">To vote proxies adequately, we have established the Responsible Investment Committee
                           and developed the Proxy Voting Guideline to govern the decision-making process of proxy voting. While
                           we may seek advice from an external service provider based on our own guidelines, our investment professionals
                           make voting decisions in principle, based on the proxy voting guideline, taking into account whether
                           they contribute to increasing the subject company&#8217;s shareholder value.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Responsible proxy voting and constructive dialogue with investee companies are important
                           components of stewardship activities. While the Proxy Voting Guideline are principles for our voting
                           decisions, depending on the proposals, we may make an exception if we conclude that such a decision is
                           in the best interests of clients (investors) and beneficiaries after having constructive dialogue with the
                           investee companies. In such a case, approval of the Responsible Investment Committee shall be obtained.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The Responsible Investment Committee consists of members including Chief Investment
                           Officer, as the chair, Head of Compliance, Head of ESG, investment professionals nominated by the
                           chair and the other members, including persons in charge at the Client Reporting department.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We have established the Conflict of Interest Management Policy. In the situation that
                           may give rise to a conflict of interest, we aim to control it in the best interests of clients (investors)
                           and beneficiaries. The Compliance department is responsible for governing company-wide control of a conflict
                           of interest. The Compliance department is independent of Investment and Sales departments and shall
                           not receive any command or order for the matters compliant with the laws and regulations, including
                           a conflict of interest, from them.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Proxy Voting Guidelines</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">1. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Appropriations of Retained Earnings and Dividends</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking approval for appropriations of retained
                           earnings and dividends, taking into account the subject company&#8217;s financial conditions and business performance, shareholders&#8217; economic interests and so on.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Taking into account the company&#8217;s capital adequacy, business strategies, and so on if the total payout ratio, including dividends and share repurchases, is significantly low, we
                              consider voting against the proposals unless reasonable explanations are given by the company.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">With respect to the company where the Board of Directors determines appropriations
                              of retained earnings, taking into account the subject company&#8217;s capital adequacy, business strategies, and so on if the total payout ratio, including dividends and share repurchases, is significantly
                              low, we consider voting against the reappointment of board directors unless reasonable explanations
                              are given by the company.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Taking into account the subject company&#8217;s capital adequacy, business strategies, and so on if the total payout ratio, including dividends and share repurchases, is significantly low,
                              we consider voting for shareholder proposals increasing shareholder returns.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-22</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_23"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">2. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Appointment of Board Directors</span></div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning the appointment of board directors,
                           taking into account their independence, competence, anti-social activity records (if any), and so on.
                           Furthermore, we decide how to vote on the reappointment of board directors, taking into account their corporate
                           governance practices, accountability during their tenures, the company&#8217;s business performance and anti-social records (if any), and so on in addition to the above factors.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Board directors should make best efforts to continuously gain knowledge and skills
                           to fulfill the critical role and responsibilities in the company&#8217;s governance. A company should also provide sufficient training opportunities.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Independent outside directors are expected to play a significant role, such as safeguarding
                           minority shareholders&#8217; interests through action based on their insights to increase the company&#8217;s corporate value. It is desirable to enhance the board&#8217;s governance function with independent outside directors accounting for the board majority. However, given the challenge to secure competent candidates, we
                           also recognize that it is difficult for all the companies, irrespective of their size, to deploy the independent outside directors&#8217; majority on the Board.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Sufficient disclosure is a prerequisite for reflecting the assessment of independence
                           and suitability of director candidates and board composition in voting decisions. Currently, there are
                           cases where sufficient information cannot be obtained due to insufficient disclosure on a board chair, each committee&#8217;s function and committee chairs in Notice of Annual General Meeting (AGM) and a corporate governance
                           report, as well as untimeliness of these issuances. We generally make decisions based on Notice
                           of AGM, a corporate governance report and an annual securities report disclosed by the time of voting.
                           However, this shall not apply if we obtain such information from direct engagement with the company or find
                           relevant disclosure elsewhere.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Independence</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for the appointment of outside directors. However, we generally
                           vote against if a candidate is not regarded as independent of the subject company. It is desirable that
                           the company discloses information, such as numerical data, which supports our decision on board independence.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We view the following outside director candidates are not independent enough.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Candidates who have been working for the following companies for the last ten years
                              or are those people&#8217;s relatives.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The subject company</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Its subsidiary</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Its parent company</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Candidates who have been working for the following companies for the last five years
                              or are those people&#8217;s relatives.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Shareholders who own more than 10% of the subject company</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Principal loan lenders</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Principal securities brokers</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Major business partners</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Auditors</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Audit companies, consulting companies or any related service providers which have
                              any consulting contracts with the subject company</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Any other counterparts which have any interests in the subject company</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-23</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_24"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:18pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In cases other than above, we separately scrutinize the independence of candidates
                        who are regarded as not independent enough.</span></div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We take extra care when we assess the independence of candidates from a company which
                              is regarded as a policy shareholder under cross shareholding, mutually sends outside directors
                              to each other, and so on, as such cases potentially raise doubts about their independence. The company should
                              give reasonable explanations. It is also desirable that the company contrives the timing
                              and method of disclosure to allow investors to understand those relationships enough.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We judge board independence according to the stock exchange&#8217;s independence criteria with emphasizing independence ensured practically. We consider each company&#8217;s business environment and make the best effort to engage with the subject company to determine the independence
                              of the candidates.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We regard an outside director with a significantly long tenure as non-independent
                              and consider voting against the reappointment of such an outside director. We generally consider voting
                              against the reappointment of outside directors whose tenures are longer than ten years.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If the subject company is a company with Audit Committee, we judge the independence
                              of outside director candidates who become audit committee board members using the same independence
                              criteria for the appointment of statutory auditors in principle.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally consider voting against the appointment of top executives and a nominating
                              committee chair at a company with three Committees if independent outside directors of the subject
                              company account for less than 1/3 of the Board after the AGM. However, this shall not apply
                              if we confirm sufficient planning or special circumstances on increasing the number of independent
                              outside directors in engagements.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In case the subject company has a parent company, we generally consider voting against
                              the appointment of top executives and a nominating committee chair at a company with three
                              Committees if independent outside directors account for less than half of the Board after the AGM.
                              However, this shall not apply if we confirm sufficient planning or special circumstances on increasing
                              the number of independent outside directors in engagements.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Attendance rate and concurrent duties</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">All members are expected to attend board and respective committee meetings in principle.
                              A Company is generally obligated to facilitate all members to attend these meetings. We generally
                              vote against the reappointment of board directors who attended less than 75% of board or respective
                              committee meetings.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We take into account not only the number of attendance but nomination reasons and candidates&#8217; real contributions if disclosed.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We take extra care when we assess the capability of board directors who have many
                              concurrent duties as an outside director or outside statutory auditor of listed companies, as
                              such cases potentially arise doubts about their capacity given the importance of outside directors&#8217; role and responsibilities. Accordingly, we consider voting against the appointment of board
                              directors who perform five or more duties as a director or statutory auditor of a listed company
                              or equivalent company.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company nominates a board director with many concurrent duties, it should provide
                              reasonable explanations. It is also desirable that the company contrives disclosure timing and
                              methods to allow investors to understand the situation enough.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(3)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Company&#8217;s business performance</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We consider voting against the reappointment of board directors if the subject company
                              made a loss for the three consecutive years during their tenures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-24</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_25"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We consider voting against the reappointment of board directors if we judge that the subject company&#8217;s business performance significantly lags the peers in the same industry during their
                              tenures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We consider voting against top executives if, concerning capital efficiency including
                              return on capital, business strategies achieving corporate value expansion and sustainable growth are
                              not demonstrated, and constructive dialogues are not conducted.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(4)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Company&#8217;s anti-social activities</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If we judge that a corporate scandal damages or is likely to damage shareholder value
                              with having a significant effect on society during a board tenure, we conduct adequate dialogues
                              with the subject company on the background and subsequent resolutions of the scandal. Based on the
                              dialogues, we decide how to vote on the reappointment of top executives, board directors in charge
                              of those cases and audit committee board members at a company with Audit Committee or three Committees,
                              considering the impact on shareholder value.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">With respect to domestic corporate scandals, at the time a company receives administrative
                              dispositions to cartel, bid-rigging, and so on from authorities, such as the Fair
                              Trade Commission, we consider voting against the reappointment of top executives, directors in charge and
                              audit committee board members at a company with Audit Committee or three Committees. However, in case
                              final dispositions are subsequently determined based on appeal or complaints resolutions,
                              we do not vote against the reappointment again at that time. We vote on a case-by-case basis concerning
                              compensation orders in a civil case, dispositions from the Consumer Affairs Agency
                              or administrative dispositions from overseas authorities.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">With respect to administrative dispositions to an unlisted subsidiary or affiliate,
                              we consider voting against the reappointment of top executives, directors in charge and audit committee
                              board members at a company with Audit Committee or three Committees of the holding or parent company.
                              If a subsidiary or affiliate is listed, we consider voting against the reappointment of
                              top executives, directors in charge and audit committee board members at a company with Audit Committee
                              or three Committees of both the subsidiary or affiliate and the holding or parent company.
                              However, we may vote on a case-by-case basis, depending on the importance of the disposition to the
                              subsidiary or affiliate, its impact on the holding or parent company&#8217;s financial performance, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">With respect to employees&#8217; scandals, if the scandal damages or is likely to damage shareholder value, and we judge that the subject company owes management responsibility, we consider
                              voting against the reappointment of top executives, directors in charge and audit committee
                              board members at a company with Audit Committee or three Committees.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We consider voting against the reappointment of board directors if the subject company
                              engages in window dressing or inadequate accounting practices during their tenures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(5)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Activities against shareholder interest</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company raises capital through an excessively dilutive third-party allotment without a shareholders&#8217; meeting&#8217;s approval, we consider voting against the reappointment of board directors, particularly top executives.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company raises capital through a large-scale public offering without reasonable
                              explanations, we consider voting against the reappointment of board directors, particularly top executives.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company does not execute a shareholder proposal regarded as favorable for minority
                              shareholders receiving the majority support from shareholders or does not make a similar company
                              proposal at an AGM in the following year, we consider voting against the appointment of top executives.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(6)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Others</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company insufficiently discloses board director candidates&#8217; information, we generally vote against such candidates.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-25</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_26"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">3. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Composition of Board of Directors</span></div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">While each company&#8217;s board structure would differ depending on its size and so on, we believe that a company with three Committees (Nomination, Audit and Remuneration) is desirable to
                           achieve better governance as a listed company. For a company with Board of Statutory Auditors (Kansayaku)
                           or Audit Committee, it is also desirable to voluntarily deploy a Nomination Committee, a Remuneration
                           Committee and other necessary committees. Besides, it is desirable that Board Chair is an independent
                           outside director. We believe that a highly transparent board composition ensures management
                           accountability and contributes to sustained enterprise value expansion. Finally, the disclosure of the
                           third-party assessment on the Board of Directors is desirable.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">To strengthen the Board of Directors&#8217; monitoring function and increase its transparency and effectiveness, we believe it is important to ensure gender, nationality, career, and age diversity
                           in principle. It is desirable that each company adopts a skills matrix that defines the diversity and expertise
                           required to fulfill the Board&#8217;s responsibilities reflecting its situation and selects director candidates accordingly.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We are concerned about retired directors assuming consulting, advisory or other similar
                           positions which could negatively impact transparency and decision making of the Board. If such positions
                           exist, and retired directors assume them, it is desirable that the company discloses their existence,
                           their expected roles and contributions and compensations for such posts.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Number of board members and change in board composition</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning the number of board members and change
                              in board composition, taking into account the impacts on the subject company and shareholders&#8217; economic interests compared to the current situations.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The number of board members should be optimized to make the right management decision
                              at the right time. We may consider each company&#8217;s business situation and scale. However, we generally consider voting against the appointment of top executives and a nominating committee
                              chair at a company three Committees if the number of board members is expected to exceed 20 without
                              decreasing from the previous AGM, and reasonable explanations are not given.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against the appointment of top executives and a nomination committee
                              chair at a company three Committees if a decrease in outside directors or an increase in internal
                              directors reduces the percentage of outside directors to less than half of the board members.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If there are no females on the Board, we consider voting against the appointment of
                              top executives and a nomination committee chair at a company three Committees. However, this shall
                              not apply if we confirm sufficient planning or special circumstances on increasing the number of
                              female directors in engagements.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We believe that board diversity is important and may set a higher target for a female
                              board member ratio in the future. Similarly, we may set a racial and nationality diversity
                              target, especially for companies with global business operations.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Procedures of board director appointment, scope of their responsibilities and so on</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning change in board director appointment
                              procedures, taking into account the rationales, and so on, compared to the current procedures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals reducing board directors&#8217; responsibilities for financial damages on fiduciary duty breach.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Board directors&#8217; responsibilities include effective monitoring of top executives succession planning. The Nomination Committee at a company with three Committees or the arbitrary Nomination
                              Committee created at a company with the other governance structures should provide effective
                              monitoring of successor development and appointment with transparency. It is desirable that an independent
                              outside </span></div>
                     </div>

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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-26</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

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            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:15pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">director serves as Nomination Committee Chair. If we judge that the succession procedure
                        significantly lacks transparency and rationality, we consider voting against the appointment of
                        top executives.</span></div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">4. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Appointment of Statutory Auditors (Kansayaku)</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning the appointment of statutory auditors,
                           taking into account their independence, competence and anti-social activities records (if any), and so
                           on. We decide how to vote on the reappointment of statutory auditors, taking into account their corporate
                           governance practices and accountability during their tenures, the company&#8217;s anti-social activity records, and so on in addition to the above factors.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Statutory auditors and audit committee board directors at a company with Audit committee
                           or three Committees should have deep knowledge specialized in accounting, laws and regulations
                           and should make best efforts to continuously gain knowledge and skills to fulfill the critical role
                           and responsibilities in the company&#8217;s governance. A company should also provide sufficient training opportunities.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Independence</span></div>
                     </div>

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                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against the appointment of outside statutory auditors without independency.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In general, a person who has no relationship with the subject company other than a
                              statutory auditor appointment is regarded as independent.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We regard that an outside statutory auditor with a significantly long tenure is not
                              independent and generally vote against the reappointment of such an outside statutory auditor. We
                              generally consider voting against the candidate whose tenure is longer than ten years.</span></div>
                     </div>

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                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Attendance rate and concurrent duties</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">All statutory auditors are expected to attend board or board of statutory auditors
                              meetings in principle. A companies is generally obligated to facilitate all statutory auditors to attend these
                              meetings. We generally vote against the reappointment of statutory auditors who attended less than 75% of
                              board or board of statutory auditors meetings.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We take into account not only the number of attendance but nomination reasons and candidates&#8217; real contributions if disclosed.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We take extra care when we assess the capability of statutory auditors who have many
                              concurrent duties as an outside director or outside statutory auditor of listed companies, as
                              such cases potentially arise doubts about their capacity given the importance of outside statutory auditors&#8217; role and responsibilities. Accordingly, we consider voting against the appointment of statutory
                              auditors who perform five or more duties as a board director or statutory auditor of a listed
                              company or equivalent company. If a company nominates a statutory auditor with many concurrent
                              duties, it should give reasonable explanations. It is also desirable that the company contrives
                              disclosure timing and methods to allow investors to understand the situation enough.</span></div>
                     </div>

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                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(3)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Accountability</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If there are material concerns about a published audit report or audit procedures,
                              or insufficiencies of required disclosures, we vote against the reappointment of statutory auditors.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(4)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Company&#8217;s anti-social activities</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If we judge that a corporate scandal damages or is likely to damage shareholder value
                              with having a significant impact on society during a statutory auditor&#8217;s tenure, we conduct adequate dialogues with the subject company on the background and subsequent resolutions of the scandal. Based
                              on the dialogues, we decide how to vote on the reappointment of statutory auditors, considering the
                              impact on shareholder value.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">With respect to domestic corporate scandals, at the time a company receives administrative
                              </span></div>
                     </div>

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               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-27</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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            <div style="page-break-after:always">

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:33pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">dispositions to cartel, bid-rigging, and so on from authorities, such as the Fair
                        Trade Commission, we consider voting against the reappointment of statutory auditors. However, in case
                        the final dispositions are subsequently determined based on appeal or complaints resolutions,
                        we do not vote against the reappointment again at that time. We vote on a case-by-case basis concerning
                        compensation orders in a civil case, dispositions from the Consumer Affairs Agency
                        or administrative dispositions from overseas authorities.</span></div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">With respect to administrative dispositions to an unlisted subsidiary or affiliate,
                              we consider voting against the reappointment of statutory auditors of the holding or parent company.
                              If a subsidiary or affiliate is listed, we consider voting against the reappointment of statutory auditors
                              of both the subsidiary or affiliate and the holding or parent company. However, we may decide
                              on a case-by-case basis, depending on the importance of the dispositions to the subsidiary or affiliate,
                              its impact on the holding or parent company&#8217;s financial performance, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">With respect to employees&#8217; scandals, if the scandal damages or is likely to damage shareholder value, and we judge that the subject company owes management responsibility, we consider
                              voting against the reappointment of statutory auditors.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We consider voting against the reappointment of statutory auditors if the subject
                              company engages in window-dressing or inadequate accounting practices during their tenures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">5. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Composition of Board of Statutory Auditors (Kansayaku)</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning the number of members or change in composition
                           of the board of statutory auditors, taking into account the impact on the subject company and shareholders&#8217; economic interests compared to the current situations.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We consider an increase in statutory auditors favorably. However, in case of a decrease,
                              we consider voting against the reappointment of top executives unless clear and reasonable explanations
                              are given.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">6. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Appointment of Accounting Auditors</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning the appointment and replacement of accounting
                           auditors, taking into account their competence, audit fee levels, and so on.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against the reappointment of statutory auditors (Kansayaku) or audit
                              committee board members at a company with Audit Committee or three Committees if we judge that a company
                              reappoints an accounting auditor without replacing it despite the following accounting
                              audit problems.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">It is determined that an accounting auditor provides an unfair opinion on the company&#8217;s financial conditions.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In case there are concerns on financial statements, required disclosures are insufficient.</span></div>
                     </div>

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                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">In case an accounting auditor has a service contract other than accounting audit services
                              with the subject company, it is regarded that such a contract creates a conflict of interest
                              between them.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Excessive audit fees are paid.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">It is regarded that an accounting auditor makes fraud or negligence.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If it is regarded that an accounting auditor has issues in other company&#8217;s audits, in case a company appoints or reappoints the accounting auditor without replacing it, we take the impact on the company&#8217;s corporate value full consideration into voting decisions.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals concerning accounting auditor replacement if it
                              is regarded that a company changes an incumbent accounting auditor due to a dispute about accounting
                              principles.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-28</span></div>
               </div>
            </div>
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         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_29"></a>

            <div style="page-break-after:always">

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">7. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Compensation for Board Directors, Statutory Auditors (Kansayaku) and Employees</span></div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Board directors&#8217; salaries and bonuses</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">It is desirable to increase the proportion of stock incentive plans in board directors&#8217; salaries and bonuses, on condition that a performance-based compensation structure is established, transparency,
                              such as disclosures of a benchmark or formula laying the foundations for calculation, ensures
                              accountability, and the impact on shareholders, such as dilution, are taken into considerations. The Remuneration
                              Committee at a company with three Committees (Nomination, Audit and Remuneration)
                              or the arbitrary Remuneration Committee preferably deployed at a company with the other governance
                              structures should ensure the accountability of compensation schemes. It is desirable that an independent
                              outside director serves as Remuneration Committee Chair.</span></div>
                     </div>

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                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We consider voting against proposals seeking approval for salaries and bonuses in
                              the following cases.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Negative correlation between company&#8217;s financial performance and directors&#8217; salaries and bonuses are observed.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Inappropriate systems and practices are in place.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The total amount of salaries and bonuses is not disclosed.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Management failures, such as a significant share price decline or serious earnings
                              deterioration, are apparent.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The remuneration proposal includes people determined to be responsible for activities
                              against shareholder interest.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for shareholder proposals requesting disclosure of individual directors&#8217; salaries and bonuses.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company implements any measures ensuring transparency other than disclosure,
                              we take it into consideration.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If there is no proposal seeking approval for directors&#8217; salaries and bonuses, and the compensation structure lacks transparency, we consider voting against the appointment of top executives.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against bonuses for statutory auditors at a company with Board of
                              Statutory Auditors and audit committee board members at a company with Audit Committee.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We separately consider voting to audit committee board members at a company with three
                              Committees.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Stock incentive plans</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning stock incentive plans, including stock
                              options and restricted stock units, taking into account the impact on shareholder value and rights,
                              compensation levels, the scope, the rationales, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals seeking to lower the strike price of stock options.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to change the strike price on condition that shareholders&#8217; approval is required every time.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against stock incentive plans if the terms and conditions for exercising
                              options, including equity dilution, lack transparency. We generally consider voting against
                              proposals potentially causing 10% or more equity dilution.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">It is desirable that stock incentive plans is a long-term incentive aligned with sustainable
                              growth and corporate value expansion. As such, we generally vote against stock incentive plans
                              allowing recipients to exercise all the rights within two years after vested for the subject
                              fiscal year. However, </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
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               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-29</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_30"></a>

            <div style="page-break-after:always">

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               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:33pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">this shall not apply to recipients who retire during the subject fiscal year. We assess
                        the validity if a vesting period is regarded as too long.</span></div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against stock incentive plans granted to statutory auditors and
                              audit committee board members at a company with Audit Committee.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We separately consider stock incentive plans granted to audit committee board members,
                              including both inside and outside directors, at a company with three Committees.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against stock incentive plans granted to any third parties other
                              than employees.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against stock incentive plans in case a company is likely to adopt
                              the plans as takeover defense.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(3)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Employee stock purchase plan</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning employee stock purchase plans, taking
                              into account the impact on shareholder value and rights, the scope and the rationales, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(4)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Retirement benefits for board directors</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning grant of retirement benefits, taking
                              into account the scope and scandals (if any) of recipients and business performance and scandals (if
                              any) of the subject company, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals granting retirement benefits if all the following
                              criteria are satisfied.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The granted amount is disclosed.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Outside directors, statutory auditors and audit committee board members at a company
                              with Audit Committees are excluded.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Recipients do not cause any significant scandals during their tenures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The subject company does not make a loss for the three consecutive years, or its business
                              performance is not determined to significantly lag behind the peers in the same industry.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The company does not cause scandals that significantly impact society and damage,
                              or are unlikely to damage, shareholder value during their tenures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">The company does not engage in window-dressing or inadequate accounting practices
                              during their tenures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">8. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Cross-shareholdings</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company holds shares for the sake of business relations (cross shareholdings),
                           the company should explain the medium- to long-term business and financial strategies, including capital
                           costs, and disclose proxy voting guidelines, voting results, and so on. If the company does not give reasonable
                           explanations and engage in constructive dialogues, we consider voting against the appointment of
                           top executives. It is important that the company does not hinder the sales/reduction of cross shareholdings
                           when a policy shareholder intends.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company's cross shareholdings account for 20% or more of its net assets, we generally
                              consider voting against the appointment of top executives. However, this shall not apply if
                              we confirm that the company makes a reduction, does sufficient planning or has industry- specific circumstances
                              that should be taken into consideration in engagement.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">9. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Capital Policy</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">As a listed companies&#8217; capital policy is likely to significantly impact shareholder value and interests, a company should implement a rational capital policy and explain capital policy guidelines
                           to shareholders. We consider voting against proposals concerning capital policies that we judge damage
                           shareholder value. If a </span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-30</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_31"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">company has a capital policy that is not part of proposals at an AGM but regarded
                        to damage shareholder value, we consider voting against the reappointment of board directors.</span></div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">It is undesirable that a company intends to maintain or increase so-called &#8220;friendly&#8221; stable shareholders and infringes minority shareholders&#8217; rights by the third-party allotment, treasury stocks transfer or company management holdings&#8217; transfer to foundations affiliated with the company.</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">  </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Change in authorized shares</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to increase authorized shares, taking into
                              account the impact on shareholder value and rights, the rationales, the impact on the sustainability
                              of stock market listing and a going concern, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to increase authorized shares if we judge
                              that not increasing authorized shares is likely to lead to delisting or have a significant impact on a
                              going concern.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals seeking to increase authorized shares after an
                              acquirer emerges.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">New share issue</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on new share issues, taking into account the rationales, the
                              terms and conditions of issues, the impact of dilution on shareholder value and rights and the impact on
                              the sustainability of stock market listing or a going concern, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(3)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Share repurchase and reissue</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning share repurchase or reissue, taking
                              into account the rationales, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(4)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Stock split</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking a stock split.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(5)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Consolidation of shares (reverse stock split)</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking consolidation of shares, taking into account
                              the rationale, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(6)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Preferred shares</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals seeking to issue blank-cheque preferred shares
                              or increase authorized shares without specifying voting rights, dividends, conversion and other
                              rights.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to issue preferred shares or increase authorized
                              shares if voting rights, dividends, conversion and other rights are specified, and those rights are
                              regarded as reasonable.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals requiring approvals for preferred shares issues from
                              shareholders.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(7)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Convertible bonds</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to issue convertible bonds, taking into
                              account the number of new shares, the time to maturity, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(8) Corporate bonds and credit facilities</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning a corporate bond issue or a credit facility
                              expansion, taking into account the subject company&#8217;s financial conditions, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(9) Debt capitalization</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to change the number of authorized shares
                              or issue shares for debt restructuring, taking into account the terms and conditions of the change
                              or the issue, the impact </span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-31</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_32"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div style="line-height:9.84pt; margin-left:15pt; text-align:left"><span style="color:#000000; font-family:Arial; font-size:8.20pt">on shareholder value and rights, the rationales, the impact on the sustainability
                        of stock market listing and a going concern, and so on.</span></div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(10) Capital reduction</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning capital reduction, taking into account
                              the impact on shareholder value and rights, the rationales and the impact on the sustainability
                              of stock market listing and a going concern, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking capital reduction following standard accounting
                              procedures.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(11) Financing plan</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning a financing plan, taking into account
                              the impact on shareholder value and rights, the rationales and the impact on the sustainability
                              of stock market listing and a going concern, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(12) Capitalization of reserves</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking capitalization of reserves, taking into
                              account the rationales, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">10. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Amendment to Articles of Incorporation and Other Legal Documents</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1) Change in an accounting period</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to change an accounting period unless it is
                              regarded as an aim to delay an AGM.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2) Amendment to articles of incorporation</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals to amend an article of incorporation, taking into
                              account the impact on shareholder value and rights, the necessity, the rationales, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to amend an article of incorporation if it
                              is required by law.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals seeking to amend an article of incorporation if
                              we judge that it is likely to infringe shareholder rights or damage shareholder value.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for transition to a company with three Committees.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to relax or eliminate special resolution
                              requirements, taking into account the rationale.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We are concerned about retired directors assuming advisory, consulting, or other similar
                              positions which could negatively impact on transparency and decision making of the Board of
                              Directors. We generally vote against proposals seeking to create such a position.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to authorize a company to hold virtual-only
                              meetings, taking into account the impact on shareholder value and rights.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We will consider, among other things, a company&#8217;s practices, jurisdiction and disclosure, including the items set forth below:</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">meeting procedures and requirements are disclosed in advance of a meeting detailing
                              the rationale for eliminating the in-person meeting,</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">safeguard and clear and comprehensive description as to how and when shareholders
                              submit and ask questions either in advance of or during the meeting,</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">disclosure regarding procedures for questions received during the meeting, but not
                              answered due to time or other restrictions, and</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-32</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
         <!-- PAGE BREAK --></div><div>

      </div><div>

         <div><a id="xx_9fd3a133-f826-45bc-bd2a-22cb430ed45e_33"></a>

            <div style="page-break-after:always">

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">description of how shareholder rights will be protected in a virtual-only meeting
                              format including the ability to vote on proposals during the time the polls are open.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(3) Change in a quorum for an annual general meeting (AGM)</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning change in quorum for an AGM, taking
                              into account the impact on shareholder value and rights, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">11. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Company Organization Change</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1) Change in a registered company name and address</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to change a registered company name, taking
                              into account the impact on shareholder value, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to change a registered address.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2) Company reorganization</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning the following company reorganization,
                              taking into account their respective impacts on shareholder value and rights, the subject company&#8217;s financial conditions and business performance, and the sustainability of stock market listing
                              or a going concern, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:36pt; margin-top:8.16pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Mergers and acquisitions</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:36pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Business transfers</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:36pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Company split (spin-off)</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:36pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Asset sale</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:36pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Company sale</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-left:36pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Liquidation</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">12. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Proxy Fight</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(1)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Proxy fight</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals concerning the appointment of directors with opposition
                              candidates, taking into account their independence, competence, anti-social activity records (if
                              any), corporate governance practices and accountability of the candidates and business performance
                              and anti-social activity records (if any) of the subject company, the proxy fight background, and
                              so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:10.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:10.20pt; text-align:left; width:12.22pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">(2)</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:5.78pt; text-align:left; width:464.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Proxy context defense</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Classified board</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals seeking to introduce a classified board.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to set a director's term of one year.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Shareholder rights to remove a director</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals seeking to tighten requirements for shareholders
                              to remove a director.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Cumulative voting</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to introduce cumulative voting for director
                              appointments, taking into account the background, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-33</span></div>
               </div>
            </div>
         </div>

         <div style="float:left; margin-bottom:5.0pt; width:100%"> </div>

         <hr style="clear:both; margin-bottom:0.25pt; margin-left:0.25pt; margin-right:0.25pt; margin-top:40.0pt"/>
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               <div style="clear:both"> </div>

               <div style="float:left; margin-left:54pt; margin-top:60pt; width:487pt; min-height:632pt">

                  <div>

                     <div style="clear:both; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to terminate cumulative voting for director
                              appointment, taking into account the background, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">13. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Takeover Defense</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; line-height:9.84pt">  </span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We believe that management and shareholder interest is not always aligned. As such,
                           we generally vote against the creation, amendment and renewal of takeover defense measures that we judge
                           decrease shareholder value or infringes shareholder rights. We generally vote against the reappointment
                           of directors if takeover defense measures are not part of proposals at an AGM but are regarded to
                           decrease shareholder value or infringes shareholder rights.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Relaxing requirements to amend articles of incorporation and company policies</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to relax requirements to amend articles
                              of incorporation or company policies, taking into account the impact on shareholder value and rights,
                              and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">Relaxing of requirements for merger approval</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We decide how to vote on proposals seeking to relaxing requirements for merger approval,
                              taking into account the impact on shareholder value and rights, and so on.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">14. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Environment, Social and Governance (ESG)</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We support the United Nations Principles for Responsible Investment (UN PRI) and acknowledge
                           that company&#8217;s ESG practices are an important factor in investment decision making. Thus, we consider voting against the reappointment of top executives and directors in charge if we judge that
                           there is an issue that could significantly damage corporate value. We consider voting for proposals related
                           to ESG materiality, including climate change or diversity, if we judge that such proposals contribute
                           to preventing from damaging or expanding corporate value. If not, we consider voting against such proposals.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">15. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Disclosure</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Disclosure and constructive dialogues based thereon are important in proxy voting
                           and investment decision making. Furthermore, proactive disclosure and effective engagement are desirable as
                           demand for ESG disclosure, including climate change, has been increasing, and the disclosure frameworks
                           have been rapidly progressing.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote against proposals that lack sufficient disclosure to make proxy
                              voting decisions.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We generally vote for proposals seeking to enhance disclosures if such information
                              is beneficial to shareholders.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:467.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">If a company&#8217;s financial and non-financial disclosures is significantly poor, and if the level of investor relations activities by management or people in charge is significantly low, we consider
                              voting against the reappointment of top executives and directors in charge.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:10.16pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">16. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Conflict of Interest</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We abstain from voting proxies of the following companies that are likely to have
                           a conflict of interest. We also abstain from voting proxies with respect to the following investment trusts that
                           are managed by us or Invesco group companies, as a conflict of interest may rise.</span></div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:18pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:449.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Companies and investment trusts that we abstain from voting proxies:</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div>

                     <div style="clear:both; margin-top:8.16pt; position:relative; width:100%">

                        <div style="float:left; line-height:8.56pt; margin-left:36pt; text-align:left; width:3.68pt"><span style="color:#000000; font-family:Arial; font-size:6.56pt; position:relative; top:-1pt">&#9679;</span></div>

                        <div style="float:left; line-height:10.20pt; margin-left:11.32pt; text-align:left; width:431.00pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">Invesco Ltd.</span></div>
                     </div>

                     <div style="clear:both; position:relative"> </div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8.16pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">We have established the Conflict of Interest Management Policy. In the situation that
                           may give rise to a </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">conflict of interest, we aim to control it in the best interests of clients (investors)
                           and beneficiaries. The Compliance department is responsible for governing company-wide control of a conflict
                           of interest. The Compliance department is independent of the Investment and Sales departments and shall
                           not receive any </span></div>
                  </div>
               </div>

               <div style="clear:both"> </div>

               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-34</span></div>
               </div>
            </div>
         </div>

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                  <div style="line-height:9.84pt; text-align:justify"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:0%">command or order for the matters compliant with the laws and regulations, including
                        a conflict of interest, from </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">the Investment and Sales departments.</span></div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:justify">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; margin-left:3.70%">Proxy voting and stewardship activities are reported to the Responsible Investment
                           Committee. The </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">Responsible Investment Committee approves them. Besides, the Compliance department
                           reviews whether conflicts of interest are properly managed in proxy voting and then reports the results
                           to the Conflict of Interest Oversight Committee. Furthermore, the results are reported to the Executive
                           Committee in Tokyo and the Invesco Proxy Advisory Committee.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:left">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">17. </span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold; text-decoration:underline">Shareholder Proposals</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt">We vote on a case-by-case basis on shareholder proposals while we follow the Proxy
                           Voting Guidelines in principle.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:6pt; text-align:left">

                     <div style="margin-top:6pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">DISCLAIMER: The English version is a translation of the original in Japanese for information
                           purposes only. In case of a discrepancy, the Japanese original will prevail. You can
                           download the Japanese version from our website: </span><span style="color:#000000; font-family:Arial; font-size:8.20pt">http://www.invesco.co.jp/footer/proxy.html</span><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">.</span></div>
                  </div>

                  <div style="line-height:9.84pt; margin-top:8pt; text-align:right">

                     <div style="margin-top:8pt"><span style="color:#000000; font-family:Arial; font-size:8.20pt; font-weight:bold">2092318-JP</span></div>
                  </div>
               </div>

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               <div style="float:left; margin-left:18pt; margin-top:12pt; width:558pt; min-height:12pt">

                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-35</span></div>
               </div>
            </div>
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                  <div style="line-height:9.84pt; text-align:center"><span style="color:#000000; font-family:Arial; font-size:8.20pt; line-height:9.84pt">B-36</span></div>
               </div>
            </div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Appendix C</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SPECIAL CONSIDERATIONS RELATING TO THE JURISDICTIONS
IN WHICH THE FUND INVESTS</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As explained in the Fund&#8217;s
prospectus, the Fund&#8217;s investments are highly sensitive to the fiscal stability of the jurisdictions in which the Fund principally
invests, including the subdivisions, agencies, instrumentalities or authorities of those jurisdictions that issue municipal securities
contained in the Fund&#8217;s portfolio. You should consider carefully the special risks inherent in the Fund&#8217;s investments in municipal
securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in municipal
securities issued by certain territories, commonwealths and possessions of the United States that pay interest that is exempt (in the
opinion of the issuer&#8217;s legal counsel when the security is issued) from federal income tax. Therefore, the Fund&#8217;s investments
could be affected by the fiscal stability of, for example, Puerto Rico, Guam, the U.S. Virgin Islands, or the Northern Mariana Islands.
Additionally, the Fund&#8217;s investments could be affected by economic, legislative, regulatory or political developments affecting
issuers in those territories, commonwealths or possessions.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following information
represents a summary of the risks associated with the concentration of the Fund&#8217;s investments in the municipal securities of these
jurisdictions. This information is intended to supplement the information contained in the Fund&#8217;s prospectus, and does not purport
to be a complete analysis of every risk factor that may affect the obligations of the issuers of these municipal securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following information
is based on publicly available reports prepared by officials of each jurisdiction&#8217;s government or their designees. The information
may also be based on official statements and other offering documents relating to securities issued by or on behalf of these jurisdictions,
their agencies, instrumentalities and political subdivisions, as available on of the date of this Statement of Additional Information.
Although this information is generally compiled from government resources, the Fund does not make any representation as to the accuracy
of the information contained herein. Municipal bond issuers may not be subject to the same disclosure obligations as other bond issuers,
which may impact the reliability of the information provided by municipal issuers that is used to determine fund investments and can potentially
make investments in municipal securities riskier than other investments. The Fund has not independently verified this information and
the Fund does not have any obligation to update this information throughout the year.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, this information
is subject to change rapidly, substantially and without notice. Such changes may negatively impact the fiscal condition of the jurisdictions
in which the Fund invests, which could harm the performance of the Fund. Accordingly, inclusion of the information herein shall not create
an implication that there has not been any change in the affairs of the relevant jurisdictions since the date of this Statement of Additional
Information. More information about the specific risks facing each jurisdiction may be available from official resources published by
those jurisdictions.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The bond ratings provided below are current as
of the date specified. Unless otherwise stated, the ratings indicated are for obligations of the jurisdiction referenced below. The political
subdivisions of a given jurisdiction may have different ratings that are unrelated to the ratings assigned to the obligations of the state,
commonwealth or territory. Investors should note that the creditworthiness of obligations issued by a jurisdiction&#8217;s local municipal
issuers may be unrelated to the creditworthiness of obligations issued by the jurisdiction itself, and that there may be no obligation
on the part of the jurisdiction to make payment on such local obligations in the event of default.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that any statements
made below involve matters of forecasts, projections, opinions, assumptions or estimates, whether or not expressly stated to be such,
they are made as such and not as representations of fact or certainty, and no representation is made that any of these statements have
been or will be realized. All forecasts, projections, assumptions, opinions or estimates are &#8220;forward looking statements,&#8221;
which must be read with an abundance of caution because they may not be realized or may not occur in the future.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, investors should
note that municipal securities may be more susceptible to being downgraded, and issuers of municipal securities may be more susceptible
to default, insolvency or bankruptcy, during recessions or similar periods of economic stress. Factors contributing to the economic stress
on municipalities may include lower property tax collections, lower sales tax revenue and lower income tax revenue, among others. In
addition, as certain municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase
if the banking or financial sector suffers an economic downturn or if the credit ratings of the institutions issuing the guarantee are
downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may
have an adverse effect on the market prices of the municipal securities and thus the value of the Fund&#8217;s investments in those securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recent downgrades of certain
municipal securities insurers have negatively impacted the price of certain insured municipal securities. Given the large number of potential
claims against municipal securities insurers, there is a risk that they will be unable to meet all future claims. Certain municipal issuers
either have been unable to issue securities or access the market to sell their issues. For some issuers that have been able to access
the market, they have had to issue securities at much higher rates, which may reduce revenues available for the municipal issuers to pay
existing obligations.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should a jurisdiction, or
its applicable municipalities or subdivisions, fail to sell their securities when and at the rates projected, the jurisdiction or its
subdivisions could experience a weakened overall cash position in the current fiscal year.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An insolvent municipality
may take steps to reorganize its debt, which might include extending debt maturities, reducing the amount of principal or interest, refinancing
the debt or taking other measures that may significantly affect the rights of creditors and the value of the securities issued by the
municipality and the value of the Fund&#8217;s investments in those securities. Pursuant to Chapter 9 of the U.S. Bankruptcy Code, certain
municipalities that meet specific conditions may be provided protection from creditors while they develop and negotiate plans for reorganizing
their debts. The U.S. Bankruptcy Code provides that individual U.S. states are not permitted to pass their own laws purporting to bind
non-consenting creditors to a restructuring of a municipality&#8217;s indebtedness, and thus all such restructurings must be pursuant
to Chapter 9 of the Bankruptcy Code. The jurisdictions discussed below all face challenges to achieving sustained economic growth, which
is critical to debt sustainability. Challenges include, for example, (i)&#160;the location of the islands that leads to the high cost
of importing goods and energy; (ii)&#160;vulnerability to increasing frequency and severity of extreme weather events; (iii)&#160;concentrated
economies relying on limited industries; and (iv)&#160;outmigration and population loss.</p><div>


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Introduction. The Commonwealth
of Puerto Rico (the &#8220;Commonwealth&#8221;) Government and the Financial Oversight and Management Board for Puerto Rico (the Oversight
Board) together have made significant progress in achieving fiscal responsibility, stabilizing Puerto Rico&#8217;s finances, substantially
reducing its debt burden, and making significant strides to reform its civil service.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When the U.S. Congress passed
the bipartisan Puerto Rico Oversight, Management, and Economic Stability Act of 2016 (PROMESA) that created the Oversight Board, the Governor
of Puerto Rico had declared the debt unpayable, and the Puerto Rico Government was in default. Decades of economic decline and chronic
financial mismanagement left Puerto Rico in crisis, soon exacerbated by natural disasters, including Hurricanes Irma and Mar&#237;a
in 2017, earthquakes, and the global COVID-19 pandemic in 2020.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to a U.S. Government
Accountability Office (GAO) report from 2018, the causes of the crisis were: (i)&#160;inadequate financial management and oversight practices,
such as the overestimation of potential revenues and persistent spending in excess of appropriated amounts; (ii)&#160;prolonged economic
contraction, impacted by outmigration and resulting diminished labor force, the high cost of energy and importing goods, regulatory challenges
to doing business, the phaseout of the possessions tax credit, and banking and housing struggles; and (iii)&#160;policy decisions, such
as allowing the use of debt proceeds to balance budgets, insufficiently addressing public pension funding shortfalls, and inadequately
managing the financial condition of the Puerto Rico Electric Power Authority (PREPA).</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to PROMESA and for each
of the first 16 consecutive years of this century, from fiscal years 2000 to 2016, Government spending exceeded recurring Government revenues.
Controls and guardrails, to the extent they existed, were insufficient to prevent overestimation of revenues, excessive borrowing, overspending,
and the deficits that eroded Puerto Rico&#8217;s economic stability. Before PROMESA, Government pensions were not sufficiently funded,
putting pension payments for current and future retirees at risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As result of these practices,
the consolidated Commonwealth&#8217;s outstanding debt and pension liabilities had grown to over $120 billion &#8211; with more than $70
billion in financial debt and more than $50 billion in pension liabilities &#8211; an amount almost twice the size of Puerto Rico&#8217;s
economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Oversight Board was established
oversee the Commonwealth&#8217;s financial operations and allows the Commonwealth and its instrumentalities, with approval of the Oversight
Board, to file cases to restructure debt and other obligations in a &#8220;Title III&#8221; proceeding. U.S. territories do not have the
ability to file for bankruptcy under the federal Bankruptcy Code. Title III incorporates many provisions of the federal Bankruptcy Code,
and incorporates legal mechanisms for a litigation stay and restructuring of pension and debt obligations, among other provisions. Title
III petitions were filed for, among others, the Commonwealth, the Puerto Rico Sales Tax Financing Corporation (COFINA), and PREPA, three
of the largest issuers of Commonwealth debt. It is possible that petitions under Title III or other provisions of PROMESA, including Title
VI, for additional Commonwealth instrumentalities will be filed in the future. These restructuring proceedings create uncertainty as to
the treatment of claims of varying degrees of seniority in the levels and priorities of payment from the affected entities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurances
that the Commonwealth will not continue to face severe fiscal stress or that such circumstances will not become even more difficult in
the future. Furthermore, there can be no guarantee that future developments will not have a materially adverse impact on the Commonwealth&#8217;s
finances. Any deterioration in the Commonwealth&#8217;s financial condition may have a negative effect on the payment of principal and
interest, the marketability, liquidity or value of the securities issued by the Commonwealth, which could reduce the performance of a
fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
Economic Climate. </b></span>Puerto Rico&#8217;s civilian labor force consists of approximately 1.2 million individuals. As of August&#160;2024,
Puerto Rico had an unemployment rate of 5.7%, which was down from 5.8% in August&#160;2023. Puerto Rico&#8217;s unemployment rate was
higher than the national average of 4.2% in August&#160;2024.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Puerto Rico&#8217;s economy
has major components in Trade, Transportation and Utilities; Professional and Business Services; Education and Health Services; and Leisure
and Hospitality. In addition, government agencies at the local and federal levels employ a significant number of the Commonwealth&#8217;s
residents. Based on September&#160;2024 data, these sectors employed almost 80% of the Commonwealth&#8217;s workers. Because these sectors
represent the largest share of employment in the Commonwealth, economic problems or factors that adversely impact these sectors may have
a negative effect on the value of the Commonwealth&#8217;s municipal securities, which may reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April&#160;10, 2024, the
Commonwealth filed its audited financial statements for fiscal year 2022 with the Municipal Securities Rulemaking Board&#8217;s Electronic
Municipal Market Access system. Total assets plus deferred outflows of resources and total liabilities plus deferred inflows of resources
of the primary government as of June&#160;30, 2022, amounted to approximately $34.4 billion and $85.5 billion, respectively, for a net
deficit of approximately $51.1 billion as of June&#160;30, 2022, compared to a net deficit of approximately $59.2 billion as of June&#160;30,
2021 (as restated). The 2022 audited financial statements noted that notwithstanding the circumstances existing on June&#160;30, 2022,
based on subsequent events that remediated the Commonwealth&#8217;s financial condition and addressed its liabilities, management does
not believe there is substantial doubt about the Commonwealth&#8217;s ability to continue as a going concern as of the date of the basic
financial statements. The 2022 audited financial statements noted that various component units, including PREPA, have been identified
as having substantial doubt about their ability to continue as a going concern.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Puerto Rico&#8217;s economy
is closely linked to the economy of the United States, as most of the external factors that affect the Commonwealth&#8217;s economy (other
than oil prices) are determined by the policies and performance of the mainland economy. In recent years, however, the performance of
Puerto Rico&#8217;s economy has significantly diverged from the performance of the United States economy. In May&#160;2018, the Oversight
Board projected that the Commonwealth&#8217;s real gross national product declined by 13.3% on a year-over-year basis, due, in part, to
adverse effects from hurricanes that impacted the Commonwealth in 2017 (as discussed below). In addition, in December&#160;2017, Congress
enacted the Tax Cuts and Jobs Act, which subjects companies located in the Commonwealth to a tax on income generated from certain intellectual
property. Previously, companies located in the Commonwealth had been exempt from paying federal income taxes on such income. It is not
presently possible to predict the extent of the impact that the tax will have on the Commonwealth&#8217;s economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, Puerto Rico
has received an unprecedented influx of federal funds in the form of Disaster Relief Funding, COVID-19 stimulus, and funds from the Bipartisan
Infrastructure Law which have strengthened Puerto Rico&#8217;s economy but may mask underlying weaknesses. Prior to 2017, Puerto Rico
gross national product was trending downwards, a trend which was compounded by subsequent natural disasters, including Hurricanes Irma
and Mar&#237;a in 2017, earthquakes in 2020, and a global pandemic. Through successive federal stimulus packages, Puerto Rico received
approximately $120 billion in federal funds, equivalent to approximately 145% of its 2023 gross national product. Puerto Rico&#8217;s
economic growth is highly dependent on its ability to efficiently deploy those federal funds. The 2024 Fiscal Plan assumes full deployment
of this stimulus by the end of FY2035, after which their stimulative effect on the economy will end.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Puerto Rico&#8217;s Government
significantly expanded the Earned Income Tax Credit (EITC) starting in tax year 2021 after receiving permanent additional funds from the
federal government under the American Rescue Plan Act of 2021 (ARPA). Since then, $3.6 billion has been paid to more than 640,000 taxpayers
with approximately $1.3 billion estimated for FY2023 alone. While not solely attributable to the EITC, given other concurring federal
stimulus funding, since the adoption of the expanded credit, Puerto Rico&#8217;s non-farm employment level increased by over 106,000 from
about 851,100 in January&#160;2021 to 957,600 in February&#160;2023. Puerto Rico&#8217;s labor force also increased by about 89,000 over
this same period, and as of December&#160;2023, the labor participation rate (the size of the labor force relative to the size of the
working age population) increased from around 40.6% in 2020 (1.1 million workers) to 43.6% in 2023 (1.2 million workers).</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
Plan and Budget. </b></span>The Commonwealth has faced a number of significant fiscal challenges, including a structural imbalance between
its General Fund revenues and expenditures. Such challenges contributed to the passage of PROMESA, which established the Oversight Board
and empowered it to approve Puerto Rico&#8217;s fiscal plans and budgets. The Oversight Board is comprised of seven members appointed
by the President who are nominated by a bipartisan selection process. The budget process requires the Oversight Board, the Governor, and
the Commonwealth&#8217;s Legislative Assembly to develop a budget that complies with the fiscal plan developed by the Oversight Board
and the Governor.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most of Puerto Rico&#8217;s
unaffordable debt has been dramatically reduced. The restructuring of the central government debt saved Puerto Rico more than $50 billion
in debt payments to creditors. The restructurings of COFINA saved about $17.5 billion, the Highways and Transportation Authority (HTA)
about $3 billion, and the Puerto Rico Aqueducts and Sewers Authority (PRASA) about $400 million. The savings of more than $70 billion
reduced the debt burden on the people of the Island by approximately $24,000 per person in Puerto Rico.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt restructuring of
PREPA is pending. Restructuring the debt, however, was only half of PROMESA&#8217;s mandate. In order to fulfill the mandate of PROMESA,
fiscal responsibility still needs to be secured over the long term. Necessary improvements to systems and procedures are underway. However,
appropriate spending discipline to preserve and institutionalize the recent success and prevent Puerto Rico from falling back into old
habits of overpromising and overspending that resulted in bankruptcy has not been achieved. Strong financial management is critical to
long-term fiscal stability and will be required to restore access to the capital markets at reasonable rates.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the Commonwealth of Puerto
Rico leaves bankruptcy behind, the Government and Oversight Board&#8217;s focus will shift toward growing the economy. The 2023 Fiscal
Plan is a roadmap that prioritizes growth and opportunity. The 2023 Fiscal Plan also includes critical initiatives to support economic
development, including actions to improve the ease of doing business, upgrade infrastructure, prepare the workforce to compete for the
jobs of the future, and a roadmap for tax reform. These economic development initiatives are designed to maximize the impact of an unprecedented
influx of federal funds. In response to multiple natural disasters and the COVID-19 pandemic, the federal government has committed over
$120 billion in funding to Puerto Rico, equivalent to 150% of the Commonwealth&#8217;s gross national product.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June&#160;5, 2024, the
Oversight Board certified the 2024 Fiscal Plan for Puerto Rico. The 2024 Fiscal Plan reports that Puerto Rico is stable, and the Commonwealth
government is solvent. The massive debt is almost completely restructured, a critical element of fiscal responsibility and access to market
access. Under the Fiscal Plans and PROMESA certified budgets, Puerto Rico has moved from structural deficits to fiscal stability. The
Oversight Board developed a comprehensive process to evaluate budget changes throughout the year to ensure sufficient funding sources
are available to support operating needs. However, the government must still undertake significant work to put in place the practices
needed to ensure that this progress is sustained beyond the longevity of the Oversight Board. In particular, the government must establish
robust financial management and oversight practices, while also making targeted investments to promote sustainable and inclusive economic
development. The 2024 Fiscal Plan highlights a set of initiatives that aim to ensure the successful pursuit of these objectives.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Separate 2024 Fiscal Plans
were certified for COFINA on June&#160;5, 2024 and PRASA on June&#160;11, 2024. A separate Fiscal Plan for PREPA&#8217;s was certified
on June&#160;23, 2023.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no certainty that
any certified fiscal plan will be fully implemented, or if implemented will ultimately provide the intended results.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors should be aware
that Puerto Rico relies heavily on transfers from the federal government related to specific programs and activities in the Commonwealth.
These transfers include, among others, entitlements for previously performed services, or those resulting from contributions to programs
such as Social Security, Veterans&#8217; Benefits, Medicare and U.S. Civil Service retirement pensions, as well as grants such as Nutritional
Assistance Program grants and Pell Grant scholarships for higher education. There is considerable uncertainty about which federal policy
changes may be enacted in the coming years and the economic impact of those changes. Due to the Commonwealth&#8217;s dependence on federal
transfers, any actions that reduce or alter these transfers may cause increased fiscal stress in Puerto Rico, which may have a negative
effect on the value of the Commonwealth&#8217;s municipal securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Retirement
Systems. </b></span>The Commonwealth&#8217;s retirement systems include the Employees Retirement System (&#8220;ERS&#8221;), the Teachers
Retirement System (&#8220;TRS&#8221;) and the Judiciary Retirement System (&#8220;JRS&#8221; and together with the ERS and TRS, the &#8220;Pension
Systems&#8221;). As of July&#160;1, 2017, the total actuarial liabilities for the ERS, the TRS and the JRS were approximately $31.0 billion,
$17.0 billion and $700 million, respectively. The total annual benefits due from the ERS, TRS and JRS for FY2018 totaled approximately
$1.5 billion, $700 million, and $25 million, respectively. In 2017, the Legislative Assembly enacted laws to reform the operation and
funding of the Pension Systems. Those laws required the ERS to sell its assets and transfer the proceeds to the General Fund. In addition,
employer contributions to the Pension Systems, which had been operating on a &#8220;pay-as-you-go&#8221; basis, were eliminated, and the
General Fund assumed any payments that the Pension Systems could not make.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Oversight Board reported
in its 2022 Fiscal Plan that, over many decades, successive Commonwealth governments have failed to adequately fund these retirement plans,
and that the ERS, TRS and JRS were insolvent. The Oversight Board reported in its 2023 Fiscal Plan that, historically, government pensions
were not sufficiently funded, putting the ability to make pension payments for current and future retirees at risk. The Plan of Adjustment
(see &#8220;Debt&#8221; section below) and 2023 Fiscal Plan, together, minimize this risk through a series of pension initiatives. Most
importantly, the budget now funds estimated pay-as-you-go (PayGo) payments and the Plan of Adjustment authorizes the establishment of
a new Pension Reserve Trust, which allocates surplus funds to support future payments to retirees. Pension Reserve Trust and PayGo accounts
for about 10% and 20% of General Fund expenditures in FY 2023, respectively.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commonwealth may have
to make additional contributions to the Pension Systems, which could result in reduced funding for other priorities, including payments
on its outstanding debt obligations. Alternatively, the Commonwealth may be forced to raise revenue or issue additional debt. Either outcome
could increase the pressure on the Commonwealth&#8217;s budget, which could have an adverse impact on a fund&#8217;s investments in Puerto
Rico.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt.
</b></span>Certain of the Commonwealth&#8217;s component units defaulted on debt service payments during fiscal year 2016. As a result,
the Governor issued several executive orders declaring emergency periods and suspending certain transfers and payments with respect to
the Commonwealth and several of its component units. It is expected that the Commonwealth and its component units will need to seek further
relief under existing or potential future laws regarding receivership, insolvency, reorganization, moratorium, and/or similar laws affecting
creditors&#8217; rights, to the extent available.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July&#160;1, 2016, the
Commonwealth and various additional component units were unable to comply with their scheduled debt service obligations, and defaulted
on $911 million of their scheduled debt obligations, including $779 million in general obligation debt service. Since 2016, the Commonwealth
has continued to default on debt service payments for multiple bonds, including general obligation bonds and those issued by various component
units, including PREPA, the Puerto Rico Public Finance Corporation, and the Puerto Rico Public Building Authority, among others.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2017, the Oversight Board
filed petitions pursuant to Title III of PROMESA in federal court on behalf the Commonwealth and certain of its instrumentalities, including
the PREPA to begin proceedings to restructure their outstanding debt. As a result of these petitions, the ability of the creditors of
the Commonwealth and its instrumentalities that have filed for Title III to take action with respect to outstanding obligations were temporarily
stayed. The judge assigned to oversee the Title III proceedings initiated a confidential mediation process administered by five federal
judges.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February&#160;2019, the
U.S. District Court approved the Plan of Adjustment for COFINA, the first debt restructuring completed under PROMESA&#8217;s Title III.
It reduced COFINA debt by $6 billion, from $18 billion to $12 billion.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August&#160;2019, the PRASA
and the Government of Puerto Rico reached an agreement with the U.S. Environmental Protection Agency (EPA) and U.S. Department of Agriculture
to a consensual modification of about $1 billion of outstanding loans under PROMESA&#8217;s Section&#160;2017. This agreement lowers PRASA&#8217;s
debt service payments on the U.S. Government program loans by about $380 million over the next 10 years and eliminates approximately $1
billion in guaranty claims against the Puerto Rico Government. Additionally, it provides PRASA with access to $400 million in new federal
funding through various clean water programs over the next five years to support PRASA&#8217;s ongoing effort to improve water quality
and safety for the people of Puerto Rico.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&#160;18, 2022,
Judge Laura Taylor Swain confirmed the Commonwealth Plan of Adjustment restructuring approximately $35 billion of debt and other claims
against the Commonwealth of Puerto Rico, the Public Buildings Authority (PBA), and ERS, as well as more than $50 billion of unfunded pension
liabilities. The Plan of Adjustment saves Puerto Rico more than $50 billion in debt service and reduces outstanding obligations to just
over $7 billion. On January&#160;18, 2022, the Title III Court entered its Findings of Fact and Confirmation Order with respect to the
Eighth Amended Plan. Between January&#160;28, 2022, and February&#160;17, 2022, six appeals of the Confirmation Order were filed in the
First Circuit. By March&#160;11, 2022, the First Circuit denied all parties&#8217; motions for stay pending appeal. On March&#160;15,
2022, the conditions precedent to the Effective Date of the Eighth Amended Plan were satisfied and/or waived by the Oversight Board, and
the plan became effective.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date, the
principal elements of the Eighth Amended Plan were executed reducing the Commonwealth&#8217;s total funded debt obligations from approximately
$34.3 billion of prepetition debt to approximately $7.4 billion, representing a total debt reduction of 78%. This debt reduction will
also reduce the Commonwealth&#8217;s maximum annual debt service (inclusive of COFINA) from approximately $4.2 billion to $1.15 billion,
representing a total debt service reduction of 73%. Also as of the Effective Date, all of the legacy Commonwealth general obligation bonds,
ERS bonds, and PBA bonds were discharged, and all of the Commonwealth, ERS, and PBA obligations and guarantees related thereto were discharged.
In addition, all Commonwealth laws that required the transfer of funds from the Commonwealth to other entities have been deemed preempted,
and the Commonwealth has no obligation to transfer additional amounts pursuant to those laws. Importantly, effectuating the Eighth Amended
Plan provides a path for Puerto Rico to access the credit markets and develop balanced annual budgets.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A critical component of the
Eighth Amended Plan is the post-effective date issuance of new general obligation bonds (the &#8220;New GO Bonds&#8221;) and contingent
value instruments (CVIs) that will be used to provide recoveries to general obligation and PBA bondholders, and to HTA and Puerto Rico
Infrastructure Financing Authority bondholders under separate restructurings.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to PREPA&#8217;s
Title III proceeding, the Oversight Board announced on August&#160;25, 2023 that it had filed the Third Amended Plan of Adjustment for
PREPA (the &#8220;PREPA Plan&#8221;) with the U.S. District Court for the District of Puerto Rico (&#8220;District Court&#8221;). Multiple
modifications and objections to the PREPA Plan have subsequently been filed with the District Court. There is no certainty that the District
Court will confirm the PREPA Plan, or that, if confirmed, the PREPA Plan will be fully implemented.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this SAI,
this process is ongoing. Any future negative developments could adversely affect Fund performance. It is not presently possible to predict
the results of all of the restructurings and related planned issuance of the New GO Bonds and CVIs and other debt securities, but such
outcomes will have significant impact on bondholders. If the Commonwealth or its instrumentalities are unable to obtain favorable results,
there would be negative impacts on Fund performance.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Considerations. </b></span>On September&#160;6, 2017 and September&#160;20, 2017, respectively, Hurricanes Irma and Maria struck Puerto
Rico, causing unprecedented humanitarian, economic, and infrastructure-related damages and upending the daily lives of Puerto Rico&#8217;s
over three million residents. Thousands of residents were left homeless, basic utilities were completely shut down, and schools, hospitals,
and businesses were destroyed. Tens of thousands of local residents fled the Island. The Federal Government&#8217;s response has become
one of the largest and most complex disaster relief efforts in U.S. history. In addition, the southwestern part of Puerto Rico has been
struck by a swarm of earthquakes that began on December&#160;28, 2019, and continued into 2021. On September&#160;18, 2022 Hurricane Fiona
made landfall, again causing significant infrastructure damages and loss of basic utilities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the onset of the pandemic,
the economy of Puerto Rico virtually ground to a halt as the public health imperative for people to stay at home left all but the most
essential workers unable to travel to their places of business. The economy responded to the vast amount of local and federal stimulus
funding, and an economic recovery is now underway, though there is still significant uncertainty about the future of the Puerto Rican
economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The long-term effects of the
COVID-19 pandemic are currently unpredictable. The long-term behavioral changes associated with the pandemic (i.e., reduced travel, increased
work from home, reduced activity in large gathering places,&#160;etc.) are also unknown.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Outstanding issues relating
to the potential for a transition to statehood may also have broad implications for Puerto Rico and its financial and credit positions.
The power to grant statehood resides with the U.S. Congress.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Litigation.
</b></span>In addition to the litigation described above, the Commonwealth, its officials and employees are named as defendants in legal
proceedings that occur in the normal course of governmental operations. Some of these proceedings involve claims for substantial amounts,
which if decided against the Commonwealth might require the Commonwealth to make significant future expenditures or substantially impair
future revenue sources. Because of the prospective nature of these proceedings, it is not presently possible to predict the ultimate outcome
of such proceedings, estimate the potential impact on the ability of the Commonwealth to pay debt service costs on its obligations, or
determine what impact, if any, such proceedings may have on a fund&#8217;s investments.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
Rating. </b></span>In February&#160;2014, Puerto Rico&#8217;s then outstanding general obligation bonds were downgraded to non-investment
grade or &#8220;junk&#8221; status by Moody&#8217;s and S&amp;P. Following multiple further downgrades S&amp;P discontinued its ratings
for the Commonwealth&#8217;s general obligation bonds in 2018 and Moody&#8217;s withdrew its ratings for the Commonwealth&#8217;s general
obligation bonds in 2021. On May&#160;12, 2022, following the Effective Date of the Plan of Adjustment, Fitch withdrew its D rating and
announced that it will no longer provide ratings for the Commonwealth<b>. </b>S&amp;P, Fitch and Moody&#8217;s do not currently maintain
a rating for the New GO Bonds or an issuer rating for the Commonwealth of Puerto Rico (confirmed as of November&#160;12, 2024).</p><div>


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Introduction.
</b></span>Guam&#8217;s economy is heavily dependent upon revenues from tourism and U.S. federal and military spending. As a result, economic
problems or factors that adversely impact these sources of revenue may have a negative effect on the value of Guam&#8217;s municipal securities,
which may reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Guam faces significant fiscal
challenges including a high unemployment rate, uncertainty in the tourism industry and a reliance on a foreign workforce affecting key
industry segments. Furthermore, the economic outlook in the rest of the United States remains uncertain, especially in light of the COVID-19
pandemic. An economic downturn in the United States or countries such as Japan, China, or Korea, which provide large sources of tourism
to the island, could significantly impact the finances of Guam and, therefore, its municipal securities. Moreover, the level of public
debt in Guam may affect long-term growth prospects and could cause Guam to experience financial hardship. As a result of these and other
factors, Guam has faced fiscal stress in recent years.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From year-to-year, Guam may
experience a number of political, social, economic and environmental circumstances that influence Guam&#8217;s economic and fiscal condition.
Such circumstances include, but are not limited to: (i)&#160;persistent structural imbalances; (ii)&#160;rising debt levels; (iii)&#160;significant
pension underfunding; (iv)&#160;revenue volatility; (v)&#160;developments with respect to the U.S. and world economies; (vi)&#160;environmental
considerations, natural disasters and widespread diseases, including pandemics and epidemics; and (vii)&#160;U.S. federal economic and
fiscal policies, including the amount of federal aid provided to Guam. There can be no guarantee that future developments, including events
affecting Guam&#8217;s economic and fiscal condition, will not have a materially adverse impact on Guam&#8217;s finances. Any deterioration
in Guam&#8217;s financial condition may have a negative effect on the marketability, liquidity or value of the securities issued by Guam,
which could reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
Economic Climate. </b></span>As of September&#160;2023, Guam&#8217;s civilian labor force consisted of approximately 71, 990 individuals.
This figure includes citizens of the Federated States of Micronesia and the Republic of Marshall Islands, who are authorized by compact
to accept employment in the United States, and also citizens of the Republic of Palau, who are authorized by covenant to accept employment
in the United States.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unemployment rate in Guam
for September&#160;2023 was 4.1%, an increase of 0.1 percentage points from the June&#160;2023 figure of 4.0%, and a reduction of 0.3
percentage points from September&#160;2022. Guam&#8217;s unemployment rate was above the national average of 3.8% in September&#160;2023.
Approximately 76% of Guam&#8217;s workforce is employed in the private sector, with the remainder employed by the federal and local governments.
Based upon preliminary reports for June&#160;2024, Guam&#8217;s private sector employment increased 4.9%, federal government employment
decreased 2.9% and local government employment increased 3.1%.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Guam&#8217;s 2022 gross domestic
product is estimated at $6.91 billion. The Bureau of Economic Analysis estimates indicate that after declining in calendar year 2020 due
to COVID-19, Guam&#8217;s GDP continued to grow from $6.234 billion in 2021 to $6.910 billion in 2022, an increase of 10.8%. The 2022
gross domestic product figure primarily consists of approximately $4.140 billion in personal consumption expenditures, $4.633 billion
in government consumption expenditures and gross investment and 2.013 billion in private fixed investments less $3.876 billion in net
export of goods and services increase in real gross domestic product for Guam increased 5.1% in 2022 after increasing 2.1% in 2021. The
increase in real domestic product reflected increases in exports, private fixed investment, government spending and personal consumption
expenditures. Imports, a subtraction item in the calculation of GDP, increased.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guam Government, residents
and businesses received and estimated $3.8 billion through various federal stimulus programs enacted following the start of the COVID-19
pandemic. Guam received 1.8 billion under the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020; the Guam government
received its full share of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 ($553.6 million); and Guam received
$1.5 billion from ARPA.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Guam&#8217;s economy is expected
to continue expanding and recovering from the pandemic downturn throughout Fiscal Years 2024 and 2025. This economic expansion and partial
recovery began in 2021 and 2022, restoring Guam&#8217;s growth trend. Further, increased Economic activity is anticipated due to simultaneous
increases in construction including the progression of the Camp Blaz Marine Corps base construction activity nearing its planned peak,
missile defense construction, private and Government construction projects, and continued recovery in the tourism sector from Korea and
Japan.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The three primary sources
of inflows of funds to Guam are from tourism, federal expenditures, and construction capital investment. Tourism has begun a partial rebound
from the pandemic virtual shutdown in March&#160;2020, continuing into 2022. Calendar year 2023 visitor arrivals rose by approximately
101% over 2022, although they were still less than half of pre-pandemic levels.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Federal government expenditures
now represent the largest single source of funds flowing to Guam. Federal government expenditures in recent years were the second-largest
source of funds, well behind tourism expenditures in recent years. The pandemic induced reduction in tourism, and an increase in federal
expenditures changed that.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Economic, social and political
conditions in Japan, South Korea and throughout the Pacific Rim, and the resulting effect on overseas travel from these countries, are
a major determinant of tourism on Guam. Tourism, particularly from South Korea and Japan, where approximately 85% of visitors originated
over the past several fiscal years (including FY 2021), represents a significant share of the economic activity on Guam. In response to
the current COVID-19 pandemic, many countries, including South Korea and Japan, issued shelter-in-place orders and travel restrictions
and warnings. As a result of the COVID 19 pandemic, calendar year 2020 visitor arrivals to Guam fell by approximately 80%.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The United States&#8217; military
presence on Guam also contributes significantly to the island&#8217;s economy. Its strategic location close to Asia has increased its
importance in the overall military strategy of the United States, but also has exposed Guam to certain geopolitical risks, including threats
of military confrontation. In the years following 2010, Guam began to experience a decrease in U.S. military personnel as the plan to
relocate certain forces from Japan to Guam was delayed. There can be no guarantee that the relocation will occur or to what extent Guam&#8217;s
local economy will benefit from any relocation.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, current plans anticipate
that approximately 5,000 Marines and 1,500 dependents from Okinawa and other locations will be relocated to Guam by Fiscal Year 2028,
with the first 2,500 Marines moving to a new Marine Corps Base Camp Blaz by Fiscal Year 2026. The 2024 National Defense Authorization
Act, passed in December&#160;2023, includes over $4.2 billion of appropriations as part of the military buildup on Guam.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Budget</b></span>.
On February&#160;5, 2024, the Governor of Guam submitted the Executive Budget Proposal request for FY 2025 (the &#8220;Proposed Budget&#8221;).
The Proposed Budget totaled $1.13 billion and projected $961.7 million in General Fund Revenues, $214.5 million in Special Fund Revenues
and $552.9 million in federal matching grants-in-aid revenue. The Governor of Guam signed the budget bill into law on September&#160;11,
2024. The enacted budget totaled $1.31 billion and projects $906.5 million in General Fund Revenues, $212.3 million in Special Fund Revenues
and $190.1 million in federal matching grants-in-aid revenue.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt.
</b></span>Guam is prohibited from authorizing or allowing the issuance of public debt in excess of 10% of the assessed tax valuation
of the property in Guam, which amounts to $1.352 billion as of October&#160;2022. Public debt does not include bonds or other obligations
payable solely from revenues derived from any public improvement or undertaking. Total debt outstanding as of September&#160;30, 2022,
subject to the debt ceiling limitation is $940.8 million. The legal debt margin as of September&#160;30, 2022 was $411.1 million.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Litigation.
</b></span>Guam, its officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental
operations. Some of these proceedings involve claims for substantial amounts, which if decided against Guam might require Guam to make
significant future expenditures or substantially impair future revenue sources. Because of the prospective nature of these proceedings,
it is not presently possible to predict the ultimate outcome of such proceedings, estimate the potential impact on the ability of Guam
to pay debt service costs on its obligations, or determine what impact, if any, such proceedings may have on a fund&#8217;s investments.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Natural
Disasters. </b></span>Like other Pacific islands, Guam is periodically subject to typhoons and tropical storms. From 1962 to date, ten
typhoons caused damage great enough to result in federal disaster relief. Super Typhoon Karen in 1962, Typhoon Pamela in 1976, Typhoon
Russ in 1990,</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Super Typhoon Omar in 1992,
Super Typhoon Paka in 1997, Typhoon Chata&#8217;an and Super Typhoon Pongsona in 2002, Typhoon Dolphin in 2015, Typhoon Wutip in 2019
and Super Typhoon Mawar in 2023. Super Typhoon Mawar made landfall on Guam on May&#160;24, 2023, with the territory sustaining substantial
damage from high winds, storm surge, and heavy rainfall. President Joe Biden declared Guam a major disaster area on May&#160;27, 2023,
enabling the distribution of federal funds.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the United States
Federal Emergency Management Agency (FEMA) makes disaster relief assistance available after significant typhoon or earthquake damage,
there can be no assurance that future typhoons and/or earthquakes will not cause significant damage to business in Guam, or that FEMA
will provide disaster relief assistance if significant damage is experienced. There can also be no assurance that, even with FEMA assistance,
damage that results from future typhoons or earthquakes will not adversely affect business activity on Guam.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Potential impacts of climate
change, including rising sea levels, excessive rainfall, stronger tropical storms, drought, ocean acidification, coral bleaching, saltwater
intrusion, storm surges, rising temperatures and increased migration, may threaten Guam&#8217;s security and resources. The impact of
climate change and climate variability may also have detrimental socioeconomic impacts to Guam.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
rating. </b></span>On December&#160;16, 2021, S&amp;P affirmed its BB- rating on Guam&#8217;s general obligation debt and revised its
outlook to stable from negative. On January&#160;25, 2024, Moody&#8217;s upgraded its rating of Guam&#8217;s outstanding general obligation
debt to Baa3 (with a stable outlook). These ratings reflect only the views of the respective rating agency, an explanation of which may
be obtained from each such rating agency. As of November&#160;12, 2024, the above ratings had not been revised or withdrawn. There is
no assurance that these ratings will continue for any given period of time or that it will not be revised or withdrawn entirely by the
rating agencies if, in the judgment of such rating agencies, circumstances so warrant. A downward revision or withdrawal of any such rating
may have an adverse effect on the market prices of the securities issued by Guam or its political subdivisions, instrumentalities and
authorities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. VIRGIN ISLANDS</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Introduction.
</b></span>The United States Virgin Islands (the &#8220;Virgin Islands&#8221; or &#8220;USVI&#8221;) is an unincorporated territory of
the United States with separate executive, legislative and judicial branches of government. The economy of the Virgin Islands is heavily
dependent upon revenues from tourism, but other major sectors of the Virgin Islands&#8217; economy include the trade, transportation and
utilities sector; the professional and business services sector; the leisure and hospitality sector; and the government sector. As these
sectors represent the largest share of employment in the Virgin Islands, economic problems or factors that adversely impact these sectors
may have a negative effect on the value of the Virgin Islands&#8217; municipal securities, which may reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The economy of the Virgin
Islands has faced substantial fiscal challenges in recent years, including damage to infrastructure caused by natural disasters and widespread
diseases, a high unemployment rate, a structural deficit, declining government revenues, and considerable unfunded pension and healthcare
liabilities. The level of public debt in the Virgin Islands may affect long-term growth prospects and may make it difficult for the Virgin
Islands to make full repayment on its obligations. Furthermore, the economic outlook in the rest of the United States remains uncertain.
A future economic downturn in the United States could significantly impact the finances of the Virgin Islands and, therefore, its municipal
securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no guarantee
that economic and fiscal conditions in the Virgin Islands will improve or that future developments will not have a materially adverse
impact on the finances of the Virgin Islands. Any deterioration in the Virgin Islands&#8217; financial condition may have a negative effect
on the value of the securities issued by the Virgin Islands, which could reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
Economic Climate. </b></span>The impact of the pandemic on employment in the U.S. Virgin Islands was substantial. From February&#160;to
May&#160;2020, the Territory&#8217;s unemployment rate grew from 4.5% to 13.6% but has since fallen to 5.6% as of August&#160;2022. Exports
declined partially due to the unprecedented losses in travel and tourism. Tourism is the Territory&#8217;s primary export and the sector
most impacted by the pandemic. The industry experienced a near halt to air leisure and business travel in 2020 and the cancellation of
all cruise ship calls throughout most of 2020 and early 2021. Consequently, air visitors fell 35.1% in 2020 to 442,027 from 640,887 in
2019 before rebounding 96.7% to a high of 824,460 in 2021. Cruise passenger visitors plunged 69.3% to 442,027 in 2020 but began to recover
in the second half of 2021 and by year&#8217;s end, reached 245,695&#8212; still about 82.9% below the 1.4 million cruise passengers in
2019.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Businesses also spent less
money on construction and equipment, triggering a 27.7% decline in private fixed investment. In addition, declining government spending
from fading disaster response and hurricane recovery activities weighed on gross domestic product growth, decreasing that component by
4%. Imports fell 10.6%, reflecting declines in imports of goods, including consumer goods and equipment, and other services. The U.S.
Census Bureau released the 2020 decennial census counts in 2021. Between 2010 and 2020, the Virgin Islands&#8217; population fell 18.1%.
According to the Virgin Islands Bureau of Economic Research, residents of the Virgin Islands received approximately $2.9 billion in estimated
personal income in 2021. As a result, residents of the Virgin Islands had a per capita personal income of $27,049 in 2021.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2022, the Virgin Islands&#8217;
real gross domestic product (GDP) decreased by 1.3% following a 3.7% increase in 2021. The increase in real GDP reflected increases in
exports and personal consumption expenditures. This was due to reductions in exports, private investment, government spending, and personal
consumption, partially offset by an increase in inventory investment. Imports, a subtraction item in the calculation of GDP, also decreased.
In 2022 the export of goods and services decreased by 18.9%. Goods exports declined due to lower crude oil and petroleum products exports,
while services exports increased due to higher visitor spending. Total visitor arrivals were 69.7% higher in 2022 than in 2021.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Visitor arrivals reached roughly
2.4 million in 2023, marking a rise of around 582,385 visitors over 2022&#8212;or a 32.1% increase. Furthermore, visitor arrivals surpassed
pre-pandemic levels by 15.5%. Air arrivals totaled 782,022. A total of 1.6 million cruise guests visited the territory in 2023, accounting
for 67.4% of visitor arrivals in 2023.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of July&#160;2024, the
Virgin Islands&#8217; had an unemployment of approximately 3.8% which was down from 3.7% in July&#160;2023. The Virgin Islands&#8217;
unemployment rate was lower than the national average which was 4.3% for the same periods.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Virgin Islands&#8217;
economy has faced setbacks in recent years largely as a result of the lingering effects of the economic recession in the United States,
the impact of natural disasters, the closure of the HOVENSA petroleum refinery and the COVID-19 pandemic. These factors have placed financial
stress on key segments of the Virgin Islands&#8217; economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tourism sector constitutes
a significant portion of the Virgin Islands&#8217; economy. However, because of its geographical location, the Virgin Islands is subject
to natural disasters, including hurricanes, that can cause considerable damage to the territory and disrupt the tourism industry. Any
additional natural disasters that impact tourism could adversely affect the Virgin Islands&#8217; economy. Furthermore, the Virgin Islands
was closed to tourists from March&#160;to May&#160;2020 and from August&#160;to September&#160;2020 due to the COVID-19 pandemic. As of
September&#160;19, 2020, the Virgin Islands has reopened to tourism. However, the current and long-term impact of the pandemic remains
unknown.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The United States continues
to be the primary source of visitors to the Virgin Islands. Therefore, any gains in the tourism industry are closely related to economic
growth in the United States. In order to expand its tourism industry and insulate the islands from potential economic declines in the
United States, the Virgin Islands has begun, in recent years, increasing its tourism marketing to other countries and regions and is evaluating
ways to reposition itself as a leading tourism destination through a private-sector driven approach.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Important private sector activities
in the Virgin Islands include wholesale and retail trade, leisure and hospitality, financial activities, and construction and mining activities.
The agricultural sector remains small, which requires most of the territory&#8217;s food to be imported. International business and financial
services are a small but growing component of the economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2012, the operators of
the HOVENSA oil refinery, one of the largest employers in the Virgin Islands at the time, announced that they would close the refinery,
laying off approximately 1,200 employees and 950 subcontractors. However, in January&#160;2016, Limetree Bay Terminals, LLC and its affiliates
(Limetree) finalized its purchase of the HOVENSA oil refinery, including HOVENSA&#8217;s storage and docking facilities. Limetree re-opened
the refinery in February&#160;2021. Following multiple major flaring incidents resulting in significant air pollutant and oil releases,
the EPA issued notices of violations of the Clean Air Act, and ordered Limetree to pause all operations at the refinery for at least 60
days. In June&#160;2021, Limetree announced the indefinite closing of its oil refining facility on the island of St. Croix and the layoff
of 271 plant employees. In December&#160;2021 Limetree sold the refinery through a Chapter 11 asset auction to joint bidders, West Indies
Petroleum and Port Hamilton Refining and Transportation. Because of these and subsequent other events, including West Indies Petroleum&#8217;s
announcement in June&#160;2022 disavowing ownership of the refinery, ongoing litigation, an August&#160;2022 fire at the refinery, and
the September&#160;2022, October&#160;2022, and August&#160;2024 announcements of additional EPA action and reopening requirements, it
is not possible to predict the extent of the impact of the sale of the refinery on the Virgin Islands&#8217; economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In fiscal year 2020, the Virgin
Islands reported a net pension liability for the primary government and component units of $4.2 billion. Additionally, the Virgin Islands
reported an other post-employment benefits liability of $786.8 million in fiscal year 2020. In fiscal year 2021, the pension liability
totaled approximately $4.53 billion. Additionally, the Virgin Islands reported an other post-employment benefits liability of $992.3 million
in fiscal year 2020. Virgin Islands officials were continuing to project that the public pension system would reach insolvency by 2024
absent a reduction in member benefits or infusion of cash into the system.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Virgin Islands&#8217;
Government Employees&#8217; Retirement System (GERS) remains one of the lowest funded public pension plans in the United States, according
to GAO&#8217;s analysis of national data. In 2021, GERS actuaries projected that the plan would be insolvent by March&#160;2025. The USVI
government has made changes to the plan over the years to maintain its solvency. In April&#160;2022, USVI finalized a debt refinancing
plan to provide dedicated funding to GERS with revenue from an excise tax on rum sales. However, GERS continues to face the risk of insolvency.
According to GAO&#8217;s analysis, GERS may face insolvency within the next 10 years if the excise tax rate is lower than expected or
if rum sales decline, among other risks. For example, the GERS&#8217; revenue projections for the excise tax used a $13.25 per proof gallon
tax rate that expired in 2021 and reverted to a lower statutorily defined rate in 2022 ($10.50). While the USVI government has paid the
resulting shortfall in 2023, it is not required and may not be sustainable.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Overall, the underlying fundamentals
of the Virgin Islands economy are volatile. Increasing unemployment, decreasing revenues and the loss of many high-paying jobs have combined
to place significant fiscal pressure on the local government. It is possible that fiscal challenges facing the Virgin Islands could impact
the ability of the territory to satisfy the obligations on its outstanding debt. Any such outcome would likely reduce the value of the
municipal securities issued by the Virgin Islands and its political subdivisions, instrumentalities, and authorities, which may reduce
the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Budget.
</b></span>In recent fiscal years, the government has experienced substantial fluctuations in revenues and expenditures, as well as recurring
deficits. The Virgin Islands has taken a series of actions in recent years to reduce the size of its operating budget and address its
recurring operating deficit. However, these actions have not addressed the structural imbalances that have led to recurring deficits.
Rather, annual shortfalls have been addressed by an ad hoc combination of inter-fund transfers and debt financing.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Proposed Executive Biennial
Budget includes $969.1 million in General Funds for FY 2024 and $968.0 million in General Funds for FY 2025. The total operating budget
including appropriated and nonappropriated funds and federal funds is $1.42 billion and $1.42 billion in Fiscal Years 2024 and 2025, respectively.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total assets and deferred
outflows of resources of the Government of the Virgin Islands as of September&#160;30, 2021 and 2020, were approximately $4.3 billion
and $3.7 billion, respectively. Total liabilities and deferred inflows were approximately $9.7 and $8.8 billion, respectively, over the
same period. Liabilities exceed assets mainly due to unfunded pension and postemployment benefits such as health insurance due to retired
Government employees amounting to $5.5 billion and $5.0 billion at September&#160;30, 2021 and 2020.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed in the financial
statements, the Virgin Islands Government reported an unrestricted net deficit in Governmental Activities and in the General Fund that
raise substantial doubt about its ability to continue as a going concern. On September&#160;30, 2021, the Government&#8217;s net deficit
of $5.3 billion consisted of a $584.2 million net investment in capital assets; $300.5 million restricted by statute or other legal requirements
that were not available to finance day-to-day operations; and an unrestricted net deficit of $6.2 billion. On September&#160;30, 2020,
the Government&#8217;s net deficit of $5.2 billion consisted of a $529.0 million net investment in capital assets; $307.4 million restricted
by statute or other legal requirements that were not available to finance day-to-day operations; and an unrestricted net deficit of $6.0
billion.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Proposed Executive Biennial
Budget reflects a 100% reduction in transfers from the Internal Revenue Matching Fund (IMRF). The great majority of revenues collected
through the IRMF have now been pledged towards the reduction of the unfunded liability of the Government Employees Retirement System.
There is no guarantee that the Government&#8217;s efforts to reverse the pending insolvency of the Government Employees Retirement System
through a matching fund special purpose securitization bond offering will be entirely successful.</p><div>


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt</b></span>.
Current law prohibits the Virgin Islands from authorizing or issuing general obligation bonds in excess of 10% of the aggregate assessed
valuation of taxable real property in the territory. As of September&#160;30, 2020, the net amount of bonds outstanding, including both
general obligation and revenue bonds, was estimated at $2.0 billion. The large fiscal risks faced by the Virgin Islands, coupled with
its exclusion from capital markets, may hamper the Virgin Islands ability to repay its public debts. <b>Natural Disasters</b>. In September&#160;2017,
two successive hurricanes &#8211; Irma and Maria &#8211; caused severe damage to the Virgin Islands. The infrastructure of the Virgin
Islands was severely damaged by high winds and substantial flooding, leaving much of the Virgin Islands without power. According to officials,
Hurricanes Irma and Maria caused an estimated $10.76 billion in damage to the public infrastructure and economy of the Virgin Islands.
In February&#160;2018, Congress appropriated $89.3 billion for disaster recovery efforts for areas affected by hurricanes in 2017. Approximately
$11 billion of these funds were made available to the Virgin Islands and the Commonwealth of Puerto Rico, and $2 billion was designated
to help repair and reconstruct the electrical system of the islands. Before the storms made landfall, the Virgin Islands was already facing
a severe economic crisis due to mounting debt obligations and declining revenues. There can be no assurances that the Virgin Islands will
receive sufficient aid to rebuild from the damage caused by Hurricanes Irma and Maria, and it is not currently possible to predict the
long-term impact that Hurricanes Irma and Maria will have on the Virgin Island&#8217;s economy. All these developments have a material
adverse effect on the Virgin Island&#8217;s finances and negatively impact the marketability, liquidity and value of securities issued
by the Virgin Islands that are held by the Fund.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Litigation</b></span>.
The Virgin Islands, its officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental
operations. Some of these proceedings involve claims for substantial amounts, which if decided against the Virgin Islands might require
the Virgin Islands to make significant future expenditures or substantially impair future revenue sources. Because of the prospective
nature of these proceedings, it is not presently possible to predict the ultimate outcome of such proceedings, estimate the potential
impact on the ability of the Virgin Islands to pay debt service costs on its obligations, or determine what impact, if any, such proceedings
may have on a fund&#8217;s investments.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
rating</b></span>. On September&#160;28, 2017, Fitch withdrew its ratings due to the Virgin Islands&#8217; communication that it intended
to stop participating in the ratings process, and Fitch indicated that it no longer had sufficient information to maintain the ratings.
On March&#160;23, 2023, Moody&#8217;s announced that it had withdrawn the U.S. Virgin Islands issuer rating. S&amp;P, Fitch and Moody&#8217;s
do not currently maintain an issuer rating for U.S. Virgin Islands (confirmed as of November&#160;12, 2024).</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Introduction</b></span>.
The Commonwealth of the Northern Mariana Islands (the &#8220;Commonwealth&#8221; or &#8220;CNMI&#8221;) is a commonwealth of the United
States with a political status similar to that of Puerto Rico. The economy of the Commonwealth is heavily dependent upon revenues from
tourism and transfers from the federal government. As these sources represent a significant share of the Commonwealth&#8217;s revenue,
economic problems or factors that adversely impact these sources may have a negative effect on the value of the Commonwealth&#8217;s municipal
securities, which may reduce the performance of a fund. Although the Commonwealth has faced significant setbacks, the economy has shown
signs of modest growth in recent years. Such growth in may be slow as the Commonwealth continues to face substantial fiscal challenges
including high unemployment, severe reductions in key industry segments and large government deficits. Furthermore, the economic outlook
in the rest of the United States remains uncertain, especially in light of the COVID-19 pandemic. An economic downturn in the United States
or countries such as Japan, China or Korea, which provide large sources of tourism to the islands, could significantly impact the finances
of the Commonwealth and, therefore, its municipal securities. Moreover, the level of public debt in the Commonwealth may affect long-term
growth prospects and could cause the Commonwealth to experience continued financial hardship.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From year-to-year, the Commonwealth
may experience a number of political, social, economic and environmental circumstances that influence the Commonwealth&#8217;s economic
and fiscal condition. Such circumstances include, but are not limited to: (i)&#160;persistent structural imbalances; (ii)&#160;rising
debt levels; (iii)&#160;significant pension underfunding; (iv)&#160;revenue volatility; (v)&#160;developments with respect to the U.S.
and world economies; (vi)&#160;environmental considerations, natural disasters and widespread diseases, including pandemics and epidemics;
and (vii)&#160;U.S. federal economic and fiscal policies, including the amount of federal aid provided to the Commonwealth. There can
be no guarantee that future developments, including events affecting the Commonwealth&#8217;s economic and fiscal condition, will not
have a materially adverse impact on the Commonwealth&#8217;s finances. Any further deterioration in the Commonwealth&#8217;s financial
condition may have a negative effect on the marketability, liquidity or value of the securities issued by the Commonwealth and may jeopardize
the ability of the Commonwealth to satisfy its obligations on its outstanding debt, which could reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current
Economic Climate</b></span>. After joining the United States in 1978, the federal government agreed to exempt the Commonwealth from federal
minimum wage and immigration laws in an effort to help stimulate the Commonwealth&#8217;s economy. As a result of these exemptions, the
Commonwealth was able to build a large garment industry, which at one time accounted for nearly 40% of the Commonwealth&#8217;s economy.
A significant portion of the Commonwealth&#8217;s residents and a large number of temporary workers from throughout the region worked
in the textile industry. Critical to this growth was duty-free access to U.S. markets and local authority over immigration and the minimum
wage.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the last two decades,
however, the Commonwealth&#8217;s economy underwent an involuntary transformation resulting from federal policy actions that led to the
dissolution of the Commonwealth&#8217;s garment industry. Following the collapse of the garment industry, tourism emerged as the major
driver of the Commonwealth&#8217;s economy. The majority of the Commonwealth&#8217;s visitors are from Japan, Korea, China, and the United
States, and federal immigration policy has also greatly impacted tourism in the Commonwealth. Any future developments that make international
travel to the islands more difficult may have a negative impact on the Commonwealth&#8217;s economy. In addition, the relaxation of laws
restricting gambling helped to attract outside private investment and spur economic growth.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The CNMI economy faced challenges
prior to the pandemic. It was still recovering from the effects of Super Typhoon Yutu, which devastated the CNMI in October&#160;2018,
causing extensive damage to homes, businesses, and infrastructure, including to the Saipan International Airport.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The CNMI government&#8217;s
strategy to encourage tourism and economic activity by building casinos and hotels on Saipan and Tinian has not been successful, leaving
the territory without a viable plan to recover its economy through other means. CNMI&#8217;s inflation adjusted gross domestic product
fell by 11.3% in 2019 and another 29.7% in 2020 with sharp declines in tourist spending, casino gambling revenue, and private fixed investment.
With the tourism industry struggling to recover, federal assistance slowing, and weak financial management practices persisting, CNMI
is at risk of a severe fiscal crisis.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tourism is CNMI&#8217;s primary
source of economic activity. However, the number of visitors to CNMI has been declining since 2018 when Super Typhoon Yutu caused extensive
damage to homes, businesses, and infrastructure, including to the Saipan International Airport. The COVID-19 pandemic caused a much sharper
decline in tourism revenue and economic activity, exacerbated by the subsequent closure of the CNMI&#8217;s largest casino in 2020 after
just three years of operating. Visitors in 2022 increased to 96,521&#8212;indicating a slight recovery&#8212;though still well below pre-pandemic
levels.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19 pandemic also
had a significant negative impact on tourism, the Commonwealth&#8217;s primary industry. Tourism from Asia declined significantly beginning
in January&#160;2020 at the onset of the pandemic, leading to a sharp reduction in anticipated general revenue. To prevent the spread
of the COVID-19 virus, the Commonwealth suspended commercial air travel in April&#160;2020 and again in December&#160;2021.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commonwealth&#8217;s real
gross domestic product decreased by 29.7% in 2020, after decreasing by 11.3% in 2019. The decrease primarily reflects decreases in exports
of services, private fixed investment, personal consumption expenditures and government spending. Exports of goods and services decreased
74.4% in 2020. The decrease in exports was largely accounted for by exports of services, which consists primarily of visitor spending,
including on casino gambling. Revenues from casino gambling dropped over 95%. The number of visitors to the Commonwealth decreased 81.7%,
reflecting the effects of the COVID-19 pandemic.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commonwealth also faces
certain unique risks, including its reliance on a foreign workforce that has the potential to result in a labor shortage. In addition,
because of its geographical location, the Commonwealth is subject to natural disasters. The Commonwealth has previously experienced severe
weather events that significantly impacted its economy, and any future storms, or other natural disasters, that have an adverse effect
on the Commonwealth&#8217;s finances could negatively impact the marketability, liquidity or value of securities issued by the Commonwealth.</p><div>


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


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Budget</b></span>.
The Commonwealth has run a budget deficit for many years, which means spending has consistently outpaced revenue collection. The Commonwealth&#8217;s
governmental activities deficit net position increased from $480 million to a deficit net position of $580.1 million, an increase of 20.9%
between fiscal years 2020 and 2021.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September&#160;30, 2024,
the Governor signed into law the Commonwealth&#8217;s budget for FY2025 (Enacted Budget). The Enacted Budget identifies total budgetary
resources of approximately $158.6 million, which, after adjustments and transfers, including debt service, would leave $111.5 million
for appropriations during the fiscal year.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unfunded liabilities of the
Northern Mariana Islands Retirement Fund and minimum annual payments required to the Northern Mariana Islands Settlement Fund (&#8220;NMISF&#8221;)
as part of a 2013 pension-related settlement present a significant risk to the fiscal condition of the Commonwealth. Pursuant to law,
the Commonwealth is required to make contributions to the retirement fund each year on an actuarially funded basis toward the annuities
related to retirement and other benefits. Due to recurring budget deficits, the Commonwealth has often delayed or suspended payments to
the retirement fund.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended September&#160;30,
2021, 2020 and 2019, the Commonwealth recorded payments to NMISF of $40 million and $13.57 million, $42 million and $13.98 million, and
$44 million and $14.15 million, respectively. However, the enacted Fiscal Year 2025 budget makes no provision for payments to NMISF in
Fiscal Year 2025.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt</b></span>.
As of September&#160;30, 2021, the Commonwealth had $80.6 million in long-term debt outstanding, which represents a net decrease of $4.8
million or 5.6% from the prior year. The expected annual debt service requirements on the Commonwealth&#8217;s general obligation bonds
are $9.77 million for the fiscal year 2024 and $9.65 million for fiscal year 2025.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September&#160;30, 2020,
CNMI&#8217;s total public debt outstanding was about $114.1 million, or about 12 percent of GDP ($938.8 million). This reflects CNMI&#8217;s
inability to borrow through capital markets in recent years. CNMI has struggled to finance its pension plan. Moreover, its economy continues
to decline with limited prospects for recovery as its tourism industry struggles and its largest casino is closed and unlikely to reopen
soon. CNMI&#8217;s financial management and reporting has also worsened. With CNMI&#8217;s limited financial prospects and weak financial
management practices persisting, CNMI is at risk of a severe fiscal crisis.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Natural
Disasters. </b></span>The Commonwealth underwent two typhoons during the months of September&#160;and October&#160;2018. Typhoon Mangkhut
destroyed much of the resources for the island of Rota, and Super Typhoon Utu devastated the islands of Tinian and Saipan. The disasters
had detrimental effects on the Commonwealth&#8217;s economic activity, leaving two main sectors of the economy (tourism and gaming) at
a standstill for the first quarter of the 2019 fiscal year. These events had a material adverse effect on the Commonwealth&#8217;s finances
and may negatively impact the payment of principal and interest, marketability, liquidity, and value of securities issued by the Commonwealth
that are held by the Fund.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Litigation</b></span>.
The Commonwealth, its officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental
operations. Some of these proceedings involve claims for substantial amounts, which if decided against the Commonwealth might require
the Commonwealth to make significant future expenditures or substantially impair future revenue sources. Because of the prospective nature
of these proceedings, it is not presently possible to predict the ultimate outcome of such proceedings, estimate the potential impact
on the ability of the Commonwealth to pay debt service costs on its obligations, or determine what impact, if any, such proceedings may
have on a fund&#8217;s investments.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Credit
rating</b></span>. On April&#160;1, 2020, Moody&#8217;s withdrew its issuer rating for the Commonwealth of Ba3 with a negative outlook.
S&amp;P, Fitch and Moody&#8217;s do not currently maintain a credit rating for CNMI general obligation debt (confirmed as of November&#160;12,
2024).</p><div>


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 25. Financial Statements And Exhibits</b></p><div>


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 4%; padding: 0.25pt; font-size: 10pt"><span style="font-size: 10pt">(1)</span></td>
    <td style="padding: 0.25pt; font-size: 10pt"><span style="font-size: 10pt">Contained in Part A: </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Highlights of the Invesco Municipal Income Opportunities
Trust (the &#8220;Registrant&#8221;) for the last ten fiscal years and for the fiscal period ended August 31, 2024.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#8217;s Financial Statements for the fiscal years ended
February 29, 2024, February 28, 2023, February 28, 2022, February 28, 2021 and February 29, 2020, are incorporated in Part A by reference
to Registrant&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm">February
29, 2024 Annual Report</a> (audited) on Form N-CSR as filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221; or
the &#8220;Commission&#8221;) via EDGAR Accession No. 0001193125-24-129060 on May 2, 2024.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#8217;s Financial Statements for the fiscal years ended
February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016 and February 28, 2015, are incorporated in Part A by reference
to Registrant&#8217;s <a href="https://www.sec.gov/Archives/edgar/data/835333/000119312519142327/d650949dncsr.htm">February 28, 2019
Annual Report (audited)</a> on Form N-CSR as filed with the SEC via EDGAR Accession No. 0001193125-19-142327 on May 9, 2019.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#8217;s Financial Statements for the fiscal period ended
August 31, 2024, are incorporated in Part A by reference to Registrant&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524249658/d817801dncsrs.htm">August
31, 2024 Semi-Annual Report (unaudited)</a> on Form N-CSR as filed with the SEC via EDGAR Accession No. 0001193125-24-249658 on November
1, 2024.</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#8217;s Financial Statements are incorporated in Part B
by reference to Registrant&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm">February
29, 2024 Annual Report</a> (audited) on Form N-CSR as filed with the SEC via EDGAR Accession No. 0001193125-24-129060 on May 2, 2024.</p><div>


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; padding: 0.25pt; width: 4%">&#160;</td>
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  <tr>
    <td style="padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt">&#160;</td></tr>
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    <td style="width: 4%; padding: 0.25pt">&#160;</td>
    <td style="width: 3%; padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt; width: 2%">&#160;</td>
    <td style="padding: 0.25pt; width: 3%">&#160;</td>
    <td style="width: 1%; padding: 0.25pt">&#160;</td>
    <td style="width: 3%; padding: 0.25pt">&#160;</td>
    <td style="width: 84%; padding: 0.25pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding: 0.25pt">&#160;</td>
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  <tr>
    <td style="vertical-align: top; padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: left"/>
    <td style="vertical-align: top; padding: 0.25pt">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding: 0.25pt; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: left">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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


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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; padding: 0.25pt; width: 4%">&#160;</td>
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    </tr>
</table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding: 0.25pt; vertical-align: top; width: 4%">&#160;</td>
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    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: left; width: 3%"><span style="font-size: 10pt">(i)</span></td>
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</table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left"/>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
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    <td colspan="2" style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/725781/000119312515303497/d16327dex99f2.htm">Form
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  <tr>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: left; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
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  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left"/>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
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    December 31, 2011 (<i>incorporated into this filing by reference to Post-Effective Amendment No. 91 to AIM Sector Funds (Invesco
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  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; width: 4%">&#160;</td>
    <td style="vertical-align: top; text-align: left; width: 3%">(j)</td>
    <td style="vertical-align: bottom; width: 2%">&#160;</td>
    <td style="text-align: left; vertical-align: top; width: 3%">(i)</td>
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                                            Custodian Agreement, dated June 1, 2018, between Registrant and State Street Bank and Trust
                                            Company <i>(incorporated into this filing by preference to Post-Effective Amendment No. 89
                                            to AIM Investment Securities Funds (Invesco Investment Securities Funds) Registration Statement
                                            on Formo N-1A, filed on June 27, 2019)</i></a></p></td></tr>
  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td colspan="2" style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left">&#160;</td>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">(ii)</td>
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    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#160;</p></td>
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                                            to Master Custodian Agreement, dated July 1, 2024, between Registrant and State Street Bank
                                            and Trust Company <i>(incorporated by reference to Exhibit (j)(ii) to Registrant&#8217;s
                                            report on Form N-2 filed with the Securities and Exchange Commission on December 13, 2024</i></a><i>)</i></p></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 4%">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 4%">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"/>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 2%">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1%">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
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    Agency and Service Agreement, dated October 1, 2016, between Registrant and Computershare Trust Company, N.A. and Computershare Inc.
    (<i>incorporated by reference to Exhibit (k)(ii)(7) to Invesco Senior Income Trust&#8217;s report on Form N-2/A filed with the Securities
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  </table><div>


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 4%">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"/>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 2%">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"/>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1%">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
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                                            by reference to Exhibit (k)(ii)(8) to Invesco Senior Income Trust&#8217;s report on Form
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</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 4%">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"/>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 2%">&#160;</td>
    <td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"/>
    <td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1%">&#160;</td>
    <td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
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</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 4%">&#160;</td>
<td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%"/>
<td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 2%">&#160;</td>
<td style="vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: left; width: 3%">(iii)</td>
<td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 1%">&#160;</td>
<td style="text-align: left; vertical-align: top; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
<td style="vertical-align: bottom; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; width: 84%"><a href="https://www.sec.gov/Archives/edgar/data/835333/000110465924128391/tm2430718d1_ex99-xkxiiix1.htm" style="-sec-extract: exhibit">Amended
and Restated Master Administrative Services Agreement, dated July 1, 2020, between Registrant and Invesco Advisers, Inc. <i>(incorporated
by reference to Exhibit (k)(iii)(1) to Registrant&#8217;s report on Form N-2 filed with the Securities and Exchange Commission on December
13, 2024)</i></a></td></tr>
</table><div>


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">(l)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="4" style="vertical-align: top; font-size: 10pt"><a href="tm254314d1_ex99-xl.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Opinion
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  <tr>
    <td>&#160;</td>
    <td colspan="5">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">(m)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="4" style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt; width: 5%"><span style="font-size: 10pt">(n)</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt; width: 3%"><span style="font-size: 10pt">(i)</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 3%">&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt; width: 87%"><a href="tm254314d1_ex99-xn.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consent
    of Independent Registered Public Accounting Firm <i>(filed herewith)</i></span></a></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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


</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">(o)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="3" style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="4">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">(p)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="3" style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="4">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">(q)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="3" style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</span></td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; font-size: 10pt; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-size: 10pt; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="tm254314d1_ex99-xrxi.htm" style="-sec-extract: exhibit">Code
    of Ethics and Personal Trading Policy for North America, dated January 2025, relating to Invesco Advisers, Inc., Invesco Canada Ltd.,
    Invesco Senior Secured Management and Invesco Capital Management, LLC(<i>filed herewith)</i></a></span></td></tr>
  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="tm254314d1_ex99-xrxii.htm" style="-sec-extract: exhibit">Code
    of Ethics and Personal Trading Policy for EMEA, dated January 2025, relating to Invesco Asset Management Limited and Invesco Asset
    Management Deutschland (GmbH)(<i>filed herewith)</i></a></span></td></tr>
  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="tm254314d1_ex99-xrxiii.htm" style="-sec-extract: exhibit">Code
    of Ethics and Personal Trading Policy for APAC, dated January 2025, relating to Invesco Asset Management (Japan) Limited and Invesco
    Hong Kong Limited and Invesco Asset Management (India) PVT. LTD.(<i>filed herewith)</i></a></span></td></tr>
  </table><div>










</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 4%; padding: 0.25pt; font-size: 10pt"><a href="tm254314d1_exfilingfees.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(</span><span style="font-family: Times New Roman, Times, Serif">s)</span></a></td>
    <td style="vertical-align: bottom; width: 1%; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 5%; padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 90%; padding: 0.25pt; font-size: 10pt"><a href="tm254314d1_exfilingfees.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
    of Filing Fees Exhibit (<i>filed herewith</i>)</span></a></td></tr>
  <tr>
    <td style="padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding: 0.25pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr>
    <td style="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; font-size: 10pt; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</span></td>
    <td style="padding: 0.25pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding: 0.25pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><a href="https://www.sec.gov/Archives/edgar/data/1112996/000119312525017678/d916888dex99q.htm"><span style="font-size: 10pt">Powers
    of Attorney for Brown, Deckbar, Hostetler, Jones, Krentzman, Kupor, LaCava, Liddy, Mathai-Davis, Motley,Perkin, Ressel, Sharp, and
    Vandivort dated December 18, 2024. (<i>incorporated by reference to PEA No. 205 to AIM Counselor Series Trust (Invesco Counselor
    Series Trust</i>) <i>Registration Statement on Form N-1A, filed on January 31, 2025)</i></span></a></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 0.6in"><b>Item 26.</b></td><td><b>Marketing Arrangements</b></td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.6in">Reference is made to Exhibit (h) to this Registration
Statement to be filed by further amendment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 0.6in"><b>Item 27.</b></td><td><b>Other Expenses of Issuance and Distribution</b></td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.6in">The following table sets forth the estimated expenses
to be incurred in connection with the offering described in this Registration Statement:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 86%; margin-left: auto; margin-right: auto;">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left">NYSE Listing Fees</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">24,831</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">SEC Registration Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,918</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Printing/Engraving Expenses</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Independent Registered Public Accounting Firm Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">150,00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">FINRA Fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,871</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: 1in">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">252,620</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 0.6in"><b>Item 28.</b></td><td><b>Persons Controlled by or Under Common Control with Registrant</b></td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.6in">None</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 0.6in"><b>Item 29.</b></td><td><b>Number of Holders of Securities</b></td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: left; border-bottom: Black 1pt solid; width: 60%; font-size: 10pt; vertical-align: bottom"><span style="font-size: 10pt"><b>Title
    of Class </b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 39%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Number
    of Record Shareholders as <br/>
    of&#160;January 27, 2025</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><span style="font-size: 10pt">Common Shares, no par value</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt">286</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>


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


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


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 0.6in"><b>Item 30.</b></td><td><b>Indemnification</b></td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indemnification provisions for officers, trustees,
and employees of the Registrant are set forth in Article VIII of the Registrant's Fourth Amended and Restated Agreement and Declaration
of Trust and Article VIII of its Bylaws and are hereby incorporated by reference. See Item 25(2)(a)(i) and (b)(i) above. Under the Fourth
Amended and Restated Agreement and Declaration of Trust, effective as of September 20, 2022, as amended (i) Trustees or officers, when
acting in such capacity, shall not be personally liable for any act, omission or obligation of the Registrant or any Trustee or officer
except by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his
office with the Registrant; (ii) every Trustee, officer, employee or agent of the Registrant shall be indemnified to the fullest extent
permitted under the Delaware Statutory Trust Act, the Registrant&#8217;s Bylaws and other applicable law; (iii) in case any shareholder
or former shareholder of the Registrant shall be held to be personally liable solely by reason of his being or having been a shareholder
of the Registrant and not because of his acts or omissions or for some other reason, the shareholder or former shareholder (or his heirs,
executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or general
successor) shall be entitled, out of the Registrant&#8217;s assets, to be held harmless from and indemnified against all loss and expense
arising from such liability in accordance with the Bylaws and applicable law. The Registrant, on its own behalf, assume the defense of
any such claim made against the shareholder for any act or obligation of the Registrant.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant and other investment companies
and their respective officers and trustees are insured under a joint Mutual Fund Directors and Officers Liability Policy, issued by ICI
Mutual Insurance Company and certain other domestic insurers, with limits up to $100,000,000 an additional; $50,000,000 of excess coverage
(plus an additional $30,000,000 limit that applies to independent directors/trustees only).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16 of the Master Investment Advisory Agreement
between the Registrant and Invesco Advisers, Inc. (&#8220;Invesco Advisers&#8221;) provides that in the absence of willful misfeasance,
bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of Invesco Advisers or any of its officers,
directors or employees, that Invesco Advisers shall not be subject to liability to the Registrant, or to any shareholder of the Registrant
for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in
the purchase, holding or sale of any security.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10 of the Master Intergroup Sub-Advisory
Contract for Mutual Funds (the Sub-Advisory Contract) between Invesco Advisers, on behalf of Registrant, and each of Invesco Asset Management
Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Canada Ltd., Invesco Hong Kong
Limited and Invesco Senior Secured Management, Inc. (each a Sub-Adviser, collectively the Sub-Advisers) provides that the Sub-Adviser
shall not be liable for any costs or liabilities arising from any error of judgment or mistake of law or any loss suffered by the Registrant
in connection with the matters to which the Sub-Advisory Contract relates except a loss resulting from willful misfeasance, bad faith
or gross negligence on the part of the Sub-Adviser in the performance by the Sub-Adviser of its duties or from reckless disregard by
the Sub-Adviser of its obligations and duties under the Sub-Advisory Contract.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.6in"><b>Item 31. </b></td>
  <td><b>Business and Other Connections of the Investment Adviser</b></td></tr>
</table><div>




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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The only employment of a substantial nature of
Invesco Adviser&#8217;s directors and officers is with the Advisers and its affiliated companies. For information as to the business,
profession, vocation or employment of a substantial nature of each of the officers and directors of Invesco Asset Management Deutschland
GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management,
Inc. and Invesco Canada Ltd. (each a Sub-Adviser, collectively the Sub-Advisers) reference is made to Form ADV filed under the Investment
Advisers Act of 1940, as amended, by each Sub-Adviser herein incorporated by reference. Reference is also made to the caption &#8220;Fund
Management &#8211; The Advisers&#8221; in the Prospectuses which comprises Part A of this Registration Statement, and to the caption
&#8220;Investment Advisory and Other Services&#8221; of the Statement of Additional Information which comprises Part B of this Registration
Statement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


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


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


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


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 0.6in"><b>Item 32. </b></td>
  <td><b>Location of Accounts and Records</b></td></tr>
</table><div>




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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Invesco Advisers, Inc., 1331 Spring Street NW,
Suite 2500, Atlanta, Georgia 30309, maintains physical possession of each such&#160;account, book or other document of the Registrant
at the Registrant&#8217;s principal executive offices, 11 Greenway Plaza, Houston, Texas 77046-1173, except for those maintained at its
Atlanta offices at the address listed above or at its Louisville, Kentucky offices, 400 West Market Street, Suite 3300, Louisville, Kentucky
40202 and except for those relating to certain transactions in portfolio securities that are maintained by the Registrant&#8217;s Custodian,
State Street Bank and Trust Company, 225 Franklin Street, Boston, Massachusetts 02110, and the Registrant&#8217;s Transfer Agent and
Dividend Paying Agent, Computershare Trust Company, N.A., 250 Royall Street, Canton, MA, 02021.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Records may also be maintained at the offices of:</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An der Welle 5</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1st Floor</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frankfurt, Germany 60322</p><div>


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


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


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oxfordshire RG91HH</p><div>


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


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Roppongi Hills Mori Tower 14F</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6-10-1 Roppongi</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minato-ku, Tokyo 106-6114</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">45F Jardin House</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Connaught Place</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Central, Hong Kong P.R.C.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Senior Secured Management, Inc.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">224 Liberty Street</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10281</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">120 Bloor Street East</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 700</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canada M4W 1B7</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 33. Management Services</b></p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 34. Undertakings</b></p><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in">1.</td><td>Not applicable.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in">2.</td><td>Not applicable.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in">3.</td><td>Registrant undertakes:</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(a)</td><td>Not applicable.</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(b)</td><td>that, for the purpose of determining any liability under the Securities
                                            Act, each such post-effective amendment to this registration statement shall be deemed to
                                            be a new registration statement relating to the securities offered therein, and the offering
                                            of those securities at that time shall be deemed to be the initial bona fide offering thereof;
                                            and</td></tr></table><div>


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


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


</div><!-- Field: Page; Sequence: 5 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(c)</td><td>to remove from registration by means of a post-effective amendment
                                            any of the securities being registered which remain unsold at the termination of the offering;</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(d)</td><td>that, for the purpose of determining liability under the Securities
                                            Act to any purchaser:</td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(1) if the Registrant is relying on Rule 430B:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(A) Each prospectus filed by the Registrant
pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part
of and included in the registration statement; and</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(B) Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities
Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is
first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed
to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus
relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however,
that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective
date; or</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;if
the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424 under the Securities Act as part of a registration
statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance
on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in this registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(e)</td><td>that for the purpose of determining liability of the Registrant under
                                            the Securities Act to any purchaser in the initial distribution of securities:</td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">The undersigned Registrant undertakes
that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to the purchaser:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(1)</td><td>any preliminary prospectus or prospectus of the undersigned Registrant
                                            relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(2)</td><td>free writing prospectus relating to the offering prepared by or on behalf
                                            of the undersigned Registrant or used or referred to by the undersigned Registrants;</td></tr></table><div>


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


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


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


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(3)</td><td>the portion of any other free writing prospectus or advertisement pursuant
                                            to Rule 482 under the Securities Act relating to the offering containing material information
                                            about the undersigned Registrant or its securities provided by or on behalf of the undersigned
                                            Registrant; and</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(4)</td><td>any other communication that is an offer in the offering made by the
                                            undersigned Registrant to the purchaser.</td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Registrant undertakes that:</p><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(a)</td><td>for the purpose of determining any liability under the Securities
                                            Act, the information omitted from the form of prospectus filed as part of this registration
                                            statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant
                                            under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration
                                            statement as of the time it was declared effective; and</td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(b)</td><td>for the purpose of determining any liability under the Securities
                                            Act, each post-effective amendment that contains a form of prospectus shall be deemed to
                                            be a new registration statement relating to the securities offered therein, and the offering
                                            of the securities at that time shall be deemed to be the initial bona fide offering thereof.</td></tr></table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;The undersigned
Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant&#8217;s
annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into
the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</p><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#160;Registrant undertakes
to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written
or oral request, any prospectus or Statement of Additional Information. Additionally, the Registrant undertakes to only offer rights
to purchase common and preferred shares together after a post-effective amendment to the Registration Statement relating to such rights
has been declared effective.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


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


</div><!-- Field: Page; Sequence: 7 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


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


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form
N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Houston, and State of Illinois, on the
7<sup>th</sup> day of February, 2025.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">INVESCO MUNICIPAL
    OPPORTUNITIES TRUST</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: left"><span style="font-size: 10pt">/s/
    Glenn Brightman</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Glenn Brightman</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">President</span></td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As required by the Securities
Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities set forth below
on the 7<sup>th </sup>day of February, 2025.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Signatures</span></b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 49%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration:underline">Title</span></b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">Principal Executive Officer:</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;/s/
                                            Glenn Brightman</p></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">President </span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Glenn Brightman)</span></td>
    <td>&#160;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Executive Officer)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Beth Ann Brown*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Chair and Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Beth Ann Brown)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Carol Deckbar*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Carol Deckbar)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Cynthia Hostetler*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Cynthia Hostetler)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Eli Jones*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Eli Jones) </span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Elizabeth Krentzman*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Elizabeth Krentzman)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Jeffrey H. Kupor*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Jeffrey H. Kupor)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Anthony J. LaCava, Jr.*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Anthony J. LaCava, Jr.)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ James Liddy*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(James Liddy)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Prema Mathai-Davis*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">Prema Mathai-Davis </span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Joel W. Motley*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Joel W. Motley)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Edward Perkin*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Edward Perkin)</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Teresa M. Ressel*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Teresa M. Ressel)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Douglas Sharp*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Douglas Sharp)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  </table><div>


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


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


</div><!-- Field: Page; Sequence: 8 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt"><span style="font-size: 10pt">/s/ Robert C. Troccoli*</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 49%; font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td>(Robert C. Troccoli) &#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Daniel S. Vandivort*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td>(Daniel S. Vandivort) &#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Adrien Deberghes</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Vice President &amp; Treasurer</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-size: 10pt">(Adrien Deberghes)</span></td>
    <td>&#160;</td>
    <td>(Principal Financial Officer)</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-size: 10pt">/s/ Glenn Brightman</span></td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>(Glenn Brightman)</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>Attorney-In-Fact</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  </table><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="https://www.sec.gov/Archives/edgar/data/1112996/000119312525017678/d916888dex99q.htm">*Glenn
Brightman, pursuant to powers of attorney dated December 18, 2024, incorporated herein by reference to Post-Effective Amendment No. 205
to AIM Counselor Series Trust (Invesco Counselor Series Trust) Registration Statement on Form N-1A, filed on January 31, 2025.</a></p><div>


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


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


</div><!-- Field: Page; Sequence: 9 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBITS TO FORM N-2</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST</b></p><div>


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


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


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


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


</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"/><td style="width: 1in"><a href="tm254314d1_ex99-xh.htm" style="-sec-extract: exhibit">(h)</a></td><td><a href="tm254314d1_ex99-xh.htm" style="-sec-extract: exhibit">Distribution
                                            Agreement dated as of January 31, 2025 between the Registrant and Invesco Distributors, Inc.</a></td></tr></table><div>


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


</div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
  <td style="width: 1in"><a href="tm254314d1_ex99-xl.htm" style="-sec-extract: exhibit">(l)</a></td>
  <td><a href="tm254314d1_ex99-xl.htm" style="-sec-extract: exhibit">Opinion and Consent of Stradley Ronon Stevens &amp; Young, LLP</a></td></tr>
</table><div>




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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><a href="tm254314d1_ex99-xn.htm" style="-sec-extract: exhibit">(n)</a></td><td><a href="tm254314d1_ex99-xn.htm" style="-sec-extract: exhibit">Consent
                                            of Independent Registered Public Accounting Firm</a></td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><a href="tm254314d1_ex99-xrxi.htm" style="-sec-extract: exhibit">(r)(i)</a></td><td><a href="tm254314d1_ex99-xrxi.htm" style="-sec-extract: exhibit">Code
                                            of Ethics and Personal Trading Policy for North America, dated January 2025, relating to
                                            Invesco Advisers, Inc., Invesco Canada Ltd., Invesco Senior Secured Management and Invesco
                                            Capital Management, LLC</a></td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><a href="tm254314d1_ex99-xrxii.htm" style="-sec-extract: exhibit">(r)(ii)</a></td><td><a href="tm254314d1_ex99-xrxii.htm" style="-sec-extract: exhibit">Code
                                            of Ethics and Personal Trading Policy for EMEA, dated January 2025, relating to Invesco Asset
                                            Management Limited and Invesco Asset Management Deutschland (GmbH)</a></td></tr></table><div>


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


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><a href="tm254314d1_ex99-xrxiii.htm" style="-sec-extract: exhibit">(r)(iii)</a></td><td><a href="tm254314d1_ex99-xrxiii.htm" style="-sec-extract: exhibit">Code
                                            of Ethics and Personal Trading Policy for APAC, dated January 2025, relating to Invesco Asset
                                            Management (Japan) Limited and Invesco Hong Kong Limited and Invesco Asset Management (India)
                                            PVT. LTD.</a></td></tr></table><div>


</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><a href="tm254314d1_exfilingfees.htm">(s)</a></td><td><a href="tm254314d1_exfilingfees.htm">Calculation
                                            of Filing Fees Exhibit</a></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>






</div><p style="margin: 0pt"></p><div>


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</div><p style="margin: 0pt">&#160;</p><div>


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<DOCUMENT>
<TYPE>EX-99.(H)
<SEQUENCE>2
<FILENAME>tm254314d1_ex99-xh.htm
<DESCRIPTION>EXHIBIT 99.(H)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm254314d1_ex99-xh.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1/users" -->

<P STYLE="margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.(h)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #111111">DISTRIBUTION AGREEMENT</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: #111111">This
DISTRIBUTION AGREEMENT (the </FONT><FONT STYLE="color: #2a2a2a">&#8220;<U>Agreement</U>&#8221;)</FONT> <FONT STYLE="color: #111111">made
as of January 31, 2025 by and between </FONT>Invesco Municipal Income Opportunities Trust<FONT STYLE="color: #111111">, a Delaware statutory
trust (the &#8220;<U>Fund</U>&#8221;)<U>,</U> and </FONT>Invesco Distributors, Inc.<FONT STYLE="color: #111111">, a Delaware limited
liability company (the &#8220;<U>Distributor</U>&#8221;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #111111"><U>WITNESSETH</U></FONT><FONT STYLE="color: #3d3d3d">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: #111111">WHEREAS,
the Fund is registered under the </FONT><FONT STYLE="color: #2a2a2a">Investment</FONT> <FONT STYLE="color: #111111">Company Act of 1940,
as amended</FONT><FONT STYLE="color: #3d3d3d">,</FONT> <FONT STYLE="color: #111111">and the rules and regulations thereunder (collectively
called the &#8220;<U>Investment Company</U> <U>Act</U>&#8221;), as a diversified, closed-end, management investment company; and</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: #111111">WHEREAS</FONT><FONT STYLE="color: #3d3d3d">,
</FONT><FONT STYLE="color: #111111">the Fund has filed a registration statement on Form N-2 pursuant to the </FONT><FONT STYLE="color: #2a2a2a">Investment
</FONT><FONT STYLE="color: #111111">Company Act and the Securities Act of 1933, as amended, and the rules and regulations thereunder
(collectively called the &#8220;<U>Securities Act</U>&#8221;), to register additional common shares of the Fund and subscription rights
to purchase additional common shares, which may be issued and sold from time to time through various specified transactions, including
at-the-market (&#8220;<U>ATM</U>&#8221;) offerings pursuant to Rule 415 under the Securities Act; and</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">WHEREAS, the
Distributor is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934 (the &#8220;<U>Exchange
Act</U>&#8221;) and is a member in good standing of the <FONT STYLE="color: #2a2a2a">Financial </FONT><FONT STYLE="color: #111111">Industry
Regulatory Authority, Inc. (&#8220;<U>FINRA</U>&#8221;); and</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">WHEREAS, the Fund and
the Distributor wish to enter into an agreement with each other with respect to ATM offerings, from time to time, of the Fund&#8217;s
common shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="color: #111111">NOW THEREFORE, the parties agree
as follows</FONT><FONT STYLE="color: #3d3d3d">:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">Section 1. <U>Appointment
of the Distributor; ATM Offerings</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in"><FONT STYLE="color: #111111">(a)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject to the terms and conditions of this Agreement, the Fund hereby appoints
the Distributor as its principal underwriter and placement agent for the common shares of the Fund to be offered pursuant to the Registration
Statement (as defined below) through ATM offerings from time to time (the &#8220;<U>Shares</U>&#8221;) and the Fund agrees that it will
issue such Shares as the Distributor may sell. The Distributor agrees to use reasonable efforts to identify opportunities for the sale
of Shares, but the Distributor is not obligated to sell any specific number of the Shares (though the Distributor will only be authorized
to sell on any Offering Date the maximum number of Shares agreed to with the Fund pursuant to Section 1(d) hereof) or purchase any Shares
for its own account. The Shares will only be sold on such days as shall be agreed to by the Distributor and the </FONT><FONT STYLE="color: #2a2a2a">Fund
</FONT><FONT STYLE="color: #111111">(each, an &#8220;<U>Offering Date</U>&#8221;). The Distributor hereby accepts such appointment.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(b)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor acknowledges that Shares will be offered and sold only as set forth from time to time in the Registration Statement including,
without limitation, pricing of Shares, handling of investor funds and payment of sales commissions.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund may suspend or terminate any ATM offering of its Shares at any time. Upon notice to the Distributor of the terms of such suspension
or termination, the Distributor shall suspend the ATM offering of Shares in accordance with such terms until the Fund notifies the Distributor
that such ATM offering may be resumed; <U>provided</U>, <U>however</U>, that such suspension or termination shall not affect or impair
the parties&#8217; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 68pt"><FONT STYLE="color: #111111">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The price per Share shall be determined by the Fund by reference to trades on the Fund&#8217;s primary exchange. In no event shall the
price per Share be less than the current net asset value per Share plus the per Share amount of the commission to be paid to the Distributor
(the &#8220;<U>Minimum Price</U>&#8221;). The Fund may establish a minimum sales price per Share on any Offering Date in excess of the
Minimum Price (the &#8220;<U>Minimum Sales Price</U>&#8221;), and the </FONT><FONT STYLE="color: #262626">Fund</FONT> <FONT STYLE="color: #111111">shall
communicate such Minimum Sales Price to the Distributor. The Fund shall have sole discretion to establish a Minimum Sales Price for any
Offering Date and may consider</FONT><FONT STYLE="color: #3b3b3b">,</FONT> <FONT STYLE="color: #111111">among other factors, the degree
to which the Fund&#8217;s market price per Share exceeds its net asset value per Share, and the amount of assets the Fund desires to
raise through ATM offerings. The Distributor shall suspend the sale of Shares if the per share price of the Shares is less than the Minimum
Price or the Minimum Sales Price, subject to notification by the Fund. The Fund will, determine the maximum number of Shares to be sold
by the Distributor for any Offering Date, and the Distributor shall not be authorized to sell Shares on any Offering Date in excess of
such maximum. </FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #111111">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 68pt"> (e)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor will confirm to the Fund, following the close of trading on the Fund&#8217;s primary exchange on each
Offering Date for the Shares, the number of Shares sold, the time of sale, the gross sales price per Share and the compensation payable
to the Distributor, or to which the Distributor is entitled with respect to such sales. The Fund reserves the right to reject any order
in whole or in part.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 12pt; margin-bottom: 0pt; text-indent: 67.55pt; color: #111111">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Settlement for sales of the Shares pursuant to this Section 1 will occur on the first business day following the date on which such sales
are made (each such day, a &#8220;<U>Settlement Date</U>&#8221;). On each Settlement Date, the Shares sold through the Distributor for
settlement on such date shall be delivered by the Fund to the Distributor against payment of the gross sales proceeds for the sale of
such Shares, less the Distributor&#8217;s sales commission.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(g) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In selling Shares,
the Distributor shall act solely as an agent of the Fund and not as principal.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
2. <U>Representations and Warranties by the Fund</U>. The Fund represents, warrants to and agrees with the Distributor, as of the date
hereof and as of each Offering Date and Settlement Date, that:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 19pt; margin-bottom: 0pt; text-indent: 67.55pt; color: #111111">(a)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Registration Statement (i) has been prepared by the Fund in
conformity with the requirements of the Securities Act and the Investment Company Act in all material respects; (ii) has been filed with
the U.S. Securities and Exchange Commission (the &#8220;<U>Commission</U>&#8221;) under the Securities Act and the Investment Company
Act; and (iii) heretofore became, and is, effective; the Registration Statement sets forth the terms of the offering, sale and plan of
distribution of the Shares and contains additional information concerning the Fund and its business; no stop order of the Commission
preventing or suspending the use of any Basic Prospectus (as defined below), the Prospectus Supplement (as defined below) or the Prospectus
<FONT STYLE="color: #111111">(as defined below), or the effectiveness of the Registration Statement, has been issued, and no proceedings
for such purpose have been instituted or, to the Fund&#8217;s knowledge, have been threatened by the Commission. Except where the context
otherwise requires, &#8220;<U>Registration Statement</U>,&#8221; as used herein, means, collectively, the various parts of the registration
statement, as amended at the time of effectiveness for purposes of Section 11 of the Securities Act (the </FONT><FONT STYLE="color: #262626">&#8220;<U>Effective
</U></FONT><U><FONT STYLE="color: #111111">Time</FONT></U><FONT STYLE="color: #111111">&#8221;), as such section applies to the Distributor,
including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, and (2) any information
contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 497(c) and/or Rule 497(h) under the
Securities Act, to the extent such information is deemed to be part of the registration statement at the Effective Time. &#8220;<U>Basic
Prospectus</U>,&#8221; as used herein, means the final prospectus filed as part of the Registration Statement, including the related
statement of additional information, together with any amendments or supplements thereto as of the date of this Agreement. </FONT><FONT STYLE="color: #262626">Except
</FONT><FONT STYLE="color: #111111">where the context otherwise requires, &#8220;<U>Prospectus Supplement</U>,&#8221; as used herein,
means the final prospectus supplement, including the related statement of additional information, relating to the Shares, filed by the
</FONT><FONT STYLE="color: #262626">Fund </FONT><FONT STYLE="color: #111111">with the Commission pursuant to Rule 497(c) and/or Rule
497(h) under the Securities Act, in the form furnished by the Fund to the Distributor in connection with the offering of the Shares.
</FONT><FONT STYLE="color: #262626">Except </FONT><FONT STYLE="color: #111111">where the context otherwise requires, &#8220;<U>Prospectus</U>,&#8221;
as used herein, means the Prospectus Supplement together with the Basic Prospectus attached to or used with the Prospectus Supplement.
Any reference herein to the registration statement, the Registration Statement, any Basic Prospectus, the Prospectus Supplement or the
Prospectus shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by
reference, therein.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 7pt; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund is duly registered under the Investment Company Act as a closed-end management investment company. A notification of registration
of the Fund as an investment company under the Investment Company Act on Form N-8A (the &#8220;<U>Investment Company Act Notification</U>&#8221;)
has been prepared by the </FONT><FONT STYLE="color: #262626">Fund</FONT> <FONT STYLE="color: #111111">in conformity with the Investment
Company Act and has been filed with the Commission and, at the time of filing thereof and at the time of filing any amendment or supplement
thereto, conformed in all material respects with all applicable provisions of the Investment Company Act. The </FONT><FONT STYLE="color: #262626">Fund
</FONT><FONT STYLE="color: #111111">has not received any notice in writing from the Commission pursuant to Section 8(e) of the </FONT><FONT STYLE="color: #262626">Investment
</FONT><FONT STYLE="color: #111111">Company Act with respect to the Investment Company Act Notification or the Registration Statement
(or any amendment or supplement to either of them). No person is serving or acting as an officer, director/trustee or investment adviser
of the Fund except in accordance with the provisions of the Investment Company Act.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 7pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(c)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Registration Statement, the Investment Company Act Notification
and the Prospectus as from time to time amended or supplemented each complied when it became effective or was filed (as the case may
be), complies as of the date hereof and, as amended or supplemented, will comply, at each time of purchase of Shares in connection with
the ATM offerings, and at all times during which a prospectus is required by the Securities Act to be delivered in connection with any
sale of Shares, in all material respects, with the requirements of the Securities Act and the Investment Company Act; the Registration
Statement did not, as of the Effective Time, contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading; at no time during the period that begins on the earlier
of the date of the Basic Prospectus and the date such Basic Prospectus was filed with the Commission and ends at the later of the time
of purchase of Shares in connection with the ATM offerings, and the end of the period during which a prospectus is required by the Securities
Act to be delivered in connection with any sale of Shares did or will the Prospectus, as from time to time amended or supplemented, include
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; <U>provided</U>, <U>however</U>, that the Fund does not make any representation
or warranty with respect to any statement contained in the Registration Statement or the Prospectus in reliance upon and in conformity
with information furnished in writing by the Distributor or any sub-placement agents, or on the Distributor&#8217;s or any sub-placement
agent&#8217;s behalf to the Fund expressly for use in the Registration Statement or the Prospectus (the &#8220;<U>Agent Provided Information</U>&#8221;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 3pt; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(d) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
financial statements incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules,
present fairly the financial position of the </FONT><FONT STYLE="color: #242424">Fund</FONT> <FONT STYLE="color: #111111">as of the dates
indicated and the results of operations, cash flows and changes in shareholders&#8217; equity of the Fund for the periods specified and
have been prepared in compliance in all material respects with the requirements of the Securities Act, the Investment Company Act and
the Exchange Act, and in conformity in all material respects with U.S. generally accepted accounting principles applied on a consistent
basis during the periods involved; the other financial and statistical data contained or incorporated by reference in the Registration
Statement or the Prospectus are accurately and fairly presented, in all material respects, and prepared on a basis consistent with the
financial statements and books and records of the Fund in all material respects; there are no financial statements that are required to
be included or incorporated by reference in the Registration Statement, any Basic Prospectus or the Prospectus by the Securities Act,
the Investment Company Act or the Exchange Act that are not included or incorporated by reference as required; and the Fund does not have
any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration
Statement (excluding the exhibits thereto).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5pt; margin-bottom: 0pt; text-indent: 67.3pt"><FONT STYLE="color: #111111">(e)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As of the date of this Agreement, the Fund has an authorized and
outstanding capitalization as set forth in the Registration Statement, the Basic Prospectus and the Prospectus and, with respect to any
issuance and sale under this Agreement, the </FONT><FONT STYLE="color: #242424">Fund</FONT> <FONT STYLE="color: #111111">shall have as
of the date of the most recent amendment or supplement to the Registration Statement or Prospectus, an authorized and outstanding capitalization
as set forth in the Registration Statement and the Prospectus; all of the issued and outstanding shares of capital stock, including the
Shares, of the Fund have been duly authorized and validly issued and are fully paid and non-assessable (except as described below and
in the Registration Statement), have been issued in material compliance with all applicable securities laws and were not issued in violation
of any preemptive right, resale right, right of first refusal or similar right; the Shares will be duly listed, and admitted and authorized
for trading, subject to official notice of issuance, on the exchange on which the Fund&#8217;s Shares are listed and primarily trade
(the &#8220;<U>Stock </U></FONT><U><FONT STYLE="color: #242424">Exchange</FONT></U><FONT STYLE="color: #242424">&#8221;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 2pt; margin-bottom: 0pt; text-indent: 66.95pt; color: #111111">(t) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Fund has been
duly formed, is validly existing and is in good standing under the laws of Delaware, with full power and authority to own, lease and operate
and conduct its business as described in the Registration Statement, the Basic Prospectuses and the Prospectus and to issue, sell and
deliver the Shares as contemplated herein. The Fund is duly qualified to do business as a foreign entity and is in good standing in each
jurisdiction where the conduct of its business requires such qualification, except where the failure to be so qualified and in good standing
would not, individually or in the aggregate, have a material adverse effect on the business, properties, financial condition or results
of operations of the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Shares
have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly
issued, fully paid and non-assessable (except as described below and in the Registration Statement) and free of statutory and contractual
preemptive rights, resale rights, rights of first refusal and similar rights; the Shares, when issued and delivered against payment therefor
as provided herein, will be free of any restriction upon the voting or transfer thereof pursuant to the Fund&#8217;s charter or bylaws
or any agreement or other instrument to which the Fund is a party. The capital stock of the Fund, including the Shares, conforms in all
material respects to each description thereof, if any, contained or incorporated by reference in the Registration Statement, any Basic
Prospectus or the Prospectus; and the certificates for the Shares, if any, are in due and proper form. The Fund is in material compliance
with the rules of the Stock Exchange, including, without limitation, the requirements for continued listing of the Shares on the Stock
Exchange and the Fund has not received any written notice from the Stock </FONT><FONT STYLE="color: #282828">Exchange</FONT> <FONT STYLE="color: #111111">regarding
the delisting of the Shares from the Stock Exchange.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 1pt; margin-bottom: 0pt; text-indent: 67.3pt"><FONT STYLE="color: #111111">(h) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental or regulatory commission,
board, body, authority or agency, or of or with any self-regulatory organization or other non-governmental regulatory authority (including,
without limitation, the Stock Exchange), or approval of the </FONT><FONT STYLE="color: #282828">shareholders</FONT> <FONT STYLE="color: #111111">of
the Fund that has not already been obtained, is required in connection with the issuance and sale of the Shares or the consummation by
the Fund of the transactions contemplated hereby, other than (i) the registration of the Shares under the Securities Act, which has been
effected, (ii) the listing of the Shares with the Stock Exchange, upon official notice of issuance, (iii) any necessary qualification
under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Fund or (iv) any necessary
qualification pursuant to the rules of FINRA.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
3. <U>Duties of the Fun</U>d.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 13pt; margin-bottom: 0pt; text-indent: 67.55pt; color: #111111">(a)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Fund shall take, from time to time, but subject always to any
necessary approval of the Board of Trustees of the Fund (each a &#8220;<U>Trustee</U>,&#8221; and together the &#8220;<U>Board</U>&#8221;)
or of its shareholders, all necessary action to fix the number of authorized Shares, to the end that the Fund will have a number of authorized
but unissued Shares at least equal to the number of Shares registered for sale under the Securities Act and available for sale pursuant
to the Registration Statement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5pt; margin-bottom: 0pt; text-indent: 67.3pt"><FONT STYLE="color: #111111">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; For
purposes of the ATM offering of Shares, the </FONT><FONT STYLE="color: #282828">Fund</FONT> <FONT STYLE="color: #111111">will furnish
to the Distributor copies of its most recent amendment to its Registration Statement, its most recent Prospectus and all amendments and
supplements thereto, and other documentation the Distributor may reasonably request for use in the ATM offering of Shares. The Distributor
is authorized to furnish to prospective investors only such information concerning the Fund and the ATM offering as may be contained in
the Registration Statement, the Prospectus, the Fund&#8217;s publicly available formation documents, or any other documents (including
sales material), if expressly approved by the Fund for such purpose.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5pt; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Fund shall furnish
to the Distributor copies of all financial statements of the Fund which the Distributor may reasonably request for use in connection with
its duties hereunder, and this shall include, upon request by the Distributor, one certified copy of all financial statements prepared
for the Fund by independent public accountants.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 12pt; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(d) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund shall use its best efforts to qualify and maintain, to the extent required by applicable law, the qualification of Shares for sale
under the securities laws of such jurisdictions as the Distributor and the Fund may approve. Any such qualification may be withheld, terminated
or withdrawn by the Fund at any time in its discretion. The expense of qualification and maintenance of qualification shall be borne by
the Fund</FONT><FONT STYLE="color: #4f4f4f">.</FONT> <FONT STYLE="color: #111111">The Distributor shall furnish such information and
other material relating to its affairs and activities as may be required by the Fund in connection with such qualification.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 34pt; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Fund will furnish,
in reasonable quantities upon request by the Distributor, copies of its annual and interim reports.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 1pt; margin-bottom: 0pt; text-indent: 66.95pt; color: #111111">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Fund will furnish
the Distributor with such other documents as it may reasonably require, from time to time, for the purpose of enabling it to perform its
duties as contemplated by this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
4. <U>Duties of the Distributor</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Distributor shall
devote reasonable time and effort to its duties hereunder. The services of the Distributor to the Fund hereunder are not to be deemed
exclusive and nothing herein contained shall prevent the Distributor from entering into like arrangements with other investment companies
so long as the performance of its obligations with respect to the Fund hereunder is not impaired thereby.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 1pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(b) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In performing its
duties hereunder, the Distributor shall comply with the requirements of all applicable laws relating to the sale of securities in all
material respects. Neither the Distributor nor any sub-placement agent having an agreement to offer and sell Shares pursuant to Section
5 hereof nor any other person is authorized by the Fund to give any information or to make any representations, other than those contained
in its Registration Statement, Prospectus and any sales literature specifically approved for such use by the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 23pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor
shall adopt and follow internal procedures, as may be necessary to comply with the requirements of FINRA applicable to sales of Shares,
as such requirements may from time to time exist.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 21pt; margin-bottom: 0pt; text-indent: 67.3pt"><FONT STYLE="color: #111111">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; </FONT>The
Distributor agrees to maintain an anti-money laundering program in compliance with Title III of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the &#8220;USA Patriot Act&#8221;)
and all applicable laws and regulations promulgated thereunder. At the request of the Fund, the Distributor will supply the Fund
with copies of the Distributor&#8217;s anti-money laundering policy and procedures, and such other relevant certifications and
representations regarding such policy and procedures as the Fund may reasonably request from time to time. <FONT STYLE="color: #111111">The
Distributor shall prepare or review, and file with federal and state agencies or other organizations as required by federal, state,
or other applicable laws and regulations, all sales literature (advertisements, brochures and shareholder communications) prepared
in connection with the ATM offerings for the Fund.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 25pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(e) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor
agrees to supply additional services, information and assistance as may be reasonably requested by the Fund, in regard to the relationships
with sub-placement agents, together with such other services as set forth throughout this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 32pt; margin-bottom: 0pt; text-indent: 67.3pt"><FONT STYLE="color: #111111">(f) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Distributor shall report to the Board at least quarterly, or more frequently as requested by the Board</FONT><FONT STYLE="color: #3a3a3a">,</FONT>
<FONT STYLE="color: #111111">regarding matters as agreed to by the Fund and the Distributor.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 37pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(g) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor
represents and warrants to the Fund that it has all necessary licenses to perform the services contemplated hereunder and will perform
such services in compliance with all applicable rules and regulations.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
5. <U>Agreements with Sub-Placement Agents</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 2pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
 &#8239; The Distributor may enter into dealer agreements, on such terms and conditions as the Distributor determines are not inconsistent
with this Agreement, with broker-dealers to act as the Distributor&#8217;s agents to effect the sale of the Shares in the ATM offerings.
Such selected broker-dealers (&#8220;<U>sub-placement agents</U>&#8221;) shall sell Shares only at market prices subject to the Minimum
Price and the Minimum Sales Price. This Agreement shall not be construed as authorizing any dealer or other person to accept orders for
sale on the Fund&#8217;s behalf or to otherwise act as the Fund&#8217;s agent for any purpose. The Distributor shall not be responsible
for the acts of other dealers or agents except as and to the extent that they shall be acting for the</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #111111">Distributor or under the Distributor&#8217;s
direction or authority.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 19pt; margin-bottom: 0pt; text-align: justify; text-indent: 67.2pt"><FONT STYLE="color: #111111">(b)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor shall offer and sell Shares only to such sub-placement agents who are acting as brokers or dealers who are members in
good standing of FINRA and who agree to abide by the rules of FINRA</FONT><FONT STYLE="color: #4f4f4f">.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor shall
obtain appropriate assurance from any sub-placement agents which it engages of the compliance by such sub-placement agents with applicable
federal and state securities laws and the rules of FINRA. Agreements shall include such other matters as the Distributor deems customary,
necessary or desirable in respect such sub-placement agents&#8217; participation in the offering of Shares, including but not limited
to, appropriate services provided.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
6. <U>Sales Commission</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 13pt; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(a) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Fund shall
pay the Distributor, or the Distributor shall be entitled to retain, an amount equal to 1.00% of the gross sales price per Share of the
Shares sold.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 4pt; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The
Distributor may pay to sub-placement agents such sub-placement agent commissions as the Distributor shall deem advisable, or may authorize
such sub-placement agents to retain such sub-placement agent commissions from the gross sales proceeds from the sale of such Shares, which
shall be payable or retained, as the case may be, from the commissions payable or retained, as the case may be, to or by the Distributor
under Section 6(a) above. </FONT>The Distributor shall have no obligation to pay any portion of the commission from the gross sale proceeds
to sub-placement agents unless and until the Distributor receives payment under Section 6(a) above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 4pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Fund hereby
represents and warrants to the Distributor that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement,
and (iii) any benefits accruing to the Distributor or to the Fund&#8217;s investment adviser or sponsor or another affiliate of the Fund
in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, up-front payments, signing
payments or periodic payments relating to this Agreement have been fully disclosed to the Board and that, if required by applicable law,
the Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
7. <U>Payment of Expenses</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 8pt; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(a) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund shall bear all of its own costs and expenses, including fees and disbursements of its counsel and auditors, in connection with the
preparation of its Prospectus, Statement of Additional Information, if any, the preparation and filing of any required registration statements
under the Securities Act and/or the </FONT><FONT STYLE="color: #262626">Investment</FONT> <FONT STYLE="color: #111111">Company Act, and
all amendments and supplements thereto, and in connection with any fees and expenses incurred with respect to any filing requirements
of FINRA and preparing and mailing annual and interim reports and proxy materials to shareholders (including but not limited to the expense
of setting in type any such Registration Statement, Prospectus, interim reports or proxy materials and any audited and certified financial
reports to be included in shareholder reports)</FONT><FONT STYLE="color: #575757">.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 11pt; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(b) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Fund shall
bear any cost and expenses of qualification of the Shares for sale pursuant to this Agreement and of any filing or other fees necessary
to continue offering Shares.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor
shall bear all expenses incurred by it in connection with its duties and activities under this Agreement, including (i) the compensation
of sub-placement agents for sales of the Fund&#8217;s Shares and fees (ii) expenses of Distributor&#8217;s counsel (except for any FINRA
filing fees or &#8220;blue sky&#8221; fees paid on behalf of the Fund or the Distributor by such counsel) </FONT><FONT STYLE="color: #575757">(iii)</FONT>
in connection with its registration as a broker or dealer or the registration or qualification of its officers, directors or representatives
under federal and state laws, (iv) promotional, marketing or sales literature used by the Distributor or furnished by the Distributor
to investment dealers and financial institutions in connection with such public offerings, and expenses of advertising in connection with
such public offerings.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
8. <U>Limitation of Liability; Indemnification</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(a) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor
shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to
which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance
of its duties or from reckless disregard by it of its obligations and duties under this Agreement. The Distributor shall not be liable
for any damages arising out of any action or omission to act by any prior service provider of the </FONT><FONT STYLE="color: #262626">Fund</FONT>
<FONT STYLE="color: #111111">or for any failure to discover any such error or omission (provided that this sentence shall not apply where
the Distributor was the prior service provider). Notwithstanding anything in this Agreement to the contrary, the Distributor shall not
be liable for any consequential, incidental, exemplary, punitive, special or indirect damages, whether or not the likelihood of such damages
was known by the Distributor. Notwithstanding anything in this Agreement to the contrary, the Distributor shall not be liable for damages
occurring directly or indirectly by reason of circumstances beyond its reasonable control.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 8pt; margin-bottom: 0pt; text-indent: 67.3pt; color: #111111">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund agrees that it will indemnify, defend and hold harmless the Distributor, its several officers, and directors, and any person
who controls the Distributor within the meaning of Section 15 of the Securities Act, from and against any losses, claims, damages or
liabilities, joint or several, to which the Distributor, its several officers, and directors, and any person who controls the Distributor
within the meaning of Section 15 of the Securities Act, may become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or <FONT STYLE="color: #111111">liabilities (or actions or proceedings in respect thereof) (i) arise out of, or are based
upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectuses or
in any application or other document executed by or on behalf of the Fund or are based upon information furnished by or on behalf of
the Fund filed in any state in order to qualify the Shares under the securities or blue sky laws thereof (&#8220;<U>Blue Sky application</U>&#8221;)
or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading; or (ii) arise out of, or are based upon, any breach of the representations,
warranties or covenants of the </FONT><FONT STYLE="color: #282828">Fund </FONT><FONT STYLE="color: #111111">contained in this Agreement,
and the Fund will reimburse the Distributor, its several officers, and directors, and any person who controls the Distributor within
the meaning of Section 15 of the Securities Act, for any legal or other expenses reasonably incurred by the Distributor, its several
officers, and directors, and any person who controls the Distributor within the meaning of Section 15 of the Securities Act</FONT><FONT STYLE="color: #414141">,
</FONT><FONT STYLE="color: #111111">in investigating, defending or preparing to defend any such action, proceeding or claim described
above in this Section 8(b); <U>provided</U>, <U>however</U>, that the </FONT><FONT STYLE="color: #282828">Fund</FONT> <FONT STYLE="color: #111111">shall
not be liable in any case to the extent that such loss, claim, damage or liability arises out of</FONT><FONT STYLE="color: #414141">,
</FONT><FONT STYLE="color: #111111">or is based upon, any untrue statement, alleged untrue statement, or omission or alleged omission
made in the Registration Statement, the Prospectus or any Blue Sky application with respect to the Fund in reliance upon and in conformity
with any Agent Provided Information, or arising out of the failure of the Distributor or any sub-placement agent to deliver a current
Prospectus.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 1pt; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Fund shall not indemnify any person pursuant to this Section 8 unless the court or other body before which the proceeding was brought
has rendered a final decision on the merits that such person was not liable by reason of his or her willful misfeasance, bad faith or
gross negligence in the performance of his or her duties, or his or her reckless disregard of any obligations and duties, under this
Agreement (&#8220;<U>disabling conduct</U>&#8221;) or, in the absence of such a decision, a reasonable determination (based upon a review
of the facts) that such person was not liable by reason of disabling conduct has been made by the vote of a majority of a quorum of the
directors of the Fund who are neither &#8220;<U>interested parties</U>&#8221; (as defined in the Investment Company Act) nor parties
to the proceeding, or by independent legal counsel in a written opinion.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 67.3pt"><FONT STYLE="color: #111111">(d) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Distributor
will indemnify and hold harmless the </FONT><FONT STYLE="color: #282828">Fund</FONT> <FONT STYLE="color: #111111">and its several officers
and directors, and any person who controls the Fund within the meaning of Section 15 of the Securities Act, from and against any losses,
claims, damages or liabilities, joint or several, to which any of them may become subject under the Securities Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon, any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement</FONT><FONT STYLE="color: #414141">,</FONT>
<FONT STYLE="color: #111111">the Prospectus or any Blue Sky application, or arise out of, or are based upon, the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, which statement
or omission was made in reliance upon and in conformity with information furnished in writing to the Fund or any of its several officers
and directors by or on behalf of the Distributor specifically for inclusion therein, and will reimburse the Fund and its several officers,
trustees and such controlling persons for any legal or other expenses reasonably incurred by any of them in investigating, defending or
preparing to defend any such action, proceeding or claim.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 67.3pt"><FONT STYLE="font-size: 10pt; color: #111111">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Section 8 shall survive any termination of this Agreement.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 17pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
9. <U>Duration and Termination of this Agreement</U>.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 4pt; margin-bottom: 0pt; text-indent: 67.2pt; color: #111111">(a) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This Agreement shall
become effective as of the date first above written and shall remain in force for two years thereafter and thereafter continue from year
to year, but only so long as such continuance is specifically approved at least annually (i) by the Trustees or by the vote of a majority
of the outstanding voting securities of the Fund, and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement
or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 5pt; margin-bottom: 0pt; text-indent: 67.2pt"><FONT STYLE="color: #111111">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; This
Agreement may be terminated at any time, without the payment of any penalty, by the Trustees or by vote of a majority of the outstanding
voting securities of the </FONT><FONT STYLE="color: #282828">Fund, </FONT><FONT STYLE="color: #111111">or by the Distributor, on sixty
days&#8217; written notice to the other party. This Agreement shall automatically terminate in the event of its assignment.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.25in; margin-bottom: 0pt; text-indent: 67.55pt; color: #111111">(c)
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The terms &#8220;<U>vote of a majority of the outstanding voting
securities</U>,&#8221; &#8220;<U>assignment</U>,&#8221; &#8220;<U>affiliated person</U>&#8221; and &#8220;<U>interested person</U>,&#8221;
when used in this Agreement, shall have the respective meanings specified in the Investment Company Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 25pt; margin-bottom: 0pt; text-indent: 33.6pt"><FONT STYLE="color: #111111">Section
10. <U>Amendments of this Agreement</U>. This Agreement may be amended </FONT>by written mutual consent of the parties including Board
or shareholder approval as required by applicable law.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 4pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
11. <U>Governing Law</U>. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in
any way relating to this Agreement, directly or indirectly, shall be governed by, and construed in accordance with, the internal laws
of the State of Delaware. To the extent that the applicable law of the State of Delaware, or any of the provisions herein, conflict with
the applicable provisions of the Investment Company Act, the latter shall control.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 4pt; margin-bottom: 0pt; text-indent: 33.5pt"><FONT STYLE="color: #111111">Section
12. <U>Customer </U></FONT><U><FONT STYLE="color: #282828">Identification</FONT> <FONT STYLE="color: #111111">Program Notice</FONT></U><FONT STYLE="color: #111111">.
To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. federal law requires each financial
institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial
institution on or after October 1, 2003. Consistent with this requirement, the Distributor will request (or already has requested) the
Fund&#8217;s name, address and taxpayer identification number or other government-issued identification number. The Distributor may also
ask (and may have already asked) for additional identifying information, and the Distributor may take steps (and may have already taken
steps) to verify the authenticity and accuracy of these data elements.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 33.5pt"><FONT STYLE="color: #111111">Section
13. <U>Miscellaneous</U></FONT><FONT STYLE="color: #4d4d4d">.</FONT> <FONT STYLE="color: #111111">The captions in this Agreement are included
for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction
or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder
of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 10pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Section
14. <U>Proprietary and Confidential Information</U>. The Distributor agrees on behalf of itself and its employees to treat confidentially
and as proprietary information of the Fund all records and other information relative to the Fund and prior, present or potential shareholders,
and not to use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except
after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and shall not be required
where the Distributor may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such
information by duly constituted authorities, or when so requested by the Fund. The provisions of this Section 14 shall survive termination
of this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 10pt; margin-bottom: 0pt; text-indent: 33.6pt; color: #111111">Notwithstanding
anything in this Agreement to the contrary, each party hereto agrees that: (i) any Nonpublic Personal Information, as defined under
Section 248.3(t) of Regulation S-P (&#8220;<U>Regulation S-P</U>&#8221;), promulgated under the Gramm-Leach-Bliley Act (the
 &#8220;<U>Act</U>&#8221;), disclosed by a party hereunder is for the specific purpose of permitting the other party to perform the
services set forth in this Agreement, and (ii) with respect to such information, each party will comply with Regulation S-P and the
Act and will not disclose any Nonpublic Personal Information received in connection with this Agreement to any other party, except
to the extent as necessary to carry out the services set forth in this Agreement or as otherwise permitted by Regulation S-P or the
Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


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<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="color: #161616">IN WITNESS
WHEREOF, </FONT><FONT STYLE="color: #050505">the</FONT> <FONT STYLE="color: #161616">parties </FONT><FONT STYLE="color: #050505">hereto</FONT>
<FONT STYLE="color: #161616">have executed </FONT><FONT STYLE="color: #050505">this</FONT> <FONT STYLE="color: #161616">Agreement as of
</FONT><FONT STYLE="color: #050505">the day</FONT> <FONT STYLE="color: #161616">and year </FONT><FONT STYLE="color: #050505">first</FONT>
<FONT STYLE="color: #161616">above written. </FONT><FONT STYLE="color: #050505">This</FONT> <FONT STYLE="color: #161616">Agreement </FONT><FONT STYLE="color: #050505">may
be</FONT> <FONT STYLE="color: #161616">executed </FONT><FONT STYLE="color: #050505">by the</FONT> <FONT STYLE="color: #161616">parties
</FONT><FONT STYLE="color: #050505">hereto in</FONT> <FONT STYLE="color: #161616">any number </FONT><FONT STYLE="color: #050505">of</FONT>
<FONT STYLE="color: #161616">counterparts, all of which shall constitute one and </FONT><FONT STYLE="color: #050505">the</FONT> <FONT STYLE="color: #161616">same
instrument.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; color: #050505; text-align: left"><FONT STYLE="font-size: 10pt">INVESCO
    MUNICIPAL INCOME OPPORTUNITIES TRUST</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #050505"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #050505">/s/ Melanie Ringold<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left"><FONT STYLE="font-size: 10pt">Name: Melanie
    Ringold</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left"><FONT STYLE="font-size: 10pt">Title: Senior
    Vice President, Secretary &amp; Chief Legal Officer</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">INVESCO DISTRIBUTORS,
    INC.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #050505"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #050505">/s/ Nicole Filingeri<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left; width: 47%"><FONT STYLE="font-size: 10pt">Name:
    Nicole Filingeri</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #161616; text-align: left"><FONT STYLE="font-size: 10pt">Title: Vice
    President</FONT></TD>
    </TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<DOCUMENT>
<TYPE>EX-99.(L)
<SEQUENCE>3
<FILENAME>tm254314d1_ex99-xl.htm
<DESCRIPTION>EXHIBIT 99.(L)
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm254314d1_ex99-xl.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1/users" -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.(l)</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left"><IMG SRC="tm254314d1_ex99-xlimg001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stradley Ronon Stevens &amp;
  Young, LLP</B> <BR>
  Suite 2600<BR>
  2005 Market Street<BR>
  Philadelphia, PA 19103-7018 <BR>
  Telephone 215.564.8000<BR>
  Fax 215.564.8120<BR>
  <U>www.stradley.com</U></FONT></TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February 7, 2025</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Municipal Income Opportunities Trust</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11 Greenway Plaza</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Houston, Texas 77046-1173</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><B><U>Registration Statement on Form N-2</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">We have acted as counsel
to Invesco Municipal Income Opportunities Trust (the &#8220;Trust&#8221;), a Delaware statutory trust, in connection with the Trust&#8217;s
Registration Statement on Form N-2 to be filed with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) on or about
February 7, 2025 (the &#8220;Registration Statement&#8221;), with respect to an offering of up to 25,500,000 of: (i) the Trust&#8217;s
common shares of beneficial interest, no par value (&#8220;Common Shares&#8221;); and/or (ii) subscription rights to purchase Common Shares
(&#8220;Rights&#8221; and, together with the Common Shares, &#8220;Securities&#8221;). You have requested that we deliver this opinion
to you in connection with the Trust&#8217;s filing of the Registration Statement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">In connection with the furnishing
of this opinion, we have examined the following documents:&#9;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
certificate of the Secretary of the State of Delaware, dated as of a recent date, as to the legal existence and good standing of the Trust;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
copy, certified by the Secretary of State of the State of Delaware, of the Trust&#8217;s Certificate of Trust and all amendments thereto,
as filed with the Secretary of State (the &#8220;Certificate of Trust&#8221;);</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Copies
of the Trust&#8217;s Fourth Amended and Restated Agreement and Declaration of Trust, dated as of September 20, 2022 (the &#8220;Declaration&#8221;),
the Trust&#8217;s By-Laws, dated as of September 20, 2022 (the &#8220;By-Laws&#8221;), and certain resolutions adopted by the Board of
Trustees of the Trust (the &#8220;Board&#8221;) authorizing the issuance of the Common Shares (the &#8220;Resolutions&#8221;), each certified
by an authorized officer of the Trust; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
printer&#8217;s proof of the Registration Statement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pennsylvania &bull; New
Jersey &bull; Delaware &bull; DC &bull; New York &bull; Illinois &bull; California <BR>
A Pennsylvania Limited Liability Partnership</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Invesco Municipal Income Opportunities Trust<BR>
 11 Greenway Plaza<BR>
 Houston, Texas 77046-1173<BR>
 Page 2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">In such examination, we
have assumed the genuineness of all signatures, the conformity to the originals of all of the documents reviewed by us as copies, including
conformed copies, the authenticity and completeness of all original documents reviewed by us in original or copy form and the legal competence
of each individual executing any document. We have assumed that the Registration Statement, as filed with the Commission, will be in substantially
the form of the printer&#8217;s proof referred to in paragraph (d) above. We also have assumed for the purposes of this opinion that the
Certificate of Trust, Declaration, By-Laws and Resolutions will not have been amended, modified or withdrawn with respect to matters relating
to the Securities and will be in full force and effect on the date of the issuance of such Securities. We have assumed the following for
purposes of this opinion:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">With respect to any Rights,
a Rights Certificate representing such Rights will be duly authorized by all necessary corporate action of the Trust and the specific
terms of such Rights will be duly established by the Board, and such Rights will be duly distributed by the Trust, in accordance with
the Declaration, the By-laws, the Registration Statement and the Resolutions (such approvals referred to herein as the &#8220;Corporate
Proceedings&#8221;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">This opinion is based entirely
on our review of the documents listed above and such other documents as we have deemed necessary or appropriate for the purposes of this
opinion and such investigation of law as we have deemed necessary or appropriate. We have made no other review or investigation of any
kind whatsoever, and we have assumed, without independent inquiry, the accuracy of the information set forth in such documents.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">As to any opinion below
relating to the formation or existence of the Trust under the laws of the State of Delaware, our opinion relies entirely upon and is limited
by the certificate of public officials referred to in (a) above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">This opinion is
limited solely to the Delaware Statutory Trust Act, as applied by courts located in Delaware (other than Delaware securities laws,
as to which we express no opinion), to the extent that the same may apply to or govern the transactions referred to herein. No
opinion is given herein as to the choice of law that any tribunal may apply to such transactions. In addition, to the extent that
the Declaration or the By-Laws refer to, incorporate or require compliance with the Investment Company Act of 1940, as amended (the
 &#8220;1940 Act&#8221;), or any other law or regulation applicable to the Trust, except for the internal substantive laws of the
State of Delaware, as aforesaid, we have assumed compliance by the Trust with the 1940 Act and such other laws and regulations.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Invesco Municipal Income Opportunities Trust<BR>
 11 Greenway Plaza<BR>
 Houston, Texas 77046-1173<BR>
 Page 3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">We understand that all of
the foregoing assumptions and limitations are acceptable to you.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">Based upon and subject to
the foregoing, please be advised that it is our opinion that:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Trust has been formed and is existing under the Trust&#8217;s Certificate of Trust, Declaration and the laws of the State of Delaware
as a Delaware statutory trust with transferable shares of beneficial interest.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Common Shares, when issued and sold in accordance with the Trust&#8217;s Declaration and By-Laws and for the consideration described in
the Registration Statement, will be validly issued, fully paid, and nonassessable under the laws of the State of Delaware.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
the completion of all Corporate Proceedings relating to the Rights, the issuance of the Rights will be duly authorized.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">This opinion is given as
of the date hereof and we assume no obligation to update this opinion to reflect any changes in law or any other facts or circumstances
which may hereafter come to our attention. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In rendering this opinion and giving this consent, we do not admit that we are in the category of persons whose consent is required under
Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.45pt">&nbsp;</P>


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<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Stradley Ronon Stevens &amp; Young, LLP</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Stradley Ronon Stevens &amp; Young, LLP</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>


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<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>4
<FILENAME>tm254314d1_ex99-xn.htm
<DESCRIPTION>EXHIBIT 99.(N)
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm254314d1_ex99-xn.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1/users" -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.(n)</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Consent of Independent Registered Public Accounting Firm</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in this
Registration Statement on Form N- 2 of Invesco Municipal Income Opportunities Trust of our report dated April 25, 2024, relating to
the financial statements and financial highlights, which appears in Invesco Municipal Income Opportunities Trust&#8217;s Annual
Report on Form N-CSR for the year ended February 29, 2024. We also consent to the references to us under the headings
 &#8220;Financial Highlights,&#8221; &#8220;Other Service Providers,&#8221; &#8220;Independent Registered Public Accounting
Firm&#8221; and &#8220;Financial Statements&#8221; in such Registration Statement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm254314d1_ex99-xnimh001.jpg" ALT="" STYLE="height: 57px; width: 358px"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Houston, Texas</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 4, 2025</P>






<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>


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<DOCUMENT>
<TYPE>EX-99.(R)(I)
<SEQUENCE>5
<FILENAME>tm254314d1_ex99-xrxi.htm
<DESCRIPTION>EXHIBIT 99.(R)(I)
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm254314d1_ex99-xrxi.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1/users" -->

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="text-transform: none"><B>Exhibit
99.(r)(i)</B></FONT></FONT></P>


<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.7pt; text-align: center; text-indent: -15.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">CODE
OF ETHICS AND PERSONAL TRADING POLICY FOR NORTH AMERICA</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-left: Black 1pt solid; width: 23%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Applicable
    To</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; border: Black 1pt solid; font-size: 10pt; width: 77%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">All
                                            Covered Persons (as defined below)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">All
    Invesco NA entities</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Departments
    Impacted</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6.8pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;Global
    Ethics Office (&#8220;GEO&#8221;)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; border-left: Black 1pt solid; padding-top: 0.2pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Risk
    Addressed by Policy</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt; padding-top: 0.1pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;Clients
    are harmed because of a Covered Person&#8217;s conflict of interest, violation of fiduciary duties or &#8239;&#8239;&#8239;&#8239;&#8239;fraudulent/deceptive
    personal trading activities.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; border-left: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Relevant
    Law &amp; Related Resources</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;&#8239;
                                            <FONT STYLE="font-size: 10pt">Rule 17j-1 under the Investment Company Act (&#8220;Rule 17j-1&#8221;)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;
    </FONT>&#8239;<FONT STYLE="font-size: 10pt">&#8239;Rule 204A-1 under the Investment Advisers Act (&#8220;Rule 204A-1&#8221;)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Ontario
    Securities Commission: National Instrument 31-103 Registration Requirements, Exemptions and Ongoing &#8239;&#8239;&#8239;&#8239;&#8239;Registrant
    Obligations (&#8220;NI 31-103&#8221;)</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; border-left: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Approved
    By</B></FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: left; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT><FONT STYLE="font-size: 10pt">&#8239;Invesco
                                            Mutual Funds Board: December 2023</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Invesco
    ETF Board: December 2023</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;
    </FONT>&#8239;&#8239;<FONT STYLE="font-size: 10pt">Invesco Canada (&#8220;ICL&#8221;) Funds Independent Review Committee</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;
    </FONT><FONT STYLE="font-size: 10pt">&#8239;Invesco Canada Funds Advisory Board and Board of Directors of Invesco Canada Corporate
    Class Inc. following &#8239;&#8239;&#8239;&#8239;&#8239;recommendation by the Compliance Committee of the Board: October 2024</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt; border-left: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Effective
    Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;January
    2025</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.75in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0; text-indent: 4.75in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0; text-indent: 4.75in"><FONT STYLE="font-size: 10pt"><B><U>GLOSSARY</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Background.
</U></B>Invesco is required to adopt and enforce a written code of ethics as well as to establish, maintain and apply policies and procedures
that establish a system of controls to comply with securities laws and regulations, including, but not limited to, the management of
conflicts of interest matters, which may include personal trading activities.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Code of Ethics and Personal Trading Policy for North America (the &#8220;Code&#8221;) requires that Covered Persons (as defined below)
adhere to high standards of ethical conduct and act with integrity in accordance with their fiduciary duties. The Code is intended to
comply with the requirements of Rule 204A-1, Rule 17j-1 and NI 31-103.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Definitions.</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Beneficial
Ownership&#8221;</I> means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, to share in the economic interest or profit derived from the ownership of, or transaction in, a Covered Security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Client
Account&#8221; </I>means an Invesco Fund (with respect to Covered Persons other than Independent Directors/Trustees), a separately managed
account, a personal trust or estate, an Employee benefit trust or any other account for which an Invesco NA Adviser provides investment
advisory or sub-advisory services. For Independent Directors/Trustees, &#8220;Client Account&#8221; shall mean the Invesco funds they
oversee.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;<U>Compliance
Reporting System</U>&#8221;</I> means any third party, web-based application utilized by Covered Persons, <I>excluding Independent Directors/Trustees</I>,
for compliance reporting (i.e., personal securities transactions, investment accounts, outside activities, etc.)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Contingent
Worker</I>&#8221; means any Invesco consultant or contractor with access to the firm&#8217;s internal network systems.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Account</I>&#8221; means any account that holds or may hold a Covered Security whether directly or through Beneficial Ownership, and
as further described in Section B.1 below.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Person&#8221; </I>means any of the following:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Employee
                                            (interns, part-time or full-time);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Contingent
                                            Worker;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director
                                            or Officer of Invesco Ltd.;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Independent
                                            Director/Trustee;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            individual who is conducting business on behalf of an Invesco Adviser or affiliate, and has
                                            access to the firm&#8217;s internal network systems or offices;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            person meeting the definition of &#8220;<I>Access Person</I>&#8221; as defined in Rule 17j-1
                                            or Rule 204A-1; or</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">anyone
                                            who, at the discretion of GEO, is deemed to be a Covered Person subject to the requirements
                                            of this Code.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Security&#8221;</I> generally means, investment instruments or assets (public or private), unless otherwise <I>exempt </I>from the definition,
are as follows:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Stocks/shares
                                            (e.g., common, preferred or restricted) or bonds (e.g., corporate or municipal);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exchange
                                            Traded Products (defined below);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Closed-end
                                            Funds and REITs;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Instruments
                                            that are convertible or exchangeable into a Covered Security;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Derivatives
                                            (e.g., options, futures, forwards, ADRs (American Depository Receipts)/GDRs (Global Depositary
                                            Receipts), swaps, commodities, warrants/rights), or other obligation whose value is derived
                                            or based on any of the above;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Limited
                                            Offerings/Limited Liability Company interests (defined below);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Open-end Mutual Funds; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            security/instrument that can be traded by an Invesco Adviser or an affiliate on behalf of
                                            a client.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">The
following securities are exempt from the definition of &#8220;<I>Covered Security:</I>&#8221;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Direct
                                            obligations of the U.S. government, the Canadian government, or direct obligations of a Sovereign
                                            Government and their respective agencies;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Bankers&#8217;
                                            acceptances, bank certificates of deposit, commercial paper or high- quality short-term debt
                                            instruments (including repurchase agreements);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 30.95pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Shares
                                            of an open-end mutual fund for which Invesco does not serve as an investment adviser, subadviser
                                            or principal underwriter;</FONT></TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                                                          <TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Money
                                            market equivalent funds;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Investment
                                            trusts that invest exclusively in open-end mutual funds for which Invesco does not serve
                                            as an investment adviser, subadviser or principal underwriter;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
                                            unit investment trust (including those advised or sub-advised by an Invesco NA Adviser);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Principal-protected
                                            or linked-note investment products; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Physical
                                            commodities (including foreign currencies).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Delegated
Discretionary Account&#8221; </I>means an account for which a Covered Person has written evidence that decision-making authority has
been completely relinquished to a professional money manager who is not a family member or not otherwise subject to this Code and over
which the Covered Person has no direct or indirect influence or control.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Employee&#8221;
</I>means an individual who serves as a director or officer of an Invesco NA entity or who is employed on a full-time or part-time basis
by an Invesco NA entity or subsidiary thereof. For purposes of this Code, the term Employee also includes the Employee&#8217;s Immediate
Family Members.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>ETP
Access Person</I>&#8221; means a Covered Person who has access to Material Non-public Information attached to Invesco ETPs including
but not limited to any client&#8217;s purchase or sale of Invesco ETPs and/or the holdings of an Invesco ETP or anyone else determined
as such and as notified by Compliance.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>Exchange-Traded
Product</I>&#8221; or &#8220;<I>ETP</I>&#8221; means a security traded on an exchange that: (i) tracks an underlying security, index
or financial instrument; or (ii) uses a benchmark index but whose manager(s) may change sector allocations, market-time trades, or deviate
from the index. The term &#8220;<I>ETP</I>&#8221; includes, among other things, exchange-traded funds (&#8220;ETFs&#8221;), exchange-traded
notes (&#8220;ETNs&#8221;) and exchange-traded commodities (&#8220;ETCs&#8221;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Global
Ethics Office&#8221;</I> or <I>&#8220;GEO&#8221;</I> means the team within Compliance that is responsible for monitoring conflicts in
connection with a Covered Person&#8217;s personal trading, political contributions, outside business activities and gifts and entertainment.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Immediate
Family Member&#8221; </I>means a Covered Person&#8217;s:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 22.5pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Spouse</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 22.5pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 10.1pt"><FONT STYLE="font-size: 10pt">Domestic
                                            partner or equivalent (i.e., PACS (Civil Solidarity Pact), common law marriage, etc.):</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 10.1pt"><FONT STYLE="font-size: 10pt">Generally
                                            considered to be a permanent committed relationship; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 10.1pt"><FONT STYLE="font-size: 10pt">With
                                            Beneficial Ownership of their partner&#8217;s Covered Accounts</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 22.5pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Child,
                                            stepchild, parent, stepparent, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law
                                            or sister-in-law who shares the Covered Person&#8217;s household.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 20.7pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
roommate who is not a domestic partner or does not otherwise have one of the attributes above shall not be deemed to be an Immediate
Family Member.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 20.7pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Questions
regarding the applicability of this definition should be directed to the Global Ethics Office.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 20.7pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 20.7pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Independent
Director/Trustee&#8221; </I>means any; (i) director or trustee of an Invesco Mutual Fund who is not an &#8220;interested person&#8221;
(as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco Mutual Fund; (ii) director or trustee of an Invesco ETP
who is not an &#8220;interested person&#8221; (as defined in Section 2(a)(19) of the Investment Company Act) of an Invesco ETP; or (iii)
member of the Invesco Canada Independent Review Committee, Invesco Canada Funds Advisory Board or Board of Directors of Invesco Corporate
Class Inc. who has no other executive responsibilities or engagement in an Invesco Canada Fund or Invesco NA&#8217;s day-to-day activities
beyond the scope of their duties as director/trustee.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Initial
Public Offering&#8221;</I> or <I>&#8220;IPO&#8221; </I>means: (i) any Covered Security which is being offered for the first time on a
recognized stock exchange; or (ii) an offering of securities registered under the Securities Act, the issuer of which immediately before
such registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended
or foreign regulatory equivalents thereof.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Investment
Person&#8221; </I>generally means a Covered Person (excluding Independent Directors/Trustees) who:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">as
                                            part of their regular functions or duties makes or participates in making recommendations
                                            regarding the purchase or sale of securities in a Client Account (e.g., portfolio managers,
                                            securities analysts or traders); or</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
                                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">works
                                            directly with or is in the same department/investment team as a portfolio manager and is
                                            likely to be exposed to sensitive information relating to those Client Accounts for which
                                            the portfolio manager has responsibility (including those who serve an administrative function).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8221;Limited
Offering or Private Placement&#8221; </I>means an offering that is exempt from registration under the Securities Act of 1933 (&#8220;33
Act&#8221;), including but not limited to those offered according to Sections 4(a)(2), 4(a)5, 4(a)6 or pursuant to Rules 504 or 506 under
the 33 Act (e.g., Special Purpose Acquisition Company (SPAC), private equity fund or hedge fund, crowdfunding, private real estate investments
such as Real Investment Trusts (REITs) or LLCs/LPs).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;MNPI&#8221;
or &#8220;Material Non-public Information&#8221;</I> means information not known to the public that may, if disclosed, have a significant
impact on the price of a financial instrument and that a reasonable investor would likely consider relevant or important when making
an investment decision.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Rights
Issue&#8221;</I> or <I>&#8220;Rights Offer&#8221;</I> means a dividend of subscription rights to buy additional securities in a company
made to the company's existing security holders.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>Robo-Advisor
Account</I>&#8221; means a Covered Person&#8217;s account that holds, or can hold, Covered Securities that is maintained on a digital
platform offered by a broker on the <U>US Designated/Approved Broker List</U> to provide automated, algorithm-driven investment decisions
with little to no human intervention.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<I>Special
Purpose Acquisition Company</I>&quot; or &quot;<I>SPAC</I>&quot; is a company without commercial operations and formed specifically to
raise capital through an IPO for the purpose of acquiring or merging with an existing company.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>POLICY</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Each
Invesco NA Adviser has a fiduciary relationship with respect to each of their Client Accounts. As such, Invesco NA and Covered Persons
shall:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">place
                                            the interests of clients ahead of their personal interests (or, in the case of Independent
                                            Directors/Trustees, the funds they oversee);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">conduct
                                            their personal trading in a manner consistent with this Code and other applicable policies
                                            to avoid any actual or potential conflicts of interest or any abuse of position of trust
                                            and responsibility;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">comply
                                            with applicable laws, rules and regulations; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">keep
                                            all MNPI (as defined above) confidential.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Invesco
NA and all Covered Persons are prohibited from:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">profiting
                                            personally by using MNPI and disclosing MNPI to any person (except as may be permitted by
                                            law and in accordance with Invesco&#8217;s insider trading policies);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">employing
                                            any device, scheme or artifice to defraud any Client Account;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">making
                                            an untrue statement of a material fact or omitting to state a material fact to a client that,
                                            in light of the circumstances under which they are made, are necessary to make the statement
                                            non-misleading;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in any act, practice or course of business that operates or would operate as a fraud or deceit
                                            to a Client Account; or</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in any manipulative practice with respect to a Client Account or securities (including price
                                            manipulation).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco NA maintains
other compliance policies that may be directly applicable to a Covered Person&#8217;s specific responsibilities and duties and that address
additional standards of conduct for Employees. These policies are available on the Invesco Ltd. intranet site and include, but are not
limited to:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 46%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-size: 10pt"><U>Global Code of Conduct</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 10pt"><U>Global Insider Trading</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 10pt"><U>Global Fraud Escalation</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt; text-align: left; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 10pt"><U>Global Political Contributions</U></FONT></P></TD>
    <TD STYLE="font-size: 10pt; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                            </FONT><FONT STYLE="font-size: 10pt"><U>Global Outside Business Activities</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 10pt"><U>U.S. Gifts and Entertainment</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 10pt"><U>Gifts and Entertainment (ICL)</U></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Violations
of any of the policies listed above may result in increased escalation. For further detail, refer to Section C regarding violations and
sanctions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Please
see <U>Exhibit B</U> for requirements applicable to Independent Directors/Trustees.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>PERSONAL
                                            TRADING REQUIREMENTS</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">References
to Covered Persons in this Section B shall exclude Independent Directors/Trustees. Personal trading requirements and pre-clearance requirements
(if any) for Independent Directors/Trustees are set forth in <U>Exhibit B</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>1.&#8239;&#8239;&#8239;<U>Covered
Account Requirements for Covered Persons.</U></B></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are required to report all investment accounts (i.e., Covered Accounts) for which they, or Immediate Family Members, have Beneficial
Ownership or have discretion, control or interests, whether such discretion, control or interests are exercised or not. It is presumed
that a Covered Person can control accounts held by Immediate Family Members living in the same household.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.6pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">US
Covered Accounts must be held with a regulated financial institution listed on the US <U>Designated/Approved Broker List</U><SUP>1</SUP>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Covered
Accounts include but are not limited to the following</U>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; width: 34%; padding-bottom: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Brokerage
    Accounts</FONT></P></TD>
    <TD STYLE="padding-top: 3pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 33%; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Discretionary/Robo-Advisor<BR>
    Accounts<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; border: Black 1pt solid; width: 33%; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Employee
    Stock Plans (e.g.,<BR>
    ESPPs, ESOPs or ISOs)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Retirement
    Accounts (e.g., IRAs, SIPPs, Superannuation, iDeCo, RRSP, TFSA or any other local equivalent)</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Transfer
    Agent Accounts that hold reportable Covered Securities (e.g., Invesco open- end mutual fund account)</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Mutual
    Fund, Collective Investment or WRAP Accounts, which hold Invesco open-end funds</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Pension
    Plans, which hold Covered Securities <I>(excluding Invesco open-end funds)</I></FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.85pt; text-align: left; text-indent: -26.7pt"><FONT STYLE="font-size: 10pt">Stock
    and Shares ISAs (i.e., Investment ISA)</FONT></P></TD>
    <TD STYLE="padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.8pt; text-align: left"><FONT STYLE="font-size: 10pt">UTMAs
    and UGMAs</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">Invesco
    401k, and the separate Schwab Personal Choice Retirement Account (&#8220;PCRA&#8221;)</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">529
    Accounts that hold Covered Securities and the Invesco CollegeBound 529 plan</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-size: 10pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0pt 0; font-size: 10pt"></P>


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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1
</SUP><U>The US Designated/Approved Broker List</U> is accessible through the <U>Compliance Reporting System</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2
</SUP><U>Discretionary and Robo-Advisor Accounts</U> must be disclosed. New and existing Discretionary and Robo- Advisor accounts must
be approved by GEO. The Covered Person must provide supporting documentation (e.g., managed account agreement) and other required information
to GEO, including duplicate statements.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are required to ensure that:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 18.55pt"><FONT STYLE="font-size: 10pt"><I><U>Covered
                                            Accounts held with a&#9;broker located in the U.S. or India are maintained:</U></I></FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 18.55pt">&nbsp;</TD></TR>
                                                                                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">with
                                            a financial institution on the <U>US Designated/Approved Broker List</U> (which may be accessed
                                            via the <U>Compliance Reporting System</U>);</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 18.2pt"><FONT STYLE="font-size: 10pt">in
                                            a qualified retirement plan that a Covered Person is not legally or unilaterally able to
                                            transfer; or</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 72.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">for
                                            the U.S. only, with any full-service broker-dealer.</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
                                                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I><U>Invesco
                                            Open-End Mutual Funds are held</U>:</I></FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
                                                                                                    </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">in
                                            an account maintained with a financial institution (or broker on the <U>US Designated/Approved
                                            Broker List</U>);</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">in
                                            a qualified retirement plan that a Covered Person is not legally or unilaterally able to
                                            transfer;</FONT></TD></TR>

<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">in
                                            the Covered Person&#8217;s Invesco 401(k) or Invesco CollegeBound 529 plan; or</FONT></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>




<P STYLE="margin: 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 72.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 13pt"><FONT STYLE="font-size: 10pt">directly
                                            with Invesco&#8217;s Mutual Funds&#8217; transfer agent.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons may not purchase or hold Invesco affiliated open-end mutual funds beyond the above restrictions. This requirement does not apply
to other Invesco securities.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 10.1pt"><FONT STYLE="font-size: 10pt"><I><U>All
                                            other Covered Accounts </U></I><U>(e.g., external retirement plans, stock plans through third-party
                                            administrators)</U>:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 10.1pt">&nbsp;</TD></TR>
                                                                                 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 66.95pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.45pt"><FONT STYLE="font-size: 10pt">Covered
                                            Persons shall direct their financial institution to submit statements and confirmations to
                                            the GEO;</FONT></TD></TR>
                                                                                                                                                                                                                                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 66.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the financial institution is unable to provide transactional statements (or contract notes)
                                            to GEO through a link or hard copy, the Covered Person shall be personally responsible for
                                            submitting statements directly or upon request through the <U>GEO Support Portal</U> in a
                                            timely manner;</FONT></TD></TR>
                                                                    </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 66.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trade
                                            confirmations (or contract notes) must be provided no later than 15 calendar days from the
                                            date of execution; and</FONT></TD></TR>
                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 66.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Transactional
                                            statements must be provided within 15 calendar days of receipt.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>2.&#8239;&#8239;&#8239;<U>Statements
(Transactions) and Trade Confirmations (or Contract Notes).</U></B></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
                                            shall maintain a Covered Account with a financial institution that provides electronic trade
                                            confirmations (or contract notes) and statements directly to GEO.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the financial institution fails or is unable to provide an electronic link or a hard copy,
                                            the Covered Person shall be personally responsible for providing transactional statements
                                            and trade confirmations (or contract notes) for the Covered Account(s) to GEO through the
                                            <U>GEO Support Portal</U> or where applicable, to their local Compliance upon request.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>All
                                            Covered Accounts must be reported in the Compliance Reporting System before trading begins
                                            or upon hire.</U> Statements are not required for accounts that do not meet the Covered Accounts
                                            definition, such as accounts that are only able to invest in unaffiliated Open-end Mutual
                                            Funds.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>3.
 &#8239;&#8239;<U>Pre-Clearance of Personal Trades.</U></B></FONT></P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Covered
Persons and their Immediate Family Members</I> are required to pre-clear Covered Securities transactions through the <U>Compliance Reporting
System</U> as illustrated in <U>Exhibit A</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are prohibited from executing a security transaction (trade) in a Covered Account until they are notified by GEO that the trade
was approved. Covered Persons must carefully read the automated alert from the Compliance Reporting System, which includes the request
status (i.e., approved or denied).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Accounts in which a Covered Person has beneficial interest but does not exercise control (e.g., accounts for Immediate Family Members),
all trade requests are required to be submitted through the Covered Person.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">GEO
will notify the Covered Person if the trade request was approved or denied.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Trade
Authorization (i.e., Market Orders).</U></B> Trade requests which have been submitted and approved within the <U>Compliance Reporting
System prior</U> to market close are only valid for the current business day, unless the approval is granted after the close of the trading
day (e.g., trading on a foreign market or OTC), then approval will not expire until the end of the next trading day.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the trade is not executed within the approval window, a Covered Person shall be required to submit a new pre-clearance request and <I>must
receive</I> approval if the Covered Person intends to trade in that security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Prohibited
Trade Orders.</U></B> Covered Persons are required to avoid executing transactions outside of the approval window. Good &#8216;Til Canceled
(GTC), Limit Orders and Stop-Limit Orders among other orders beyond the same trading day are prohibited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Pre-clearance
of Limited Offerings and Private Placements</U></B><U>.</U> Covered Persons and their Immediate Family Members must:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 48.9pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clear
                                            investments in Limited Offerings and Private Placements and receive approval from GEO before
                                            investing and allow a minimum of three to five business days before the intended investment
                                            date to allow ample time for review.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 48.9pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Submit
                                            a Private Placement pre-clearance request through the <U>Compliance Reporting System</U>
                                            and include a detailed description of the investment and relevant documentation (e.g., offering
                                            deck, offering/private placement memorandum and term sheet).</FONT></TD></TR></TABLE>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Additionally,
Covered Persons seeking to invest in a Limited Offering/Private Placement sponsored by Invesco Ltd. and its affiliates:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 49.5pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">Must
                                            pre-clear all transactions through the Compliance Reporting System if the investment is made
                                            alongside third-party investors.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 49.5pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">May
                                            transact without pre-clearance if Invesco offers the investment exclusively to Employees.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.4pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
all instances, Limited Offerings and Private Placements are subject to ongoing reporting obligations. Please consult Legal and the Global
Ethics Office if you have questions about these requirements before investing.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Exemptions
from Pre-Clearance</U></B>. Purchases or sales of the following are exempt from the pre-clearance requirement:</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Securities in an approved Delegated Discretionary/Robo-Advisor Account;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 48.9pt"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt; padding-right: 18.25pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Mutual Funds and Invesco Canada Funds (excluding closed-end Invesco Mutual Funds and closed-end
                                            Invesco Canada Funds); </FONT></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>








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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                                                          <TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt"><FONT STYLE="font-size: 10pt">Invesco
                                            ETPs <B>(this Invesco ETP pre-clearance exemption does not apply to ETP Access Persons);</B></FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt">&nbsp;</TD></TR>
                                                                                                                                                         </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt"><FONT STYLE="font-size: 10pt">Unaffiliated
                                            broad-based ETPs <B>(this pre-clearance exemption does not apply to single stock ETPs)</B></FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt">&nbsp;</TD></TR>
                                                                                                                                                       </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt"><FONT STYLE="font-size: 10pt">Currencies,
                                            cryptocurrencies, and commodities, including trusts invested entirely in a currency, cryptocurrency
                                            or commodity;</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt">&nbsp;</TD></TR>
                                                                          </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt"><FONT STYLE="font-size: 10pt">Derivatives
                                            of an index of securities, currencies, cryptocurrencies or commodities;</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt">&nbsp;</TD></TR>
                                                                                                                                                                                                                                                           </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.85pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Mutual Fund grants awarded (Long-Term Fund Awards); and</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.2pt">&nbsp;</TD></TR>
                                                                                                                    </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Securities
                                            held in Invesco CollegeBound 529 Plans, Invesco Core U.S. 401(k) Plans (excluding elections
                                            in the personal choice retirement account) and registered group retirement savings plans
                                            offered by an Invesco Ltd. affiliate.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Pre-clearance
of Employee Share Purchase Plans and Long-Term Incentive Plans</U>. </B>The acquisition or deposit of shares, including IVZ shares through
an Employee Share Purchase Plan or Equity Awards Program is exempt from pre-clearance<B>.</B> However, pre-clearance is required if Covered
Persons wish to <B>sell these shares, including IVZ shares</B>. Please refer to <U>Exhibit A</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>4.
Trading Restrictions/Prohibitions.</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Blackout
Period</U></B><I>.</I> Covered Persons are prohibited from trading any Covered Security in a personal account on a day during which a
Client Account has a pending &#8220;buy&#8221; or &#8220;sell&#8221; order in the same Covered Security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><U>In
addition</U>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 49.45pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Investment
                                            Persons</I> with knowledge of trading in a Covered Security for a Client Account are prohibited
                                            from personal trading within three trading days before and three trading days after such
                                            Client Account transaction; and</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.6pt">&nbsp;</TD></TR>
                                                                                            </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 49.45pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>All
                                            other Covered Persons </I>with knowledge of trading in a Covered Security for a Client Account
                                            are prohibited from personal trading in the same Covered Security within two trading days
                                            after such Client Account transaction.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Blackout
Period Exemptions.</U></B> Blackout period restrictions may be exempt if purchases and sales of a Covered Security comply with certain
conditions (e.g., large market capitalization, daily trading limit, etc.) as may be determined from time to time by the GEO. Refer to
the <B><U>FAQ</U></B> for details.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Other
Prohibitions</U></B><I>.</I> Covered Persons shall be prohibited from:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">trading
                                            a Covered Security of an issuer on the applicable Restricted List(s);</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt">&nbsp;</TD></TR>
                                                                                                                                  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">purchasing
                                            a Covered Security in an IPO or secondary offering;</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt">&nbsp;</TD></TR>
                                                                                                                </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">purchasing
                                            a publicly listed SPAC when the targeted company is known;</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt">&nbsp;</TD></TR>
                                                                                                                       </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">participating
                                            in an investment club;</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt">&nbsp;</TD></TR>
                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">excessive
                                            short-term trading of any Invesco Open-end Mutual Funds (excluding money market funds) and/or
                                            cash-in-lieu Invesco ETPs according to the various limitations outlined in the respective
                                            prospectus or other fund disclosure documents;</FONT></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>








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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19.1pt 0pt 52.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 52.95pt; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in personal trading of Covered Securities that is excessive, or that compromises Invesco
                                            NA&#8217;s fiduciary duty to Client Accounts, as determined by the GEO in its discretion;</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                      </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">for
                                            Investment Personnel, effecting short sales of a Covered Security in a Covered Account if
                                            a Client Account for which the Investment Person has investment management responsibility
                                            has a long position in such Covered Security; and</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
                                                                                                              </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">trading
                                            options on common stock, single stock ETPs, or Invesco ETPs when the underlying security
                                            is either not held or has been held fewer than 60 days. For the sake of clarity, trading
                                            naked options is prohibited and only covered calls and protective puts are permitted.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Short-Term
Trading Restriction for all Covered Persons</U>.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Persons cannot profit from the purchase and sale of a Covered Security (or a short sale and
                                            cover of the same Covered Security) within 60 calendar days of the trade date of the same
                                            Covered Security. Gains are calculated on a first- in, first-out (FIFO) method.</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.3pt">&nbsp;</TD></TR>
                                                                                                                                            </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.7pt"><FONT STYLE="font-size: 10pt">Transactions
                                            in Invesco Canada Funds are subject to the short-term trading requirements outlined in the
                                            applicable prospectus.</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.7pt">&nbsp;</TD></TR>
                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
                                            restriction shall apply to all Covered Securities, including those which are exempt from
                                            pre-clearance (e.g., Invesco Funds). Transactions in unaffiliated ETPs (except for single
                                            stock ETPs), currencies, cryptocurrencies, commodities, trusts invested entirely in a currency,
                                            cryptocurrency or commodity, and derivatives (e.g., options and futures) based on an index
                                            of securities, currencies, cryptocurrencies and commodities are exempt from the 60-day holding
                                            period. This exemption shall not apply to derivatives of individual securities, single stock
                                            ETPs, or Invesco ETPs.</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.25pt">&nbsp;</TD></TR>
                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            a Covered Security is traded within the applicable holding period, the full amount of any
                                            profit from the trade, which has not been adjusted to account for applicable taxes or related
                                            fees, shall be disgorged to a charity of Invesco Ltd.&#8217;s choice.</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.3pt">&nbsp;</TD></TR>
                                                                                                                                  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 18.6pt"><FONT STYLE="font-size: 10pt">Covered
                                            Persons are exempt from the 60-day holding period if the trade transaction is executed at
                                            a loss.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B><U>5.
Special Requirements for Transactions in Invesco Ltd. Stock.</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Transactions
in Invesco Ltd. stock are subject to the pre-clearance and reporting requirements set forth above. Covered Persons are prohibited from
engaging in transactions in publicly traded options such as puts, calls and other derivative securities relating to Invesco Ltd.&#8217;s
securities, on an exchange or any other organized market. Covered Persons should refer to the <U>Global Insider Trading</U> policy whenever
they wish to transact in Invesco Ltd. securities in a Covered Account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -0.25in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="" STYLE="width: 184px; height: 48px">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><B><U>6.
Covered Persons Reporting and Certification Requirements.</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Certification
Requirements</U>. </B>All Covered Persons are required to complete a Code of Ethics acknowledgment on their start date with Invesco,
and annually thereafter, to acknowledge and certify that they have received, reviewed, understand, and shall comply with the Code. In
addition, Covered Persons will be required to acknowledge receipt and understanding of any material amendments or new interpretations
of the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Reporting
Requirements</U>. </B>All Covered Persons are subject to initial (upon joining Invesco) and ongoing reporting requirements. These reports
will be reviewed by GEO and are intended solely for internal use and are confidential unless required to be disclosed to a regulatory
or government agency.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Summary
of Reporting Obligations</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; text-align: center; font-size: 10pt"><B><U>New
    Hires<SUP>3</SUP></U></B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Covered
    Persons</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; font-size: 10pt; width: 31%"><FONT STYLE="font-size: 10pt"><B><U>Upon
    joining the firm</U></B> <BR>
    (due in 10 calendar days)</FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; font-size: 10pt; width: 37%"><FONT STYLE="font-size: 10pt"><B><U>Quarterly
    </U></B><BR>
    (due no later than 30 calendar days after the calendar quarter-end)</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; border-top: Black 1pt solid; font-size: 10pt; width: 32%"><FONT STYLE="font-size: 10pt"><B><U>Annual</U><BR>
    </B>(due no later than 30 calendar days from distribution)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Covered
    Accounts/ <BR>
    Initial Holdings Report<BR>
    </U> (<I>including a list of all Covered Securities and private/limited holdings. All holdings must be as of the Covered Person&#8217;s
    employment start date</I>)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Quarterly
    Transaction Report</U> <BR>
    (<I>excluding dividends reinvested, private/limited offering transactions previously disclosed, auto investment plans, payroll deductions,
    transactions executed in an approved Discretionary/Robo-Advisor Account</I>)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Annual
    Holdings &amp; Private<BR>
    Investments Report<BR>
    </U> (<I>excluding holdings in an approved Discretionary Account, and any holdings designated as non- reportable on <U>Exhibit A</U>)</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Initial
    Compliance Policies Certification</U></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Annual
    Compliance Policies</U> Certification</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3</SUP>Any
New Hire who fails to submit the Covered Accounts/Initial Holdings Report (IHR) within the (10) calendar days of their employment start
date will be prohibited from engaging in any personal securities transactions until such report is submitted and may be issued a violation
and subject to other sanctions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">In
addition, the Quarterly Transaction Report <I>can exclude</I> the following transactions executed in Covered Securities that are either:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">transacted
                                            directly with an affiliated transfer agent; or</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 34.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            the Covered Person&#8217;s registered group retirement savings plan (including transactions
                                            made on behalf of the Covered Person in the ICL sponsored GWL Group Retirement Savings Plan)
                                            or Invesco Core US 401(k) Plan.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>New
Covered Accounts</U>. </B>All Covered Persons must report any new Covered Account for themselves or any Immediate Family Member within
30 calendar days of opening. Unless the account has been reported, no personal securities transactions can occur within the account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
A</U>. </B>Attached as <U>Exhibit A</U> is an Overview of Personal Trading Requirements that provides a summary of certain requirements
set forth under this Code which are applicable to Covered Persons (excluding Independent Directors/Trustees). The Overview is not meant
to serve as a replacement for reading the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Individuals
who meet the definition of a Covered Person and are on a formal leave of absence or garden leave without access to Invesco systems are
not considered Covered Persons during the time they are on leave.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 18pt"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>VIOLATIONS
                                            AND SANCTIONS</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons shall report violations and potential violations of this Code to the GEO. Violations and potential violations of the Code are
investigated by GEO. Independent Directors/Trustees may report violations and potential violations to the applicable CCO (or their delegate).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
a determination is made that a Covered Person (excluding Independent Directors/ Trustees) has violated the Code, a sanction may be imposed
in accordance with the escalation procedure. Sanctions vary based on the severity of the violation(s) and include, but are not limited
to:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">a
                                            letter of education, a letter of warning or letter of reprimand;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">reversal
                                            of trades processed in violation of the Code;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">disgorgement
                                            of profits earned in the Code violation;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">prohibition
                                            of personal trading abilities;</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">suspension,
                                            demotion or change in the Covered Person&#8217;s responsibilities;</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">termination
                                            of employment;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">referral
                                            to civil or criminal authorities, where appropriate; or</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">any
                                            other sanction, as may be determined by the GEO, CCO and/or applicable governance committee.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
GEO maintains internal procedures regarding the violation investigation, sanction determination and sanction enforcement process.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
mitigating or eliminating certain conflicts of interest that arise in connection with a Covered Person&#8217;s personal trading, a Covered
Person may be required to sell a Covered Security that was previously approved. In the event the sale results in a loss, the Covered
Person will not be entitled to reimbursement for such loss. In the event of a gain, the Covered Person may be required to disgorge any
profit.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>CODE
                                            ADMINISTRATION</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
general, the GEO shall be responsible for the administration and oversight of the Code and shall be responsible for:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">identifying
                                            Covered Persons, providing Covered Persons with the Code and notifying them of their reporting
                                            obligations under the Code, and ensuring that Covered Persons submit the required certifications
                                            and reports required under the Code;</FONT></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>








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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                                                          <TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">reviewing
                                            the personal trading activities of Covered Persons to identify potential or actual violations
                                            of the Code and promptly investigating such matters to resolve and make the appropriate remediations,
                                            if needed; and</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 36.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 19.1pt"><FONT STYLE="font-size: 10pt">promptly
                                            report any violations of the Code in writing to the applicable CCO.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
very limited circumstances, certain exceptions to any provision of the Code may be granted on a case-by-case basis by the applicable
CCO or their delegate. Such exceptions shall be documented in writing by the GEO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
questions regarding this Code should be directed to the GEO, which may be contacted using the <U>GEO Support Porta</U>l via the intranet.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>REPORTING.</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>ICL
Boards/Committees</U>. At least quarterly, the CCO shall inform the Invesco Canada Funds Independent Review Committee of violations,
sanctions imposed, material changes and any other information as may be requested from time to time relating to the Code and for the
relevant review period.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Invesco
Mutual Funds Board and Invesco ETF Board.</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 5%"></TD><TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt"><U>Quarterly</U>:
                                            At least quarterly, each applicable CCO shall furnish a written report to the applicable
                                            Board regarding material violations of the Code by Covered Persons.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 5%"></TD><TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt"><U>Annually</U>:
                                            No less frequently than annually, each applicable CCO shall furnish a written report to the
                                            applicable Board that describes significant issues arising under the Code since the last
                                            report to the Board, including information about material violations of the Code and sanctions
                                            imposed in response to material violations. The CCO shall certify that the applicable Invesco
                                            NA Adviser to the Invesco Mutual Funds and Invesco ETFs has adopted procedures reasonably
                                            designed to prevent Covered Persons from violating the Code. At this time, the Board shall
                                            also review the current Code.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 5%"></TD><TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; width: 92%"><FONT STYLE="font-size: 10pt"><U>Material
                                            Changes to Code</U>. The applicable Committee/Boards mentioned in this Code shall approve
                                            any material changes made to the Code either before implementing such change or no later
                                            than six months after the change is implemented.</FONT></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>








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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 31.65pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
A</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>OVERVIEW OF
PERSONAL TRADING REQUIREMENTS</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0.25in; text-align: center"><FONT STYLE="font-size: 10pt"><I>Below
are some, but not all, of the common investment instruments and key actions required of Covered Persons (excluding Independent Directors/Trustees)
under the Code.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0.25in; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0.25in; text-align: center"><FONT STYLE="font-size: 10pt"><I>Gifting
or bequeathing Covered Securities (i.e., the in-kind transfer, trading or gifting of stock shares) to charities or family members must
be pre-cleared and is prohibited if the family member is a public official or connected to Invesco&#8217;s business.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22pt 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border: black 1pt solid; font-size: 10pt; width: 42%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pre-Clearance</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 16%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>60-Day
    Profit<BR>
    Limit Restriction</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Equities</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common/Preferred
    Stocks (which includes in-kind transfers, trading or gifting/bequeathing)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">IPOs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Rights
    Issue or Rights Offer<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in a currency or commodity</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Exchange-Traded
    Products (i.e., ETFs, ETCs and ETNs)</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Non-ETP
    Access Persons: </B> Invesco ETPs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>ETP
    Access Persons: </B>Invesco ETPs </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Yes</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Yes</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Yes</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Unaffiliated
    broad-based ETPs (apart from single stock ETPs)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Single-stock
    ETPs and unaffiliated ETPs with a limited number of underlying securities (20 or less) that include Covered Securities</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Cryptocurrencies<SUP>2</SUP></I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Cryptocurrencies</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in a cryptocurrency</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options based on a cryptocurrency</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Derivatives</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options<SUP>3</SUP> based on common stock and affiliated ETPs</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="text-align: center; padding: 2pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0pt 0; font-size: 10pt"></P>


<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="margin: 0pt 0; font-size: 10pt"></P>


<P STYLE="margin: 0pt 0; font-size: 10pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1
</SUP>Pre-clearance is required on the day of electing to participate in the Rights issue or Offer.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2
</SUP>Cryptocurrency exemptions are subject to change and requirements may be applied to certain Employees upon notification by Compliance.
Some digital assets claiming to be cryptocurrency could be deemed securities by regulators. Please contact the Global Ethics Office if
you have questions regarding the requirements of your digital assets under the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3
</SUP>Options are restricted to covered calls and protective puts where the underlying security has been held no fewer than 60 days.
All other option types are prohibited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-right: 5pt; font-size: 10pt; width: 42%; padding-top: 2pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 19%; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pre-Clearance</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 15%; padding-top: 2pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 24%; padding-top: 2pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>60-Day
    Profit<BR>
    Limit Restriction</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Naked
    options</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options Based on an index, currencies, commodities, and unaffiliated ETPs</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.7pt 0pt 26.8pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.05pt 0pt 23.25pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt; text-align: left; padding-right: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Mutual
    Funds</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Invesco
    Open-end Mutual Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Invesco
    Closed-end Mutual Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Invesco
    Canada Open-end Mutual Funds</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.7pt 0pt 26.8pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 31.1pt 0pt 31.15pt; text-align: center; text-indent: 0.15pt"><FONT STYLE="font-size: 10pt">Subject
                                            to Prospectus</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.3pt 0pt 23.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Requirements</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt; text-align: left; padding-right: 5pt"><FONT STYLE="font-size: 10pt">Invesco
    Canada Closed-end Mutual Funds</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.7pt 0pt 26.8pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.85pt 0pt 23.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Unaffiliated
    Open-end Mutual Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Unaffiliated
    Closed-end Mutual Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt; text-align: left; padding-right: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Fixed
    Income/Bonds</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">US
    Treasury</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Certificates
    of Deposit</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Money
    Market Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Municipal
    Bonds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Corporate
    Bonds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Structured
    products linked to indices</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Invesco
                                            Ltd. Corporate Securities</I></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: left"><FONT STYLE="font-size: 10pt"><I>(including
    the in-kind transfer, trading or gifting/bequeathing)</I></FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>IVZ
    and IVR shares</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Sale
    of IVZ shares acquired through ESPP, RSA and LTA</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.35pt 0pt 28.15pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 23.25pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Derivatives
    on IVZ, short sells of IVZ or IVZ share transactions in Professionally Managed Accounts</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.05pt 0pt 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.55pt; text-align: left"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></P></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.2pt 0pt 23.25pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt; text-align: left; padding-right: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Long-Term
    Fund Awards</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt">Invesco
    Mutual Fund grants awarded</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-left: 5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><I>Invesco
    CollegeBound 529 Plan</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt; text-align: left; padding-right: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Limited
    Offerings/Private Placements*</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt; text-align: left; padding-right: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Non-Invesco
    offerings</I></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt; text-align: left; padding-right: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Invesco
    offerings</I></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;Yes**</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="padding-top: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.3pt 0pt 12.95pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>*Covered
Persons may not engage in a Limited Offering without first: (a) obtaining approval <B><U>prior to</U></B> making or participating in
the investment, and (b) provide the appropriate offering documentation (e.g., Offering Deck, Offering Memorandum, Term Sheet or Offering
Presentation) to GEO for review.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.3pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>**Covered
Persons must pre-clear activity in Limited Offerings/Private Placements sponsored by Invesco Ltd. and its affiliates with GEO unless
Invesco offers the investment exclusively to Employees. &nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.3pt 0pt 12.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.3pt 0pt 12.95pt; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>






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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
B</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>INDEPENDENT
DIRECTORS/TRUSTEES</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
Directors/Trustees on the Invesco Mutual Funds, Invesco Canada Fund and the Invesco ETP Boards shall refrain from beneficially owning
Invesco Ltd. stock.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
Directors/Trustees who have questions, need to report a potential or actual violation, may report such matters to the applicable Chief
Compliance Officer, or their delegate.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><FONT STYLE="font-size: 10pt"><B><U>OVERVIEW</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees of the Invesco Mutual Funds:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
                                                                                                            </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 59.05pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">are
                                            subject to and must comply with the pre-clearance requirements for certain transactions involving
                                            Invesco Mutual Funds that are closed-end Funds under the Independent Directors/Trustees policies
                                            and guidelines;</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt">&nbsp;</TD></TR>
                                                                            </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 59.05pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">shall
                                            complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or,
                                            or in the ordinary course of fulfilling their official duties as an Independent Director/Trustee,
                                            should have known, that during the 15-days immediately preceding or following the date of
                                            the Independent Director/Trustee&#8217;s transaction in a Covered Security:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt">&nbsp;</TD></TR>
                                                                                                                                        </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 31pt"><FONT STYLE="font-size: 10pt">an
                                            Invesco Mutual Fund purchased or sold the Covered Security; or</FONT></TD></TR>
                                                                                                                           </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            Invesco Mutual Fund, Invesco Advisers, Inc., or any sub-adviser to such Invesco Mutual Fund
                                            considered purchasing or selling the Covered Security.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement per
                                            the above bullet, shall request the Quarterly Transaction Report and complete the report
                                            with the following information for each transaction during the quarter:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 13pt">&nbsp;</TD></TR>
                                                                                                                                    </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            date of the transaction , the Covered Security name, number of shares (for equity securities),
                                            or the interest rate and maturity date (if applicable) and the principal amount (for debt
                                            securities) for each Covered Security;</FONT></TD></TR>
                                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 31pt"><FONT STYLE="font-size: 10pt">the
                                            nature of the transaction (e.g., buy or sell);</FONT></TD></TR>
                                                                                                           </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 31pt"><FONT STYLE="font-size: 10pt">the
                                            Covered Security identifier (i.e., CUSIP or symbol);</FONT></TD></TR>
                                                                                                                 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 31pt"><FONT STYLE="font-size: 10pt">the
                                            execution price of the Covered Security;</FONT></TD></TR>
                                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 31pt"><FONT STYLE="font-size: 10pt">the
                                            name of the broker-dealer or bank executing the transaction; and</FONT></TD></TR>
                                                                                                                             </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 31pt"><FONT STYLE="font-size: 10pt">the
                                            date that the report was submitted to the applicable Chief Compliance Officer.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt"><FONT STYLE="font-size: 10pt">are
                                            subject to the short-term trading restrictions (e.g., profit restriction) with respect to
                                            Invesco Mutual Funds that are closed-end funds.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees on the Invesco ETPs Board:</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">shall
                                            complete a Quarterly Transaction Report only if the Independent Director/Trustee knew, or
                                            in the ordinary course of fulfilling their official duties as an Independent Director/Trustee,
                                            should have known, that during the 15-days immediately preceding or following the date of
                                            the Independent Director/Trustee&#8217;s transaction in a Covered Security:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 13pt">&nbsp;</TD></TR>
                                                                                                                                        </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt"><FONT STYLE="font-size: 10pt">an
                                            Invesco ETP purchased or sold the Covered Security; or</FONT></TD></TR>
                                                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            Invesco ETP, Invesco Capital Management, LLC. or any sub-adviser to such Invesco ETP considered
                                            purchasing or selling the Covered Security.</FONT></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>








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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"><IMG SRC="tm254314d1_ex99-xrxiimg001.jpg" ALT="">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
                                                                                                                                          <TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 13pt"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall
                                            request the Quarterly Transaction Report and complete the report with the following information
                                            for each transaction during the quarter:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 13pt">&nbsp;</TD></TR>
                                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            date of the transaction, the Covered Security name, number of shares (for equity securities),
                                            or the interest rate and maturity date (if applicable) and the principal amount (for debt
                                            securities) for each Covered Security;</FONT></TD></TR>
                                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            nature of the transaction (e.g., buy or sell);</FONT></TD></TR>
                                                                                                           </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            Covered Security identifier (i.e., CUSIP or symbol);</FONT></TD></TR>
                                                                                                                 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            execution price of the Covered Security;</FONT></TD></TR>
                                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            name of the broker-dealer or bank executing the transaction; and</FONT></TD></TR>
                                                                                                                             </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            date that the report was submitted to the applicable Chief Compliance Officer.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.95pt"></TD><TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees on the Invesco ETPs Board, <U>are not</U> subject to:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
                                                                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">pre-clearance
                                            requirements;</FONT></TD></TR>
                                                                          </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">providing
                                            account statements or trade confirmations;</FONT></TD></TR>
                                                                                                       </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Covered
                                            Account or Annual Holdings reporting requirements; or</FONT></TD></TR>
                                                                                                                  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">short-term
                                            trading restrictions.</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
                                                                                  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 30.95pt"></TD><TD STYLE="font-size: 10pt; width: 13.6pt"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees on the Invesco Canada Fund Board:</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 19.25pt"><FONT STYLE="font-size: 10pt">shall
                                            complete a Quarterly Transaction Report only if the Independent Director/Trustee knew or,
                                            or in the ordinary course of fulfilling their official duties as an Independent Director/Trustee,
                                            should have known, that during the 15-days immediately preceding or following the date of
                                            the Independent Director/Trustee&#8217;s transaction in a Covered Security:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 19.25pt">&nbsp;</TD></TR>
                                                                                                                                        </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt"><FONT STYLE="font-size: 10pt">an
                                            Invesco Canada Fund purchased or sold the Covered Security; or</FONT></TD></TR>
                                                                                                                           </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt"><FONT STYLE="font-size: 10pt">an
                                            Invesco Canada Fund, Invesco Canada Ltd. or any sub-adviser to such Invesco Canada Fund considered
                                            purchasing or selling the Covered Security.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 13pt"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees who are subject to the Quarterly Transaction Reporting requirement, shall
                                            request the Quarterly Transaction Report and complete the report with the following information
                                            for each transaction during the quarter:</FONT></TD></TR><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 13pt">&nbsp;</TD></TR>
                                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            date of the transaction, the Covered Security name, number of shares (for equity securities),
                                            or the interest rate and maturity date (if applicable) and the principal amount (for debt
                                            securities) for each Covered Security;</FONT></TD></TR>
                                                                                                   </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            nature of the transaction (e.g., buy or sell);</FONT></TD></TR>
                                                                                                           </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            Covered Security identifier (i.e., CUSIP or symbol);</FONT></TD></TR>
                                                                                                                 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            execution price of the Covered Security;</FONT></TD></TR>
                                                                                                     </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            name of the broker-dealer or bank executing the transaction; and</FONT></TD></TR>
                                                                                                                             </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">the
                                            date that the report was submitted to the applicable Chief Compliance Officer.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 48.9pt"></TD><TD STYLE="font-size: 10pt; width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 13pt"><FONT STYLE="font-size: 10pt">Independent
                                            Directors/Trustees on the Invesco Canada Fund Board, <U>are not</U> subject to:</FONT></TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">pre-clearance
                                            requirements;</FONT></TD></TR>
                                                                          </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">providing
                                            account statements or trade confirmations;</FONT></TD></TR>
                                                                                                       </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">Covered
                                            Account or Annual Holdings reporting requirements; or</FONT></TD></TR>
                                                                                                                  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 90.05pt"></TD><TD STYLE="font-size: 10pt; width: 17.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 22pt"><FONT STYLE="font-size: 10pt">short-term
                                            trading restrictions.</FONT></TD></TR></TABLE>






<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>




<P STYLE="margin: 0; font-size: 10pt"></P>


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<DOCUMENT>
<TYPE>EX-99.(R)(II)
<SEQUENCE>6
<FILENAME>tm254314d1_ex99-xrxii.htm
<DESCRIPTION>EXHIBIT 99.(R)(II)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm254314d1_ex99-xrxii.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1/users" -->

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0; text-align: right; font-size: 10pt"><B>Exhibit 99.(r)(ii)</B></P>


<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0; text-align: left; font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT=""><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">CODE
OF ETHICS AND PERSONAL TRADING POLICY FOR EMEA</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 20%; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Applicable
    To</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 80%; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    All Covered Persons (as defined below)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    All entities listed on Exhibit A (collectively, &ldquo;Invesco EMEA&rdquo;)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 23.7pt; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Departments
    Impacted</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: middle; border-bottom: Black 1pt solid; padding-left: 19.05pt; text-indent: -9pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;
    Global Ethics Office&rdquo; or &ldquo;GEO&rdquo; (as defined in the Policy)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 8.8pt; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Risk
    Addressed by Policy</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
                                                                              Clients are harmed because of a Covered Person&rsquo;s conflict of interest, violation of fiduciary duties or fraudulent/deceptive
                                                                              personal trading activities.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Relevant
    Law &amp; Related Resources</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Rule 11.7 and 11.7A under the Conduct of Business Sourcebook (UK)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Principle 8 under FCA's Principles for Businesses (UK)</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Article 321-42 to 45 under AMF Rule Book (France)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Section 5.5.6. Personal Transactions under Circular CSSF 18/698 (Luxembourg)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Section BT 2 of BaFin Circular 05/2018 (MaComp); &sect; 41 WpIG, Article 28 and 29 of Delegated Regulation (EU) 2017/565; Article
    16 Directive 2014/65/EU (Germany)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;Section 5. Avoidance/Disclosure of Conflicts of Interest under Swiss Funds &amp; Asset Management Association Code of Conduct (Switzerland)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Rule 17j-1 under the Investment Company Act (&ldquo;Rule 17j-1&rdquo;)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Rule 204A-1 under the Investment Advisers Act (&ldquo;Rule 204A-1&rdquo;)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Approved
    By</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Global Ethics Office (Owner): November 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Asset Management Limited (IAML): December 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Management SA (IMSA) Board: November 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Asset Management Deutschland (IAMD) Board: December 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Real Estate Management (IREM) Board: December 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Fund Managers Limited (IFML) Board: December 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Investment Management Limited (IIML) Board: December 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Asset Management (IAMCH) Board: November 2022</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 20pt; text-indent: -10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;
    Invesco Pensions Limited (IPL)</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Version
    Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><U>GLOSSARY</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 10pt; font-weight: normal; text-decoration: none">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Background.</U></B>
Invesco is required to adopt and enforce a written code of ethics as well as to establish, maintain and apply policies and
procedures that establish a system of controls to comply with securities laws and regulations, including, but not limited to, the
management of conflicts of interest matters, which may include personal trading activities.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Code of Ethics and Personal Trading Policy for EMEA (the &#8220;Code&#8221;) requires that Covered Persons (as defined below) adhere
to high standards of ethical conduct and act with integrity in accordance with their fiduciary duties. The Code is intended to comply
with the requirements of the Rules listed in the summary box above (collectively, the &#8220;Rules&#8221;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>Definitions.</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>Beneficial
Ownership</I>&#8221; means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, to share in the economic interest or profit derived from the ownership of, or transaction in, a Covered Security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Client
Account&#8221; </I>means an Invesco Fund, a separately managed account, a personal trust or estate, an Employee benefit trust or any
other account for which an Invesco EMEA Adviser provides portfolio management, investment advisory, sub-advisory or other ancillary services.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;<U>Compliance
Reporting System</U>&#8221;</I> means any third party, web-based application utilized by Covered Persons, <I>excluding Independent Directors/Trustees</I>,
for compliance reporting (i.e., personal securities transactions, investment accounts, outside activities, etc.).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Contingent
Worker&#8221; </I>means any Invesco consultant or contractor with access to the firm&#8217;s internal network systems.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Account&#8221; </I>means any account that holds or may hold a Covered Security whether directly or through Beneficial Ownership, and
as further described in Section B.1 below.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Person&#8221;</I> means any of the following:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Employee
                                            (interns, part-time or full-time);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Contingent
                                            Worker;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Director
                                            or Officer of Invesco Ltd.;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            individual who is conducting business on behalf of an Invesco Adviser or affiliate and has
                                            access to the firm&#8217;s internal network systems or offices;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            person meeting the definition of &#8220;Access Person&#8221;, as defined in Rule 17j-1 or
                                            Rule 204A-1; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">anyone
                                            who, at the discretion of GEO, is deemed to be a Covered Person subject to the requirements
                                            of this Code.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">With
respect to the Code&#8217;s personal trading requirements and procedures, Independent Non-Executive Directors/Trustees (defined below)
shall only be subject to those provisions set-forth under Section C.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Security&#8221; </I>generally means, investment instruments or assets (public or private), unless otherwise <I>exempt </I>from the definition,
are as follows:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.45pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">stocks/shares
                                            (e.g., common, preferred or restricted) or bonds (e.g., corporate or municipal);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Exchange
                                            Traded Products (defined below);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Closed-end
                                            Funds and REITs;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Instruments
                                            that are convertible or exchangeable into a Covered Security;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Derivatives
                                            (e.g., options, futures, forwards, ADRs (American Depository Receipts)/GDRs (Global Depositary
                                            Receipts), swaps, commodities, warrants/rights, or other obligation whose value is derived
                                            or based on any of the above;</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.9pt 0pt 1in"></P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Limited
                                            Offerings/Limited Liability Company interests (defined below);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            Invesco Open-end Mutual Fund; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            security/instrument that can be traded by an Invesco Adviser or affiliate on behalf of a
                                            client.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">The
following securities <I><U>are exempt</U></I> from the definition of <I>&#8220;Covered Security:&#8221;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">direct
                                            obligations of a Sovereign Government, its respective agencies, instrumentalities and any
                                            government sponsored enterprises;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">bankers&#8217;
                                            acceptances, bank certificates of deposit, commercial paper or high- quality short-term debt
                                            instruments (including repurchase agreements);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">shares
                                            of an open-end fund for which Invesco does not serve as an investment adviser, subadviser
                                            or principal underwriter;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">money
                                            market equivalent funds;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">investment
                                            trusts that invest exclusively in open-end mutual funds for which Invesco does not serve
                                            as an investment adviser, subadviser or principal underwriter;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            unit investment trust (including those advised or sub-advised by an Invesco EMEA Adviser);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">principal-protected
                                            or linked-note investment products; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">physical
                                            commodities (including foreign currencies).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Delegated
Discretionary Account&#8221;</I> means an account for which a Covered Person has written evidence that decision-making authority has
been completely relinquished to a professional money manager who is not a family member or not otherwise subject to this Code and over
which the Covered Person has no direct or indirect influence or control.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Employee&#8221;
</I>means an individual who serves as a director or officer of an Invesco EMEA entity or who is employed on a full-time or part-time
basis by an Invesco EMEA entity or subsidiary thereof. For purposes of this Code, the term Employee also includes the Employee&#8217;s
Immediate Family Members.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;ETP
Access Person&#8221; </I>means a Covered Person who has access to Material Non-public Information attached to Invesco ETPs including
but not limited to any client transactions of Invesco ETPs and/or the holdings of an Invesco ETP or anyone else determined as such and
notified by Compliance.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Exchange-Traded
Product&#8221; </I>or <I>&#8220;ETP&#8221;</I> means a security traded on an exchange that: (i) tracks an underlying security, index
or financial instrument; or (ii) uses a benchmark index but whose manager(s) may change sector allocations, market-time trades, or deviate
from the index. The term &#8220;ETP&#8221; includes, among other things, exchange-traded funds (&#8220;ETFs&#8221;), exchange-traded
notes (&#8220;ETNs&#8221;) and exchange- traded commodities (&#8220;ETCs&#8221;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Global
Ethics Office&#8221; or &#8220;GEO&#8221;</I> means the team within Compliance that is responsible for monitoring conflicts in connection
with a Covered Person&#8217;s personal trading, political contributions, outside business activities, and gifts and entertainment.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Immediate
Family Member&#8221; </I>means a Covered Person&#8217;s:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.4pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 0.5in"><FONT STYLE="font-size: 10pt">Spouse</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 0.5in"><FONT STYLE="font-size: 10pt">Domestic
                                            partner or equivalent (i.e., PACS (Civil Solidarity Pact), common law marriage, etc.)</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.7in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 0.5in"><FONT STYLE="font-size: 10pt">Generally
                                            considered to be a permanent committed relationship; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 0.5in"><FONT STYLE="font-size: 10pt">With
                                            Beneficial Ownership of their partner&#8217;s Covered Accounts.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Child,
                                            stepchild, parent, stepparent, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law
                                            or sister-in-law who shares the Covered Person&#8217;s household.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
roommate who is not a domestic partner or does not otherwise have one of the attributes above shall not be deemed to be an Immediate
Family Member.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Questions
regarding the applicability of this definition should be directed to the Global Ethics Office.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Independent
Non-Executive Directors/Trustees&#8221;</I> means any director or trustee of an Invesco EMEA entity that has no other executive responsibilities
or engagement in an Invesco Fund&#8217;s day-to-day activities beyond the scope of their duties as a director/trustee and does not make,
participate in or obtain information regarding the purchase or sale of any Client Account&#8217;s portfolio securities as part of their
service as a director/trustee.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Initial
Public Offering&#8221; </I>or <I>&#8220;IPO&#8221;</I> means (i) any Covered Security which is being offered for the first time on a
recognized stock exchange; or (ii) an offering of securities registered under the Securities Act, the issuer of which immediately before
such registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended
or foreign regulatory equivalents thereof.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Invesco
EMEA&#8221;</I> means, collectively, the regulated entities outlined in Exhibit A.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Invesco
EMEA Adviser&#8221;</I> means, collectively, the SEC-registered investment advisers outlined in Exhibit A.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Investment
Person&#8221; </I>generally means a Covered Person (excluding Independent Directors/Trustees) who:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.3pt 0pt 0.5in; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">as
                                            part of their regular functions or duties makes or participates in making recommendations
                                            regarding the purchase or sale of securities in a Client Account (e.g., portfolio managers,
                                            securities analyst or traders); or</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">works
                                            directly with or is in the same department/investment team as a portfolio manager and is
                                            likely to be exposed to sensitive information relating to those Client Accounts for which
                                            the portfolio manager has responsibility (including those who serve an administrative function).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT=""><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8221;Limited
Offering or Private Placement&#8221; </I>means an offering that is exempt from registration under the Securities Act of 1933 (&#8220;33
Act&#8221;), including but not limited to those offered according to Section 4(a)(2), 4(a)5, 4(a)6 or pursuant to Rule 504 or 506 under
the 33 Act (e.g., Special Purpose Acquisition Company (SPAC), private equity fund or hedge fund, crowdfunding, private real estate investments
such as Real Investment Trusts (REITs) or LLCs/LPs).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;MNPI&#8221;
</I>or <I>&#8220;Material Non-public Information&#8221; </I>means information not known to the public that may, if disclosed, have a
significant impact on the price of a financial instrument and that a reasonable investor would likely consider relevant or important
when making an investment decision.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Rights
Issue&#8221; </I>or <I>&#8220;Rights Offer&#8221; </I>means a dividend of subscription rights to buy additional securities in a company
made to the company's existing security holders.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;Robo-Advisor
Account&#8221; means a Covered Person&#8217;s account that holds, or can hold, Covered Securities that is maintained on a digital platform
to provide automated, algorithm- driven investment decisions with little to no human intervention.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&quot;Special
Purpose Acquisition Company&quot; </I>or <I>&quot;SPAC&quot;</I> is a company without commercial operations and formed specifically to
raise capital through an IPO for the purpose of acquiring or merging with an existing company.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>POLICY.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
EMEA has a fiduciary relationship with respect to each of their Client Accounts. As such, Covered Persons shall:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">place
                                            the interests of clients ahead of their personal interests;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">conduct
                                            their personal trading in a manner consistent with this Code and other applicable policies
                                            to avoid any actual or potential conflicts of interest, or any abuse of position of trust
                                            and responsibility;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">comply
                                            with applicable laws, rules and regulations; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">keep
                                            all MNPI (as defined above) confidential.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Invesco
EMEA and Covered Persons are prohibited from:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">profiting
                                            personally by using MNPI and disclosing MNPI to any person (except as may be permitted by
                                            law and in accordance with Invesco&#8217;s insider trading policies);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">employing
                                            any device, scheme or artifice to defraud any Client Account;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">making
                                            an untrue statement of a material fact or omitting to state a material fact to a client that,
                                            in light of the circumstances under which they are made, are necessary to make the statement
                                            non-misleading;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in any act, practice or course of business that operates or would operate as a fraud or deceit
                                            to a Client Account; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in any manipulative practice with respect to a Client Account or securities (including price
                                            manipulation).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.55pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.55pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.55pt 0pt 0.5in; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.55pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.55pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.55pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
EMEA maintains other compliance policies that may be directly applicable to a Covered Person&#8217;s specific responsibilities and duties
and that address additional standards of conduct for Employees. These policies are available on the Invesco Ltd. intranet site and include,
but are not limited to:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 46%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
                                            </FONT><FONT STYLE="font-size: 10pt"><U>Global Code of Conduct</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt; text-indent: -0.25in"></P></TD>
    <TD STYLE="font-size: 10pt; width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
                                            </FONT><FONT STYLE="font-size: 10pt"><U>Global Outside Business Activities</U></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.75pt; text-indent: -0.25in"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.75pt; text-indent: -0.25in"></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    </FONT><FONT STYLE="font-size: 10pt"><U>Global Insider Trading</U></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    </FONT><FONT STYLE="font-size: 10pt"><U>EMEA Non-Monetary Benefits Policy</U></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    </FONT><FONT STYLE="font-size: 10pt"><U>Global Fraud Escalation</U></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
    </FONT><FONT STYLE="font-size: 10pt"><U>Global Political Contributions</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.8pt 0pt 0.5in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Violations
of any of the policies listed above may result in increased escalation. For further detail, refer to Section D regarding violations and
sanctions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.8pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>PERSONAL
                                            TRADING REQUIREMENTS.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Covered
                                            Account Requirements for Covered Persons</U>.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are required to report all investment accounts (i.e., Covered Accounts) for which they, or Immediate Family Members, have Beneficial
Ownership, or have discretion, control or interests, whether such discretion, control or interests are exercised or not. It is presumed
that a Covered Person can control accounts held by Immediate Family Members living in the same household.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">UK
Covered Accounts must be held with a regulated financial institution listed on the UK Designated/Approved Broker List<SUP>1 </SUP>(any
active UK covered accounts as of the date of this code are exempt from this requirement, requirement is only applicable to new employees
and new broker accounts.)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I><U>Covered
Accounts include but are not limited to the following</U></I></B>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 37%; padding-top: 9.65pt; padding-left: 34.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brokerage
    Accounts</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 33%; padding-top: 4.35pt; padding-left: 56.45pt; text-indent: -40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discretionary/Robo-Advisor
    Accounts<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; padding-top: 4.35pt; padding-left: 26.55pt; text-indent: -11.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
    Stock Plans (e.g., ESPPs, ESOPs or ISOs)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3.9pt; padding-right: 10.65pt; padding-left: 11.85pt; text-align: center; text-indent: -0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retirement
    Accounts (e.g., IRAs, SIPPs, Superannuation, iDeCo, RRSP, TFSA or any other local equivalent)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.9pt; padding-right: 7.7pt; padding-left: 8.95pt; text-align: center; text-indent: -0.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
    Agent Accounts that hold reportable Covered Securities (e.g., Invesco open- end mutual fund account)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3.9pt; padding-right: 7.45pt; padding-left: 7.85pt; text-align: center; text-indent: 0.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual
    Fund, Collective Investment or WRAP Accounts, which hold Invesco open-end funds</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3.9pt; padding-right: 10.45pt; padding-left: 11.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension
    Plans, which hold Covered Securities <I>(excluding Invesco open-end funds)</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 9.75pt; padding-left: 41pt; text-indent: -26.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
    and Shares ISAs (i.e., Investment ISA)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.95pt">UTMAs and UGMAs</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 4.25pt; padding-right: 10.45pt; padding-left: 11.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invesco
    401k, and the separate Schwab Personal Choice Retirement Account (&ldquo;PCRA&rdquo;)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 9.65pt; padding-right: 6.45pt; padding-left: 7.5pt; text-align: center; text-indent: -0.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">529
    Accounts that hold Covered Securities and the Invesco CollegeBound 529 plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.75pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>1</SUP>The
<U>UK Designated/Approved Broker List</U> is accessible through the <U>Compliance Reporting System</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2</SUP><U>Discretionary
and Robo-Advisor</U> Accounts must be disclosed. New and existing Discretionary and Robo- Advisor Accounts must be approved by GEO. The
Covered Person must provide supporting documentation (e.g., managed account agreement) and other required information to GEO, including
duplicate statements.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.75pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.75pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Discretionary
and Robo-Advisor Accounts are not required to be held on the UK Designated/Approved Broker list.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">UK
Covered Persons (<I>not applicable to contingent workers</I>) are required to ensure that Covered Accounts held with a broker located
in the UK are maintained:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">with
                                            a financial institution on the <U>UK Designated/Approved Broker Lis</U>t (which may be accessed
                                            via the <U>Compliance Reporting System</U>); and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            a qualified retirement plan that a Covered Person is not legally or unilaterally able to
                                            transfer.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 74.7pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>All
other EMEA Covered Accounts</U></I> shall be maintained with a regulated financial institution.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Invesco
Open-end Mutual Funds</U> shall be held:</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            an account maintained with a financial institution (or broker on the Designated/Approved
                                            Broker List for UK Covered accounts);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">in
                                            a qualified retirement plan that a Covered Person is not legally or unilaterally able to
                                            transfer (Invesco Open-end Mutual Funds in Employee pension plans are not required to be
                                            reported);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">a
                                            Covered Person&#8217;s Invesco 401(k) or equivalent, and the Invesco CollegeBound 529 plan;
                                            OR</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt"></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">directly
                                            with the Invesco Mutual Funds&#8217; transfer agent.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Covered
Persons may not purchase or hold Invesco affiliated open-end mutual funds beyond the above restrictions. This requirement does not apply
to other Invesco securities.</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I><U>All Other
Covered Accounts</U></I> (e.g., external retirement accounts, stock plans with third-party administrators):</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Persons shall direct the financial institution to submit statements and confirmations (or
                                            contract notes) to GEO;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the financial institution is unable to provide transactional statements and confirmations
                                            (or contract notes) to Invesco, the Covered Person must notify GEO through the <U>GEO Support
                                            Portal</U> and will be responsible for submitting those documents upon request;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trade
                                            confirmations (or contract notes) must be provided no later than 15 calendar days from the
                                            date of execution; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Transactional
                                            Statements must be provided at least annually.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Statements
                                            (Transactions) and Trade Confirmations (or Contract Notes).</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
                                            shall maintain a Covered Account with a financial institution that provides electronic trade
                                            confirmations (or contract notes) and statements directly to GEO.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the financial institution fails or is unable to provide an electronic link or a hard copy,
                                            the Covered Person shall be personally responsible for providing transactional statements
                                            and trade confirmations (or contract notes) for the Covered Account(s) to GEO through the
                                            <U>GEO Support Portal</U> or where applicable, to their local Compliance upon request.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>All
                                            Covered Accounts must be reported in the Compliance Reporting System</U> <U>before trading
                                            begins or upon hire.</U> Statements are not required for accounts that do not meet the Covered
                                            Accounts definition, such as accounts that are only able to invest in unaffiliated Open-end
                                            Mutual Funds.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Pre-Clearance
                                            of Personal Trades.</U></B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Covered
Persons and their Immediate Family Members</I> are required to pre-clear Covered Securities transactions through the <U>Compliance Reporting
System</U> as illustrated in <U>Exhibit B</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are prohibited from executing a security transaction (trade) in a Covered Account until they are notified by GEO that the trade
was approved. Covered Persons must carefully read the automated alert from the Compliance Reporting System, which includes the request
status (i.e., approved or denied).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Accounts in which a Covered Person has beneficial interest but does not exercise control (e.g., accounts for Immediate Family Members),
all trade requests are required to be submitted through the Covered Person.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">GEO
will notify the Covered Person if the trade request was approved or denied.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Trade
Authorization (i.e., Market Orders)</U></B><U>.</U> Trade requests which have been submitted and approved within the <U>Compliance Reporting
System</U> prior to market close are only valid for the current business day, unless the approval is granted after the close of the trading
day (e.g., trading on a foreign market or OTC), then approval will not expire until the end of the next trading day.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the trade is not executed within the approval window, a Covered Person shall be required to submit a new pre-clearance request and <I>must
receive </I>approval if the Covered Person intends to trade in that security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Prohibited
Trade Orders</U></B><U>.</U> Covered Persons are required to avoid executing transactions outside of the approval window. Good
 &#8216;Til Canceled (GTC), Limit Orders and Stop-Limit Orders among other orders beyond the same trading day are
prohibited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.45pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><U>Pre-clearance
of Limited Offerings and Private Placements</U></B><U>.</U> Covered Persons and their Immediate Family Members must:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.45pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clear
                                            investments in Limited Offerings and Private Placements and receive approval from GEO before
                                            investing and allow a minimum of three to five business days before the intended investment
                                            date to allow ample time for review.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Submit
                                            a Private Placement pre-clearance request through the <U>Compliance Reporting System</U>
                                            and include a detailed description of the investment and relevant documentation (e.g., offering
                                            deck, offering/private placement memorandum and term sheet).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Additionally,
Covered Persons seeking to invest in a Limited Offering/Private Placement sponsored by Invesco Ltd. and its affiliates:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Must
                                            pre-clear all transactions through the Compliance Reporting System if the investment is made
                                            alongside third-party investors.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">May
                                            transact without pre-clearance if Invesco offers the investment exclusively to Employees.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
all instances, Limited Offerings and Private Placements are subject to ongoing reporting obligations. Please consult Legal and the Global
Ethics Office if you have questions about these requirements before investing.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Exemptions
from Pre-clearance</U></B>. Purchases or sales of the following are exempt from the pre-clearance requirement:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Securities in an approved Delegated Discretionary/Robo-Advisor Account;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
                                            Mutual Funds (excluding closed-end Invesco Funds);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Invesco
                                            ETPs </FONT><FONT STYLE="font-size: 10pt"><B>(this Invesco ETP pre-clearance exemption does
                                            not apply to ETP Access Persons);</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unaffiliated
                                            broad-based ETPs<B>; (this pre-clearance exemption does not apply to single-stock ETPs);</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Currencies,
                                            cryptocurrencies and commodities, including trusts invested entirely in a currency, cryptocurrency,
                                            or commodity;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Securities
                                            held for Employees or an Employee&#8217;s Immediate Family Members in Invesco registered
                                            group retirement savings plans offered by an Invesco Ltd and affiliate; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Shares
                                            purchased through an Employee share purchase plan or shares acquired under an equity awards
                                            program are also exempt from pre- clearance. Once the shares have vested, the sale of these
                                            Invesco shares is required to be pre-cleared.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Trading
                                            Restrictions/Prohibitions.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Blackout
Period</U></B><U><I>.</I></U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.45pt 0pt 42.1pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are generally prohibited from trading any Covered Security in a personal account on a day during which a Client Account has a
pending &#8220;buy&#8221; or &#8220;sell&#8221; order in the same Covered Security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>In
addition</U>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Investment
                                            Persons with knowledge of trading in a Covered Security </I>for a Client Account are prohibited
                                            from personal trading within three trading days before and three trading days after such
                                            Client Account transaction; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>All
                                            other Covered Persons with knowledge of trading in a Covered Security </I>for a Client Account
                                            are prohibited from personal trading in the same Covered Security within two trading days
                                            after such Client Account transaction.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>
					    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT=""><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Blackout
Period Exemptions.</U></B> Blackout period restrictions may be exempt if purchases and sales of a Covered Security comply with certain
conditions (e.g., large market capitalization, daily trading limit, and certain categories of staff) as may be determined from time to
time by the GEO. Refer to the <B><U>FAQ</U></B> for details.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><U>Short-Term
Trading Restriction for all Covered Persons<FONT STYLE="font-weight: normal"><I>.</I></FONT></U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Persons shall not profit from the purchase and sale of a Covered Security within 60 calendar
                                            days of the trade date of the same Covered Security. Gains are calculated on a first-in,
                                            first-out (FIFO) method.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
                                            restriction shall apply to all Covered Securities, including those which are exempt from
                                            pre-clearance (e.g., Invesco Funds). Transactions in unaffiliated ETPs (except for single
                                            stock ETPs), currencies, cryptocurrencies and commodities based on an index of securities,
                                            currencies, cryptocurrencies, commodities and trusts invested entirely in a currency, cryptocurrency,
                                            or commodity are exempt from the 60-day holding period.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            a Covered Person trades a Covered Security within the applicable holding period, the full
                                            amount of any profit from the trade, which has not been adjusted to account for applicable
                                            taxes or related fees, shall be disgorged to a charity of Invesco Ltd.&#8217;s choice.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Persons are exempt from the 60-day holding period if the trade transaction is executed at
                                            a loss.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"><B><U>Other
Prohibitions</U></B>. Covered Persons shall be prohibited from:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.65pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">trading
                                            in Futures, Swaps and Options based on common stock and affiliated ETPs;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">trading
                                            a Covered Security of an issuer on the applicable Restricted List(s);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">purchasing
                                            a Covered Security in an IPO or secondary offering;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">purchasing
                                            a publicly listed SPAC when the targeted company is known;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">participating
                                            in an investment club;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">excessive
                                            short-term trading of any Invesco Open-end Mutual Funds according to the applicable limitations
                                            outlined in the respective prospectus or other fund disclosure documents;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in personal trading of Covered Securities that is excessive or that compromises Invesco EMEA&#8217;s
                                            fiduciary duty to Client Accounts, as determined by the GEO in its discretion;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">effecting
                                            short sales of a Covered Security in a Covered Account; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">trading
                                            options on common stock, single-stock ETPs, or Invesco ETPs when the underlying security
                                            is either not held or has been held fewer than 60 days.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.25pt 0pt 40.7pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
GEO may provide an exception to the Other restrictions, purchases and sales of a Covered Security subject to certain specifications (e.g.,
market capitalization, trading volume, certain categories of staff.)</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Special
                                            Requirements for Transactions in Invesco Ltd. Stock.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Transactions
in Invesco Ltd. stock are subject to the pre-clearance and reporting requirements set forth above. Covered Persons are prohibited from
engaging in transactions in publicly traded options such as puts, calls, and other derivative securities relating to Invesco Ltd.&#8217;s
securities, on an exchange or any other organized market. Covered Persons should refer to the <U>Global Insider Trading</U> policy whenever
they wish to transact in Invesco Ltd. securities in a Covered Account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Covered
                                            Person Reporting and Periodic Certifications.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Certification
Requirements</U></B>. All Covered Persons are required to complete a Code of Ethics acknowledgement on their employment start date with
Invesco, and annually thereafter, to acknowledge and certify that they have received, reviewed, understand, and shall comply with the
Code. In addition, Covered Persons will be required to acknowledge receipt and understanding of any material amendments or new interpretations
of the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Reporting
Requirements</U></B>. All Covered Persons are subject to initial (upon joining Invesco) and ongoing reporting requirements. These reports
will be reviewed by GEO and are intended solely for internal use and are confidential unless required to be disclosed to a regulatory
or government agency.</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 163.05pt 0pt 163.15pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>Summary
of Reporting Obligations</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 2pt; border: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New
    Hires<SUP>3</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Covered
    Persons</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 2pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Upon joining the firm</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(due in 10 calendar days)</P></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Quarterly</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(due no later than 30 calendar
    days after the calendar quarter-end)</P></TD>
    <TD STYLE="padding: 1pt 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Annual</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(due no later than 30 calendar
    days from year-end)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 2pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Covered
    Accounts/ Initial Holdings Report</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(<I>including
    a list of all Covered Securities and private/limited holdings. All holdings must be as of the Covered Persons employment start date</I>)</P></TD>
    <TD STYLE="padding: 1pt 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly
    Transaction Report (<I>excluding dividends reinvested, private/limited offering transactions previously disclosed, auto investment
    plans, payroll deductions, and transactions executed in an approved Discretionary/Robo-Advisor Account</I>)</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Annual Holdings &amp; Private
    Investments Report</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.3pt 0pt 10.2pt">(<I>excluding holdings in an approved Discretionary
    Account, and any holdings designated as non-reportable on <U>Exhibit B</U></I>)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1pt 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    Compliance Policies Certification</FONT></TD>
    <TD STYLE="padding: 1pt 2pt; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    Compliance Policies Certification</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3</SUP>Any
New Hire who fails to submit the Covered Accounts/Initial Holdings Report (IHR) within the (10) calendar days of their employment start
date will be prohibited from engaging in any personal securities transactions until such report is submitted and may be issued a violation
and subject to other sanctions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.35pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.35pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">In
addition, the Quarterly Transaction Report can exclude the following transactions executed in Covered Securities that are either:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.35pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">transactions
                                            in a Limited Offerings that have been previously disclosed to, and approved by, the GEO;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">transactions
                                            in an automatic investment plan,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">pre-authorized
                                            checking plan;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">dividend
                                            reinvestment plan;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">payroll
                                            deduction plan;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">transactions
                                            executed in a Delegated Discretionary Account; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">transactions
                                            executed in Covered Securities that are either:</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.7in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">directly
                                            with an affiliated transfer agent; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">in
                                            the Covered Person&#8217;s registered group retirement savings plan.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>New
Covered Accounts.</U></B> All Covered Persons must report any new Covered Account for themselves or any Immediate Family Member
within 30 calendar days of opening. Unless the account has been reported, no personal securities transactions can occur within the
account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
B</U></B>. Attached as <U>Exhibit B</U> is an Overview of Personal Trading Requirements that provides a summary of certain requirements
set forth under this Code. The Overview is not meant to serve as a replacement for reading the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Individuals
who meet the definition of a Covered Person and are on a formal leave of absence or garden leave without access to Invesco systems are
not considered Covered Persons during the time they are on leave.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.5pt 0pt 42.1pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 27pt"><FONT STYLE="font-size: 10pt"><U>APPLICABILITY
                                            OF CODE TO INDEPENDENT NON-EXECUTIVE DIRECTORS/ TRUSTEES.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Independent
Non-Executive Directors/Trustees shall: (i) pre-clear any sale or purchase in IVZ shares prior to executing such transactions; (ii) report
any potential or actual conflicts of interest; and (iii) submit an annual certification of compliance with this Code, with the GEO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>VIOLATIONS
                                            AND SANCTIONS.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons shall report violations and potential violations of this Code to GEO, the applicable CCO or their delegate. Violations and potential
violations of the Code are investigated by the GEO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
a determination is made that a Covered Person has violated the Code, a sanction may be imposed in accordance with the escalation procedure.
Sanctions vary based on the severity of the violation(s) and include, but are not limited to:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.4pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a
                                            letter of education, a letter of warning or letter of reprimand;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">reversal
                                            of trades processed in violation of the Code;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">disgorgement
                                            of profits earned in the Code violation;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                           policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by
                           applicable law or approved by Compliance.</P>




<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>


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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">prohibition
                                            of personal trading abilities;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">suspension,
                                            demotion or change in the Covered Person&#8217;s responsibilities;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">termination
                                            of employment;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">referral
                                            to civil or criminal authorities, where appropriate; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            other sanction, as may be determined by the GEO, CCO and/or applicable governance committee.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
GEO maintains internal procedures regarding the violation investigation, sanction determination, and sanction enforcement process.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
mitigating or eliminating certain conflicts of interest that arise in connection with a Covered Person&#8217;s personal trading, a Covered
Person may be required to sell a Covered Security that was previously approved. In the event the sale results in a loss, the Covered
Person will not be entitled to reimbursement for such loss. In the event of a gain, the Covered Person may be required to disgorge any
profit.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">E.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>CODE
                                            ADMINISTRATION.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 35.95pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">In
general, the GEO shall be responsible for the administration and oversight of the Code and shall be responsible for:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 35.95pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">identifying
                                            Covered Persons, providing Covered Persons with the Code and notifying them of their reporting
                                            obligations under the Code, and ensuring that Covered Persons submit the required certifications
                                            and reports required under the Code;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">reviewing
                                            the personal trading activities of Covered Persons to identify potential or actual violations
                                            of the Code and promptly investigating such matters to resolve and make the appropriate remediations,
                                            if needed; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">promptly
                                            report any violations of the Code in writing to the applicable CCO, Invesco UK Conflicts
                                            of Interest Committee or any other relevant governing bodies applicable to this Code, as
                                            applicable.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
very limited circumstances, certain exceptions to any provision of the Code may be granted on a case-by-case basis by the applicable
CCO or their delegate. Such exceptions shall be documented in writing by the GEO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
questions regarding this Code should be directed to the GEO, which may be contacted using the <U>GEO support portal</U> via the intranet.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">F.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>REPORTING.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Quarterly</U>:
</I>At least quarterly, each applicable CCO shall furnish a written report to the applicable Board regarding material violations of the
Code by Covered Persons.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I><U>Annually</U>:
</I>No less frequently than annually, each applicable CCO shall furnish a written report to the applicable Board that describes significant
issues arising under the Code since the last report to the Board, including information about material violations of the Code and sanctions
imposed in response to material violations.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><IMG SRC="tm254314d1_ex99-xrxiiimg01.jpg" ALT="">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
A</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Code of Ethics and Personal Trading Policy for EMEA shall apply to the regulated entities listed below, as well as their applicable branches
(collectively referred to as &#8220;Invesco EMEA&#8221;):</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><U>Germany</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 35.35pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Asset Management Deutschland GmbH (registered as an investment adviser with the SEC) and
                                            the branch in Austria</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><U>Ireland</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
Investment Management Limited</FONT></TD>
</TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: left; margin: 0pt 0 0pt 0.75in"><U>Luxembourg</U></P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 35.45pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Management S.A and the Branches in Belgium, France, Italy, Netherlands, Sweden and Spain</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 35.4pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Real Estate Management S.a.r.l (registered as an investment adviser with the SEC) and the
                                            branches in France.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><U>Switzerland</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
Asset Management (Schweiz) AG</FONT></TD>
</TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: left; margin: 0pt 0 0pt 0.75in"><U>United Kingdom</U></P>


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 1in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 35.65pt">Invesco
                                            <FONT STYLE="font-size: 10pt">Asset Management Limited (registered as an investment adviser
                                            with the SEC) </FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Fund Management Limited</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Pensions Limited</FONT></TD></TR></TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>




<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
B</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>OVERVIEW
OF PERSONAL TRADING REQUIREMENTS</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0.5in; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Below
are some, but not all, of the common investment instruments and key actions required of Covered Persons under the Code.</I></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0.5in; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 0.5in; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Gifting
or bequeathing Covered Securities (i.e., the in-kind transfer, trading or gifting of stock shares) to charities or family members must
be pre-cleared and is prohibited if the family member is a public official or connected to Invesco&#8217;s business.</I></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="vertical-align: middle; border: black 1pt solid; padding-left: 2pt; width: 41%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt; text-align: left; width: 18%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Pre-Clearance</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 19%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>60-Day
    Profit<BR>
    Limit Restriction</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Equities</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt"><B>Common/Preferred
                                            Stocks</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt">(which includes in-kind
    transfers, trading or gifting/bequeathing)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">IPOs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Rights
    Issue or Rights Offer<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in a currency or commodity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 4.8pt"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 4.8pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 4.5pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 4.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.7pt"><FONT STYLE="font-size: 10pt"></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.7pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Exchange-Traded
    Products (i.e., ETFs, ETCs and ETNs)</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0.1pt"><FONT STYLE="font-size: 10pt"><B>Non-ETP
                                            Access Persons: </B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0.1pt"><FONT STYLE="font-size: 10pt">Invesco ETPs</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes
    (N/A &#8211;Employee pensions)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes
    (N/A &#8211;Employee pensions)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ETP
    Access Persons<SUP>2</SUP>: </B>Invesco ETP&#8217;s</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt">Unaffiliated
                                            broad-based ETPs</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt">(apart from single stock
    ETPs</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt">Single-stock ETPs and
                                                                                                                             unaffiliated ETPs with a limited number of underlying securities (20 or less) that include Covered Securities</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 4.8pt"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 4.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Cryptocurrencies<SUP>3</SUP></I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Cryptocurrencies</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in a cryptocurrency</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Derivatives</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options based on common stock and affiliated ETPs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 4.8pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.75pt 0pt 0.1pt"><FONT STYLE="font-size: 10pt">Futures,
Swaps and Options Based on an index, currencies, commodities, cryptocurrency and unaffiliated ETPs</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 4.8pt"><FONT STYLE="font-size: 10pt">No</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 10pt">Preclearance is required on the day of electing to participate in the Rights issue or Offer.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2
</SUP>ETP Access Persons defined on page 3 of the Code of Ethics and Personal Trading Policy.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3
</SUP>Cryptocurrency exemptions are subject to change and requirements may be applied to certain Employees upon notification by Compliance.
Some digital assets claiming to be cryptocurrency could be deemed securities by regulators. Please contact the Global Ethics Office if
you have questions regarding the requirements of your digital assets under the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="vertical-align: middle; border: black 1pt solid; font-size: 10pt; width: 41%; padding-left: 2pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 18%; padding-top: 7.5pt; padding-left: 4.8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Pre-Clearance</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 19%; padding-top: 7.5pt; padding-left: 4.85pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 22%; padding-top: 1pt; padding-left: 10.3pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>60-Day
    Profit Limit<BR>
    Restriction</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Funds</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">Invesco
    Open-end Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.05pt 0pt 36.6pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.9pt 0pt 4.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes
                                            (N/A &#8211;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.9pt 0pt 4.5pt; text-align: center; text-indent: -0.4pt"><FONT STYLE="font-size: 10pt">Employee
    pensions)</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; vertical-align: bottom; padding-top: 7.15pt; padding-left: 31.5pt; text-indent: -26.65pt"><FONT STYLE="font-size: 10pt">Yes
    (N/A &#8211; Employee pensions)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Invesco
    Closed-end Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1pt; padding-right: 37.05pt; padding-left: 36.8pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1pt; padding-right: 3.9pt; padding-left: 4.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1pt; padding-right: 44.85pt; padding-left: 44.65pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Unaffiliated
    Open-end Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 37.05pt; padding-left: 36.6pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 3.9pt; padding-left: 4.5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 44.85pt; padding-left: 42.3pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Unaffiliated
    Closed-end Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 37.05pt; padding-left: 36.8pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 3.9pt; padding-left: 4.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 44.85pt; padding-left: 45.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Fixed
    Income/Bonds</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt">Securities
which are direct obligations of an OECD country (e.g., US Treasury bonds, Gilts)</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No</FONT></P></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">No</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Certificates
    of Deposit</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 36.65pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 27.2pt; padding-left: 28.1pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 44.85pt; padding-left: 46.45pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Money
    Market Funds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 36.65pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 27.2pt; padding-left: 28.1pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 44.85pt; padding-left: 46.45pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Municipal
    Bonds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 36.45pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 27.2pt; padding-left: 28.3pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 44.7pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Corporate
    Bonds</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 36.45pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 27.2pt; padding-left: 28.3pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 44.7pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Structured
    products linked to indices</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 36.65pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 27.2pt; padding-left: 28.3pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 44.15pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt"><B><I>Invesco
                                            Ltd. Corporate Securities</I></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 10pt"><I>(including the in-kind
    transfer, trading or gifting/bequeathing)</I></FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>IVZ
    and IVR shares</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 36.45pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 26.65pt; padding-left: 28.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 1.75pt; padding-right: 44.7pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Sale
    of IVZ shares acquired through ESPP, RSA and LTA</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Yes</B></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 26.65pt 0pt 28.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Yes</B></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.85pt 0pt 46.45pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>No</B></FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Derivatives
    on IVZ, short-sells of IVZ or IVZ share transactions in Professionally Managed Accounts</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.5pt 0pt 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Long-Term
    Fund Awards</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Invesco
    Fund grants awarded</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2.1pt; padding-right: 36.65pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2.1pt; padding-right: 27.2pt; padding-left: 28.3pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2.1pt; padding-right: 44.15pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Selling
    of Invesco Fund grants</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2.1pt; padding-right: 36.45pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2.1pt; padding-right: 27.2pt; padding-left: 28.3pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-top: 2.1pt; padding-right: 44.15pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-left: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; font-size: 10pt; padding-right: 43.95pt"><FONT STYLE="font-size: 10pt"><B><I>Limited
    Offerings/Private Placements*</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Non-Invesco
    offerings</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 36.45pt; padding-left: 37.45pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 26.65pt; padding-left: 28.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 43.95pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B><I>Invesco
    offerings</I></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 17.95pt; padding-left: 26.45pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8239;&#8239;Yes**</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 26.65pt; padding-left: 28.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-right: 43.95pt; padding-left: 46.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>*Covered
Persons may not engage in a Limited Offering without first: (a) obtaining approval <B><U>prior to</U></B> making or participating in
the investment, and (b) provide the appropriate offering documentation (e.g., Offering Deck, Offering Memorandum, Term Sheet or Offering
Presentation) to GEO for the review. Limited Investment opportunities offered directly from Invesco to Employees do not require pre-clearance,
unless otherwise directed in the offer.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>**Covered
Persons must pre-clear activity in Limited Offerings/Private Placements sponsored by Invesco Ltd. and its affiliates with GEO unless
Invesco offers the investment exclusively to Employees. &nbsp;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>




<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


<P STYLE="margin: 0; font-size: 10pt"></P>


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<DOCUMENT>
<TYPE>EX-99.(R)(III)
<SEQUENCE>7
<FILENAME>tm254314d1_ex99-xrxiii.htm
<DESCRIPTION>EXHIBIT 99.(R)(III)
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm254314d1_ex99-xrxiii.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1/users" -->

<P STYLE="font-size: 10pt; margin: 0">&#8239;</P>


<P STYLE="text-align: right; margin: 0; font-size: 10pt"><B>Exhibit 99.(r)(iii)<FONT STYLE="font-size: 10pt"></FONT></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">CODE
OF ETHICS AND PERSONAL TRADING POLICY FOR APAC</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 21%; background-color: White; padding-top: 0.35pt; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Applicable
    To</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; font-size: 10pt; width: 79%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.3pt; text-indent: -8.95pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239; </FONT><FONT STYLE="font-size: 10pt">All Covered Persons (as defined below)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.3pt; text-indent: -8.95pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;
    </FONT>&#8239; <FONT STYLE="font-size: 10pt">All entities listed on Exhibit A (collectively, &#8220;Invesco APAC&#8221;)</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; padding-right: 23.75pt; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Departments
    Impacted</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: White; font-size: 10pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Global Ethics Office (&#8216;GEO&#8217;)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Compliance</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; padding-right: 8.85pt; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Risk
    Addressed by Policy</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: White; border-bottom: Black 1pt solid; padding-right: 3.95pt; padding-left: 5.35pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Clients
    are harmed because of a Covered Person&#8217;s conflict of interest, violation of fiduciary duties or fraudulent/deceptive personal
    trading activities.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Relevant
    Law &amp; Related Resources</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: White; font-size: 10pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.85pt 0pt 13.65pt; text-align: justify; text-indent: -8.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Code and Guidelines issued by the Securities and Futures Commission in Hong Kong</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 0pt 13.65pt; text-align: justify; text-indent: -8.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Code and Guidelines issued by the Mandatory Provident Fund Schemes Authority in Hong Kong</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 0pt 13.65pt; text-align: justify; text-indent: -8.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Interim Regulation on the Administration of Privately Raised Investment Funds in China</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.95pt 0pt 13.65pt; text-align: justify; text-indent: -8.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Register of Interests in Listed Specified Products under Regulation 4(1) of the Securities and
    Futures (Licensing and Conduct of Business) Regulations.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.45pt 0pt 13.65pt; text-align: justify; text-indent: -8.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Personal Conduct and Trading under Para 2.12 of the Code of Ethics &amp; Standards of Professional
    Conduct issued by the Investment Management Association of Singapore.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-align: justify; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Rule of Investment Trust Association, Japan</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-align: justify; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Japan Investment Advisers Association</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-align: justify; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The Corporations Act 2001 (Cth) (Corporations Act), Australia</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-align: justify; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Securities Investment Trust and Consulting Act in Taiwan.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 13.65pt; text-indent: -8.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Regulations Governing Responsible Persons and Associated Persons of Securities Investment Trust
    Enterprises (SITE) in Taiwan.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Taiwan Management Code for SITE</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Rule 204A-1 under the Investment Advisers Act (&#8220;Rule 204A-1&#8221;)</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; padding-top: 0.35pt; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Approved By</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: White; font-size: 10pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Greater China Risk Management Committee: November 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.95pt 0pt 13.65pt; text-indent: -8.3pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Invesco Asset Management (Japan) Limited Risk Management Committee: January 2023</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.6pt; text-indent: -8.25pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Invesco Australia Limited Risk Management Committee: January 2023</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Effective Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: White; border-bottom: Black 1pt solid; padding-left: 5.35pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;&#8239;January
    2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 60.3pt 0pt 0; text-align: right">&#8239;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><U>GLOSSARY</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Background.</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
is required to adopt and enforce a written code of ethics as well as to establish, maintain and apply policies and procedures that establish
a system of controls to comply with securities laws and regulations, including, but not limited to, the management of conflicts of interest
matters, which may include personal trading activities.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
Code of Ethics and Personal Trading Policy for APAC (the &#8220;Code&#8221;) requires that Covered Persons (as defined below) adhere
to high standards of ethical conduct and act with integrity in accordance with their fiduciary duties. The Code is intended to comply
with the requirements of the Rules listed in the summary box above (collectively, the &#8220;Rules&#8221;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This policy is proprietary and may not
be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT=""></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Definitions.</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Beneficial
Ownership&#8221;</I> means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or
otherwise, to share in the economic interest or profit derived from the ownership of, or transaction in, a Covered Security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Client
Account&#8221; </I>means an Invesco Fund, a separately managed account, a personal trust or estate, an Employee benefit trust or any
other account for which an Invesco APAC Adviser provides portfolio management, investment advisory, sub-advisory or other ancillary services.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;<U>Compliance
Reporting System</U>&#8221;</I> means any third party, web-based application utilized by Covered Persons, <I>excluding Independent Directors/Trustees</I>,
for compliance reporting (i.e., personal securities transactions, investment accounts, outside activities, etc.).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Contingent
Worker&#8221; </I>means any Invesco consultant or contractor with access to the firm&#8217;s internal network systems.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Account&#8221;</I> means any account that holds or may hold a Covered Security whether directly or through Beneficial Ownership, and
as further described in Section B.1 below.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Person&#8221;</I> means any of the following<I>:</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Employee
                                            (interns, part-time or full-time);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Contingent
                                            Worker;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director
                                            or Officer of Invesco Ltd.;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            individual who is conducting business on behalf of an Invesco Adviser or affiliate, and has
                                            access to the firm&#8217;s internal network systems or offices;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            person meeting the definition of &#8220;Access Person,&#8221; as defined in Rule 17j-1 or
                                            Rule 204A-1; or</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">anyone
                                            who, at the discretion of GEO, is deemed to be a Covered Person subject to the requirements
                                            of this Code.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Covered
Security&#8221; </I>generally means, investment instruments or assets (public or private), unless otherwise <I>exempt </I>from the definition,
are as follows:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.5pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Stocks/shares
                                            (e.g., common, preferred or restricted) or bonds (e.g., corporate or municipal);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Exchange
                                            Traded Products (defined below);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Closed-end
                                            Funds and REITs;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Instruments
                                            that are convertible or exchangeable into a Covered Security;</FONT></TD></TR></TABLE>






<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Derivatives
                                            (e.g., options, futures, forwards, ADRs (American Depository Receipts)/GDRs (Global Depositary
                                            Receipts), swaps, commodities, warrants/rights), or other obligation whose value is derived
                                            or based on any of the above;</FONT></TD></TR></TABLE>






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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Limited
                                            Offerings/Limited Liability Company interests (defined below);</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            Invesco Open-end Mutual Fund; and</FONT></TD></TR></TABLE>






<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            security/instrument that can be traded by an Invesco Adviser or affiliate on behalf of a
                                            client.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This policy is proprietary and may not
be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&#8239;</P>


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<P STYLE="margin-top: 0; margin-bottom: 0">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
following securities <I><U>are exempt</U></I> from the definition of <I>&#8220;Covered Security</I>:&#8221;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">direct
                                            obligations of a Sovereign Government and their respective agencies, instrumentalities and
                                            government-sponsored enterprises;</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">bankers&#8217;
                                            acceptances, bank certificates of deposit, commercial paper or high- quality short-term debt
                                            instruments (including repurchase agreements);</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">shares
                                            of an open-end mutual fund for which Invesco does not serve as an investment adviser, subadviser
                                            or principal underwriter;</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">money
                                            market equivalent funds;</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">investment
                                            trusts that invest exclusively in open-end mutual funds for which Invesco does not serve
                                            as an investment adviser, subadviser or principal underwriter;</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            unit investment trust (including those advised or sub-advised by an Invesco Ltd. affiliate);</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">principal-protected
                                            or linked-note investment products;</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">physical
                                            commodities (including foreign currencies); and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Wealth
                                            Management Products in China discretionary managed by Banks/Trust/Insurance companies deemed
                                            discretionary.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Delegated
Discretionary Account&#8221;</I> means an account for which a Covered Person has written evidence that decision-making authority has
been completely relinquished to a professional money manager who is not a family member or not otherwise subject to this Code and over
which the Covered Person has no direct or indirect influence or control.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Employee&#8221;
</I>means an individual who serves as a director or officer of an Invesco APAC entity or who is employed on a full-time or part-time
basis by an Invesco APAC entity or subsidiary thereof. For purposes of this Code, the term Employee also includes the Employee&#8217;s
Immediate Family Members.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;ETP
Access Person&#8221;</I> means a Covered Person who has access to Material Non-public Information attached to Invesco ETPs including
but not limited to any client&#8217;s purchase or sale of Invesco ETPs and/or the holdings of an Invesco ETP or anyone else determined
as such and as notified by Compliance.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Exchange-Traded
Product&#8221;</I> or <I>&#8220;ETP&#8221;</I> means a security traded on an exchange that: (i) tracks an underlying security, index
or financial instrument; or (ii) uses a benchmark index but whose manager(s) may change sector allocations, market-time trades, or deviate
from the index. The term &#8220;ETP&#8221; includes, among other things, exchange-traded funds (&#8220;ETFs&#8221;), exchange-traded
notes (&#8220;ETNs&#8221;) and exchange- traded commodities (&#8220;ETCs&#8221;).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Global
Ethics Office&#8221;</I> or <I>&#8220;GEO&#8221;</I> means the team within Compliance that is responsible for monitoring conflicts in
connection with a Covered Person&#8217;s personal trading, political contributions, outside business activities and gifts and entertainment.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This policy is proprietary and may not
be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>IHKL
Employee</I>&#8221; means a Covered Person who is an Employee of Invesco Hong Kong Limited and Invesco Hong Kong Limited Representative
Office in Korea.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;IIMSL
Employee&#8221;</I> means a Covered person who is an Employee of Invesco Investment Management (Shanghai) Limited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;IGRE
Employee</I>&#8221; means a Covered Person who is an Employee of Invesco Global Real Estate Asia Pacific, Inc. Japan Branch</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>IAMJ
Access Person</I>&#8221; means an IAMJ Employee categorized as supervised persons who has access to nonpublic information regarding any
clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable and anyone else
determined and notified by Compliance.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>IAMJ
Employee</I>&#8221; means a Covered Person who is an Employee of Invesco Asset Management (Japan) Limited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;IAMSL
Employee&#8221; </I>means Covered Person who is an Employee of Invesco Asset Management Singapore Ltd.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;IIPL
Employee&#8221; </I>means Covered Person who is an Employee of Invesco (India) Pvt. Ltd.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Immediate
Family Member&#8221;</I> means a Covered Person&#8217;s:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.2pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Spouse</FONT></TD></TR></TABLE>






<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 65pt"><FONT STYLE="font-size: 10pt">Domestic
                                            partner or equivalent (i.e., PACS (Civil Solidarity Pact), common law marriage, etc.)</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.65in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 65pt"><FONT STYLE="font-size: 10pt">Generally
                                            considered to be a permanent committed relationship; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.65in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 65pt"><FONT STYLE="font-size: 10pt">With
                                            Beneficial Ownership of their partner&#8217;s Covered Accounts</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 65pt"><FONT STYLE="font-size: 10pt">Child,
                                            stepchild, parent, stepparent, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law
                                            or sister-in-law who shares the Covered Person&#8217;s household</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
roommate who is not a domestic partner or does not otherwise have one of the attributes above shall not be deemed to be an Immediate
Family Member.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Questions
regarding the applicability of this definition should be directed to the Global Ethics Office.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Independent
Non-Executive Directors/Trustees&#8221;</I> means any director or trustee of an Invesco APAC entity that has no other executive responsibilities
or engagement in an Invesco Fund&#8217;s day-to-day activities beyond the scope of his or her duties as a director/trustee and does not
make, participate in or obtain information regarding the purchase or sale of any Client Account&#8217;s portfolio securities as part
of their service as a director/trustee.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Initial
Public Offering&#8221;</I> or &#8220;IPO&#8221; means (i) any Covered Security which is being offered for the first time on a recognized
stock exchange; or (ii) an offering of securities </FONT>registered under the Securities Act, the issuer of which immediately before
such registration was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended
or foreign regulatory equivalents thereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.15pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This
policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved
by Compliance.&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.15pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.15pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.15pt 0pt 0; text-align: justify"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT=""><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.15pt 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Invesco
Fund&#8221;</I> means any pooled investment vehicle or other proprietary investment product managed, advised or sub-advised by an Invesco
Ltd. Affiliate. The term Invesco Fund includes any Invesco Mutual Fund, Invesco ETPs, Luxembourg SICAV/AIF, Hong Kong Unit Trust or Bermuda
Fund.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Invesco
Mutual Funds&#8221; </I>means the family of open-end and closed-end investment companies advised by Invesco Advisers, Inc. and registered
under the Investment Company Act.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Invesco
APAC&#8221;</I> means, collectively, the regulated entities outlined in Exhibit A.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Invesco
APAC Adviser&#8221; </I>means, collectively, the SEC-registered investment advisers outlined in Exhibit A.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Investment
Person&#8221; </I>generally means a Covered Person who:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">as
                                            part of their regular functions or duties makes or participates in making recommendations
                                            regarding the purchase or sale of securities in a Client Account (e.g., portfolio managers,
                                            securities analyst or traders);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">works
                                            directly with or is in the same department/investment team as a portfolio manager and is
                                            likely to be exposed to sensitive information relating to those Client Accounts for which
                                            the portfolio manager has responsibility (including those who serve an administrative function);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">anyone
                                            else determined and notified by Compliance and/or by the Covered Persons management; and/or</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">is
                                            considered as a &#8220;Investment Person&#8221; in certain jurisdictions per local requirements.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>IREIA
Employee</I>&#8221; means a Covered Person who is an Employee of Invesco Real Estate Investment Asia Pacific Limited.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>IREK
Employee</I>&#8221; means a Covered Person who is an Employee of Invesco Real Estate Korea.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8220;<I>ITL
Access Person</I>&#8221; means an ITL Employee categorized as heads of department and investment persons who are defined under Article
14 of Regulations Governing Responsible Person and Associated Persons of Securities Investment Trust Enterprises (SITE) in Taiwan and
anyone else determined and notified by Compliance.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;ITL
Employee&#8221; </I>means a Covered Person who is an Employee of Invesco Taiwan Limited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
policy is proprietary and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved
by Compliance.&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 49pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.8pt 0pt 49pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8221;Limited
Offering or Private Placement&#8221; </I>means an offering that is exempt from registration under the Securities Act of 1933 (&#8220;33
Act&#8221;), including but not limited to those offered according to Section 4(a)(2), 4(a)5, 4(a)6 or pursuant to Rule 504 or 506 under
the 33 Act (e.g., Special Purpose Acquisition Company (SPAC), private equity fund or hedge fund, crowdfunding, private real estate investments
such as Real Investment Trusts (REITs) or LLCs/LPs).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;MNPI&#8221;
or &#8220;Material Non-public Information&#8221; </I>means information not known to the public that may, if disclosed, have a significant
impact on the price of a financial instrument and that a reasonable investor would likely consider relevant or important when making
an investment decision. <I>&#8220;Rights Issue&#8221; </I>or <I>&#8220;Rights Offer&#8221; </I>means a dividend of subscription rights
to buy additional securities in a company made to the company's existing security holders.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8220;Robo-Advisor
Account</I>&#8221; means a Covered Person&#8217;s account that holds, or can hold, Covered Securities that is maintained on a digital
platform offered by a broker on the Designated/Approved Broker List to provide automated, algorithm-driven investment decisions with
little to no human intervention.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&quot;Special
Purpose Acquisition Company</I>&quot; or <I>&quot;SPAC&quot;</I> is a company without commercial operations and formed specifically to
raise capital through an IPO for the purpose of acquiring or merging with an existing company.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>POLICY</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
APAC has a fiduciary relationship with respect to each of their Client Accounts. As such, Covered Persons shall:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">place
                                            the interests of clients ahead of their personal interests;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">conduct
                                            their personal trading in a manner consistent with this Code and other applicable policies
                                            to avoid any actual or potential conflicts of interest or any abuse of a position of trust
                                            and responsibility;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">comply
                                            with applicable laws, rules and regulations; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">keep
                                            all MNPI (as defined above) confidential.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Generally,
Covered Persons have the ultimate responsibility for ensuring that any personal trading is conducted in accordance with applicable rules,
regulations and policy.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Invesco
APAC and Covered Persons are prohibited from</U>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">profiting
                                            personally by using MNPI and disclosing MNPI to any person (except as may be permitted by
                                            law or/and in accordance with Invesco&#8217;s insider trading policies;)</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">employing
                                            any device, scheme, or artifice to defraud any Client Account;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">making
                                            an untrue statement of a material fact or omitting to state a material fact to a client that,
                                            in light of the circumstances under which they are made, are necessary to make the statement
                                            non-misleading;</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in; text-align: justify">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT=""><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in any act, practice or course of business that operates or would operate as a fraud or deceit
                                            to a Client Account; or</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in any manipulative practice with respect to a Client Account or securities (including price
                                            manipulation).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
APAC maintains other compliance policies that may be directly applicable to a Covered Person&#8217;s specific responsibilities and duties
and that address additional standard of conducts for employees. These policies are available on the Invesco Ltd. intranet site and include,
but are not limited to:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.6pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="width: 39%"><U>Global Code of Conduct</U></TD>
  <TD STYLE="width: 16%">&#8239;</TD>
  <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="width: 39%"><U>Invesco Ltd. Gifts and Entertainment</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt"><U>Global Insider Trading</U></FONT></TD>
  <TD>&#8239;</TD>
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD><U>IAL Gifts and Entertainment</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD><U>Global Fraud Escalation</U></TD>
  <TD>&#8239;</TD>
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD><U>Greater China Gifts and Entertainment</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt"><U>Global Outside Business Activities</U></FONT></TD>
  <TD>&#8239;</TD>
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD><U>IIPL Gifts and Entertainment</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD><U>Global Political Contributions</U></TD>
  <TD>&#8239;</TD>
  <TD><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT></TD>
  <TD>&#8239;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.6pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Violations
of any of the policies listed above may result in increased escalation. For further detail, refer to Section D regarding violations and
sanctions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>PERSONAL
                                            TRADING REQUIREMENTS.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Covered
                                            Account Requirements for Covered Persons.</U></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are required to report all investment accounts (i.e., Covered Accounts) for which they, or Immediate Family Members have Beneficial
Ownership, or have discretion, control or interests whether such discretion, control or interests are exercised or not. It is presumed
that a Covered Person can control accounts held by Immediate Family Members living in the same household.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Accounts must be held with a regulated financial institution listed on the Designated/Approved Broker List<SUP>1</SUP> for IIPL.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>For
all other entities, Covered Accounts must be held with full-service brokers and regulated financial institutions.</U></FONT></P>


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                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Covered
Accounts include but are not limited to the following</U><FONT STYLE="font-weight: normal">:</FONT></FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #E7EEFD">
    <TD STYLE="vertical-align: bottom; text-align: center; border: Black 1pt solid; background-color: White; font-size: 10pt; width: 36%">Brokerage
    Accounts</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 33%; padding-top: 7.85pt; padding-right: 13.1pt; padding-left: 8.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Discretionary/Robo-Advisor
    Accounts<SUP>2</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 31%; padding-top: 7.85pt; padding-left: 9.35pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Employee
    Stock Plans (e.g., ESPPs, ESOPs or ISOs)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #CCDDFC">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; padding-top: 3.9pt; padding-right: 9.4pt; padding-left: 11.15pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Retirement
    Accounts (e.g., IRAs, SIPPs, Superannuation, iDeCo, RRSP, TFSA or any other local equivalent)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; padding-top: 3.9pt; padding-right: 9.85pt; padding-left: 11.15pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Transfer
    Agent Accounts that hold reportable Covered Securities (e.g., Invesco open- end mutual fund account)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; padding-top: 3.9pt; padding-left: 9.35pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Mutual
    Fund, Collective Investment or WRAP Accounts, which hold Invesco open-end funds</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: #E7EEFD">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; vertical-align: top; padding-top: 3.9pt; padding-right: 16.3pt; padding-left: 18.35pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Pension
    Plans, which hold Covered Securities <I>(excluding Invesco open-end funds)</I></FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">Stock
    and Shares ISAs<BR> (i.e., Investment ISA)</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; font-size: 10pt; vertical-align: top"><FONT STYLE="font-size: 10pt">UTMAs
    and UGMAs</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #CCDDFC">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; padding-top: 7.5pt; padding-right: 9.4pt; padding-left: 11pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Invesco
    401k, and the separate Schwab Personal Choice Retirement Account (&#8220;PCRA&#8221;)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; padding-top: 7.5pt; padding-right: 7.65pt; padding-left: 8.3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">529
    Accounts that hold Covered Securities and the Invesco CollegeBound 529 plan</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1
</SUP><U>IIPL Designated/Approved Broker List</U> is accessible through the <U>Compliance Reporting System</U>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2
</SUP><U>Discretionary and Robo-Advisor Accounts</U> must be disclosed. New and existing Discretionary and Robo- Advisor accounts must
be approved by GEO. The Covered Person must provide supporting documentation (e.g., managed account agreement) and other required information
to GEO, including duplicate statements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Covered
Persons are required to ensure that</U>:</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I><U>Covered
                                            Accounts in APAC are maintained with a regulated financial institution</U>.</I></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-size: 10pt">In
addition:</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">IIPL
                                            Employees should maintain the Covered Accounts with a Designated/Approved Broker as listed
                                            by Compliance.</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">IHKL
                                            Employee, IAMSL Employee, IREIA Employee, IREK Employee and IIMSL Employee are required to
                                            obtain pre-approval from Compliance for opening Covered Accounts.</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">ITL
                                            Employees should maintain the Covered Accounts (limited to TW equities) with a Designated
                                            Broker by Compliance.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I><U>Invesco
                                            Open-end Mutual Funds are held:</U></I></FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">in
                                            an account maintained with a full-service broker, financial institution and with a broker
                                            on the Designated/Approved Broker List;</FONT></TD></TR></TABLE>


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                                            a qualified retirement plan that a Covered Person is not legally or unilaterally able to
                                            transfer;</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">in
                                            the Covered Person&#8217;s Invesco 401(k) or Invesco CollegeBound 529 plan; or</FONT></TD></TR></TABLE>


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<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">directly
                                            with Invesco&#8217;s Mutual Funds&#8217; transfer agent.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 59.45pt 0pt 49pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons may not purchase or hold Invesco affiliated open-end mutual funds beyond the above restrictions. This requirement does not apply
to other Invesco securities.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I><U>All
                                            other Covered Accounts </U></I><U>(e.g., external retirement plans, stock plans through third-party
                                            administrators)</U>:</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Persons shall direct their financial institution to submit statements and confirmations to
                                            the GEO.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the financial institution is unable to provide transactional statements (or contract notes)
                                            to GEO through a link or hard copy, the Covered Person shall be personally responsible for
                                            submitting statements directly or upon request through the <U>GEO Support Portal</U> in a
                                            timely manner.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Trade
                                            confirmations (or contract notes) must be provided no later than 7 calendar days from the
                                            date of execution.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Transactional
                                            statements must be provided within 7 calendar days of receipt.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.75in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
                                            warning letter will be issued effectively to Covered Persons those who do not provide the
                                            trade confirmation (or contract notes) within 7 calendar days from the date of execution.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #E7EEFD">
    <TD STYLE="border: Black 1pt solid; background-color: White; vertical-align: bottom; text-align: center; font-size: 10pt; width: 34%"><FONT STYLE="font-size: 10pt"><B>IIPL
    Employees</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; vertical-align: bottom; text-align: center; font-size: 10pt; width: 33%"><FONT STYLE="font-size: 10pt"><B>IHKL,
    IAMSL, IREIA, IREK<BR> and IIMSL Employees</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; vertical-align: bottom; text-align: center; font-size: 10pt; width: 33%"><FONT STYLE="font-size: 10pt"><B>ITL
    Employees</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #CCDDFC">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: White; vertical-align: middle; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Maintain
    Covered Accounts with a Designated/ Approved Broker listed with Compliance</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: White; border-bottom: Black 1pt solid; vertical-align: middle; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Required
    to obtain pre- approval from compliance to open a Covered Account</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; background-color: White; border-bottom: Black 1pt solid; vertical-align: middle; padding-top: 5.3pt; padding-right: 9.1pt; padding-left: 9.35pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Maintain
    Covered Accounts (limited to TW equities) with a Designated/Approved broker listed with Compliance</FONT></TD></TR>
  </TABLE>


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<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Statements
                                            (Transactions) and Trade Confirmations (or Contract Notes).</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
                                            shall maintain a Covered Account with a financial institution that provides electronic trade
                                            confirmations (or contract notes) and statements directly to GEO.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the financial institution fails or is unable to provide an electronic link or a hard copy,
                                            the Covered Person shall be personally responsible for providing transactional statements
                                            and trade confirmations (or contract notes) for the Covered Account(s) to GEO through the
                                            <U>GEO Support Portal</U> or where applicable, to their local Compliance upon request.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">IHKL,
IREIA, IREK, IIMSL, IAMSL and ITL Employees are required to provide statements and contract notes (if any) within 7 calendar days after
issuance.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><U>Pre-Clearance
                                            of Personal Trades</U>.</B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons and their Immediate Family Members are required to pre-clear Covered Securities transactions through the <U>Compliance Reporting
System</U> as illustrated in Exhibit B.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons are prohibited from executing a security transaction, (trade) in a Covered Account until they are notified by GEO that the trade
was approved. Covered Persons must carefully read the automated alert </FONT>from the Compliance Reporting System, which includes the
request status (i.e., approved or denied).</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Accounts in which a Covered Person has beneficial interest but does not exercise control (e.g., accounts for Immediate Family Members),
all trade requests are required to be submitted through the Covered Person.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">GEO
will notify the Covered Person if the trade request was approved or denied.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Trade
Authorization (i.e., Market Orders).</U></B> Trade requests which have been submitted and approved within the <U>Compliance Reporting
System</U> prior to market close are only valid for the current business day, unless the approval is granted after the close of the trading
day (e.g., trading on a foreign market or OTC), then approval will not expire until the end of the next trading day.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the trade is not executed within the approval window, a Covered Person shall be required to submit a new pre-clearance request and <I>must
receive </I>approval if the Covered Person intends to trade in that security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Prohibited
Trade Orders</U></B><U>.</U> Covered Persons are required to avoid executing transactions outside of the approval window. Good &#8216;Til
Canceled (GTC), Limit Orders and Stop-Limit Orders among other orders beyond the same trading day are prohibited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Pre-clearance
of Limited Offerings and Private Placements.</U></B> Covered Persons and their Immediate Family Members must:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.25pt 0pt 49pt; text-align: justify">&#8239;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-clear
                                            investments in Limited Offerings and Private Placements and receive approval from GEO before
                                            investing and allow a minimum of three to five business days before the intended investment
                                            date to allow ample time for review.</FONT></TD></TR></TABLE>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Submit
                                            a Private Placement pre-clearance request through the <U>Compliance Reporting System</U>
                                            and include a detailed description of the investment and relevant documentation (e.g., offering
                                            deck, offering/private placement memorandum and term sheet).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Additionally,
Covered Persons seeking to invest in a Limited Offering/Private Placement sponsored by Invesco Ltd. and its affiliates:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 61.15pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Must
                                            pre-clear all transactions through the Compliance Reporting System if the investment is made
                                            alongside third-party investors.</FONT></TD></TR></TABLE>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">May
                                            transact without pre-clearance if Invesco offers the investment exclusively to Employees.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
all instances, Limited Offerings and Private Placements are subject to ongoing reporting obligations. Please consult Legal and the Global
Ethics Office if you have questions about these requirements before investing.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Exemptions
from Pre-Clearance</U></B><I>. </I>Purchases or sales of the following are exempt from the pre-clearance requirement:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.15pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Securities in an approved Delegated Discretionary/Robo-Advisor Account;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Invesco
                                            Mutual Funds (excluding Invesco closed-end Mutual Funds);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; font-weight: normal">&middot;</FONT></TD><TD STYLE="font-weight: bold; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; font-weight: normal">Invesco
                                            ETPs</FONT> <FONT STYLE="font-size: 10pt">(this Invesco ETP pre-clearance exemption does not
                                            apply to ETP Access Persons and to IAMJ and IGRE Employees);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unaffiliated
                                            broad-based ETPs (except for IAMJ and IGRE Employees) - <B>this pre-clearance exemption does
                                            not apply to single stock ETPs;</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Currencies,
                                            cryptocurrencies, and commodities including trusts invested entirely in a currency, cryptocurrency
                                            or commodity (except for IAMJ Employees and IGRE Employees for whom currencies, cryptocurrencies
                                            and commodities are prohibited);</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Futures,
                                            swaps and options based on an index, currencies, cryptocurrencies, commodities, and unaffiliated
                                            ETPs; and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Securities
                                            held in Invesco registered group retirement savings plans offered by an Invesco Ltd and affiliate.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Trading
                                            Restrictions/Prohibitions.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Blackout
Period</U></B><U><I>.</I></U> Covered Persons are prohibited from trading any Covered Security in a personal account on a day during
which a Client Account has a pending &#8220;buy&#8221; or &#8220;sell&#8221; order in the same Covered Security.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>In
addition</U>:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Investment
                                            Persons</I> (including IAMJ Access Persons) with knowledge of trading in a Covered Security
                                            for a Client Account are prohibited from personal trading within three trading days before
                                            and three trading days after such Client Account transaction; and</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>All
                                            other</I> Covered Persons with knowledge of trading in a Covered Security for a Client Account
                                            are prohibited from personal trading in the same Covered Security within two trading days
                                            after such Client Account transaction.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>In
addition:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">ITL
                                            Access persons with knowledge of trading in a Taiwan Security for a Taiwan Client Account
                                            are prohibited from personal trading within seven trading days before and thirty trading
                                            days after such Client Account transaction.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">ITL
                                            Access Persons are prohibited from executing a transaction in Taiwan Security when such security
                                            is held within a Taiwan Client Account.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">All
                                            other ITL Employees persons with knowledge of trading in a Taiwan Security for a Taiwan Client
                                            Account are prohibited from personal trading within seven trading days before and seven trading
                                            days after such Client Account transaction.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.2pt 0pt 49pt"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Blackout
Period Exemptions.</U></B> Blackout period restrictions may be exempt if purchases and sales of a Covered Security comply with certain
conditions (e.g., large market capitalization, daily trading limit, etc.) as may be determined from time to time by the GEO. Please refer
to the Frequently Asked Questions available on the resources sites.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Other
Prohibitions</U></B><I>.</I> Covered Persons shall be prohibited from:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">trading
                                            a Covered Security of an issuer on the applicable Restricted List(s);</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">crossing
                                            between the Covered Account and Client Accounts;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">purchasing
                                            a Covered Security in an IPO or secondary offering;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">purchasing
                                            a publicly listed SPAC when the targeted company is known;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">participating
                                            in an investment club;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">excessive
                                            short-term trading of any open-end Invesco Funds (excluding money market funds) and/or cash-in-lieu
                                            Invesco ETPs according to the various limitations outlined in the respective prospectus or
                                            other fund disclosure documents;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">engaging
                                            in personal trading of Covered Securities that is excessive or that compromises Invesco APAC&#8217;s
                                            fiduciary duty to Client Accounts, as determined by GEO in its discretion;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">effecting
                                            short sales of a Covered Security in a Covered Account; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">trading
                                            options on common stock, single stock ETPs, or Invesco ETPs when the underlying security
                                            is either not held or has been held fewer than 60 days. For the sake of clarity, trading
                                            naked options is prohibited and only covered calls and protective puts are permitted.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>In
addition:</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">IAMJ
                                            Employees and IGRE Employees are prohibited from trading in Derivatives, futures, commodities,
                                            and Trusts invested entirely in commodity transactions.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">ITL
                                            Employees are prohibited maintaining a Monthly Saving Program (MSP/SIP) for Taiwan equity
                                            securities.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="text-align: justify; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>Short-Term
Trading Restrictions</U><I>.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>&#8239;</I></B></FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I><U>Short-Term
Trading Restrictions Applicable to IHKL, IAMSL, IREIA, IREK and ITL Employees:</U></I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60pt 0pt 49pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Persons shall not sell a Covered Security within 60 calendar days regardless if the sell
                                            transaction would result in a profit or a loss.</FONT></TD></TR></TABLE>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
                                            restriction shall apply to all Covered Securities, including those which are exempt from
                                            pre-clearance (e.g., Invesco Funds). Further, transactions in trusts invested entirely in
                                            a currency, cryptocurrency or commodity are not subject to the 60-day holding period requirement.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I><U>Short-Term
Trading Restriction Applicable to IAMJ and IGRE Employees:</U></I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">IAMJ
                                            Access Persons shall not profit from the purchase and sale of a Covered Security within 180
                                            calendar days of the trade date of the same Covered Security, and 60 calendar days for IAMJ
                                            Employees who are not IAMJ Access Persons.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
                                            restriction shall apply to all Covered Securities, including those which are exempt from
                                            pre-clearance (e.g., Invesco Funds).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            an IAMJ Access Person trades a Covered Security within the 180-calendar day holding period,
                                            the full amount of any profit from the trade (which has not been adjusted to account for
                                            applicable taxes or related fees) shall be disgorged to a charity of Invesco Ltd.&#8217;s
                                            choice.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 65pt 0pt 1.25in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
                                            addition, Covered Persons of IAMJ and IGRE are prohibited from short-term trading; therefore,
                                            Covered Persons of IAMJ and IGRE are restricted from buying back the position within 60 days
                                            (180 days in case of Designated Persons for Access Persons for IAMJ).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I><U>Short-Term
Trading Restrictions Applicable to all Other Employees (Employees not associated with </U></I><U>IHKL, IAMSL, IREIA, IREK, IAMJ, or IGRE</U><I>):</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
                                            Persons shall not sell a Covered Security within 60 calendar days of the trade date at a
                                            profit but may sell at a loss.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
                                            restriction shall apply to all Covered Securities, including those which are exempt from
                                            pre-clearance (e.g., Invesco Funds).</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Transactions
                                            in unaffiliated ETPs, trusts invested entirely in a currency, cryptocurrency or commodity
                                            and derivatives (e.g., options and futures) based on an index of securities and currencies,
                                            cryptocurrencies and commodities are exempt from the 60-day holding period. This exemption
                                            shall not apply to derivatives of individual securities.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Special
                                            Requirements for Transactions in Invesco Ltd. Stock.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Transactions
in Invesco Ltd. stock is subject to the pre-clearance and reporting requirements set forth above. Covered Persons are prohibited from
engaging in transactions in publicly traded options such as puts, calls and other derivative securities relating to Invesco Ltd.&#8217;s
securities, on an exchange or any other organized market. Covered Persons should refer to the <U>Global Insider Trading</U> policy whenever
they wish to transact in Invesco Ltd. securities in a Covered Account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Covered
                                            Persons Reporting and Certification Requirements.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Certification
Requirements</U></B>. All Covered Persons are required to complete a Code of Ethics acknowledgment on their start date with Invesco,
and annually thereafter, to acknowledge and certify that they have received, reviewed, understand, and shall comply with the Code. In
addition, Covered Persons will be required to acknowledge </FONT>receipt and understanding of any material amendments or new interpretations
of the <FONT STYLE="font-size: 10pt">Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Reporting
Requirements</U></B>. All Covered Persons are subject to initial (upon joining Invesco) and ongoing reporting requirements. These reports
will be reviewed by GEO and are intended solely for internal use and are confidential unless required to be disclosed to a regulatory
or government agency.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 127.95pt 0pt 116.35pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>Summary
of Reporting Obligations</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 5pt; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>New Hires</U></B><U><SUP>3</SUP></U></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Covered Persons</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 5pt; width: 30%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Upon joining the firm<BR>
</U></B>(due in 10 calendar days)</FONT></TD>
    <TD STYLE="padding: 5pt; width: 40%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Quarterly<BR>
</U></B>(due no later than 30 calendar days after the calendar quarter-end)</FONT></TD>
    <TD STYLE="padding: 5pt; width: 30%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Annual<BR>
</U></B>(due no later than 30 calendar days from year-end)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Covered Accounts/ Initial Holdings Report<BR>
</U>(<I>including a list of all Covered Securities and private/limited holdings. All holdings must be as of the Covered Person&rsquo;s employment start date</I>)</FONT></TD>
    <TD STYLE="padding: 5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Quarterly Transaction Report<BR>
</U>(<I>excluding dividends reinvested, private/limited offering transactions previously disclosed, auto investment plans, payroll deductions, transactions executed in an approved Discretionary/Robo-Advisor Account</I>)</FONT></TD>
    <TD STYLE="padding: 5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Annual Holdings &amp; Private Investments Report<BR>
</U>(<I>excluding holdings in an approved Discretionary Account, and any holdings designated as non- reportable on Exhibit B)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Initial Compliance Policies Certification</U></FONT></TD>
    <TD STYLE="padding: 5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center">&#8239;</TD>
    <TD STYLE="padding: 5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Annual Compliance Policies Certification</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B></B></FONT>&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3</SUP>Any
New Hire who fails to submit the Covered Accounts/Initial Holdings Report (IHR) within the (10) calendar days of their employment start
date will be prohibited from engaging in any personal securities transactions until such report is submitted and may be issued a violation
and subject to other sanctions.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition, the Quarterly Transaction Report can exclude the following transactions executed in Covered Securities that are either:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">transactions
                                            in a Limited Offering that have been previously disclosed to, and approved by GEO;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">transactions
                                            in an automatic investment plan, pre-authorized checking plan, dividend reinvestment plan
                                            and/or payroll deduction plan;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">transactions
                                            executed in a Delegated Discretionary Account;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.5in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">transactions
                                            executed in Covered Securities that are either:</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 1in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">directly
                                            with an affiliated transfer agent; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 1in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&sect;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">in
                                            the Covered Person&#8217;s registered group retirement savings plan.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>New
Covered Accounts</U></B>. All Covered Persons must report any new Covered Account for themselves or any Immediate Family Member within
30 calendar days of opening. Unless the account has been reported, no personal securities transactions can occur within the account.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
B</U>. </B>Attached as Exhibit B is an Overview of Personal Trading Requirements that provides a summary of certain requirements set
forth under this Code. The Overview is not meant to serve as a replacement for reading the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.25pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.25pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.25pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.25pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Individuals
who meet the definition of a Covered Person and are on a formal leave of absence or garden leave without access to Invesco systems are
not considered Covered Persons during the time they are on leave.</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>APAC
Reporting Obligations</U></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding: 4pt 2pt; text-align: center; border: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Semi-Annual Reporting</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 4pt 2pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Reporting of Covered Securities Transactions</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 2pt; width: 32%; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IHKL, IREIA and IREK Employees</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-&#8239;&#8239;&#8239; Holdings Information</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt">-&#8239;&#8239;&#8239; Information
    must be current within 45 calendar days of the report</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 2pt; width: 35%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IHKL, IREIA, IREK, ITL and IAMSL Employees</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt">-&#8239;&#8239;&#8239; Report executed
    Covered Securities transactions within <B>7 calendar days</B> from execution date</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 2pt; width: 33%; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IAMJ and IGRE Employees</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt">-&#8239;&#8239;&#8239; Submit transaction
    confirmation via email within <B>15 calendar days</B> of execution date to local compliance</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IAMJ and IGRE Employees</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt">-&#8239;&#8239;&#8239; Must provide
    statements for accounts listed in the Compliance Reporting System; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">-&#8239;&#8239;&#8239; Via email to Tokyo Compliance</P></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 4pt 2pt; border-bottom: Black 1pt solid; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&#8239;&#8239;&#8239;Submit a copy of the trade confirmation to GEO</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; padding: 4pt 2pt 4pt 0.125in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    &#8239;-&#8239;&#8239;&#8239;Notify local compliance if trade was not executed</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 22.5pt"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 60.2pt"><FONT STYLE="font-size: 10pt"><U>APPLICABILITY
                                            OF CODE TO INDEPENDENT NON-EXECUTIVE DIRECTORS/TRUSTEES.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Independent
Non-Executive Directors/Trustees shall, as applicable for APAC entities<FONT STYLE="font-weight: normal">:</FONT></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">pre-clear
                                            any sale or purchase in IVZ shares prior to executing such transactions;</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">report
                                            any potential or actual conflicts of interest; and</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">submit
                                            an annual certification of compliance with this Code, with the GEO.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>VIOLATIONS
                                            AND SANCTIONS.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Covered
Persons (excluding Independent Directors/Trustees) shall report violations and potential violations of this Code to the GEO. Independent
Directors/Trustees may report violations and potential violations to the applicable CCO (or their delegate).</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Violations
and potential violations of the Code are investigated by the GEO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><U>For
all Covered Persons (excluding Independent Directors/Trustees)</U>: If a determination is made that a Covered Person has violated the
Code, a sanction may be imposed. Sanctions vary based on the severity of the violation(s) and include, but are not limited to:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 65pt"><FONT STYLE="font-size: 10pt">a
                                            letter of education;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 65pt"><FONT STYLE="font-size: 10pt">reversal
                                            of trades processed in violation of the Code;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 65pt"><FONT STYLE="font-size: 10pt">suspension,
                                            demotion or change in the Covered Person&#8217;s responsibilities;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 65pt"><FONT STYLE="font-size: 10pt">termination
                                            of employment;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 65pt"><FONT STYLE="font-size: 10pt">prohibition
                                            of personal trading abilities;</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; text-indent: 0in"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT=""><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.95pt; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">disgorgement
                                            of profits earned in the Code violation;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">referral
                                            to civil or criminal authorities, regulators where appropriate; or</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: justify; font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: justify; font-size: 10pt; width: 0.35in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">any
                                            other sanction, as may be determined by the GEO, the respective Chief Compliance Officer,
                                            and/or applicable governance committee.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">GEO
and local Compliance maintain internal procedures regarding the violation investigation, sanction determination, and sanction enforcement
process.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
mitigating or eliminating certain conflicts of interest that arise in connection with a Covered Person&#8217;s personal trading, a Covered
Person may be required to sell a Covered Security that was previously approved. In the event the sale results in a loss, the Covered
Person will not be entitled to reimbursement for such loss. In the event of a gain, the Covered Person may be required to disgorge any
profit.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">E.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>CODE
                                            ADMINISTRATION.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
general, GEO shall be responsible for the administration and oversight of the Code and shall be responsible for:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Identifying
                                            Covered Persons, providing Covered Persons with the Code and notifying them of their reporting
                                            obligations under the Code, and ensuring that Covered Persons submit the required certifications
                                            and reports required under the Code;</FONT></TD></TR></TABLE>


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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">reviewing
                                            the personal trading activities of Covered Persons to identify potential or actual violations
                                            of the Code and promptly investigating such matters to resolve and make the appropriate remediations,
                                            if needed; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">promptly
                                            report any violations of the Code in writing to the respective Chief Compliance Officer,
                                            Local committee, or any other relevant governing bodies applicable to this Code, as applicable.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
very limited circumstances, certain exceptions to any provision of the Code may be granted on a case-by-case basis by the respective
Chief Compliance Officer or his or her delegate. Such exceptions shall be documented in writing by the GEO.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
questions regarding this Code should be directed to the GEO, which may be contacted using the GEO support portal via the intranet.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">F.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>REPORTING.</U></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Quarterly</U></B>:
At least quarterly, each respective Chief Compliance Officer, based on the reports/information as provided by GEO shall furnish a written
report to the applicable Board and/or Committee regarding material violations of the Code by Covered Persons.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Annually</U></B>:
No less frequently than annually, each local Chief Compliance Officer, based on the reports/information as provided by GEO shall furnish
a written report to the applicable Board that describes significant issues arising under the Code since the last report to the Board,
including information about material violations of the Code and sanctions imposed in response to material violations.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.25pt 0pt 49pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT=""><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 60.2pt 0pt 0; text-align: right">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
A</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">The Code of Ethics
and Personal Trading Policy for APAC shall apply to the following entities (collectively referred to as &#8220;Invesco APAC&#8221;):</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>Australia</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Australia Limited</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Asset Management Australia (Holdings) Limited</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>China</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 203.5pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Asia Pacific Private Equity Investment and Fund Management(Shenzhen) Limited</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Investment Management (Shanghai) Limited</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Real Estate Asia Limited</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>Hong
Kong</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 155.25pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Hong Kong Limited (registered as an investment adviser with the SEC)</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Real Estate Investment Asia Pacific Limited</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>India</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            (India) Pvt. Ltd</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>Japan</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt; padding-right: 174.75pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Asset Management (Japan) Limited (registered as an investment adviser with the SEC)</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Global Real Estate Asia Pacific, Inc. Japan Branch</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>Singapore</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Asset Management Singapore Ltd</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Singapore Pte. Ltd</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>South
Korea</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Real Estate Korea</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Korean
                                            Representative Office of Invesco Hong Kong Limited</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><U>Taiwan</U></FONT></P>


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<TD STYLE="font-size: 10pt; width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
                                            Taiwan Limited</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0; text-align: right">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0; text-align: right">&#8239;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0; text-align: right">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 20pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20pt 0pt 0; text-align: right">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
B</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 38pt 0pt 0.75in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><U>Overview
of Personal Trading Requirements for Invesco APAC excluding IAMJ Employees and IGRE Employees</U></FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 38pt 0pt 0.75in; text-align: center; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.5pt 0pt 13.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Gifting
or bequeathing Covered Securities (i.e., the in-kind transfer, trading or gifting of stock shares) to charities or family members must
be pre-cleared and is prohibited if the family member is a public official or connected to Invesco&#8217;s business.</I></B>.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: silver">
    <TD STYLE="text-align: center; padding-right: 5pt; background-color: White; border: black 1pt solid; width: 37%; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; width: 21%; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>Pre-clearance</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; width: 21%; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; width: 21%; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>60-Day
    Rule</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="4" STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Equities</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>Common/Preferred
    Stocks<BR> </B>(which includes in-kind transfers, trading or gifting/bequeathing)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">IPOs</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Rights
    Issue or Rights Offer<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in a Currency or commodity</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="4" STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Exchange-Traded
    Products (i.e., ETFs, ETCs and ETNs)</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>Non-ETP
    Access Persons</B>: Invesco ETPs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; vertical-align: middle; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; vertical-align: middle; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; vertical-align: middle; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>ETP
    Access Persons: </B>Invesco ETPs, including the Invesco QQQ Trust and the BLDRS Index Fund Trust</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Unaffiliated
    broad-based ETPs (apart from single-stock ETPs)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Single-stock
    ETPs and unaffiliated ETPs with a limited number of underlying securities (20 or less) that include Covered Securities</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B>&#8239;
    </B>Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 5pt; background-color: White; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: #EFEFEF">
    <TD COLSPAN="4" STYLE="padding-right: 5pt; background-color: White; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Cryptocurrencies<SUP>2</SUP></I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Cryptocurrencies</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in a cryptocurrency</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: #EFEFEF">
    <TD COLSPAN="4" STYLE="padding-right: 5pt; background-color: White; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt"><B><I>Derivatives</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Commodities
    and Trusts invested entirely in commodity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; padding-right: 5pt; background-color: White; border-bottom: black 1pt solid; font-size: 10pt; vertical-align: middle; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 5pt; background-color: White; font-size: 10pt; vertical-align: middle; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center; padding-right: 5pt; background-color: White; border-bottom: black 1pt solid; font-size: 10pt; vertical-align: middle; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No<BR>
    (except for IHKL, IAMSL, IREIA and IREK Employees)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options<SUP>3</SUP>&#8239;based on common stock and affiliated ETPs</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 5pt; background-color: White; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Naked
    Options</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5pt; background-color: White; font-size: 10pt; text-align: center; padding-left: 5pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options Based on an index, currencies, commodities, cryptocurrency and unaffiliated ETPs</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; padding-right: 5pt; background-color: White; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; padding-right: 5pt; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; padding-left: 5pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0.25in"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="margin: 0pt 0; font-size: 10pt"></P>


<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="margin: 0pt 0; font-size: 10pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP>Preclearance is required on the day of electing to
participate in the Rights issue or Offer.</FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP>Cryptocurrency
exemptions are subject to change and requirements may be applied to certain Employees upon notification by Compliance. Some digital assets
claiming to be cryptocurrency could be deemed securities by regulators. Please contact the GEO if you have questions regarding the requirements
of your digital assets under the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3</SUP>Options
are restricted to covered calls and protective puts where the underlying security has been held no fewer than 60 days. All other option
types are prohibited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0.25in; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0.25in; text-align: justify">&#8239;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 29pt 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: silver">
    <TD STYLE="text-align: center; background-color: White; padding: 3pt 5pt; border: black 1pt solid; font-size: 10pt; width: 35%"><FONT STYLE="font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pre-clearance</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: White; padding: 3pt 5pt; font-size: 10pt; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>60-Day
    Rule</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #F1F1F1">
    <TD COLSPAN="4" STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Mutual
    Funds</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
    Open-end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
    Closed-end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Unaffiliated
    Open-end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Unaffiliated
    Closed-end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="4" STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Fixed
    Income/Bonds</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Government
    Treasury Bond</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Certificates
    of Deposit</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Money
    Market Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Municipal
    Bonds</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Corporate
    Bonds</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Structured
    products linked to indices</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="4" STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Invesco
    Ltd. Corporate Securities<BR> </I></B><I>(including the in-kind transfer, trading or gifting/bequeathing)</I></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>IVZ
    and IVR shares</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Sale
    of IVZ shares acquired through ESPP, RSA and LTA</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Derivatives
    on IVZ, short-sells of IVZ or IVZ share transactions in Professionally Managed Accounts</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="4" STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Long-Term
    Fund Awards</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">Invesco
    Mutual Fund grants awarded</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #F1F1F1">
    <TD COLSPAN="4" STYLE="background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Limited
    Offerings/Private Placements*</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 3pt 5pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; background-color: White"><FONT STYLE="font-size: 10pt"><B><I>Non-Invesco
    offerings</I></B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 3pt 5pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt; background-color: White"><FONT STYLE="font-size: 10pt"><B><I>Invesco
    Offerings</I></B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 3pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes**</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; padding: 3pt 5pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  </TABLE>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>*Covered
Persons may not engage in a Limited Offering without first: (a) obtaining approval <B><U>prior to</U></B> making or participating in
the investment, and (b) provide the appropriate offering documentation (e.g., Offering Deck, Offering Memorandum, Term Sheet or Offering
Presentation) to GEO for the review. Limited Investment opportunities offered directly from Invesco to Employees do not require pre-clearance,
unless otherwise directed in the offer.</I></FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>**Covered
Persons must pre-clear activity in Limited Offerings/Private Placements sponsored by Invesco Ltd. and its affiliates with GEO unless
Invesco offers the investment exclusively to Employees. &#8239;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This
                                            policy is proprietary and may not be distributed to, or shared with, any third parties, unless
                                            required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm254314d1_ex99-riiiimg001.jpg" ALT="">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>Overview
of Personal Trading Requirements for IAMJ Employees and IGRE Employees</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&#8239;</B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; text-align: center; padding: 2pt 5pt; font-size: 10pt; background-color: White; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 5pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; background-color: White"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>All
                                            Employees deemed to be</B>:</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">o&#8239;&#8239;
                                            </FONT>non-Access Persons;</FONT></P></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 5pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; background-color: White"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Requirements
                                            applicable to:</B></FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o&#8239;&#8239;
                                            </FONT><FONT STYLE="font-size: 10pt">Access Persons;</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: silver">
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; padding: 2pt 5pt; background-color: White; font-size: 10pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Pre-<BR>
    clearance</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; padding: 2pt 5pt; background-color: White; font-size: 10pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>60-Day
    Rule</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; padding: 2pt 5pt; background-color: White; font-size: 10pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Pre-<BR>


    clearance</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; padding: 2pt 5pt; background-color: White; font-size: 10pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: middle; text-align: center; padding: 2pt 5pt; background-color: White; font-size: 10pt; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>180-Day<BR>
    Rule</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="7" STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Equities</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Common/Preferred
    Stocks</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt; width: 11%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt; width: 12%"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">IPOs</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Rights
    Issue or Rights Offer<B><SUP>1</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in currency</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="7" STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Exchange-Traded
    Products (i.e., ETFs, ETCs and ETNs)</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Invesco
    ETPs</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Unaffiliated
    broad-based ETPs (apart from single stock ETPs)</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&#8239;
    </B>Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Single-stock
    ETPs and unaffiliated ETPs with a limited number of underlying securities (20 or less) that include Covered Securities</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">Yes</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&#8239;
    &#8239;</B> Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="7" STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Cryptocurrencies<SUP>2</SUP></I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Cryptocurrencies</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; background-color: White; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Trusts
    invested entirely in a cryptocurrency</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">N/A</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&#8239;
    </B>N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options based on a cryptocurrency</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">N/A</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&#8239;
    </B>N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #F1F1F1">
    <TD COLSPAN="7" STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Derivatives</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Commodities
    and Trusts invested entirely in commodity</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">N/A</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">N/A</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding: 2pt 5pt; background-color: White; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options3 based on common stock and affiliated ETPs</FONT></TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">N/A</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">PROHIBITED</TD>
    <TD STYLE="vertical-align: middle; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; text-align: center; background-color: White; font-size: 10pt">N/A</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>


<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&#8239;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1</SUP>Preclearance
is required on the day of electing to participate in the Rights issue or Offer.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2</SUP>Cryptocurrency
exemptions are subject to change and requirements may be applied to certain Employees upon notification by Compliance. Some digital assets
claiming to be cryptocurrency could be deemed securities by regulators. Please contact the Global Ethics Office if you have questions
regarding the requirements of your digital assets under the Code.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3
</SUP>Options are restricted to covered calls and protective puts where the underlying security has been held no fewer than 60 days.
All other option types are prohibited.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">This policy is proprietary
and may not be distributed to, or shared with, any third parties, unless required by applicable law or approved by Compliance.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: right; margin: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: black 1pt solid; padding: 2pt 5pt; text-align: center; font-size: 10pt; background-color: White; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: White"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>All
                                            Employees deemed to be</B>:</FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o&#8239;&#8239;
                                            </FONT><FONT STYLE="font-size: 10pt">Non-Access Persons;</FONT></P></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: White"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Requirements
                                            applicable to:</B></FONT></P>
                                                                                <P STYLE="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&#8239;
                                            </B><FONT STYLE="font-family: Times New Roman, Times, Serif">o&#8239;&#8239; </FONT>Access
                                            Persons;</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: silver">
    <TD STYLE="background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Pre-
    <BR>
    clearance</B></FONT></TD>
    <TD STYLE="background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>60-Day<BR>
    Rule</B></FONT></TD>
    <TD STYLE="background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Pre-<BR>
    clearance</B></FONT></TD>
    <TD STYLE="background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></TD>
    <TD STYLE="background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>180-Day
    <BR>
    Rule</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; vertical-align: top; width: 30%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Naked
    Options</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; width: 12%; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Futures,
    Swaps and Options Based on an index, currencies, commodities, cryptocurrency and unaffiliated ETPs</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #F1F1F1">
    <TD COLSPAN="2" STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Mutual
    Funds</I></B></FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Invesco
    Open-end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Invesco
    Closed-end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Invesco
    QQQ Trust or the BLDRS Index Fund Trust</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Unaffiliated
    Open - end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Unaffiliated
    Closed - end Mutual Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="7" STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Fixed
    Income/Bonds</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Government
    Treasury Bonds</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Certificates
    of Deposit</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Money
    Market Funds</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Municipal
    Bonds (issued by regional government in non G7 countries)</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&#8239;
    Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate
    Bonds</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Structured
    products linked to indices</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="7" STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Invesco
    Ltd. Corporate Securities</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>IVZ
    and IVR shares</B></FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Sale
    of IVZ shares acquired through ESPP, RSA and LTA</B></FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Derivatives
    on IVZ, Short-sells of IVZ or IVZ share transactions in Professionally Managed Accounts</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">PROHIBITED</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; text-align: center; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="7" STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Long-Term
    Fund Awards</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Invesco
    Mutual Fund grants awarded</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top; background-color: #EFEFEF">
    <TD COLSPAN="7" STYLE="background-color: White; padding: 2pt 5pt; font-size: 10pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt"><B><I>Limited
    Offerings/Private Placements*</I></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: White"><FONT STYLE="font-size: 10pt"><B><I>Non-Invesco
    offerings</I></B></FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: White"><FONT STYLE="font-size: 10pt"><B><I>Invesco
    offerings</I></B></FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes**</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes*</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="vertical-align: middle; background-color: White; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2pt 5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#8239;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>*Covered
Persons may not engage in a Limited Offering without first: (a) giving the GEO a detailed written notification describing the transaction
and indicating whether or not they will receive compensation; and (b) obtaining prior written permission from the GEO. </I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#8239;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>**Covered
Persons must pre-clear activity in Limited Offerings/Private Placements sponsored by Invesco Ltd. and its affiliates with GEO unless
Invesco offers the investment exclusively to Employees. &#8239;</I></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 70.1pt 0pt 50.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 70.1pt 0pt 50.1pt; text-align: justify"><FONT STYLE="font-size: 10pt">&#8239;</FONT></P>


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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>8
<FILENAME>tm254314d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm254314d1_ex-filingfees.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm254314-1/tm254314-1_n2aseq1/users" -->

<P STYLE="margin: 0; font-size: 5pt">&nbsp;</P>


<P STYLE="text-align: right; margin: 0"><B>EX-FILING FEES</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>


<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form N-2</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>


<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Invesco Municipal Income Opportunities Trust</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>


<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1 &ndash; Newly Registered and Carry Forward
Securities</B></P>


<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; padding-left: 5.4pt; border: black 1pt solid; white-space: nowrap; text-align: center; width: 8%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 7%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Security<BR>
Type</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Security<BR>
Class<BR>
Title</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fee<BR>
Calculation<BR>
 or<BR>
Carry<BR>
Forward<BR>
Rule</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount<BR>
Registered</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed<BR>
Maximum<BR>
Offering<BR>
Price<BR>
Per Unit</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Maximum<BR>
Aggregate<BR>
Offering<BR>
 Price</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fee<BR>
Rate</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount of<BR>
Registration<BR>
Fee</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 7%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Carry<BR>
Forward<BR>
Form<BR>
Type</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 7%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Carry<BR>
Forward<BR>
File<BR>
Number</P></TD>
    <TD STYLE="white-space: nowrap; text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 7%; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Carry<BR>
Forward<BR>
Initial<BR>
Effective<BR>
Date</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 0.4pt; padding-right: 0.9pt; padding-left: 3.15pt; text-align: center; font-size: 10pt; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee<BR>
Previously<BR>
Paid In<BR>
Connection<BR>
with Unsold<BR>
Securities to<BR>
 be<BR>
Carried<BR>
Forward</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.35pt; padding-right: 226.45pt; padding-left: 232.7pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newly Registered Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 3.35pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,500,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.11<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">$24,500,000</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 3.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00015310</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$22,918.30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights to purchase Common Shares<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 3.35pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 3.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated (Universal) Shelf</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unallocated (Universal) Shelf</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees&nbsp;Previously Paid</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.52<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">$1,000,000</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00015310</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$998.22<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights to purchase Common Shares</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="13" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.35pt; padding-right: 226.4pt; padding-left: 232.7pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carry Forward Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carry Forward Securities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, $0.01 par value per share, and Preferred Shares</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.35pt; padding-right: 1.55pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total&nbsp;Offering Amounts</FONT></TD>
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    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.5pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$23,916.52</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.35pt; padding-right: 1.55pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Fees Previously Paid</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$998.22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.35pt; padding-right: 1.55pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Fee Offsets</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 0.35pt; padding-right: 1.55pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Fee Due</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.5pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$22,918.30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The Registrant is relying upon Rule 457(c) under the Securities Act of 1933 (&ldquo;Securities Act&rdquo;) to calculate the registration
fee. The maximum aggregate offering price is estimated solely for purposes of determining the registration fee based on the average of
the high and low sales prices of the shares of Common Shares, as reported by the New York Stock Exchange on February 4, 2025, in accordance with Rule 457(c)
under the Securities Act. The proposed maximum offering price per security will be determined from time to time by the Registrant in connection
with the sale by the Registrant of the securities registered under this Registration Statement.</TD></TR></TABLE>


<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of rights to purchase Common
Shares, including any shares issued pursuant to an over-subscription privilege or a secondary over-subscription privilege, will be shares
registered under this Registration Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant previously paid $620.06 in filing fees in reliance on Rule 457(c) under the Securities Act in connection with the initial filing of this Registration Statement on December 13, 2024. The maximum aggregate offering price was estimated solely for purposes of determining the registration fee based on the average of the high and low sales prices of the shares of Common Shares, as reported by the New York Stock Exchange on December 9, 2024, in accordance with Rule 457(c) under the Securities Act.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>12
<FILENAME>ck0000835333-20250207_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>13
<FILENAME>ck0000835333-20250207_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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                      &lt;td style="text-align:justify"&gt;If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.&lt;/td&gt;
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                      &lt;td style="text-align:justify"&gt;&lt;span style="-sec-ix-redline:true"&gt;Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#x201c;Dividend Reinvestment Plan.&#x201d;&lt;/span&gt;&lt;/td&gt;
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                    &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
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                    &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
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                    &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;width:25%;text-align:right"&gt;0.77&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;%&lt;/td&gt;
                  &lt;/tr&gt;
                  &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;padding-left:0.125in;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Interest payments on borrowed funds&lt;sup&gt;(5)&lt;/sup&gt; &lt;/span&gt;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;1.54&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;/tr&gt;
                  &lt;tr style="vertical-align:bottom"&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;padding-left:0.125in;padding-bottom:1pt"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Other expenses&lt;sup&gt;(6) &lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                    &lt;td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.10&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left"&gt;%&lt;/td&gt;
                  &lt;/tr&gt;
                  &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;padding-left:0.125in;text-align:left;padding-bottom:2.5pt"&gt;Total annual expenses&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt"&gt;&#160;&lt;/td&gt;
                    &lt;td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;2.41&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt;text-align:left"&gt;%&lt;/td&gt;
                  &lt;/tr&gt;

              &lt;/table&gt;
            &lt;/div&gt;

              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif"&gt;&lt;sup&gt;(3)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;Based upon average net assets applicable to Common Shares for the semi-annual period ended August&#160;31, 2024 (unaudited).&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif"&gt;&lt;sup&gt;(4)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#x2019;s average weekly Managed Assets. The fee shown above is based upon outstanding leverage of 28.70% of the Fund&#x2019;s total assets. If leverage of more than 28.70% of the Fund&#x2019;s total assets is used, the management fees shown would be higher.&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif"&gt;&lt;sup&gt;(5)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;Based upon the Fund&#x2019;s outstanding borrowings as of August&#160;31, 2024 of approximately $114,600,000, and the average daily weighted interest rate for the period ended August&#160;31, 2024 of 4.14% . The Fund currently has no preferred shares outstanding.&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;span style="-sec-ix-redline:true"&gt;&lt;span style="font-family:Times New Roman, Times, Serif"&gt;&lt;sup&gt;(6)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;&lt;span style="-sec-ix-redline:true"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Other Expenses have been restated to reflect current fees.&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
              &lt;/div&gt;
            </cef:AnnualExpensesTableTextBlock>
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      id="Fxbrl_20250207101359920">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Other Expenses have been restated to reflect current fees.&lt;/span&gt;</cef:OtherTransactionFeesNoteTextBlock>
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              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"&gt;The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.&lt;/p&gt;
            </cef:PurposeOfFeeTableNoteTextBlock>
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              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Example&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"&gt;The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1)&#160;&#x201c;Total annual expenses&#x201d; of 2.41% of net assets attributable to Common Shares and (2)&#160;a 5% annual return*:&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%"&gt;

                    &lt;tr style="vertical-align:bottom"&gt;
                      &lt;td style="font-size:10pt;text-align:center"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                      &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center"&gt;1 Year&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                      &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center"&gt;3 Years&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                      &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center"&gt;5 Years&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                      &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center"&gt;10 Years&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                    &lt;/tr&gt;
                    &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:44%;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Total Expenses paid by Common Shareholders&lt;sup&gt;(1)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;24&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;75&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;129&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;275&lt;/td&gt;
                      &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Fund&#x2019;s actual rate of return may be higher or lower than the hypothetical 5% return shown in the example&lt;/strong&gt;&lt;/span&gt;. The example assumes that all dividends and distributions are reinvested at net asset value.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(1)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;The example above does not include sales loads or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales load and estimated offering costs.&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
              &lt;/div&gt;
            </cef:ExpenseExampleTableTextBlock>
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        &lt;div&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="ps_004"&gt;&lt;/span&gt;&lt;strong&gt;SENIOR SECURITIES&lt;/strong&gt;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;text-align:justify;margin:0pt 0;text-indent:0.5in"&gt;&lt;span style="-sec-ix-redline:true"&gt;The information regarding the Fund&#x2019;s outstanding senior securities at the end of each of the Fund&#x2019;s last five fiscal years are included in the Fund&#x2019;s financial highlights, which are incorporated by reference from the Fund&#x2019;s &lt;a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit"&gt;Annual Report&lt;/a&gt; for the fiscal year ended February 29, 2024 (File No. 811-05597), as filed with the SEC on Form N-CSR on May 2, 2024. The information regarding the Fund's outstanding senior securities for the fiscal years ended February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016, and February 28, 2015 is set forth in the table above. See &#x201c;Financial Highlights&#x201d; above.&lt;/span&gt;&lt;/p&gt;
        &lt;/div&gt;
      </cef:SeniorSecuritiesNoteTextBlock>
    <cef:SharePriceTableTextBlock
      contextRef="C_20250207to20250207"
      id="Fxbrl_20241211180913451">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The following table sets forth, for each of the periods indicated: (i)&#160;the high and low closing market prices for the Common Shares reported as of the end of the day on the NYSE, (ii)&#160;the high and low net asset value (NAV) of the Common Shares, and (iii)&#160;the high and low of the premium or discount to NAV (expressed as a percentage) of shares of the Common Shares. Net asset value is generally determined on each day that the NYSE is open for business. See &#x201c;Net Asset Value&#x201d; for information as to the determination of the Fund&#x2019;s NAV.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%"&gt;

                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="6" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Market Price&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="6" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;NAV&lt;sup&gt;(1)&lt;/sup&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="6" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;Premium/(Discount) to NAV&lt;sup&gt;(2)&lt;/sup&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;During Quarter Ended&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;High&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Low&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;High&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Low&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;High&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Low&lt;/td&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:16%"&gt;November&#160;2024&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;6.96&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;6.43&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;6.63&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;6.33&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;6.42&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right"&gt;(1.68&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;August&#160;2024&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.59&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.20&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.59&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.23&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;1.93&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(3.43&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;May&#160;2024&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.70&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.06&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.48&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.22&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;4.36&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(2.57&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;February&#160;2024&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.66&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.20&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.47&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.18&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;4.02&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(2.82&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;November&#160;2023&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.45&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;4.94&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.17&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.54&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.74&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(11.15&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;August&#160;2023&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.39&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.00&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.38&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.08&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;4.58&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(4.09&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;May&#160;2023&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.82&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.97&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.49&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.17&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;8.95&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(3.92&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;February&#160;2023&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.09&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.98&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.59&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.25&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.89&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(4.93&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;November&#160;2022&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.92&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.45&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.52&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.85&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.45&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(7.43&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;August&#160;2022&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.19&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.03&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.86&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.39&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;8.59&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(5.93&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;May&#160;2022&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.47&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.26&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.46&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;6.50&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;3.75&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(8.55&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;February&#160;2022&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;8.13&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.01&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.88&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;7.42&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;3.57&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(6.78&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/span&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span style="font-size:10pt"&gt;Based on the Fund&#x2019;s computations.&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/span&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;span style="font-size:10pt"&gt;Calculated based on the information presented. Percentages are rounded.&lt;/span&gt;&lt;/p&gt;
          &lt;/div&gt;
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          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="ps_008"&gt;&lt;strong&gt;INVESTMENT OBJECTIVE AND POLICIES&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Investment Objective and Policies&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="-sec-ix-redline:true"&gt;Please refer to the section of the Fund&#x2019;s most recent &lt;a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit"&gt;annual report&lt;/a&gt; on Form&#160;N-CSR, entitled &#x201c;Additional Information&#x2014;Investment Objective, Policies and Principal Risks of the Trust&#x2014;Investment Objective&#x201d; and &#x201c;&#x2014;Investment Policies of the Trust,&#x201d; as such investment objective and policies may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the Fund&#x2019;s investment objective and policies.&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Portfolio Turnover&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund will buy and sell securities to seek to accomplish its investment objective. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The Fund&#x2019;s portfolio turnover rate may vary greatly from year to year. For the past two fiscal years, the Fund&#x2019;s portfolio turnover rate was as follows.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" cellspacing="0" style="font-size:10pt;border-collapse:collapse;width:60%"&gt;

                &lt;tr style="font-size:10pt;vertical-align:bottom"&gt;
                  &lt;td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;width:66%"&gt;&lt;span style="font-size:10pt"&gt;Fiscal Year Ended&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%;padding-bottom:1pt"&gt;&lt;span style="font-size:10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;width:1%;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;width:30%;text-align:center"&gt;&lt;span style="font-size:10pt"&gt;Portfolio Turnover Rate&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="font-size:10pt;vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-size:10pt"&gt;February&#160;29, 2024&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-size:10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;19&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;%&lt;/span&gt;&lt;/td&gt;
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                &lt;tr style="font-size:10pt;vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-size:10pt"&gt;February&#160;28, 2023&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&lt;span style="font-size:10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-size:10pt"&gt;21&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-size:10pt"&gt;%&lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Investment Restrictions&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund has adopted certain other investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as defined in the 1940 Act (and preferred shares, if any, voting together as a single class), which is defined by the 1940 Act as the lesser of (i)&#160;67% or more of the Fund&#x2019;s voting securities present at a meeting, if the holders of more than 50% of the Fund&#x2019;s outstanding voting securities are present or represented by proxy; or (ii)&#160;more than 50% of the Fund&#x2019;s outstanding voting securities. See &#x201c;Investment Restrictions&#x201d; in the SAI for a complete list of the fundamental investment policies of the Fund.&lt;/p&gt;
          &lt;/div&gt;
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            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="ps_009"&gt;&lt;strong&gt;USE OF LEVERAGE&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods, including through issuing preferred shares. In addition, the Fund may also use other forms of leverage including, but not limited to certain derivatives that have the economic effect of leverage. In addition, the Fund may also use other forms of leverage including, but not limited to, portfolio investments that have the economic effect of leverage, such as by investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities. The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund&#x2019;s holdings.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund does not currently have any outstanding preferred shares. The Fund currently also invests in residual interest certificates of tender option bond trusts, also called inverse floating rate securities, that have the economic effect of leverage because the Fund&#x2019;s investment exposure to the underlying bonds held by the trust have been effectively financed by the trust&#x2019;s issuance of floating rate certificates.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The amounts and forms of leverage used by the Fund may vary with prevailing market or economic conditions. The timing and terms of any leverage transactions are determined by the Board of Trustees. There is no assurance that the Fund&#x2019;s leveraging strategy will be successful.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may use derivative instruments (including futures and options) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;So long as the net rate of income received from the Fund&#x2019;s investments purchased with leverage proceeds exceeds the then current interest rate on such leverage, the investment of the proceeds of leverage will generate more net income than if the Fund had not leveraged itself. However, if the rate of net income received from the Fund&#x2019;s portfolio investments purchased with the proceeds of leverage is less than the then current interest rate on that leverage, the Fund may be required to utilize other Fund assets to make interest payments on its leveraging instruments.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund pays a management fee to the Adviser (which in turn pays a portion of such fee to the Sub-Adviser) based on a percentage of Managed Assets. Managed Assets include the proceeds realized and managed from the Fund&#x2019;s use of leverage (excluding the leverage exposure attributable to the use of futures, options and similar derivatives). Because Managed Assets includes the Fund&#x2019;s net assets as well as assets that are attributable to the Fund&#x2019;s investment of the proceeds of its leverage, it is anticipated that the Fund&#x2019;s Managed Assets will be greater than its net assets. The Adviser will be responsible for using leverage to pursue the Fund&#x2019;s investment objective. The Adviser will base its decision regarding whether and how much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage will have the effect, all other things being equal, of increasing Managed Assets and in turn the Adviser&#x2019;s and Sub-Adviser&#x2019;s management fees. Thus, the Adviser may have a conflict of interest in determining whether to use or increase leverage. The Adviser will seek to manage that potential conflict by recommending to the Fund&#x2019;s Board of Trustees to leverage the Fund (or increase such leverage) only when it determines that such action would be in the best interests of the Fund and its Shareholders, and by periodically reviewing with the Board of Trustees the Fund&#x2019;s performance and the impact of the use of leverage on that performance.&lt;/p&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Under the 1940 Act, the Fund is not permitted to issue &#x201c;senior securities&#x201d; that are preferred shares if, immediately after the issuance of preferred shares, the asset coverage ratio with respect to such preferred shares would be less than 200%. With respect to any such preferred shares, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate liquidation preference of such preferred shares.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Preferred Shares&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;The Fund may authorize and issue preferred shares with rights as determined by the Board of Trustees, by action of the Board of Trustees without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such preferred share offering would be subject to the limits imposed by the 1940 Act. Under the 1940 Act, the Fund may not issue preferred shares if, immediately after issuance, the Fund would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of preferred shares outstanding, the Fund is required to have at least two dollars of assets).&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#x2019;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#x2019;s preferred shares may exceed the Fund&#x2019;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
          &lt;/div&gt;
        </cef:EffectsOfLeverageTextBlock>
    <cef:RiskFactorsTableTextBlock
      contextRef="C_20250207to20250207"
      id="Fxbrl_20250207050012937">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="ps_010"&gt;&lt;strong&gt;RISKS&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Please refer to the section of the Fund&#x2019;s most recent &lt;a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit"&gt;annual report&lt;/a&gt; on Form&#160;N-CSR entitled &#x201c;Additional Information&#x2014;Investment Objective, Policies and Principal Risks of the Trust&#x2014;Principal Risks of Investing in the Trust,&#x201d; as such principal risks may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the principal risks you should consider before making an investment in the Fund. Any additional risks applicable to a particular offering of Securities will be set forth in the related Prospectus Supplement.&lt;/p&gt;
          &lt;/div&gt;
        </cef:RiskFactorsTableTextBlock>
    <cef:CapitalStockTableTextBlock
      contextRef="C_20250207to20250207"
      id="Fxbrl_20250207103018528">
              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="ps_015" style="margin-top:0pt;margin-bottom:0pt"&gt;&lt;strong style="margin-top:0pt;margin-bottom:0pt"&gt;DESCRIPTION OF CAPITAL STRUCTURE&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated as of April&#160;2, 2012. The following is a brief description of the terms of the Common Shares, Borrowings and preferred shares which may be issued by the Fund. This description does not purport to be complete and is qualified by reference to the Fund&#x2019;s Governing Documents.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;span style="font:bold 10pt Times New Roman"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares&lt;/span&gt;&lt;/span&gt;&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Declaration of Trust permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value. Each Common Share represents an equal proportionate interest in the assets of the Fund with each other Common Share in the Fund. &lt;span style="font-size:10pt;font-family:Times New Roman"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.&lt;/span&gt; &lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.&lt;/span&gt;&lt;/span&gt;&#160;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;&lt;span style="font-size:10pt;text-align:left"&gt;Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a &lt;/span&gt;&lt;i style="font-size:10pt;text-align:left"&gt;pro rata &lt;/i&gt;&lt;span style="font-size:10pt;text-align:left"&gt;basis.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
              &lt;/div&gt;

                &lt;div&gt;&#160;&lt;/div&gt;

            &lt;div&gt;
              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;While there are any borrowings or preferred shares outstanding, the Fund may not be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i)&#160;all accrued distributions on preferred shares or accrued interest on borrowings have been paid and (ii)&#160;the value of the Fund&#x2019;s total assets (determined after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding preferred shares plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the Fund obtaining a rating of the preferred shares from a rating agency. These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#x2019;s ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification for taxation as a RIC for federal income tax purposes. The Fund intends, however, to the extent possible to purchase or redeem preferred shares or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with any such impairment of the Fund&#x2019;s status as a RIC. Depending on the timing of any such redemption or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;The Common Shares have no preemptive rights or subscription rights.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund will not issue certificates for the Common Shares.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Issuance of Additional Common Shares&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Any additional offering of Common Shares will be subject to the requirements of the 1940 Act. The provisions of the 1940 Act generally require that the public offering price (less underwriting commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company&#x2019;s common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its Common Shareholders.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;div&gt;

                    &lt;div&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Rights Offerings&lt;/strong&gt;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#x2019;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#x2019;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#x2019; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.&lt;/p&gt;
                    &lt;/div&gt;

                  &lt;div style="display:none"&gt;

                      &lt;div&gt;&#160;&lt;/div&gt;

                  &lt;/div&gt;
                &lt;/div&gt;
                &lt;div style="display:none"&gt;
                  &lt;div&gt;&#160;&lt;/div&gt;
                &lt;/div&gt;
              &lt;/div&gt;
              &lt;div style="display:none"&gt;
                &lt;div&gt;&#160;&lt;/div&gt;
              &lt;/div&gt;
            &lt;/div&gt;

              &lt;div&gt;&#160;&lt;/div&gt;

            &lt;div&gt;

                &lt;div&gt;
                  &lt;div&gt;
                    &lt;div&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the period of time the offering would remain open;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the title of such rights;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the exercise price for such rights (or method of calculation thereof);&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the number of such rights issued in respect of each Share;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the number of rights required to purchase a single Share;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the extent to which such rights are transferable and the market on which they may be traded if they are transferable;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;termination rights we may have in connection with such rights offering.&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.&lt;/p&gt;
                    &lt;/div&gt;
                  &lt;/div&gt;
                &lt;/div&gt;

              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Repurchase of Common Shares&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Because shares of closed-end funds frequently trade at a discount to their net asset values, the Board has determined that from time to time it may be in the interest of holders of Common Shares for the Fund to take corrective actions. The Board, in consultation with the Adviser, will review at least annually the possibility of open market repurchases and/or tender offers for the Common Shares and will consider such factors as the market price of the Common Shares, the net asset value of the Common Shares, the liquidity of the assets of the Fund, effect on the Fund&#x2019;s expenses, whether such transactions would impair the Fund&#x2019;s status as a RIC or result in a failure to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on the Fund&#x2019;s ability to consummate such transactions. There are no assurances that the Board will, in fact, decide to undertake either of these actions or if undertaken, that such actions will result in the Fund&#x2019;s Common Shares trading at a price which is equal to or approximates their net asset value. In recognition of the possibility that the Common Shares might trade at a discount to net asset value and that any such discount may not be in the interest of holders of Common Shares, the Board, in consultation with the Adviser, from time to time may review possible actions to reduce any such discount.&lt;/p&gt;
              &lt;/div&gt;
            &lt;/div&gt;

              &lt;div&gt;&#160;&lt;/div&gt;

              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;span style="font:bold 10pt Times New Roman"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Preferred Shares&lt;/span&gt;&lt;/span&gt;&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred shares, no par value, in one or more series, with rights as determined by the Board, by action of the Board without the approval of the holders of Common Shares.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="font-size:10pt"&gt;&lt;span style="font-family:Times New Roman,Times,serif"&gt;Under&#160;the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an &#x201c;asset coverage&#x201d; of at least 200%. Asset coverage means the ratio which the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. The liquidation value of the preferred shares is expected to equal their aggregate original purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon (on a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#x2019;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#x2019;s preferred shares may exceed the Fund&#x2019;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.&lt;/p&gt;

                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Holders of preferred shares, voting as a class, shall be entitled to elect two of the Fund&#x2019;s Trustees. Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&#x2019; distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority of the Fund&#x2019;s Trustees until all distributions in arrears have been paid or declared and set apart for payment.&lt;/p&gt;

                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;In addition, if the Board determines it to be in the best interests of the Common Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares may be entitled to elect a majority of the Fund&#x2019;s Board in other circumstances, for example, if one payment on the preferred shares is in arrears.&lt;/p&gt;
              &lt;/div&gt;

                &lt;div&gt;&#160;&lt;/div&gt;

            &lt;div&gt;
              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Borrowings&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may utilize leverage through borrowings, including through a credit facility, commercial paper program or other borrowing program. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the total asset value of the Fund&#x2019;s portfolio is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3% of the Fund&#x2019;s total assets). In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund&#x2019;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such liquidation value. If the Fund borrows money, the Fund intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may negotiate with commercial banks to arrange a borrowing facility pursuant to which the Fund may borrow an amount equal to approximately one-third of the Fund&#x2019;s total assets (inclusive of the amount borrowed). Any such borrowings would constitute leverage. Such a borrowing facility is not expected to be convertible into any other securities of the Fund, outstanding amounts are expected to be prepayable by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement provisions. Outstanding amounts would be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts under the borrowing facility or incur a penalty rate of interest upon the occurrence of certain events of default. The Fund would be expected to indemnify the lenders against liabilities they may incur in connection with the borrowing facility.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;In addition, the Fund expects that a borrowing facility would contain covenants that, among other things, likely will limit the Fund&#x2019;s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and expenses. The Fund expects that any borrowing facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund will enter into an agreement for a borrowing facility on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such borrowing facility may in the future be replaced or refinanced by one or more borrowing facilities having substantially different terms or by the issuance of preferred shares or debt securities.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Capitalization&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.5in"&gt;The following table provides information about the outstanding securities of the Fund as of November&#160;30, 2024:&lt;/p&gt;
              &lt;/div&gt;

                &lt;div&gt;
                  &lt;div&gt;
                    &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                    &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%"&gt;

                        &lt;tr style="vertical-align:bottom"&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif"&gt;Title of Class&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Amount Authorized&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Amount Held by the&lt;br/&gt;Fund or for its Account&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Amount Outstanding&lt;/td&gt;
                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                        &lt;/tr&gt;
                        &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:45%"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares of Beneficial Interest, no par value&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:center"&gt;Unlimited&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right"&gt;--&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right"&gt;47,671,591.640&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                        &lt;/tr&gt;

                    &lt;/table&gt;
                  &lt;/div&gt;
                &lt;/div&gt;

            &lt;/div&gt;
          </cef:CapitalStockTableTextBlock>
    <cef:SecurityTitleTextBlock
      contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember"
      id="Fxbrl_20250207102641318">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares&lt;/span&gt;</cef:SecurityTitleTextBlock>
    <cef:SecurityDividendsTextBlock
      contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember"
      id="Fxbrl_20250207102719568">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.&lt;/span&gt;</cef:SecurityDividendsTextBlock>
    <cef:SecurityVotingRightsTextBlock
      contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember"
      id="Fxbrl_20250207102748657">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.&lt;/span&gt;</cef:SecurityVotingRightsTextBlock>
    <cef:SecurityLiquidationRightsTextBlock
      contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember"
      id="Fxbrl_20250207131112633">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;&lt;span style="font-size:10pt;text-align:left"&gt;Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a &lt;/span&gt;&lt;i style="font-size:10pt;text-align:left"&gt;pro rata &lt;/i&gt;&lt;span style="font-size:10pt;text-align:left"&gt;basis.&lt;/span&gt;&lt;/span&gt;</cef:SecurityLiquidationRightsTextBlock>
    <cef:SecurityPreemptiveAndOtherRightsTextBlock
      contextRef="C_20250207to20250207_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember"
      id="Fxbrl_20250207102915191">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;The Common Shares have no preemptive rights or subscription rights.&lt;/span&gt;</cef:SecurityPreemptiveAndOtherRightsTextBlock>
    <cef:RightsLimitedByOtherSecuritiesTextBlock
      contextRef="C_20250207to20250207"
      id="Fxbrl_20250207102950183">
                    &lt;div&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Rights Offerings&lt;/strong&gt;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#x2019;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#x2019;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#x2019; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.&lt;/p&gt;
                    &lt;/div&gt;

                      &lt;div&gt;&#160;&lt;/div&gt;

                &lt;div&gt;
                  &lt;div&gt;
                    &lt;div&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the period of time the offering would remain open;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the title of such rights;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the exercise price for such rights (or method of calculation thereof);&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
                            &lt;td style="width:0.25in"&gt;&#160;&lt;/td&gt;
                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the number of such rights issued in respect of each Share;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
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                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the number of rights required to purchase a single Share;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
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                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the extent to which such rights are transferable and the market on which they may be traded if they are transferable;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
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                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
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                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
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                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
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                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"&gt;

                          &lt;tr style="vertical-align:top"&gt;
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                            &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span&gt;&#x25cf;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                            &lt;td style="text-align:justify"&gt;termination rights we may have in connection with such rights offering.&lt;/td&gt;
                          &lt;/tr&gt;

                      &lt;/table&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.&lt;/p&gt;
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                  &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.&lt;/p&gt;
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                          &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif"&gt;Title of Class&lt;/td&gt;
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                          &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Amount Held by the&lt;br/&gt;Fund or for its Account&lt;/td&gt;
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                          &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                          &lt;td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"&gt;Amount Outstanding&lt;/td&gt;
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                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:45%"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares of Beneficial Interest, no par value&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:center"&gt;Unlimited&lt;/td&gt;
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                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right"&gt;--&lt;/td&gt;
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                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:2%"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right"&gt;47,671,591.640&lt;/td&gt;
                          &lt;td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left"&gt;&#160;&lt;/td&gt;
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      contextRef="C_20241130to20241130_usgaapStatementClassOfStockAxis_ck0000835333CommonSharesMember"
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        <link:footnote id="FN20250207102137112" xlink:label="FN20250207102137112" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">	If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.</link:footnote>
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        <link:footnote id="FN20250207102152136" xlink:label="FN20250207102152136" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">	Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#x201c;Dividend Reinvestment Plan.&#x201d;</link:footnote>
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        <link:footnote id="FN20250207101837362" xlink:label="FN20250207101837362" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">	Based upon average net assets applicable to Common Shares for the semi-annual period ended August 31, 2024 (unaudited).</link:footnote>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45830488928608">
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<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>N-2 - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="12">3 Months Ended</th>
<th class="th" colspan="5">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Feb. 07, 2025</div></th>
<th class="th"><div>Feb. 04, 2025</div></th>
<th class="th"><div>Nov. 30, 2024</div></th>
<th class="th"><div>Nov. 30, 2024</div></th>
<th class="th"><div>Aug. 31, 2024</div></th>
<th class="th"><div>May 31, 2024</div></th>
<th class="th"><div>Feb. 29, 2024</div></th>
<th class="th"><div>Nov. 30, 2023</div></th>
<th class="th"><div>Aug. 31, 2023</div></th>
<th class="th"><div>May 31, 2023</div></th>
<th class="th"><div>Feb. 28, 2023</div></th>
<th class="th"><div>Nov. 30, 2022</div></th>
<th class="th"><div>Aug. 31, 2022</div></th>
<th class="th"><div>May 31, 2022</div></th>
<th class="th"><div>Feb. 28, 2022</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2017</div></th>
<th class="th"><div>Feb. 29, 2016</div></th>
<th class="th"><div>Feb. 28, 2015</div></th>
<th class="th"><div>Feb. 28, 2014</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInvCompanyType', window );">Entity Inv Company Type</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">N-2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Securities Act File Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">333-283796<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_InvestmentCompanyActFileNumber', window );">Investment Company Act File Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">811-05597<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">N-2/A<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreEffectiveAmendment', window );">Pre-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreEffectiveAmendmentNumber', window );">Pre-Effective Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PostEffectiveAmendment', window );">Post-Effective Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_InvestmentCompanyActRegistration', window );">Investment Company Act Registration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendment', window );">Investment Company Registration Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendmentNumber', window );">Investment Company Registration Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">11 Greenway Plaza<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Houston<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">TX<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">77046-1173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">713<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">626-1919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic', window );">Approximate Date of Commencement of Proposed Sale to Public</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From time to time after the effective date of this Registration Statement.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DividendOrInterestReinvestmentPlanOnly', window );">Dividend or Interest Reinvestment Plan Only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DelayedOrContinuousOffering', window );">Delayed or Continuous Offering</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PrimaryShelfFlag', window );">Primary Shelf [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EffectiveUponFiling462e', window );">Effective Upon Filing, 462(e)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AdditionalSecuritiesEffective413b', window );">Additional Securities Effective, 413(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EffectiveWhenDeclaredSection8c', window );">Effective when Declared, Section 8(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_NewEffectiveDateForPreviousFiling', window );">New Effective Date for Previous Filing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AdditionalSecurities462b', window );">Additional Securities. 462(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_NoSubstantiveChanges462c', window );">No Substantive Changes, 462(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ExhibitsOnly462d', window );">Exhibits Only, 462(d)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RegisteredClosedEndFundFlag', window );">Registered Closed-End Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_BusinessDevelopmentCompanyFlag', window );">Business Development Company [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_IntervalFundFlag', window );">Interval Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PrimaryShelfQualifiedFlag', window );">Primary Shelf Qualified [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">No<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_NewCefOrBdcRegistrantFlag', window );">New CEF or BDC Registrant [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
            <div>
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                  </tr>
                  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;text-align:right">[--]</td>
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                  </tr>
                  <tr style="vertical-align:bottom">
                    <td style="font:10pt Times New Roman, Times, Serif;padding-left:0.125in;text-align:left">Dividend Reinvestment Plan fees(2)</td>
                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><sup>&#160;</sup>&#160;</td>
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              </table>
            </div>

              <div>
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                  <div style="border-top:Black 1pt solid;font-size:1pt">&#160;</div>
                </div>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(1)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="-sec-ix-redline:true"><span style="font-family:Times New Roman, Times, Serif"><sup>(2)&#160;</sup>&#160;</span></span></td>
                      <td style="text-align:justify"><span style="-sec-ix-redline:true">Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</span></td>
                    </tr>

                </table>
              </div>
            <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherTransactionExpense1Percent', window );">Other Transaction Expense 1 [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
            <div>
              <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%">

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                    <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>As a Percentage of Net Assets<br/>Attributable to Common Shares<sup>(3)</sup></strong></span></td>
                    <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  </tr>
                  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                    <td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left">Annual Expenses</td>
                    <td style="font-size:10pt">&#160;</td>
                    <td style="font-size:10pt;text-align:left">&#160;</td>
                    <td style="font-size:10pt;text-align:right">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;padding-left:0.125in;width:71%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Management fees<sup>(4)</sup> </span></td>
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                    <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">%</td>
                  </tr>
                  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                    <td style="font:10pt Times New Roman, Times, Serif;padding-left:0.125in;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Interest payments on borrowed funds<sup>(5)</sup> </span></td>
                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <tr style="vertical-align:bottom">
                    <td style="font:10pt Times New Roman, Times, Serif;padding-left:0.125in;padding-bottom:1pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Other expenses<sup>(6) </sup>&#160;</span></td>
                    <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                    <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
                  </tr>
                  <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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                    <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt">&#160;</td>
                    <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt;text-align:left">%</td>
                  </tr>

              </table>
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              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(3)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">Based upon average net assets applicable to Common Shares for the semi-annual period ended August&#160;31, 2024 (unaudited).</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(4)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#8217;s average weekly Managed Assets. The fee shown above is based upon outstanding leverage of 28.70% of the Fund&#8217;s total assets. If leverage of more than 28.70% of the Fund&#8217;s total assets is used, the management fees shown would be higher.</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif"><sup>(5)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">Based upon the Fund&#8217;s outstanding borrowings as of August&#160;31, 2024 of approximately $114,600,000, and the average daily weighted interest rate for the period ended August&#160;31, 2024 of 4.14% . The Fund currently has no preferred shares outstanding.</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

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                      <td style="width:0.5in"><span style="-sec-ix-redline:true"><span style="font-family:Times New Roman, Times, Serif"><sup>(6)&#160;</sup>&#160;</span></span></td>
                      <td style="text-align:justify"><span style="-sec-ix-redline:true"><span style="font-size:10pt;font-family:Times New Roman">Other Expenses have been restated to reflect current fees.</span></span></td>
                    </tr>

                </table>
              </div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
<td class="nump">0.77%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3],[5]</sup></td>
<td class="nump">1.54%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3],[6]</sup></td>
<td class="nump">0.10%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">2.41%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Example</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1)&#160;&#8220;Total annual expenses&#8221; of 2.41% of net assets attributable to Common Shares and (2)&#160;a 5% annual return*:</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%">

                    <tr style="vertical-align:bottom">
                      <td style="font-size:10pt;text-align:center">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">1 Year</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">3 Years</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">5 Years</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                      <td colspan="2" style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">10 Years</td>
                      <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                    </tr>
                    <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                      <td style="font:10pt Times New Roman, Times, Serif;width:44%;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Total Expenses paid by Common Shareholders<sup>(1)</sup>&#160;</span></td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">24</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
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                      <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">75</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">129</td>
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                      <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">275</td>
                      <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Fund&#8217;s actual rate of return may be higher or lower than the hypothetical 5% return shown in the example</strong></span>. The example assumes that all dividends and distributions are reinvested at net asset value.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

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                      <td style="width:0.5in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(1)&#160;</sup>&#160;</span></td>
                      <td style="text-align:justify">The example above does not include sales loads or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales load and estimated offering costs.</td>
                    </tr>

                </table>
              </div>
            <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">75<span></span>
</td>
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</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">129<span></span>
</td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">$ 275<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.</p>
            <span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_BasisOfTransactionFeesNoteTextBlock', window );">Basis of Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">as a percentage of offering price</span><span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OtherTransactionFeesNoteTextBlock', window );">Other Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Other Expenses have been restated to reflect current fees.</span><span></span>
</td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesAmt', window );">Senior Securities Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
<td class="nump">$ 30,000,000<span></span>
</td>
<td class="nump">$ 30,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreference', window );">Preferred Stock Liquidating Preference</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SeniorSecuritiesNoteTextBlock', window );">Senior Securities, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
        <div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_004"></span><strong>SENIOR SECURITIES</strong></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;text-align:justify;margin:0pt 0;text-indent:0.5in"><span style="-sec-ix-redline:true">The information regarding the Fund&#8217;s outstanding senior securities at the end of each of the Fund&#8217;s last five fiscal years are included in the Fund&#8217;s financial highlights, which are incorporated by reference from the Fund&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">Annual Report</a> for the fiscal year ended February 29, 2024 (File No. 811-05597), as filed with the SEC on Form N-CSR on May 2, 2024. The information regarding the Fund's outstanding senior securities for the fiscal years ended February 28, 2019, February 28, 2018, February 28, 2017, February 29, 2016, and February 28, 2015 is set forth in the table above. See &#8220;Financial Highlights&#8221; above.</span></p>
        </div>
      <span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_008"><strong>INVESTMENT OBJECTIVE AND POLICIES</strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Objective and Policies</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="-sec-ix-redline:true">Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">annual report</a> on Form&#160;N-CSR, entitled &#8220;Additional Information&#8212;Investment Objective, Policies and Principal Risks of the Trust&#8212;Investment Objective&#8221; and &#8220;&#8212;Investment Policies of the Trust,&#8221; as such investment objective and policies may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the Fund&#8217;s investment objective and policies.</span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Portfolio Turnover</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund will buy and sell securities to seek to accomplish its investment objective. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The Fund&#8217;s portfolio turnover rate may vary greatly from year to year. For the past two fiscal years, the Fund&#8217;s portfolio turnover rate was as follows.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" cellspacing="0" style="font-size:10pt;border-collapse:collapse;width:60%">

                <tr style="font-size:10pt;vertical-align:bottom">
                  <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;width:66%"><span style="font-size:10pt">Fiscal Year Ended</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:2%;padding-bottom:1pt"><span style="font-size:10pt">&#160;</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;width:1%;text-align:left"><span style="font-size:10pt">&#160;</span></td>
                  <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;width:30%;text-align:center"><span style="font-size:10pt">Portfolio Turnover Rate</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;padding-bottom:1pt;text-align:left"><span style="font-size:10pt">&#160;</span></td>
                </tr>
                <tr style="font-size:10pt;vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt">February&#160;29, 2024</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt">&#160;</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt">&#160;</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt">19</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt">%</span></td>
                </tr>
                <tr style="font-size:10pt;vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt">February&#160;28, 2023</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif"><span style="font-size:10pt">&#160;</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt">&#160;</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-size:10pt">21</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-size:10pt">%</span></td>
                </tr>

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            <div>&#160;</div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Restrictions</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund has adopted certain other investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as defined in the 1940 Act (and preferred shares, if any, voting together as a single class), which is defined by the 1940 Act as the lesser of (i)&#160;67% or more of the Fund&#8217;s voting securities present at a meeting, if the holders of more than 50% of the Fund&#8217;s outstanding voting securities are present or represented by proxy; or (ii)&#160;more than 50% of the Fund&#8217;s outstanding voting securities. See &#8220;Investment Restrictions&#8221; in the SAI for a complete list of the fundamental investment policies of the Fund.</p>
          </div>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_010"><strong>RISKS</strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000835333/000119312524129060/d758803dncsr.htm" style="-sec-extract:exhibit">annual report</a> on Form&#160;N-CSR entitled &#8220;Additional Information&#8212;Investment Objective, Policies and Principal Risks of the Trust&#8212;Principal Risks of Investing in the Trust,&#8221; as such principal risks may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the principal risks you should consider before making an investment in the Fund. Any additional risks applicable to a particular offering of Securities will be set forth in the related Prospectus Supplement.</p>
          </div>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_EffectsOfLeverageTextBlock', window );">Effects of Leverage [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_009"><strong>USE OF LEVERAGE</strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods, including through issuing preferred shares. In addition, the Fund may also use other forms of leverage including, but not limited to certain derivatives that have the economic effect of leverage. In addition, the Fund may also use other forms of leverage including, but not limited to, portfolio investments that have the economic effect of leverage, such as by investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities. The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund&#8217;s holdings.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund does not currently have any outstanding preferred shares. The Fund currently also invests in residual interest certificates of tender option bond trusts, also called inverse floating rate securities, that have the economic effect of leverage because the Fund&#8217;s investment exposure to the underlying bonds held by the trust have been effectively financed by the trust&#8217;s issuance of floating rate certificates.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The amounts and forms of leverage used by the Fund may vary with prevailing market or economic conditions. The timing and terms of any leverage transactions are determined by the Board of Trustees. There is no assurance that the Fund&#8217;s leveraging strategy will be successful.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may use derivative instruments (including futures and options) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund pays a management fee to the Adviser (which in turn pays a portion of such fee to the Sub-Adviser) based on a percentage of Managed Assets. Managed Assets include the proceeds realized and managed from the Fund&#8217;s use of leverage (excluding the leverage exposure attributable to the use of futures, options and similar derivatives). Because Managed Assets includes the Fund&#8217;s net assets as well as assets that are attributable to the Fund&#8217;s investment of the proceeds of its leverage, it is anticipated that the Fund&#8217;s Managed Assets will be greater than its net assets. The Adviser will be responsible for using leverage to pursue the Fund&#8217;s investment objective. The Adviser will base its decision regarding whether and how much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage will have the effect, all other things being equal, of increasing Managed Assets and in turn the Adviser&#8217;s and Sub-Adviser&#8217;s management fees. Thus, the Adviser may have a conflict of interest in determining whether to use or increase leverage. The Adviser will seek to manage that potential conflict by recommending to the Fund&#8217;s Board of Trustees to leverage the Fund (or increase such leverage) only when it determines that such action would be in the best interests of the Fund and its Shareholders, and by periodically reviewing with the Board of Trustees the Fund&#8217;s performance and the impact of the use of leverage on that performance.</p>
          </div>

            <div>&#160;</div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Under the 1940 Act, the Fund is not permitted to issue &#8220;senior securities&#8221; that are preferred shares if, immediately after the issuance of preferred shares, the asset coverage ratio with respect to such preferred shares would be less than 200%. With respect to any such preferred shares, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate liquidation preference of such preferred shares.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Preferred Shares</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Fund may authorize and issue preferred shares with rights as determined by the Board of Trustees, by action of the Board of Trustees without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such preferred share offering would be subject to the limits imposed by the 1940 Act. Under the 1940 Act, the Fund may not issue preferred shares if, immediately after issuance, the Fund would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of preferred shares outstanding, the Fund is required to have at least two dollars of assets).</span></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.</span></span></p>
          </div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_AnnualDividendPayment', window );">Annual Dividend Payment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="text">&#160;<span></span>
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<td class="num">(0.4)<span></span>
</td>
<td class="num">(0.41)<span></span>
</td>
<td class="num">$ (0.4)<span></span>
</td>
<td class="num">$ (0.39)<span></span>
</td>
<td class="num">$ (0.4)<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The following table sets forth, for each of the periods indicated: (i)&#160;the high and low closing market prices for the Common Shares reported as of the end of the day on the NYSE, (ii)&#160;the high and low net asset value (NAV) of the Common Shares, and (iii)&#160;the high and low of the premium or discount to NAV (expressed as a percentage) of shares of the Common Shares. Net asset value is generally determined on each day that the NYSE is open for business. See &#8220;Net Asset Value&#8221; for information as to the determination of the Fund&#8217;s NAV.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                  <td style="font-size:10pt">&#160;</td>
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                  <td colspan="6" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Market Price</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td colspan="6" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><strong>Premium/(Discount) to NAV<sup>(2)</sup></strong></span></td>
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                <tr style="vertical-align:bottom">
                  <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">During Quarter Ended</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">High</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">High</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Low</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">High</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Low</td>
                  <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">6.43</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">6.63</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">6.33</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">6.42</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;width:10%;text-align:right">(1.68</td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.59</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.20</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.59</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.23</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">1.93</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(3.43</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif">May&#160;2024</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.70</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.06</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.48</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.22</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">4.36</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(2.57</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif">February&#160;2024</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.66</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.20</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.47</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.18</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">4.02</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(2.82</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif">November&#160;2023</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.45</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">4.94</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.17</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.54</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.74</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(11.15</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif">August&#160;2023</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.39</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.00</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.38</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.08</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">4.58</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(4.09</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif">May&#160;2023</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.82</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.97</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.49</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.17</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">8.95</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(3.92</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif">February&#160;2023</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.09</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.98</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.59</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.25</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.89</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(4.93</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif">November&#160;2022</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.92</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.45</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.52</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.85</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.45</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(7.43</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif">August&#160;2022</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.19</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.03</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.86</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.39</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">8.59</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(5.93</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif">May&#160;2022</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.47</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.26</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.46</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">6.50</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">3.75</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(8.55</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif">February&#160;2022</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">8.13</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.01</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.88</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">7.42</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">3.57</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(6.78</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(1)</sup></span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-size:10pt">Based on the Fund&#8217;s computations.</span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(2)</sup></span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-size:10pt">Calculated based on the information presented. Percentages are rounded.</span></p>
          </div>
        <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.43<span></span>
</td>
<td class="nump">$ 6.2<span></span>
</td>
<td class="nump">$ 6.06<span></span>
</td>
<td class="nump">$ 6.2<span></span>
</td>
<td class="nump">$ 4.94<span></span>
</td>
<td class="nump">$ 6<span></span>
</td>
<td class="nump">$ 5.97<span></span>
</td>
<td class="nump">$ 5.98<span></span>
</td>
<td class="nump">$ 5.45<span></span>
</td>
<td class="nump">$ 6.03<span></span>
</td>
<td class="nump">$ 6.26<span></span>
</td>
<td class="nump">$ 7.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.96<span></span>
</td>
<td class="nump">6.59<span></span>
</td>
<td class="nump">6.7<span></span>
</td>
<td class="nump">6.66<span></span>
</td>
<td class="nump">6.45<span></span>
</td>
<td class="nump">6.39<span></span>
</td>
<td class="nump">6.82<span></span>
</td>
<td class="nump">7.09<span></span>
</td>
<td class="nump">6.92<span></span>
</td>
<td class="nump">7.19<span></span>
</td>
<td class="nump">7.47<span></span>
</td>
<td class="nump">8.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.33<span></span>
</td>
<td class="nump">6.23<span></span>
</td>
<td class="nump">6.22<span></span>
</td>
<td class="nump">6.18<span></span>
</td>
<td class="nump">5.54<span></span>
</td>
<td class="nump">6.08<span></span>
</td>
<td class="nump">6.17<span></span>
</td>
<td class="nump">6.25<span></span>
</td>
<td class="nump">5.85<span></span>
</td>
<td class="nump">6.39<span></span>
</td>
<td class="nump">6.5<span></span>
</td>
<td class="nump">7.42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.63<span></span>
</td>
<td class="nump">$ 6.59<span></span>
</td>
<td class="nump">$ 6.48<span></span>
</td>
<td class="nump">$ 6.47<span></span>
</td>
<td class="nump">$ 6.17<span></span>
</td>
<td class="nump">$ 6.38<span></span>
</td>
<td class="nump">$ 6.49<span></span>
</td>
<td class="nump">$ 6.59<span></span>
</td>
<td class="nump">$ 6.52<span></span>
</td>
<td class="nump">$ 6.86<span></span>
</td>
<td class="nump">$ 7.46<span></span>
</td>
<td class="nump">$ 7.88<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.42%<span></span>
</td>
<td class="nump">1.93%<span></span>
</td>
<td class="nump">4.36%<span></span>
</td>
<td class="nump">4.02%<span></span>
</td>
<td class="num">(5.74%)<span></span>
</td>
<td class="num">(4.58%)<span></span>
</td>
<td class="nump">8.95%<span></span>
</td>
<td class="num">(9.89%)<span></span>
</td>
<td class="num">(7.45%)<span></span>
</td>
<td class="num">(8.59%)<span></span>
</td>
<td class="num">(3.75%)<span></span>
</td>
<td class="num">(3.57%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1.68%)<span></span>
</td>
<td class="nump">3.43%<span></span>
</td>
<td class="nump">2.57%<span></span>
</td>
<td class="num">(2.82%)<span></span>
</td>
<td class="num">(11.15%)<span></span>
</td>
<td class="num">(4.09%)<span></span>
</td>
<td class="num">(3.92%)<span></span>
</td>
<td class="num">(4.93%)<span></span>
</td>
<td class="num">(7.43%)<span></span>
</td>
<td class="num">(5.93%)<span></span>
</td>
<td class="num">(8.55%)<span></span>
</td>
<td class="num">(6.78%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.65<span></span>
</td>
<td class="nump">7.53<span></span>
</td>
<td class="nump">7.6<span></span>
</td>
<td class="nump">7.43<span></span>
</td>
<td class="nump">6.99<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">NAV Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.33<span></span>
</td>
<td class="nump">$ 7.41<span></span>
</td>
<td class="nump">$ 7.44<span></span>
</td>
<td class="nump">$ 7.65<span></span>
</td>
<td class="nump">$ 7.58<span></span>
</td>
<td class="nump">$ 7.05<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4.08%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="ps_015" style="margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">DESCRIPTION OF CAPITAL STRUCTURE</strong></span></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated as of April&#160;2, 2012. The following is a brief description of the terms of the Common Shares, Borrowings and preferred shares which may be issued by the Fund. This description does not purport to be complete and is qualified by reference to the Fund&#8217;s Governing Documents.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><span style="font:bold 10pt Times New Roman"><span style="font-size:10pt;font-family:Times New Roman">Common Shares</span></span></strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Declaration of Trust permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value. Each Common Share represents an equal proportionate interest in the assets of the Fund with each other Common Share in the Fund. <span style="font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt;font-family:Times New Roman">Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.</span> <span style="font-size:10pt;font-family:Times New Roman">Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.</span></span>&#160;<span style="font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt;text-align:left">Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a </span><i style="font-size:10pt;text-align:left">pro rata </i><span style="font-size:10pt;text-align:left">basis.</span></span></p>
              </div>

                <div>&#160;</div>

            <div>
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">While there are any borrowings or preferred shares outstanding, the Fund may not be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i)&#160;all accrued distributions on preferred shares or accrued interest on borrowings have been paid and (ii)&#160;the value of the Fund&#8217;s total assets (determined after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding preferred shares plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the Fund obtaining a rating of the preferred shares from a rating agency. These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification for taxation as a RIC for federal income tax purposes. The Fund intends, however, to the extent possible to purchase or redeem preferred shares or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with any such impairment of the Fund&#8217;s status as a RIC. Depending on the timing of any such redemption or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt;font-family:Times New Roman">The Common Shares have no preemptive rights or subscription rights.</span></span></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund will not issue certificates for the Common Shares.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Issuance of Additional Common Shares</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Any additional offering of Common Shares will be subject to the requirements of the 1940 Act. The provisions of the 1940 Act generally require that the public offering price (less underwriting commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company&#8217;s common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its Common Shareholders.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <div>

                    <div>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Rights Offerings</strong></p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#8217;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.</p>
                    </div>

                  <div style="display:none">

                      <div>&#160;</div>

                  </div>
                </div>
                <div style="display:none">
                  <div>&#160;</div>
                </div>
              </div>
              <div style="display:none">
                <div>&#160;</div>
              </div>
            </div>

              <div>&#160;</div>

            <div>

                <div>
                  <div>
                    <div>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the period of time the offering would remain open;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the title of such rights;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the exercise price for such rights (or method of calculation thereof);</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the number of such rights issued in respect of each Share;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the number of rights required to purchase a single Share;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the extent to which such rights are transferable and the market on which they may be traded if they are transferable;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">termination rights we may have in connection with such rights offering.</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.</p>
                    </div>
                  </div>
                </div>

              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Repurchase of Common Shares</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Because shares of closed-end funds frequently trade at a discount to their net asset values, the Board has determined that from time to time it may be in the interest of holders of Common Shares for the Fund to take corrective actions. The Board, in consultation with the Adviser, will review at least annually the possibility of open market repurchases and/or tender offers for the Common Shares and will consider such factors as the market price of the Common Shares, the net asset value of the Common Shares, the liquidity of the assets of the Fund, effect on the Fund&#8217;s expenses, whether such transactions would impair the Fund&#8217;s status as a RIC or result in a failure to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on the Fund&#8217;s ability to consummate such transactions. There are no assurances that the Board will, in fact, decide to undertake either of these actions or if undertaken, that such actions will result in the Fund&#8217;s Common Shares trading at a price which is equal to or approximates their net asset value. In recognition of the possibility that the Common Shares might trade at a discount to net asset value and that any such discount may not be in the interest of holders of Common Shares, the Board, in consultation with the Adviser, from time to time may review possible actions to reduce any such discount.</p>
              </div>
            </div>

              <div>&#160;</div>

              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><span style="font:bold 10pt Times New Roman"><span style="font-size:10pt;font-family:Times New Roman">Preferred Shares</span></span></strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred shares, no par value, in one or more series, with rights as determined by the Board, by action of the Board without the approval of the holders of Common Shares.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Under&#160;the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio which the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. The liquidation value of the preferred shares is expected to equal their aggregate original purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon (on a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.</span></span></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</p>

                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Holders of preferred shares, voting as a class, shall be entitled to elect two of the Fund&#8217;s Trustees. Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&#8217; distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority of the Fund&#8217;s Trustees until all distributions in arrears have been paid or declared and set apart for payment.</p>

                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In addition, if the Board determines it to be in the best interests of the Common Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares may be entitled to elect a majority of the Fund&#8217;s Board in other circumstances, for example, if one payment on the preferred shares is in arrears.</p>
              </div>

                <div>&#160;</div>

            <div>
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Borrowings</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may utilize leverage through borrowings, including through a credit facility, commercial paper program or other borrowing program. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the total asset value of the Fund&#8217;s portfolio is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3% of the Fund&#8217;s total assets). In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund&#8217;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such liquidation value. If the Fund borrows money, the Fund intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may negotiate with commercial banks to arrange a borrowing facility pursuant to which the Fund may borrow an amount equal to approximately one-third of the Fund&#8217;s total assets (inclusive of the amount borrowed). Any such borrowings would constitute leverage. Such a borrowing facility is not expected to be convertible into any other securities of the Fund, outstanding amounts are expected to be prepayable by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement provisions. Outstanding amounts would be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts under the borrowing facility or incur a penalty rate of interest upon the occurrence of certain events of default. The Fund would be expected to indemnify the lenders against liabilities they may incur in connection with the borrowing facility.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In addition, the Fund expects that a borrowing facility would contain covenants that, among other things, likely will limit the Fund&#8217;s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and expenses. The Fund expects that any borrowing facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund will enter into an agreement for a borrowing facility on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such borrowing facility may in the future be replaced or refinanced by one or more borrowing facilities having substantially different terms or by the issuance of preferred shares or debt securities.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Capitalization</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.5in">The following table provides information about the outstanding securities of the Fund as of November&#160;30, 2024:</p>
              </div>

                <div>
                  <div>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%">

                        <tr style="vertical-align:bottom">
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif">Title of Class</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Authorized</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Held by the<br/>Fund or for its Account</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Outstanding</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                        </tr>
                        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                          <td style="font:10pt Times New Roman, Times, Serif;width:45%"><span style="font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt;font-family:Times New Roman">Common Shares of Beneficial Interest, no par value</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:center">Unlimited</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right">--</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right">47,671,591.640</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                        </tr>

                    </table>
                  </div>
                </div>

            </div>
          <span></span>
</td>
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<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_RightsLimitedByOtherSecuritiesTextBlock', window );">Rights Limited by Other Securities [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
                    <div>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Rights Offerings</strong></p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#8217;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.</p>
                    </div>

                      <div>&#160;</div>

                <div>
                  <div>
                    <div>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
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                            <td style="text-align:justify">the period of time the offering would remain open;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
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                            <td style="text-align:justify">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
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                            <td style="text-align:justify">the title of such rights;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
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                            <td style="text-align:justify">the exercise price for such rights (or method of calculation thereof);</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the number of such rights issued in respect of each Share;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the number of rights required to purchase a single Share;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the extent to which such rights are transferable and the market on which they may be traded if they are transferable;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%">

                          <tr style="vertical-align:top">
                            <td style="width:0.25in">&#160;</td>
                            <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span>&#9679;</span></span></td>
                            <td style="text-align:justify">termination rights we may have in connection with such rights offering.</td>
                          </tr>

                      </table>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.</p>
                    </div>
                  </div>
                </div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
                <div>
                  <div>
                    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                    <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;border-collapse:collapse;width:100%">

                        <tr style="vertical-align:bottom">
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif">Title of Class</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Authorized</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Held by the<br/>Fund or for its Account</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                          <td colspan="2" style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif;text-align:center">Amount Outstanding</td>
                          <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                        </tr>
                        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                          <td style="font:10pt Times New Roman, Times, Serif;width:45%"><span style="font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt;font-family:Times New Roman">Common Shares of Beneficial Interest, no par value</span></span></td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:center">Unlimited</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right">--</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:2%">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:15%;text-align:right">47,671,591.640</td>
                          <td style="font:10pt Times New Roman, Times, Serif;width:1%;text-align:left">&#160;</td>
                        </tr>

                    </table>
                  </div>
                </div>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47,676,823.64<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">11 Greenway Plaza<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Houston<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">TX<span></span>
</td>
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</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">77046<span></span>
</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Melanie Ringold, Esq.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=ck0000835333_CommonSharesMember', window );">Common Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityTitleTextBlock', window );">Security Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Common Shares</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
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</td>
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</td>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityDividendsTextBlock', window );">Security Dividends [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityLiquidationRightsTextBlock', window );">Security Liquidation Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman"><span style="font-size:10pt;text-align:left">Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a </span><i style="font-size:10pt;text-align:left">pro rata </i><span style="font-size:10pt;text-align:left">basis.</span></span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityPreemptiveAndOtherRightsTextBlock', window );">Security Preemptive and Other Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">The Common Shares have no preemptive rights or subscription rights.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Common Shares of Beneficial Interest, no par value</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47,671,591.64<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=ck0000835333_PreferredSharesMember', window );">Preferred Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityTitleTextBlock', window );">Security Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Preferred Shares</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Holders of preferred shares, voting as a class, shall be entitled to elect two of the Fund&#8217;s Trustees. Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&#8217; distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority of the Fund&#8217;s Trustees until all distributions in arrears have been paid or declared and set apart for payment.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cef_SecurityLiquidationRightsTextBlock', window );">Security Liquidation Rights [Text Block]</a></td>
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                  <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</p>
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<tr><td colspan="22"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Based upon average net assets applicable to Common Shares for the semi-annual period ended August 31, 2024 (unaudited).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#8217;s average weekly Managed Assets. The fee shown above is based upon outstanding leverage of 28.70% of the Fund&#8217;s total assets. If leverage of more than 28.70% of the Fund&#8217;s total assets is used, the management fees shown would be higher.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Based upon the Fund&#8217;s outstanding borrowings as of August 31, 2024 of approximately $114,600,000, and the average daily weighted interest rate for the period ended August 31, 2024 of 4.14% . The Fund currently has no preferred shares outstanding.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Other Expenses have been restated to reflect current fees.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">The example above does not include sales loads or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales load and estimated offering costs.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">Based on the Fund&#8217;s computations.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top">Calculated based on the information presented. Percentages are rounded.</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 1<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 4<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FinancialHighlightsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FinancialHighlightsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InterestExpensesOnBorrowingsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InterestExpensesOnBorrowingsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IntervalFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IntervalFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NewCefOrBdcRegistrantFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NewCefOrBdcRegistrantFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpense1Percent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpense1Percent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionFeesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionFeesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityNotHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityNotHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfQualifiedFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfQualifiedFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RegisteredClosedEndFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RegisteredClosedEndFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RightsLimitedByOtherSecuritiesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph d<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RightsLimitedByOtherSecuritiesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityDividendsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityDividendsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityLiquidationRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityLiquidationRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityPreemptiveAndOtherRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityPreemptiveAndOtherRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityVotingRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityVotingRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph Instruction 1<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 1<br> -Paragraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecurities462b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecurities462b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecuritiesEffective413b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 413<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecuritiesEffective413b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The approximate date of a commencement of a proposed sale of securities to the public. This element is disclosed in S-1, S-3, S-4, S-11, F-1, F-3 and F-10 filings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ApproximateDateOfCommencementOfProposedSaleToThePublic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:dateOrAsapItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DelayedOrContinuousOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DelayedOrContinuousOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DividendOrInterestReinvestmentPlanOnly">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DividendOrInterestReinvestmentPlanOnly</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveUponFiling462e">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection e<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveUponFiling462e</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveWhenDeclaredSection8c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Section 8<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveWhenDeclaredSection8c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInvCompanyType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 313<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInvCompanyType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:invCompanyType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ExhibitsOnly462d">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection d<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ExhibitsOnly462d</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyActFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyActFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyActRegistration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyActRegistration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyRegistrationAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyRegistrationAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendmentNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:sequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NewEffectiveDateForPreviousFiling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NewEffectiveDateForPreviousFiling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoSubstantiveChanges462c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoSubstantiveChanges462c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PostEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PostEffectiveAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreEffectiveAmendment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreEffectiveAmendment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreEffectiveAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amendment number to registration statement under the Securities Act of 1933 before the registration becomes effective.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreEffectiveAmendmentNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:sequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockLiquidationPreference">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-4<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockLiquidationPreference</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
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