<SEC-DOCUMENT>0000950123-12-008229.txt : 20120828
<SEC-HEADER>0000950123-12-008229.hdr.sgml : 20120828

<ACCEPTANCE-DATETIME>20120515170928

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-12-008229

CONFORMED SUBMISSION TYPE:	N-14 8C/A

PUBLIC DOCUMENT COUNT:		12

FILED AS OF DATE:		20120515

DATE AS OF CHANGE:		20120608


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Invesco Van Kampen High Income Trust II

		CENTRAL INDEX KEY:			0000846671

		IRS NUMBER:				366900462

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-14 8C/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-180591

		FILM NUMBER:		12845883



	BUSINESS ADDRESS:	

		STREET 1:		VAN KAMPEN INVESTMENTS INC.

		STREET 2:		522 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10036

		BUSINESS PHONE:		212-296-6963



	MAIL ADDRESS:	

		STREET 1:		VAN KAMPEN INVESTMENTS INC.

		STREET 2:		522 FIFTH AVENUE

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10036



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	VAN KAMPEN HIGH INCOME TRUST II

		DATE OF NAME CHANGE:	19981006



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL LIMITED TERM HIGH INCOME

		DATE OF NAME CHANGE:	19960102



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	VAN KAMPEN MERRITT LIMITED TERM HIGH INCOME TRUST

		DATE OF NAME CHANGE:	19920703



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-14 8C/A
<SEQUENCE>1
<FILENAME>h86299p2nv148cza.htm
<DESCRIPTION>FORM N-14 8C/A
<TEXT>
<HTML>
<HEAD>
<TITLE>nv148cza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on May&nbsp;15, 2012<BR>
1933 Act File No.&nbsp;333-180591
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM N-14</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 12pt; font-weight: bold" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pre-Effective Amendment No.&nbsp;1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post-Effective Amendment No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><b>(Check
appropriate box or boxes)</b></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">INVESCO VAN KAMPEN HIGH INCOME TRUST II</FONT></B>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><FONT style="border-bottom: 1px solid #000000">1555 Peachtree Street, N.E., Atlanta, Georgia 30309</FONT><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(713)&nbsp;626-1919<BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Registrant&#146;s Telephone Number, including Area Code)</FONT></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">John M. Zerr, Esq.<BR>
11 Greenway Plaza<BR>
Suite&nbsp;2500<BR>
Houston, Texas 77046<BR>
(713)&nbsp;626-1919<BR>
(Name and Address of Agent for Service of Process)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:30px; text-indent:-15px">Stephen R. Rimes, Esquire <BR>
Invesco Advisers, Inc. <BR>
11 Greenway Plaza, Suite&nbsp;2500<BR>
Houston, Texas 77046-1173
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Matthew R. DiClemente, Esquire<BR>
Stradley Ronon Stevens &#038; Young, LLP<BR>
2600 One Commerce Square<BR>
Philadelphia, Pennsylvania 19103</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Michael K. Hoffman<BR>
Skadden, Arps, Slate, Meagher &#038; Flom LLP<BR>
Four Times Square<BR>
New York, New York 10036</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximate date of proposed public offering: As soon as practicable after the effective date of
this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant hereby amends this registration statement on such date or dates as may be necessary
to delay its effective date until the Registrant shall file a further amendment which specifically
states that this registration statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933 or until this registration statement shall become
effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calculation of Registration Fee under the Securities Act of 1933:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount Being</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Being Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price per Unit</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration Fee</B><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Shares of
Beneficial Interest</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$74,673,366</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$8,558</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee. Based on average high and
low reported price for Invesco High Yield Investments Fund, Inc. Common Shares on April&nbsp;2, 2012, in
accordance with Rule&nbsp;457(f)(1) under the Securities Act of 1933.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>A registration fee of $8,558 was previously paid in connection with the initial filing.</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Invesco Van Kampen High Income Trust II<BR>
Invesco High Yield Investments Fund, Inc.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1555 Peachtree Street, N.E.<BR>
Atlanta, GA 30309<BR>
(800)&nbsp;341-2929</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>
To Be Held on July&nbsp;17, 2012</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given to holders of common shares of beneficial interest (&#147;Common Shares&#148;) of
Invesco High Yield Investments Fund, Inc. (the &#147;Target Fund&#148; or &#147;MSY&#148;) and Invesco Van Kampen High
Income Trust II (the &#147;Acquiring Fund&#148; or &#147;VLT&#148;) that the Funds will hold a joint annual meeting of
shareholders (the &#147;Meeting&#148;) on July&nbsp;17, 2012, at 1555 Peachtree Street, N.E., Atlanta, Georgia
30309. The Meeting will begin at 1:00 p.m., Eastern time, for the Target Fund and at 2:00 p.m.,
Eastern time, for the Acquiring Fund. The Target Fund and the Acquiring Fund collectively are
referred to as the &#147;Funds&#148; and each is referred to individually as a &#147;Fund.&#148; At the Meeting,
holders of Common Shares (&#147;Common Shareholders&#148;) will be asked to vote on the following proposals:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Fund, approval of an Agreement and Plan of Redomestication that provides for
the reorganization of such Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of the merger of the Target Fund into the Acquiring Fund, which shall require
the following shareholder actions:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(a)&nbsp;For the Target Fund, approval of an Agreement and Plan of Merger that provides for the
Target Fund to merge with and into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(b)&nbsp;For the Acquiring Fund, approval of an Agreement and Plan of Merger that provides for
the Target Fund to merge with and into the Acquiring Fund.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the Target Fund, the election of a class of Directors to its Board of Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the Acquiring Fund, the election of two Class&nbsp;II Trustees to its Board of Trustees.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may also transact such other business as may properly come before the Meeting or any
adjournment or postponement thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shareholders of record as of the close of business on May&nbsp;23, 2012, are entitled to
notice of, and to vote at, the Meeting or any adjournment or postponement thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees/Directors of each Fund requests that you vote your shares by either
(i)&nbsp;completing the enclosed proxy card and returning it in the enclosed postage paid return
envelope, or (ii)&nbsp;voting by telephone or via the internet using the instructions on the proxy card.
Please vote your shares promptly regardless of the number of shares you own.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Each Fund&#146;s Board recommends that you cast your vote &#147;FOR&#148; the above proposals and &#147;FOR ALL&#148;
the Trustee/Director nominees as described in the Joint Proxy Statement/Prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the Target Fund (MSY):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 18pt">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mr.&nbsp;Philip Taylor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Principal Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the Acquiring Fund (VLT),<BR>
by order of the Board of Trustees:

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 18pt">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John M. Zerr
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Vice President, Secretary and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Legal Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, 2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT<BR>
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012:</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The proxy statement and annual report to shareholders are available at www.invesco.com/us.</B>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Invesco Van Kampen High Income Trust II<BR>
Invesco High Yield Investments Fund, Inc.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1555 Peachtree Street, N.E.<BR>
Atlanta, GA 30309<BR>
(800)&nbsp;341-2929</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOINT PROXY STATEMENT/PROSPECTUS<BR>
June
&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093;,
2012</B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Introduction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Joint Proxy Statement/Prospectus (the &#147;Proxy Statement&#148;) contains information that
holders of common shares of beneficial interest (&#147;Common Shares&#148;) of Invesco High Yield Investments
Fund, Inc. (the &#147;Target Fund&#148; or &#147;MSY&#148;) and Invesco Van Kampen High Income Trust II (the &#147;Acquiring
Fund&#148; or &#147;VLT&#148;) should know before voting on the proposals that are described herein. The Target
Fund and the Acquiring Fund collectively are referred to as the &#147;Funds&#148; and each is referred to
individually as a &#147;Fund.&#148;
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A joint annual meeting of the shareholders of the Funds (the &#147;Meeting&#148;) will be held on July
17, 2012, at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. The Meeting will begin at 1:00
p.m., Eastern time, for the Target Fund and at 2:00 p.m., Eastern time, for the Acquiring Fund.
The following describes the proposals to be voted on by holders of Common Shares (&#147;Common
Shareholders&#148;) at the Meeting:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Fund, approval of an Agreement and Plan of Redomestication that provides for
the reorganization of such Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of the merger of the Target Fund into the Acquiring Fund, which shall require
the following shareholder actions:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(a)&nbsp;For the Target Fund, approval of an Agreement and Plan of Merger that provides for the
Target Fund to merge with and into the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(b)&nbsp;For the Acquiring Fund, approval of an Agreement and Plan of Merger that provides for
the Target Fund to merge with and into the Acquiring Fund.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the Target Fund, the election of a class of Directors to its Board of Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the Acquiring Fund, the election of two Class&nbsp;II Trustees to its Board of Trustees.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may also transact such other business as may properly come before the Meeting or any
adjournment or postponement thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redomestications contemplated by Proposal 1 are referred to herein each individually as a
&#147;Redomestication&#148; and together as the &#147;Redomestications.&#148; The merger contemplated by Proposal 2 is
referred to herein as the &#147;Merger.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards of Trustees/Directors of the Funds (the &#147;Boards&#148;) have fixed the close of business
on May&nbsp;23, 2012, as the record date (&#147;Record Date&#148;) for the determination of shareholders entitled
to notice of and to vote at the Meeting and at any adjournment or postponement thereof.
Shareholders will be entitled to one vote for each share held (and a proportionate fractional vote
for each fractional share).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement, the enclosed Notice of Joint Annual Meeting of Shareholders, and the
enclosed proxy card will be mailed on or about &#091;June&nbsp;21&#093;, 2012, to all Common Shareholders eligible
to vote at the Meeting.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Fund is a closed-end management investment company registered under the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;). The Common Shares of each Fund are listed on the
New York Stock Exchange (the &#147;NYSE&#148;). The Acquiring Fund&#146;s Common Shares are also listed on the
Chicago Stock Exchange (together with the NYSE, the &#147;Exchanges&#148;). This document is both a proxy
statement for Common Shares of each Fund and also a prospectus for Common Shares of the Acquiring
Fund.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Meeting is scheduled as a joint meeting of the shareholders of the Funds and certain
affiliated funds, whose votes on proposals applicable to such funds are being solicited separately,
because the shareholders of the funds are expected to consider and vote on similar matters.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A joint Proxy Statement is being used in order to reduce the preparation, printing, handling
and postage expenses that would result from the use of separate proxy materials for each Fund. You
should retain this Proxy Statement for future reference, as it sets forth concisely information
about the Funds that you should know before voting on the proposals and because it will be the only
prospectus you receive for your Acquiring Fund Common Shares. Additional information about each
Fund is available in the annual and semi-annual reports to shareholders of such Fund. Each Fund&#146;s
most recent annual report to shareholders, which contains audited financial statements for the
Funds&#146; most recently completed fiscal year, and each Fund&#146;s most recent semi-annual report to
shareholders have been previously mailed to shareholders and are available on the Funds&#146; website at
www.invesco.com/us. The statement of additional information to this Proxy Statement (the &#147;SAI&#148;),
dated the same date as this Proxy Statement, includes additional information about the Funds that
is incorporated by reference and is deemed to be part of this Proxy Statement. These documents are
on file with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;). Copies of all of these
documents are also available upon request without charge by writing to the Funds at 11 Greenway
Plaza, Suite&nbsp;2500, Houston, Texas 77046, or by calling (800)&nbsp;341-2929.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You also may view or obtain these documents from the SEC&#146;s Public Reference Room, which is
located at 100 F Street, N.E., Washington, D.C. 20549, or from the SEC&#146;s website at www.sec.gov.
Information on the operation of the SEC&#146;s Public Reference Room may be obtained by calling the SEC
at (202)&nbsp;551-8090. You can also request copies of these materials, upon payment at the prescribed
rates of the duplicating fee, by electronic request to the SEC&#146;s e-mail address
(publicinfo@sec.gov) or by writing to the Public Reference Branch, Office of Consumer Affairs and
Information Services, U.S. Securities and Exchange Commission, Washington, D.C. 20549-1520. You
may also inspect reports, proxy material and other information concerning each of the Funds at the
Exchanges.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>These securities have not been approved or disapproved by the SEC nor has the SEC passed upon the
accuracy or adequacy of this Proxy Statement. Any representation to the contrary is a criminal
offense. An investment in the Funds is not a deposit with a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation (&#147;FDIC&#148;) or any other government agency. You may lose
money by investing in the Funds.</B>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><U>Page</U></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 1: APPROVAL OF REDOMESTICATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">On what am I being asked to vote?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Has my Fund&#146;s Board of Trustees/Directors approved the Redomestication?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">What are the reasons for the proposed Redomestications?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">What effect will a Redomestication have on me as a shareholder?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Will there be any tax consequences resulting from a Redomestication?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">When are the Redomestications expected to occur?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">What will happen if shareholders of a Fund do not approve Proposal 1?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 2: APPROVAL OF THE MERGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">On what am I being asked to vote?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Has my Fund&#146;s Board of Trustees/Directors approved the Merger?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">What are the reasons for the proposed Merger?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">What effect will the Merger have on me as a shareholder?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">How do the Funds&#146; investment objectives and principal investment strategies compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">How do the Funds&#146; principal risks compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">How do the Funds&#146; expenses compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">How do the performance records of the Funds compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">How do the management, investment adviser and other service providers of the Funds compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Does the Acquiring Fund have the same portfolio managers as the Target Fund?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">How do the distribution policies of the Funds compare?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Will there be any tax consequences resulting from the Merger?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">When is the Merger expected to occur?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">What will happen if shareholders of a Fund do not approve the Merger?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">What if I do not wish to participate in the Merger?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Where can I find more information about the Funds and the Merger?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE MERGER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal Investment Strategies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal Risks of an Investment in the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portfolio Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trading of Common Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital Structures of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Description of Securities to be Issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pending Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share Price Data</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Portfolio Turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Terms and Conditions of the Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional Information About the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Income Tax Matters Associated with Investment in the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Board Considerations in Approving the Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Costs of the Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Where to Find More Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 3: ELECTION OF DIRECTORS BY THE TARGET FUND</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 4: ELECTION OF TRUSTEES BY THE ACQUIRING FUND</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOTING INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">How to Vote Your Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Why are you sending me the Proxy Statement?</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">About the Proxy Statement and the Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B><U>Page</U></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quorum Requirement and Adjournment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Votes Necessary to Approve the Proposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proxy Solicitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OTHER MATTERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share Ownership by Large Shareholders, Management and Trustees/Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Annual Meetings of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shareholder Proposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shareholder Communications</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Meeting Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">WHERE TO FIND ADDITIONAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Exhibits</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT A Form of Agreement and Plan of Redomestication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT B Comparison of Governing Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT C Comparison of State Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT D Form of Agreement and Plan of Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">D-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT E Executive Officers of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">E-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT F Information Regarding the Target Fund&#146;s Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT G Board Leadership Structure, Role in Risk Oversight, and Committees and Meetings of the
Target Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">G-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT H Remuneration of the Target Fund&#146;s Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">H-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT I Independent Auditor Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">I-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT J Information Regarding the Acquiring Fund&#146;s Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">J-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT K Board Leadership Structure, Role in Risk Oversight, and Committees and Meetings of the
Acquiring Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">K-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT L Remuneration of the Acquiring Fund&#146;s Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">L-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT M Outstanding Shares of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">M-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT N Ownership of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">N-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No dealer, salesperson or any other person has been authorized to give any information or to
make any representations other than those contained in this Proxy Statement or related solicitation
materials on file with the Securities and Exchange Commission, and you should not rely on such
other information or representations.</I>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 1: APPROVAL OF REDOMESTICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>On what am I being asked to vote?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s shareholders are being asked to approve an Agreement and Plan of Redomestication
(a &#147;Plan of Redomestication&#148;) providing for the reorganization of the Fund as a Delaware statutory
trust. The Acquiring Fund is currently a Massachusetts business trust and the Target Fund is
currently a Maryland corporation. Each Fund&#146;s Plan of Redomestication provides for the Fund to
transfer all of its assets and liabilities to a newly formed Delaware statutory trust whose capital
structure will be substantially the same as the Fund&#146;s current structure, after which Fund
shareholders will own shares of the Delaware statutory trust, and the Massachusetts business trust
(for the Acquiring Fund) and the Maryland corporation (for the Target Fund) will be liquidated and
terminated. The Redomestication is only a change to your Fund&#146;s legal form of organization and
there will be no change to the Fund&#146;s investments, management, fee levels, or federal income tax
status as a result of the Redomestication.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Redomestication may proceed even if the other Redomestication is not approved by
shareholders or is for any other reason not completed. A form of the Plan of Redomestication is
available as Exhibit&nbsp;A.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By voting for this Proposal 1, you will be voting to become a shareholder of a fund organized
as a Delaware statutory trust with portfolio characteristics, investment objective(s), strategies,
risks, trustees, advisory agreements, subadvisory arrangements and other arrangements that are
substantially the same as those currently in place for your Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Has my Fund&#146;s Board of Trustees/Directors approved the Redomestication?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Each Fund&#146;s Board has reviewed and unanimously approved the Plan of
Redomestication and this Proposal 1. <B>The Board of each Fund recommends that shareholders vote
&#147;FOR&#148; Proposal 1.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What are the reasons for the proposed Redomestications?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Redomestications will serve to standardize the governing documents and certain agreements
of the Funds with each other and with other funds managed by Invesco Advisers, Inc. (the
&#147;Adviser&#148;). This standardization is expected to streamline the administration of the Funds, which
may result in cost savings and more effective administration by eliminating differences in
governing documents or controlling law. In addition, the legal requirements governing business
trusts under Massachusetts law are less certain and less developed than those under Delaware law
and the legal requirements governing corporations under Maryland law are less flexible than those
under Delaware law. These differences sometimes necessitate the Funds bearing the cost to engage
counsel to advise on the interpretation of such law.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Redomestications are also a necessary step for the completion of the Merger described in
Proposal 2 because, as Delaware statutory trusts, the Funds may merge with no delay in transactions
that are expected to qualify as tax-free reorganizations. However, the Redomestications may
proceed even if the Merger described in Proposal 2 is not approved.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What effect will a Redomestication have on me as a shareholder?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Redomestication will have no direct effect on Fund shareholders&#146; investments. Each
redomesticated Fund will have investment advisory agreements, subadvisory arrangements,
administration agreements, custodian agreements, transfer agency agreements, and other service
provider arrangements that are identical in all material respects to those in place immediately
before the Redomestication, with certain non-substantive revisions to standardize such agreements
across the Funds. For example, after the Redomestications, the investment advisory agreements of
the Funds will contain standardized language describing how investment advisory fees are
calculated, but there will be no change to the actual calculation methodology. Each Fund will
continue to be served by the same individuals as trustees/directors and officers, and each Fund
will continue to retain the same independent registered public accounting firm. The portfolio
characteristics, investment objective(s), strategies and risks of each Fund will not change as a
result of the Redomestications.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Fund&#146;s capital structure will be substantially the same as its current
structure. The Common Shares of each Fund will continue to have equal rights to the payment of
dividends and the distribution of
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assets upon liquidation. After the Redomestications, each Fund will be a Delaware statutory trust
governed by the Delaware Statutory Trust Act (&#147;DE Statute&#148;). The DE Statute is similar in many
respects to the laws governing the Acquiring Fund&#146;s current structure, a Massachusetts business
trust, and the Target Fund&#146;s current structure, a Maryland corporation, but they differ in certain
respects.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Massachusetts business trust law (&#147;MA Statute&#148;), the Maryland General Corporation
Law (&#147;MD Statute&#148;) and the DE Statute permit a trust&#146;s/corporation&#146;s governing instrument to contain
provisions relating to shareholder rights and general governance.  There are certain differences, however,
 among these different governing laws.  The MD Statute provides greater certainty with respect to specific
trust governance issues, while the DE Statute provides a significant amount of operational flexibility to
Delaware statutory trusts.  For example, the MD Statute provides default requirements in relation to
shareholder meetings, record date, election of trustees, and shareholder liability whereas the DE Statute
only provides that these provisions can be addressed in a Delaware statutory trust&#146;s governing document.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MA Statute is silent on many of the salient features of a Massachusetts business trust
whereas the DE Statute provides guidance and offers a significant amount of operational flexibility to
Delaware statutory trusts.  The DE Statute provides explicitly that the shareholders and trustees of a
Delaware statutory trust are not liable for obligations of the trust to the same extent as under corporate
law, while under the MA Statute, shareholders and trustees could potentially be liable for trust obligations
under certain circumstances.  In addition, the DE Statute authorizes the trustees to take various actions
without requiring shareholder approval if permitted by a Fund&#146;s governing instruments.  For example,
trustees of a Delaware statutory trust may have the power to amend the trust&#146;s governing instrument,
merge or consolidate a Fund with another entity, and to change the Delaware statutory trust&#146;s domicile, in
each case without a shareholder vote.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds believe that the guidance and flexibility afforded by the DE Statute and the explicit
limitation on liability contained in the DE Statute will benefit the Funds and shareholders.  A more
detailed comparison of certain provisions of the MA Statute, the MD Statute and the DE Statute is
included in Exhibit C.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The governing documents of the Funds before and after their Redomestication will be similar, but
will contain certain material differences.  In general, under the a Fund&#146;s new governing documents,
shareholders will generally have fewer rights to vote on matters affecting the Fund and, therefore, less
control over the operations of the Fund.  For example, the new governing documents permit termination
of a Fund without shareholder approval, provided that at least 75% of the Trustees have approved such
termination.  The current governing documents require shareholder approval to terminate the Fund
regardless of whether the Trustees/Directors have approved such termination.  Also, a Fund&#146;s new by-
laws, similar to the applicable provisions in the Target Fund&#146;s current by-laws, may be altered, amended, or repealed
by the Trustees, without the vote or approval of shareholders.  The
Acquiring Fund&#146;s current by-laws may be altered,
amended, or repealed by the Trustees, provided that by-laws adopted by the shareholders may only be
altered, amended, or repealed by the shareholders.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the new governing documents, Trustees will be elected by a majority vote (i.e., nominees
must receive the vote of a majority of the outstanding shares entitled to vote), while under the current
governing documents, Trustees are generally elected by a plurality vote (i.e., the nominees receiving the
greatest number of votes are elected).  The new governing documents will not provide shareholders the
ability to remove Trustees or to call special meetings of shareholders, which powers are provided under
the current governing documents.  Also, additional procedures must be undertaken by shareholders under
the new governing documents than under the current governing documents with respect to shareholder
proposals, including nominations, brought before a meeting of shareholders.  These additional procedures
include, among others, shareholders appearing before the annual or special meeting of shareholders to
present about the nomination or proposed business.  The additional
procedures are intended to provide the
Board the opportunity to better evaluate proposals submitted by shareholders and provide additional
information to shareholders for their consideration in connection with the proposal.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new governing documents contain a different shareholder voting standard with respect to a
Fund&#146;s merger, consolidation, or conversion to an open-end company that, in certain circumstances, may
be a lower voting standard than under the current governing documents.  The new governing documents
also impose certain obligations on shareholders seeking to initiate a derivative action on behalf of a Fund
that are not imposed under the current governing documents, which may make it more difficult for
shareholders to initiate derivative actions and are intended to save the Fund money by requiring
reimbursement of the Fund for frivolous lawsuits brought by shareholders. To further protect the Fund
and its shareholders from frivolous lawsuits, the new governing documents also provide that shareholders
will indemnify a Fund for all costs, expenses, penalties, fines or other amounts arising from any action
against the Fund to the extent that the shareholder is not the prevailing party and that the Fund is
permitted to redeem shares of and/or set off against any distributions due to the shareholder for such
amounts. The Trustees/Directors believe that these provisions will benefit shareholders by deterring
frivolous lawsuits and actions by short-term, speculative investors that are contrary to the best long-term
interests of the Funds and long-term shareholders and limiting the extent to which Fund assets will be
expended defending against such lawsuits.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A comparison of the current and proposed governing documents of the Funds is available in
Exhibit B.</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder approval of a Redomestication will be deemed to constitute approval of the
advisory and subadvisory agreements, as well as a vote for the election of the trustees, of the
Delaware statutory trust. Accordingly, each Plan of Redomestication provides that the sole initial
shareholder of each Delaware statutory trust will vote to approve the advisory and subadvisory
agreements (which, as noted above, will be identical in all material respects to the Fund&#146;s current
agreements) and to elect the trustees of the Delaware statutory trust (which, as noted above, will
be the same as the Fund&#146;s current Trustees/Directors) after shareholder approval of a
Redomestication but prior to the closing of the Redomestication.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will there be any tax consequences resulting from a Redomestication?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material U.S. federal income tax considerations of
the Redomestications and is based upon the current provisions of the Internal Revenue Code of 1986,
as amended (the &#147;Code&#148;), the existing U.S. Treasury Regulations thereunder, current administrative
rulings of the Internal Revenue Service (&#147;IRS&#148;) and published judicial decisions, all of which are
subject to change. These considerations are general in nature and individual shareholders should
consult their own tax advisors as to the federal, state, local, and foreign tax considerations
applicable to them and their individual circumstances. These same considerations generally do not
apply to shareholders who hold their shares in a tax-deferred account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Redomestication is intended to be a tax-free reorganization pursuant to Section 368(a) of
the Code. The Acquiring Fund is currently a Massachusetts business trust and the Target Fund is
currently a Maryland corporation. Each Redomestication will be completed pursuant to a Plan of
Redomestication that provides for the applicable Fund to transfer all of its assets and liabilities
to a newly formed Delaware statutory trust (&#147;DE-Fund&#148;), after which Fund shareholders will own
shares of the Delaware statutory trust and the Massachusetts business trust or Maryland corporation
will be liquidated. Even though the Redomestication of a Fund is part of an overall plan to effect
the Merger of the Target Fund with the Acquiring Fund, the Redomestications will be treated as
separate transactions for U.S. federal income tax purposes. The principal federal income tax
considerations that are expected to result from the Redomestication of an applicable Fund are as
follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the Fund or the shareholders of the Fund
as a result of the Redomestication;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the DE-Fund as a result of the
Redomestication;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate tax basis of the shares of the DE-Fund to be received by a
shareholder of the Fund will be the same as the shareholder&#146;s aggregate tax basis
of the shares of the Fund; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holding period of the shares of the DE-Fund received by a shareholder of the
Fund will include the period that a shareholder held the shares of the Fund
(provided that such shares of the Fund are capital assets in the hands of such
shareholder as of the Closing (as defined herein)).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Funds nor the DE-Funds have requested or will request an advance ruling from the
IRS as to the federal tax consequences of the Redomestications. As a condition to Closing, Stradley
Ronon Stevens &#038; Young, LLP will render a favorable opinion to each Fund and DE-Fund as to the
foregoing federal income tax consequences of each Redomestication, which opinion will be
conditioned upon, among other things, the accuracy, as of the Closing Date (as defined herein), of
certain representations of each Fund and DE-Fund upon which Stradley Ronon Stevens &#038; Young, LLP
will rely in rendering its opinion. A copy of the opinion will be filed with the SEC and will be
available for public inspection. See &#147;Where to Find Additional Information.&#148; Opinions of counsel
are not binding upon the IRS or the courts. If a Redomestication is consummated but the IRS or the
courts determine that the Redomestication does not qualify as a tax-free reorganization under the
Code, and thus is taxable, each Fund would recognize gain or loss on the transfer of its assets to
its corresponding DE-Fund and each shareholder of the Fund would recognize a taxable gain or loss
equal to the difference between its tax basis in its Fund shares and the fair market value of the
shares of the DE-Fund it receives. The failure of one Redomestication to qualify as a tax-free
reorganization would not adversely affect the other Redomestication.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>When are the Redomestications expected to occur?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders of a Fund approve Proposal 1, it is anticipated that such Fund&#146;s
Redomestication will occur in the third quarter of 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What will happen if shareholders of a Fund do not approve Proposal 1?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Proposal 1 is not approved by a Fund&#146;s shareholders or if a Redomestication is for other
reasons not able to be completed, that Fund would not be redomesticated. In addition, if either
Fund&#146;s Common Shareholders do not approve Proposal 1 or if either Fund&#146;s Redomestication is for any
other reason not completed, the Merger will not be completed. If Proposal 1 is not approved by
shareholders, the applicable Fund&#146;s Board will consider other possible courses of action for that
Fund.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE BOARD OF EACH FUND RECOMMENDS THAT YOU VOTE &#147;</B><U><B>FOR</B></U><B>&#148; THE APPROVAL OF<BR>
PROPOSAL 1.</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PROPOSAL 2: APPROVAL OF THE MERGER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>On what am I being asked to vote?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of the Target Fund are being asked to consider and approve the Merger of the
Target Fund with and into the Acquiring Fund, as summarized below. Shareholders of the Acquiring
Fund are also being asked to consider and approve such Merger, which involves the issuance of new
Common Shares by the Acquiring Fund. If the Merger is approved, Common Shares of the Target Fund
will be exchanged for newly issued Acquiring Fund Common Shares of equal aggregate net asset value.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger will be completed pursuant to an Agreement and Plan of Merger (&#147;Merger Agreement&#148;)
that provides for the Target Fund to merge with and into the Acquiring Fund pursuant to the
Delaware Statutory Trust Act. A form of the Merger Agreement is included as Exhibit&nbsp;D. The Merger
can proceed only if both the Target Fund and the Acquiring Fund have also approved their respective
Redomestications.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF KEY INFORMATION REGARDING THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of certain information contained elsewhere in this Proxy Statement
and in the Merger Agreement. Shareholders should read the entire Proxy Statement carefully for
more complete information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Has my Fund&#146;s Board of Trustees/Directors approved the Merger?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Each Fund&#146;s Board has reviewed and unanimously approved the Merger Agreement and this
Proposal 2. Each Fund&#146;s Board determined that the Merger is in the best interest of each Fund and
will not dilute the interests of the existing shareholders of either Fund. <B>Each Fund&#146;s Board
recommends that shareholders vote &#147;FOR&#148; Proposal 2.</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What are the reasons for the proposed Merger?</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger proposed in this Proxy Statement is part of a larger group of transactions across
the Adviser&#146;s fund platform that began in early 2011. The Merger is being proposed to reduce the
number of closed-end funds with similar investment processes and investment philosophies managed by
the Adviser.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shareholders may benefit from the Merger by becoming shareholders of a larger Fund that
may have a more diversified portfolio, lower expense ratios, which could increase yields, greater
market liquidity, more analyst coverage, and smaller spreads and trading discounts, although there
is no guarantee that this will occur.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the Merger and the Merger Agreement, the Board of each Fund considered these
and other factors in concluding that the Merger would be in the best interest of the Funds and
would not dilute the interests of the existing shareholders of either Fund. The Boards&#146;
considerations are described in more detail below in the section entitled &#147;Additional Information
About the Funds and the Merger &#151; Board Considerations in Approving the Merger&#148;.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What effect will the Merger have on me as a shareholder?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you own Target Fund Common Shares, you will, after the Merger, own Common Shares of the
Acquiring Fund with an aggregate net asset value equal to the net asset value of the Target Fund
Common Shares you held immediately before the Merger. It is likely, however, that the market value
of such Common Shares will differ because market value reflects trading activity on the Exchanges
and tends to vary from net asset value.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a Common Shareholder of the Acquiring Fund, your Common Shares of the Acquiring
Fund will not be changed by the Merger, but will represent a smaller percentage interest in a
larger fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal differences between the Target Fund and the Acquiring Fund are described in the
following sections.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the Funds&#146; investment objectives and principal investment strategies compare?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment objective of the Acquiring Fund is similar to the investment objectives of the
Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Target Fund (MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Acquiring Fund (VLT)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To seek a high level of current
income. As a secondary objective,
the Fund seeks capital appreciation.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To provide to its common
shareholders high current income,
while seeking to preserve
shareholders&#146; capital, through
investment in a professionally
managed, diversified portfolio of
high-income producing fixed-income
securities.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the investment objectives of the Acquiring Fund and the Target Fund is fundamental and
may not be changed without shareholder approval of a majority of the Acquiring Fund&#146;s or Target
Fund&#146;s outstanding voting securities, as defined in the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal investment strategies of the Acquiring Fund are similar to the principal
investment strategies of the Target Fund. The Funds generally invest in the same types of
securities, including fixed income securities of U.S. and non-U.S. issuers, fixed and floating rate
loans, zero coupon securities, preferred stock, futures and forward foreign currency contracts.
The Funds&#146; investment strategies principally differ in the limitations placed on those investments.
Specifically, the Acquiring Fund may invest a greater percentage of its assets in investment grade
securities. In contrast, the Target Fund may invest a greater percentage of its assets (up to
100%) in foreign securities. Also, the Target Fund may invest without limit in loans (other than
bank loans) but the Acquiring Fund may invest only up to 20% of its assets in loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section below entitled &#147;Additional Information About the Funds and the Merger &#151; Principal
Investment Strategies&#148; provides more information on the principal investment strategies of the
Target Fund and the Acquiring Fund and highlights certain other key differences.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the Funds&#146; principal risks compare?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal risks that may affect each Fund&#146;s investment portfolio are identical because the
Funds may invest in the same types of securities.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in a Fund involves risks, including the risk that shareholders may receive little
or no return on their investment, and the risk that shareholders may lose part or all of the money
they invest. There can be no guarantee against losses resulting from an investment in a Fund, nor
can there be any assurance that a Fund will achieve its investment objective(s). Whether a Fund
achieves its investment objective(s) depends on market conditions generally and on the Adviser&#146;s
analytical and portfolio management skills. As with any managed fund, the Adviser may not be
successful in selecting the best-performing securities or investment techniques, and a Fund&#146;s
performance may lag behind that of similar funds. The risks associated with an investment in a
Fund can increase during times of significant market volatility. An investment in a Fund is not a
deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. Before investing in a Fund, potential shareholders should carefully
evaluate the risks.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information on the principal risks of each Fund is included below under &#147;Additional
Information About the Funds and the Merger &#151; Principal Risks of an Investment in the Funds&#148; and in
the SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the Funds&#146; expenses compare?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below provides a summary comparison of the expenses of the Funds. The table also
shows estimated expenses on a <I>pro forma </I>basis giving effect to the proposed Merger with the Target
Fund. The <I>pro forma </I>expense ratios show projected estimated expenses, but actual expenses may be
greater or less than those shown.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Current</B>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B><I>Pro Forma</I></B>(b)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Target Fund (MSY)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&#043;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Invesco High Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Invesco Van Kampen</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Acquiring Fund (VLT)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Investments Fund, Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>High Income Trust II</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(assumes the Merger is</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(VLT)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>completed)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholder Fees </B>(Fees paid directly
from your investment)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of
offering price) (c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">None </TD>
   <TD colspan="1" align="left"> &nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">None </TD>
   <TD colspan="1" align="left"> &nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">None </TD>
   <TD colspan="1" align="left"> &nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend
Reinvestment Plan (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">None </TD>
   <TD colspan="1" align="left"> &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">None </TD>
   <TD colspan="1" align="left"> &nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">None </TD>
   <TD colspan="1" align="left"> &nbsp;</TD>

</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Annual Fund Operating Expenses</B>
(expenses that you pay each year as a
percentage of the value of your
investment)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.99</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.99</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and Related Expenses (e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.46</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.49</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Annual Fund Operating Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.82</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee Waiver and/or Expense Reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.25 </TD>
    <TD nowrap>%(f)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Annual Fund Operating Expenses
after Fee Waiver and/or Expense
Reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.57</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Expense ratios reflect estimated amounts for the current fiscal year.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(b)</TD>
    <TD>&nbsp;</TD>
    <TD><I>Pro forma </I>numbers are estimated as if the Merger had been completed as of March&nbsp;1, 2011 and
do not include estimated Merger costs. The costs of completing the Merger borne by the
Acquiring Fund are estimated to be $120,000, which the Adviser estimates would be recouped by
Acquiring Fund Common Shareholders in six months or less. The Target Fund is not bearing any
Merger costs. For more information on the Merger costs to be borne by the Funds, see &#147;Costs
of the Merger&#148; below.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(c)</TD>
    <TD>&nbsp;</TD>
    <TD>Common Shares of each Fund purchased on the secondary market are not subject to sales
charges, but may be subject to brokerage commissions or other charges.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>


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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(d)</TD>
    <TD>&nbsp;</TD>
    <TD>Each participant in a Fund&#146;s dividend reinvestment plan pays a proportionate share of the
brokerage commissions incurred with respect to open market purchases in connection with such
plan. For each Fund&#146;s last fiscal year, participants in the plan incurred brokerage
commissions representing $0.03 per Common Share.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(e)</TD>
    <TD>&nbsp;</TD>
    <TD>Interest and Related Expenses includes interest and other costs of providing leverage to the
Funds, such as the costs to maintain lines of credit and establish and administer floating
rate note obligations.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(f)</TD>
    <TD>&nbsp;</TD>
    <TD>Effective upon the closing of the Merger, the Adviser has contractually agreed, for at least
two years from the closing date of the Merger, to waive advisory fees and/or reimburse
expenses to the extent necessary to limit the Acquiring Fund&#146;s Total Annual Fund Operating
Expenses After Fee Waiver and/or Expense Reimbursement (which excludes certain items discussed
below) to 1.07% of average daily net assets. In determining the Adviser&#146;s obligation to waive
advisory fees and/or reimburse expenses, the following expenses are not taken into account,
and could cause Total Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement to exceed the limit reflected above: (i)&nbsp;interest; (ii)&nbsp;taxes; (iii)&nbsp;dividend
expense on short sales; (iv)&nbsp;extraordinary or non-routine items, including litigation
expenses; and (v)&nbsp;expenses that the Fund has incurred but did not actually pay because of an
expense offset arrangement. Unless the Board and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years from the closing date of the
Merger.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Expense Example</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This example compares the cost of investing in Acquiring Fund Common Shares with the cost of
investing in Target Fund Common Shares based on the expense table set out above. The example also
provides information on a <I>pro forma </I>basis giving effect to the proposed Merger with the Target
Fund. It also assumes an investment at net asset value (&#147;NAV&#148;) of $1,000 for the periods shown; a
5% investment return each year; the Funds&#146; operating expenses remain the same each year; that any
contractual fee limits or waivers are terminated after their current terms expire; and that all
dividends and distributions are reinvested at NAV. Based on these assumptions the costs would be:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>10 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Target Fund (MSY)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">194</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VLT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro Forma (Target Fund &#043;
Acquiring Fund, assuming
the Merger is completed)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Example is not a representation of past or future expenses. Each Fund&#146;s actual expenses,
and an investor&#146;s direct and indirect expenses, may be more or less than those shown. The table
and the assumption in the Example of a 5% annual return are required by regulations of the SEC
applicable to all registered funds. The 5% annual return is not a prediction of and does not
represent the Funds&#146; projected or actual performance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For further discussion regarding the Boards&#146; consideration of the fees and expenses of the
Funds in approving the Merger, see the section entitled &#147;Additional Information About the Funds and
the Merger &#151; Board Considerations in Approving the Merger&#148; in this Proxy Statement.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the performance records of the Funds compare?</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return figures based on NAV and based on market price for each Fund&#146;s Common Shares as
of February&nbsp;29, 2012 are shown below. The returns shown below reflect reinvestment of all
distributions, do not reflect the effect of any applicable taxes, and are not indicative of a
Fund&#146;s future performance.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1 Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>10 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Target Fund (MSY) (at NAV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Target Fund (MSY) (market price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.93</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.81</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VLT) (at NAV)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.81</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VLT) (market price)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.66</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barclays Capital U.S. Corporate
High Yield 2% Issuer Cap Index</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.92</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.62</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on each Fund&#146;s February&nbsp;2012 distribution and the closing market price of each Fund&#146;s
shares on February&nbsp;29, 2012, the Target Fund had an annualized monthly distribution yield of 8.24%
per share, and the Acquiring Fund had an annualized monthly distribution yield of 8.24% per share.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional performance and yield information is included in each Fund&#146;s most recent report to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the management, investment adviser and other service providers of the Funds compare?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is overseen by a Board that includes many of the same individuals (described in
Proposals 3 and 4) and each Fund&#146;s affairs are managed by the same officers with minor exceptions,
as described in Exhibit&nbsp;E. The Adviser, a registered investment adviser, serves as investment
adviser for each Fund pursuant to an investment advisory agreement that contains substantially
identical terms (except for fees) for each Fund. The Adviser oversees the management of each
Fund&#146;s portfolio, manages each Fund&#146;s business affairs and provides certain clerical, bookkeeping
and other administrative services. The Adviser has acted as an investment adviser since its
organization in 1976. As of March&nbsp;31, 2012, the Adviser had $309.2&nbsp;billion under management. The
Adviser is located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser is an indirect, wholly-owned subsidiary of Invesco Ltd. (&#147;Invesco&#148;). Invesco is a
leading independent global investment management company, dedicated to helping people worldwide
build their financial
security. Invesco provides a comprehensive array of enduring solutions for retail, institutional
and high-net-worth clients around the world. Invesco had $672.8&nbsp;billion in assets under management
as of March&nbsp;31, 2012. Invesco is organized under the laws of Bermuda, and its common shares are
listed and traded on the NYSE under the symbol &#147;IVZ.&#148; Invesco is located at 1555 Peachtree Street,
N.E., Atlanta, Georgia 30309.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the ordinary business expenses incurred in the operations of a Fund are borne by the
Fund unless specifically provided otherwise in the advisory agreement. Expenses borne by the Funds
include but are not limited to brokerage commissions, taxes, legal, accounting, auditing, or
governmental fees, the cost of preparing share certificates, custodian, transfer and shareholder
service agent costs, expenses of registering and qualifying shares for sale, expenses relating to
Trustee/Director and shareholder meetings, the cost of preparing and distributing reports and
notices to shareholders, and the fees and other expenses incurred by the Funds in connection with
membership in investment company organizations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion of the basis for each Board&#146;s most recent approval of each Fund&#146;s investment
advisory agreements is included in the Fund&#146;s semiannual report for the six months ended August&nbsp;31,
2011.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table compares the advisory fee rates of the Funds.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund (MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund (VLT)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Contractual Fee Rate</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.70% of net assets
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.70% of net assets</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Net Effective Fee Rate*</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.70%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.99%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Varies based on the amount of financial leverage used by the Fund.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
</TABLE>
</DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual fee rates and net effective fee rates differ because of differences in how the
contractual rate is applied. The Target Fund calculates its advisory fee as a percentage of the
Fund&#146;s &#147;net assets,&#148; which generally means the Fund&#146;s assets minus its liabilities. The Acquiring
Fund calculates its advisory fee as a percentage of its &#147;managed assets,&#148; which for this purpose
means the Fund&#146;s net assets plus the amount attributable to any borrowing or other leverage
(whether or not such borrowed amounts are reflected in the Acquiring Fund&#146;s financial statements
for purposes of generally accepted accounting principles), including any preferred shares. As a
result, the actual amount paid by the Acquiring Fund, as a percentage of NAV, will exceed the
contractual rate to the extent the Acquiring Fund has borrowed money or incurred other leverage.
Because &#147;managed assets&#148; exceed &#147;net assets&#148; for a Fund that has borrowed money or incurred other
leverage, even if the Funds&#146; contractual advisory fee rates were the same, the advisory fees paid
by the Acquiring Fund, as a percentage of NAV, will exceed the advisory fees paid by the Target
Fund, as a percentage of NAV. For more information, see the table above under &#147;How do the Funds&#146;
expenses compare?&#148;
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent on the completion of the Merger, the Adviser has contractually agreed for at least
two years from the closing date of the Merger to waive advisory fees and/or reimburse expenses to
the extent necessary to limit total annual operating expenses of the Acquiring Fund to 1.07%,
subject to certain exceptions that are identical for each Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s advisory agreement provides that the Adviser may delegate any and all of its
rights, duties, and obligations to one or more wholly-owned affiliates of Invesco as sub-advisers
(the &#147;Invesco Sub-Advisers&#148;). Pursuant to each Fund&#146;s Master Intergroup Sub-Advisory Contract, the
Invesco Sub-Advisers may be appointed by the Adviser from time to time to provide discretionary
investment management services, investment advice, and/or order execution services. Each Invesco
Sub-Adviser is registered with the SEC as an investment adviser.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other key service providers to the Target Fund, including the administrator, transfer agent,
custodian, and auditor, provide substantially the same services to the Acquiring Fund. Each Fund
has entered into a master administrative services agreement with the Adviser, pursuant to which the
Adviser performs or arranges for the provision of accounting and other administrative services to
the Funds that are not required to be performed by the Adviser under its investment advisory
agreements with the Funds. The custodian for the Funds is State Street Bank and Trust Company, One
Lincoln Street, Boston, Massachusetts 02111. The transfer agent and dividend paying agent for the
Funds is Computershare Trust Company, N.A., P.O. Box 43078, Providence, Rhode Island 02940-3078.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Does the Acquiring Fund have the same portfolio managers as the Target Fund?</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. The portfolio management team for the Target Fund is the same as the portfolio
management team for the Acquiring Fund. Information on the portfolio managers of the Funds is
included below under &#147;Additional Information About the Funds and the Merger &#151; Portfolio Managers&#148;
and in the SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the distribution policies of the Funds compare?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund declares and pays dividends monthly from net investment income to
shareholders. The Target Fund declares dividends daily and pays dividends monthly from net
investment income to shareholders. Distributions from net realized capital gain, if any, are
generally paid annually. Each Fund may also declare and pay capital gains distributions more
frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the
Fund. Each Fund offers a dividend reinvestment plan, which is more fully described in the Fund&#146;s
shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will there be any tax consequences resulting from the Merger?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger is designed to qualify as a tax-free reorganization for federal income tax purposes
and each Fund anticipates receiving a legal opinion to that effect (although there can be no
assurance that the Internal Revenue Service will adopt a similar position). This means that the
shareholders of the Target Fund will recognize no gain or loss for federal income tax purposes upon
the exchange of all of their shares in the Target Fund for shares in the Acquiring Fund.
Shareholders should consult their tax advisor about state and local tax consequences of the Merger,
if any, because the information about tax consequences in this Proxy Statement relates only to the
federal income tax consequences of the Merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the closing of the Merger, the Target Fund will declare one or more dividends, and
the Acquiring Fund may, but is not required to, declare a dividend, payable at or near the time of
closing to their respective shareholders to the extent necessary to avoid entity level tax or as
otherwise deemed desirable. Such distributions, if made, are anticipated to be made in the 2012
calendar year and may be taxable to shareholders in such year. Any such final distribution paid to
Common Shareholders by the Target Fund will be made in cash and not reinvested in additional Common
Shares of the Target Fund. See the discussion under &#147;Description of Securities to be Issued &#151;
Dividend Reinvestment Plan&#148; for further information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>When is the Merger expected to occur?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders of the Target Fund and the Acquiring Fund approve the Merger and the
Redomestications (Proposal 1), it is anticipated that the Merger will occur in the third quarter of
2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What will happen if shareholders of a Fund do not approve the Merger?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Merger is not approved by shareholders or is for other reasons unable to be completed,
the Funds will continue to operate and each Fund&#146;s Board will consider other possible courses of
action for the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What if I do not wish to participate in the Merger?</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Merger is approved, if you are a Target Fund Common Shareholder and you do not wish to have your Target Fund
Common Shares exchanged for Common Shares of the Acquiring Fund, you may sell your Target Fund
Common Shares on an Exchange prior to the consummation of the Merger. Target Fund Common
Shareholders will not have the right to dissent and obtain payment of the fair value of their
shares. Acquiring Fund Common Shareholders may also sell their Common Shares if they do not want
to continue to own Common Shares in the combined Fund following the Merger. If you sell your
Common Shares, you will incur any applicable brokerage charges, and if you hold Common Shares in a
taxable account, you will recognize a taxable gain or loss based on the difference between your tax
basis in the Common Shares and the amount you receive for them. After the Merger, you may sell
your Common Shares of the Acquiring Fund on an Exchange.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Where can I find more information about the Funds and the Merger?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remainder of this Proxy Statement contains additional information about the Funds and the
Merger, as well as information on the other proposals to be voted on at the Meeting. You are
encouraged to read the entire document. Additional information about each Fund can be found in the
SAI and in the Fund&#146;s shareholder reports. If you need any assistance, or have any questions
regarding the Merger or how to vote, please call Invesco Client Services at (800)&nbsp;341-2929.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Principal Investment Strategies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following section compares the principal investment strategies of the Target Fund with the
principal investment strategies of the Acquiring Fund and highlights any key differences. In
addition to the principal investment strategies described below, each Fund may use other investment
strategies and is also subject to certain additional investment policies and limitations, which are
described in the SAI and in each Fund&#146;s shareholder reports. Page &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; of this Proxy Statement
describes how you can obtain copies of these documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds generally invest in the same types of fixed-income securities and their investment
strategies principally differ in the limitations placed on those investments. Specifically, the
Acquiring Fund may invest a greater percentage of its assets in investment grade securities. In
contrast, the Target Fund may invest a greater percentage of its assets (up to 100%) in foreign
securities. Other differences in limitations on certain investments are described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In normal market conditions, at least 65% of the Acquiring Fund&#146;s assets will be invested in
fixed-income securities. At least 80% of the Target Fund&#146;s assets will be invested in high yield
securities issued by U.S. and non-U.S. corporate issuers, including issuers located in emerging
markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal market conditions, each Fund invests in fixed income securities rated BB or lower
by Standard &#038; Poor&#146;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.
(&#147;S&#038;P&#148;) or Ba or lower by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;), or securities that are not
rated by either such rating agency but are believed by the Adviser to be of comparable quality. No
limitation exists as to the minimum rating category in which either Fund may invest. The Target
Fund, however, anticipates that under normal conditions no more than 25% of the Target Fund&#146;s total
assets will be rated, at the time of investment, below &#147;B&#148; by Moody&#146;s or S&#038;P, or will be unrated
and deemed by the Adviser to be of comparable quality. The Acquiring Fund does not have a similar
limitation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, while the Target Fund may only invest up to 20% of its total assets in
fixed-income securities rated investment grade (i.e., rated above BB or Ba by S&#038;P or Moody&#146;s,
respectively), the Acquiring Fund may invest up to 35% of its total assets in such securities. In
addition, the Acquiring Fund may invest up to 100% of its total assets in such high rated
securities (i)&nbsp;when the difference in yields between quality classifications is relatively narrow,
(ii)&nbsp;when, consistent with seeking to maintain the dollar-weighted average maturity of the
Acquiring Fund&#146;s portfolio of up to 12&nbsp;years, high income producing fixed-income securities of
appropriate maturities are unavailable or are available only at prices that the Adviser deems are
unfavorable, or (iii)&nbsp;when the Adviser determines that market conditions warrant a temporary
defensive policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund has a non-fundamental investment policy of maintaining a dollar-weighted
average portfolio maturity of up to 12&nbsp;years. The Target Fund does not have any similar policy and
the Adviser may vary the average maturity of the securities in the Target Fund without limit. The
Target Fund may invest or own securities of companies in various stages of financial restructuring,
bankruptcy or reorganization, which are not currently paying interest or dividends to the extent
that the total value, at time of purchase, of all such securities will not exceed 10% of the value
of the Target Fund&#146;s total assets. The Acquiring Fund has no such limitation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund may invest up to 25% of its total assets in foreign securities and may invest
up to 15% of its total assets in securities of issuers located in developing markets. In contrast,
the Acquiring Fund may invest up to all of its assets in securities issued by foreign governments
or foreign corporations, including securities of issuers in developing or emerging markets.
However, the Acquiring Fund may not invest more than 30% of its total assets in non-U.S. dollar
denominated securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest in fixed and floating rate loans. Loans are typically arranged through
private negotiations between the borrower and one or more lenders. Loans generally have a more
senior claim in the borrower&#146;s capital structure relative to corporate bonds or other subordinated
debt. The loans in which the Funds invest are generally in the form of loan assignments and
participations of all or a portion of a loan from another lender. In the case of an assignment, a
Fund acquires direct rights against the borrower on the loan, however, the Fund&#146;s rights and
obligations as the purchaser of an assignment may differ from, and be more limited than, those
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">held by the assigning lender. In the case of a participation, a Fund typically has the right
to receive payments of principal, interest and any fees to which it is entitled only from the
lender selling the participation and only upon receipt by the lender of the payments from the
borrower. In the event of insolvency of the lender selling the participation, the Trust may be
treated as a general creditor of the lender and may not benefit from any setoff between the lender
and the borrower. The Target Fund may invest without limit in loans but the Acquiring Fund may
only invest up to 20% of its total assets in loans. The Target Fund has a separate limitation on
investing in bank loans and may only invest up to 20% of its assets in public bank loans made by
banks or other financial institutions, which may be rated investment grade (Baa or higher by
Moody&#146;s, BBB or higher by S&#038;P) or below investment grade.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may use leverage in an amount of up to 33 1/3% of the Fund&#146;s total assets after the
use of such leverage in an effort to maximize its returns. Each Fund currently utilizes leverage
in the form of borrowings. The amount of borrowings outstanding from time to time may vary,
depending on the Adviser&#146;s analysis of market conditions and interest rate movements.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest in zero coupon securities. The Acquiring Fund may invest up to 10% of
its total assets in zero coupon securities, whereas the Target Fund has no such limitation.
Similarly, each Fund may invest in convertible securities, however, the Target Fund may only invest
up to 10% of its total assets in convertible securities, whereas the Acquiring Fund has no such
limitation. In selecting convertible securities for the Acquiring Fund, the following factors,
among others, will be considered by the Adviser: (1)&nbsp;the Adviser&#146;s own evaluations of the
creditworthiness of the issuers of the securities; (2)&nbsp;the interest or dividend income generated by
the securities; (3)&nbsp;the potential for capital appreciation of the securities and the underlying
common stock; (4)&nbsp;the prices of the securities relative to the underlying common stocks; (5)&nbsp;the
prices of the securities relative to other comparable securities; (6)&nbsp;whether the securities are
entitled to the benefits of sinking funds or other protective conditions; (7)&nbsp;diversification of
the Acquiring Fund&#146;s portfolio as to issuers and industries; and (8)&nbsp;whether the securities are
rated by Moody&#146;s and/or S&#038;P and, if so, the ratings assigned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest up to 20% of its total assets in fixed-income securities that are not
readily marketable, including securities restricted as to resale. No security that is not readily
marketable will be acquired unless the Adviser believes such security to be of comparable quality
to publicly-traded securities. Certain fixed-income securities are somewhat liquid and may become
more liquid as secondary markets for these securities continue to develop. These securities will
be included in, or excluded from, the 20% limitation on a case-by-case basis by the Adviser,
depending on the perceived liquidity of the security and market involved.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-income securities which may be acquired by the Acquiring Fund include all types of debt
obligations having varying terms with respect to security or credit support, subordination,
purchase price, interest payments and maturity. Such obligations may include, for example, bonds,
debentures, notes and obligations issued or guaranteed by the United States government or any of
its political subdivisions, agencies or instrumentalities. Fixed-income securities which may be
acquired by the Acquiring Fund also include preferred stocks that have cumulative or non-cumulative
dividend rights. Likewise, the Target Fund&#146;s investments in government and government-related debt
securities may consist of (i)&nbsp;debt securities or obligations issued or guaranteed by governments,
governmental agencies or instrumentalities and political subdivisions located in developing
countries, (ii)&nbsp;debt securities or obligations issued by government owned, controlled or sponsored
entities located in developing countries, and (iii)&nbsp;interests in issuers organized and operated
for the purpose of restructuring the investment characteristics of instruments issued by any of the
entities described above. Each Fund may also invest in pay-in-kind and deferred payment
securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Acquiring Fund, the foregoing percentage and rating limitations apply at the time of
acquisition of a security based on the last previous determination of the Acquiring Fund&#146;s net
asset value. Any subsequent change in any rating by a rating service or change in percentages
resulting from market fluctuations or other changes in the Acquiring Fund&#146;s total assets will not
require elimination of any security from the Acquiring Fund&#146;s portfolio.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund may use derivative instruments for a variety of purposes, including hedging, risk
management, portfolio management or to earn income. The derivative instruments and techniques that
each Fund principally uses include futures and foreign currency forward contracts.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A futures contract is a standardized agreement between two parties to buy or sell a specific
quantity of an underlying instrument at a specific price at a specific future time. The value of a
futures contract tends to increase and decrease in tandem with the value of the underlying
instrument. Futures contracts are bilateral agreements, with both the purchaser and the seller
equally obligated to complete the transaction. Depending on the terms of the particular contract,
futures contracts are settled through either physical delivery of the underlying instrument on the
settlement date or by payment of a cash settlement amount on the settlement date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with each Fund&#146;s investments in foreign securities, each Fund also may enter
into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies
at a future date (&#147;forward contracts&#148;). A foreign currency forward contract is a negotiated
agreement between the contracting parties to exchange a specified amount of currency at a specified
future time at a specified rate. The rate can be higher or lower than the spot rate between the
currencies that are the subject of the contract. Forward foreign currency exchange contracts may
be used to protect against uncertainty in the level of future foreign currency exchange rates or to
gain or modify exposure to a particular currency. In addition, each Fund may use futures to
effect cross currency hedging or proxy hedging with respect to currencies in which the Fund has or
expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one
currency against the positive exposure to a different currency and may be used for hedging purposes
or to establish an active exposure to the exchange rate between any two currencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to foreign currency forward contracts, the Acquiring Fund may purchase and sell
foreign currency on a spot (i.e., cash) basis in connection with the settlement of transactions in
securities traded in such foreign currency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable law and each Fund&#146;s investment objectives, policies, and
restrictions, each Fund may invest all or some of its short-term cash investments in money market
funds, including money market funds advised or managed by the Adviser or its affiliates. When a
Fund purchases shares of another investment company, including an affiliated money market fund, the
Fund will indirectly bear its proportionate share of the advisory fees and other operating expenses
of such investment company and will be subject to the risks associated with the portfolio
investments of the underlying investment company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More information on these and other investment strategies of the Funds is available in the
SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Principal Risks of an Investment in the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A comparison of the principal risks associated with the Funds&#146; investment strategies is
included above under &#147;How do the Funds&#146; principal risks compare?&#148; The following table provides
further information on the principal risks of an investment in the Funds.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Market Risk</I>. Market risk is the possibility that the market values of
securities owned by the Fund will decline. The net asset value of the Fund
will change with changes in the value of its portfolio securities, and the
value of the Fund&#146;s investments can be expected to fluctuate over time. The
financial markets in general are subject to volatility and may at times
experience extreme volatility and uncertainty, which may affect all investment
securities, including debt securities and derivative instruments. Volatility
may be greater during periods of general economic uncertainty.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Risk of Investing in Medium and Lower-Grade Securities</I>. Securities that are in
the medium and lower-grade categories generally offer higher yields than are
offered by higher-grade securities of similar maturities, but they also
generally involve greater risks, such as greater credit risk, market risk,
volatility and illiquidity risk. Secondary market prices of medium and
lower-grade securities generally are less sensitive than higher-grade
securities to changes in interest rates and are more sensitive to general
adverse economic changes or specific developments with respect to the
particular issuers. A significant increase in interest rates or a general
economic downturn may significantly affect the ability of issuers of medium
and lower-grade securities to pay interest and to repay principal, or to
obtain additional financing, any of which could severely disrupt the market
for medium and
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">lower-grade securities and adversely affect the market value of
such securities. Such events also could lead to a higher incidence of default
by issuers of medium and lower-grade securities. In addition, changes in
credit risks, interest rates, the credit markets or periods of general
economic uncertainty can be expected to result in increased volatility in the
price of medium and lower-grade securities and the net asset value of the
Fund. Adverse publicity and investor perceptions, whether or not based on
rational analysis, may affect the value, volatility and liquidity of medium
and lower-grade securities.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In the event that an issuer of securities held by the Fund experiences
difficulties in the timely payment of principal and interest and such issuer
seeks to restructure the terms of its borrowings, the Fund may incur
additional expenses and may determine to invest additional assets with respect
to such issuer or the project or projects to which the Fund&#146;s securities
relate. Further, the Fund may incur additional expenses to the extent that it
is required to seek recovery upon a default in the payment of interest or the
repayment of principal on its portfolio holdings and the Fund may be unable to
obtain full recovery on such amounts.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investments in debt obligations that are at risk of or in default present
special tax issues for the Fund. Federal income tax rules are not entirely
clear about issues such as when the Fund may cease to accrue interest,
original issue discount or market discount, when and to what extent deductions
may be taken for bad debts or worthless securities, how payments received on
obligations in default should be allocated between principal and interest and
whether certain exchanges of debt obligations in a workout context are
taxable. These and other issues will be addressed by the Fund, in the event it
invests in or holds such securities, in order to seek to ensure that it
distributes sufficient income to preserve its status as a regulated investment
company.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Interest Rate Risk</I>. Because the Fund invests primarily in fixed income
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 fixed income securities generally are more
volatile with respect to changes in interest rates than the prices of shorter
term fixed income securities. These risks may be greater in the current
market environment because certain interest rates are near historically low
levels.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Credit Risk</I>. Credit risk refers to an issuer&#146;s ability to make timely payments
of interest and principal when due. Fixed income securities are subject to
the credit risk of nonpayment. The ability of issuers of fixed income
securities to make timely payments of interest and principal may be adversely
affected by, among other things, general economic downturns and economic
factors affecting specific issuers. Nonpayment would result in a reduction of
income to the Fund, and a potential decrease in the net asset value of the
Fund. The Adviser continuously monitors the issuers of securities held in the
Fund.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Fund will rely on the Adviser&#146;s judgment, analysis and experience in
evaluating the creditworthiness of an issuer. In its analysis, the Adviser
may consider the credit ratings of NRSROs in evaluating securities, although
the Adviser does not rely primarily on these ratings. Credit ratings of NRSROs
evaluate only the safety of principal and interest payments, not the market
risk. In addition, ratings are general and not absolute standards of quality,
and the creditworthiness of an issuer may decline significantly before an
NRSRO lowers the issuer&#146;s rating. A rating downgrade does not require the
Fund to dispose of a security.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Income Risk</I>. The income you receive from the Fund is based primarily on
prevailing interest rates, which can vary widely over the short and long term.
If interest rates decrease, your income from the Fund may decrease as well.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Borrowings Risk. </I>Borrowing money to buy securities exposes the Fund to
leverage because the Fund can achieve a return on a capital base larger than
the assets that common
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">shareholders have contributed to the Fund. Leveraging
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&#146;s portfolio securities. To
the extent that the then current interest rate on and other costs related to
the borrowings approaches the net return on the Fund&#146;s investment portfolio,
the benefit of leverage to the common shareholders will be reduced, and if the
then current interest rate on and other costs related to the borrowings were
to exceed the net return on the Fund&#146;s portfolio, the Fund&#146;s leveraged capital
structure would result in a lower rate of return to the common shareholders
than if the Fund were not so leveraged. If the Fund&#146;s current investment
income were not sufficient to meet interest requirements on the borrowings,
the Fund might have to liquidate certain of its investments in order to meet
required interest payments, thereby reducing the net asset value.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Management of the amount of outstanding borrowings places greater reliance on
the ability of the Adviser to predict trends in interest rates than if the
Fund did not use leverage. Further, reduction and increase of the borrowings
outstanding, and any related trading of the Fund&#146;s portfolio securities,
results in increased transaction costs to the Fund and its common
shareholders.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lenders have the right to receive interest on and repayment of principal of
any borrowings, which right will be senior to those of shareholders. Any such
borrowings may contain provisions limiting certain activities of the Fund,
including the payment of dividends to shareholders in certain circumstances.
Certain types of borrowings subject the Fund to covenants in credit agreements
relating to asset coverage and portfolio composition requirements. Certain
borrowings issued by the Fund also may subject the Fund to certain
restrictions on investments imposed by guidelines of one or more rating
agencies, which may issue ratings for such borrowings. Such guidelines may
impose asset coverage or portfolio composition requirements that are more
stringent than those imposed by the 1940 Act.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">There can be no assurance that the Fund&#146;s leverage strategy will be successful.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Risk of Investing in Loans.</I> Loans are subject to credit risk, market risk,
income risk and call risk similar to the corporate bonds in which the Fund
invests. To the extent that the loans in which the Fund invests are medium- or
lower-grade, such loans are subject to same type of risks generally associated
with such medium- and lower-grade securities, as described above. Loans may
have less credit risk than corporate bonds because loans generally have a more
senior claim in the borrower&#146;s capital structure relative to corporate bonds
or other subordinated debt. However, loans generally do not have as broad of a
secondary market compared to corporate bonds and this may impact the market
value of such loans and the Fund&#146;s ability to dispose of particular loans when
necessary to meet the Fund&#146;s liquidity needs or in response to a specific
economic event such as a deterioration in the creditworthiness of the
borrower. The lack of a broad secondary market for loans may also make it more
difficult for the Fund to value these securities and make their market values
more volatile.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Risk of Investing in Bank Loans</I>. By investing in a bank loan, the Fund
becomes a member of a syndicate of lenders, who are typically represented by
one or more lenders agents acting as agent for all the lenders. Certain public
bank loans are illiquid, meaning the Fund may not be able to sell them quickly
at a fair price, and may also be difficult to value. The secondary market for
bank loans may be subject to irregular trading activity, wide bid/ask spreads
and extended trade settlement periods. Bank loans are subject to the risk of
default, which will increase in the event of an economic downturn or a
substantial increase in interest rates. Because public bank loans usually
rank lower in priority of payment to senior loans, they present a greater
degree of investment risk due to the fact that the cash flow or other property
of the borrower securing the bank loan may be insufficient to meet scheduled
payments after meeting the payment obligations of the senior secured
obligations of the borrower. Bank loans may therefore exhibit greater price
volatility. Bank loans that are rated below investment grade share the same
risks of other below investment grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> securities.<BR>
<BR>
<I>Call Risk</I>. If interest rates fall, it is possible that issuers of securities
with high interest rates will prepay or call their securities before their
maturity dates. In this event, the proceeds from the called securities would
likely be reinvested by the Fund in securities bearing the new, lower interest
rates, resulting in a possible decline in the Fund&#146;s income and distributions
to shareholders.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Convertible Securities Risk</I>. The values of convertible securities in which
the Fund may invest may be affected by market interest rates. The values of
convertible securities also may be affected by the risk of actual issuer
default on interest or principal payments and the value of the underlying
stock. Additionally, an issuer may retain the right to buy back its
convertible securities at a time and price unfavorable to the Fund.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Risks of Using Derivative Instruments</I>. A derivative instrument often has risks
similar to its underlying instrument and may have additional risks, including
imperfect correlation between the value of the derivative and the underlying
instrument or instrument being hedged, risks of default by the other party to
certain transactions, magnification of losses incurred due to changes in the
market value of the securities, instruments, indices or interest rates to
which they relate, and risks that the derivatives may not be liquid. The use
of derivatives involves risks that are different from, and potentially greater
than, the risks associated with other portfolio investments. Derivatives may
involve the use of highly specialized instruments that require investment
techniques and risk analyses different from those associated with other
portfolio investments. Certain derivative transactions may give rise to a
form of leverage. Leverage associated with derivative transactions may cause
the Fund to liquidate portfolio positions when it may not be advantageous to
do so to satisfy its obligations or to meet earmarking or segregation
requirements, pursuant to applicable SEC rules and regulations, or may cause
the Fund to be more volatile than if the Fund had not been leveraged. The
Fund could suffer losses related to its derivative positions as a result of
unanticipated market movements, which losses may potentially be unlimited.
Although the Adviser may seek to use derivatives to further the Fund&#146;s
investment objective, the Fund is not required to use derivatives and may
choose not to do so and there is no assurance that the use of derivatives will
achieve this result.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Counterparty Risk.</I> The Fund will be subject to credit risk with respect to
the counterparties to the derivative transactions entered into by the Fund.
If a counterparty becomes bankrupt or otherwise fails to perform its
obligations under a derivative contract due to financial difficulties, the
Fund may experience significant delays in obtaining any recovery under the
derivative contract in bankruptcy or other reorganization proceeding. The
Fund may obtain only a limited recovery or may obtain no recovery in such
circumstances.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Futures Risk</I>. A decision as to whether, when and how to use futures involves
the exercise of skill and judgment and even a well conceived futures
transaction may be unsuccessful because of market behavior or unexpected
events. In addition to the derivatives risks discussed above, the prices of
futures can be highly volatile, using futures can lower total return, and the
potential loss from futures can exceed the Fund&#146;s initial investment in such
contracts.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Tax Risk</I>. The use of derivatives may generate taxable income. In addition, the
Fund&#146;s use of derivatives may be limited by the requirements for taxation as a
regulated investment company or the Fund&#146;s intention to pay dividends that are
exempt from federal income taxes. The tax treatment of derivatives may be
adversely affected by changes in legislation, regulations or other legal
authority, subjecting the Fund&#146;s shareholders to increased federal income tax
liabilities.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Foreign Securities Risk</I>. The dollar value of the Fund&#146;s foreign investments
may be affected by changes in the exchange rates between the dollar and the
currencies in which those investments are traded. The value of the Fund&#146;s
foreign investments may be
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">adversely affected by political and social
instability in their home countries, by changes in economic or taxation
policies in those countries, or by the difficulty in enforcing obligations in
those countries. Foreign companies generally may be subject to less stringent
regulations than U.S. companies, including financial reporting requirements
and auditing and accounting controls. As a result, there generally is less
publicly available information about foreign companies than about U.S.
companies. Trading in many foreign securities may be less liquid and more
volatile than U.S. securities due to the size of the market or other factors.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Emerging Markets Risk</I>. The prices of securities issued by foreign companies
and governments located in developing countries may be impacted by certain
factors more than those in countries with mature economies. For example,
developing countries may experience higher rates of inflation or sharply
devalue their currencies against the U.S. dollar, thereby causing the value of
investments issued by the government or companies located in those countries
to decline. Governments in developing markets may be relatively less stable.
The introduction of capital controls, withholding taxes, nationalization of
private assets, expropriation, social unrest, or war may result in adverse
volatility in the prices of securities or currencies. Other factors may
include additional transaction costs, delays in settlement procedures, and
lack of timely information.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Currency/Exchange Rate Risk</I>. The dollar value of the Fund&#146;s foreign
investments will be affected by changes in the exchange rates between the
dollar and the currencies in which those investments are traded. The Fund may
buy or sell currencies other than the U.S. dollar in order to capitalize on
anticipated changes in exchange rates. There is no guarantee that these
investments will be successful.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Liquidity Risk</I>. Liquidity relates to the ability of a fund to sell a security
in a timely manner at a price which reflects the value of that security. To
the extent the Fund owns or may acquire illiquid or restricted securities,
these securities may involve special registration requirements, liabilities
and costs, and liquidity and valuation difficulties. The markets for
lower-grade securities may be less liquid than the markets for higher-grade
securities.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Preferred Securities Risk</I>. There are special risks associated with investing
in preferred securities. Preferred securities may include provisions that
permit the issuer, in its discretion, to defer or omit distributions for a
certain period of time. If the Fund owns a security that is deferring or
omitting its distributions, the Fund may be required to report the
distribution on its tax returns, even though it may not have received this
income. Further, preferred securities may lose substantial value due to the
omission or deferment of dividend payments.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Unrated Securities Risk</I>. Many lower-grade securities are not listed for
trading on any national securities exchange, and many issuers of lower-grade
securities choose not to have a rating assigned to their obligations by any
NRSRO. As a result, the Fund&#146;s portfolio may consist of a higher portion of
unlisted or unrated securities as compared with an investment company that
invests solely in higher-grade, listed securities. Unrated securities are
usually not as attractive to as many buyers as are rated securities, a factor
which may make unrated securities less marketable. These factors may limit
the ability of the Fund to sell such securities at their fair value. The Fund
may be more reliant on the Adviser&#146;s judgment and analysis in evaluating the
creditworthiness of an issuer of unrated securities.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>U.S. Government Obligations Risk</I>. Obligations issued by U.S. government
agencies and instrumentalities may receive varying levels of support from the
government, which could affect the Fund&#146;s ability to recover should they
default.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Zero Coupon / Pay-in-Kind Bond Risk</I>. Prices on non-cash-paying instruments
may be more sensitive to changes in the issuer&#146;s financial condition,
fluctuations in interest rates and market demand/supply imbalances than
cash-paying securities with similar credit ratings, and thus may be more
speculative than are securities that pay interest periodically in cash. These
securities are also subject to the risk of default. These securities may
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Both Funds</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Risk</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Funds Subject to Risk</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">subject the Fund to greater market risk than a fund that does not own these
types of securities. Special tax considerations are associated with investing
in non-cash-paying instruments, such as zero coupon or pay-in-kind securities.
The Adviser will weigh these concerns against the expected total returns from
such instruments. In addition, the Fund would be required to distribute the
income on these instruments as it accrues, even though the Fund will not
receive all of the income on a current basis or in cash. Thus, the Fund may
have to sell other investments, including when it may not be advisable to do
so, to make income distributions to the commons shareholders.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information on these and other risks is available in the SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Managers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter Ehret, Darren Hughes and Scott Roberts are the portfolio managers for each Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Ehret, Chartered Financial Analyst, has been managing the Funds since 2010. Mr.&nbsp;Ehret was
associated with the Funds&#146; previous investment adviser or its investment advisory affiliates in an
investment management capacity from 2001 to 2010 and began managing the Funds in 2010. Mr.&nbsp;Ehret
earned a B.S. in economics with a minor in statistics from the University of Minnesota. He also
earned an M.S. in real estate appraisal and investment analysis from the University of
Wisconsin-Madison.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hughes, Chartered Financial Analyst, has been managing the Funds since 2010. Mr.&nbsp;Hughes
was associated with the Funds&#146; previous investment adviser or its investment advisory affiliates in
an investment management capacity from 1992 to 2010 and began managing the Funds in 2010. Mr.
Hughes earned a B.B.A. in finance and economics from Baylor University.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Roberts, Chartered Financial Analyst, has been managing the Funds since 2010. Mr.&nbsp;Roberts
was associated with the Funds&#146; previous investment adviser or its investment advisory affiliates in
an investment management capacity from 2000 to 2010 and began managing the Funds in 2010. Mr.
Roberts earned a B.B.A. in finance from the University of Houston.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SAI provides additional information about the portfolio managers&#146; compensation, other
accounts managed by the portfolio managers, and the portfolio managers&#146; ownership of securities in
each Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trading of Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Common Shares trade on the NYSE. The Acquiring Fund&#146;s Common Shares are also
listed on the Chicago Stock Exchange. Generally, an investor purchasing a Fund&#146;s Common Shares
enters into a purchase transaction on an Exchange through a broker-dealer and, thus, indirectly
purchases the Common Shares from a selling Fund shareholder. A shareholder who sells a Fund&#146;s
Common Shares generally sells them on an Exchange through a broker-dealer, and indirectly to
another investor. Unlike a mutual fund (also called an &#147;open-end&#148; fund), holders of Common Shares
of a Fund generally do not purchase and sell such Common Shares from and to the Fund, either
directly or through an intermediary such as a broker-dealer. No brokerage charges will be imposed
on any Fund&#146;s shareholders in connection with the Merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capital Structures of the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund is currently organized as a Massachusetts business trust and the Target
Fund is currently organized as a Maryland corporation. The Acquiring Fund was organized on
February&nbsp;15, 1989, and the Target Fund was organized on September&nbsp;23, 1993. As discussed under
Proposal 1, before the closing of the Merger, the Funds will be reorganized as Delaware statutory
trusts, which will have identical governing documents and capital structures. (Proposal 1
discusses the material differences between each Fund&#146;s current structure (Massachusetts business
trust for the Acquiring Fund and Maryland corporation for the Target Fund) and its proposed
Delaware statutory trust structure.) The Funds&#146; governing documents will therefore be
substantially identical immediately prior to the Merger. Because each such Delaware statutory
trust will have the same structure, each Fund&#146;s capital structure will not be affected by the
Merger except that after the Merger each Fund&#146;s shareholders will hold shares of a single, larger
fund.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Description of Securities to be Issued</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before the Merger can be completed, each Fund must have completed a redomestication to a
Delaware statutory trust, as discussed in Proposal 1. Accordingly, the following discussion
reflects that each Fund would be a Delaware statutory trust as of the time of the Merger. A
discussion of the changes a Fund would undergo as part of a Redomestication is included under
Proposal 1.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Common
Shares</I>. Each Common Share represents an equal proportionate interest with each other Common Share of
the Fund, with each such share entitled to equal dividend, liquidation, redemption and voting
rights. Each Fund&#146;s Common Shares have no preemptive, conversion or exchange rights, nor any right
to cumulative voting.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the closing of the Merger, the Acquiring Fund will be authorized by its Amended and
Restated Agreement and Declaration of Trust to issue an unlimited number of Acquiring Fund Common
Shares, with no par value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividends and Distributions</I>. The Acquiring Fund declares and pays monthly dividends from net
investment income to shareholders. The Target Fund declares dividends daily and pays monthly
dividends from net investment income to shareholders. Distributions from net realized capital
gain, if any, are generally paid annually. Each Fund may also declare and pay capital gains
distributions more than once per year as permitted by law. Various factors will affect the level
of a Fund&#146;s net investment income, such as its asset mix, its level of retained earnings, the
amount of leverage utilized by the Fund and the effects thereof, and the movement of interest rates
for municipal bonds. These factors, among others, may result in the Acquiring Fund&#146;s level of net
investment income being different from the level of net investment income for the Target Fund or
the Acquiring Fund if the Merger was not completed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Fund Common Shareholders who own certificated shares will not receive their Acquiring
Fund Common Shares or any dividend payments from the Acquiring Fund until their certificates are
tendered. Target Fund Common Shareholders will, shortly after the closing of the Merger, receive
instructions on how to tender any outstanding share certificates.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividend Reinvestment Plan. </I>Each Fund offers a substantially similar dividend reinvestment
plan for Common Shareholders. Each Fund&#146;s dividend reinvestment plan is more fully described in
the Fund&#146;s shareholder reports. Any final distribution preceding the Merger made by the Target
Fund or the Acquiring Fund will be made in cash, notwithstanding any shareholder&#146;s enrollment in
the Fund&#146;s dividend reinvestment plan. Each Fund expects to amend its dividend reinvestment plan
to provide for distributions to be made in cash in the event of transactions such as the Merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provisions for Delaying or Preventing Changes in Control. </I>Each Fund&#146;s governing documents
contain provisions designed to prevent or delay changes in control of that Fund. Each Fund&#146;s Board
of Trustees/Directors may cause the Fund to merge or consolidate with or into other entities; cause
the Fund to sell, convey and transfer all or substantially all of the assets of the Fund; cause the
Fund to convert to a different type of entity; or cause the Fund to convert from a closed-end fund
to an open-end fund, each only so long as such action has previously received the approval of
either (i)&nbsp;the Board, followed by the affirmative vote of the holders of not less than 75% of the
outstanding shares entitled to vote; or (ii)&nbsp;the affirmative vote of at least two thirds (66 2/3%)
of the Board and an affirmative Majority Shareholder Vote (which generally means the vote of &#147;a
majority of the outstanding voting securities&#148; as defined in the 1940 Act of the Fund, with each
class and series of shares voting together as a single class, except to the extent otherwise
required by the 1940 Act). Under each Fund&#146;s governing documents that will be applicable as of the
time of the Merger, shareholders will have no right to call special meetings of shareholders or to
remove Trustees. In addition, each Fund&#146;s Board is divided into three classes, each of which
stands for election only once in three years. As a result of this system, only those Trustees in
one class may be changed in any one year, and it would require two years or more to change a
majority of the Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pending Litigation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;17, 2011, a Consolidated Amended Shareholder Derivative Complaint (the &#147;Complaint&#148;)
entitled <I>Clifford Rotz, et al. v. Van Kampen Asset Management et al.</I>, was filed on behalf of the
Acquiring Fund, Invesco Van Kampen Advantage Municipal Income Trust II (VKI), Invesco Van Kampen
Municipal Opportunity Trust (VMO), Invesco Van Kampen Municipal Trust (VKQ)&nbsp;and Invesco Van Kampen
Senior Income Trust (VVR) (collectively, the &#147;Trusts&#148;) against Van Kampen Asset Management, Morgan
Stanley and certain current and former
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">executive officers of the Trusts (collectively, the &#147;Defendants&#148;) alleging that they breached their
fiduciary duties to common shareholders by causing the Trusts to redeem Auction Rate Preferred
Securities (&#147;ARPS&#148;) at their liquidation value. Specifically, the shareholders claim that the
Board and officers had no obligation to provide liquidity to the ARPS shareholders, the redemptions
were improperly motivated to benefit the prior adviser by preserving business relationships with
the ARPS holders, <I>i.e.</I>, institutional investors, and the market value and fair value of the ARPS
were less than par at the time they were redeemed. The Complaint alleges that the redemption of
the ARPS occurred at the expense of the Trusts and their common shareholders. This Complaint
amends and consolidates two separate complaints that were filed by Clifford T. Rotz, Jr., Robert
Fast and Gene Turban on July&nbsp;22, 2010, and by Harry Suleski, Leon McDermott, Marilyn Morrison and
John Johnson on August&nbsp;3, 2010. Each of the Trusts initially received a demand letter from the
plaintiffs on April&nbsp;8, 2010. Plaintiffs seek judgment that: 1) orders Defendants to refrain from
redeeming any ARPS at their liquidation value using Trust assets; 2) awards monetary damages
against all Defendants, individually, jointly or severally, in favor of the Trusts, for all losses
and damages allegedly suffered as a result of the redemptions of ARPS at their liquidation value;
3) grants appropriate equitable relief to remedy the Defendants&#146; breaches of fiduciary duties; and
4) awards to plaintiffs the costs and disbursements of the action. The Board of each of the Trusts
formed a Special Litigation Committee (&#147;SLC&#148;) to investigate these claims and to make a
recommendation to the Board regarding whether pursuit of these claims is in the best interests of
the Trusts. After reviewing the findings of the SLC, the Board announced on June&nbsp;24, 2011, that it
had adopted the SLC&#146;s recommendation to seek dismissal of the action. On October&nbsp;4, 2011, the
Trusts filed a motion to dismiss. This matter is pending.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of the Adviser and each of the Funds believe that the outcome of the proceedings
described above will have no material adverse effect on the Funds or on the ability of the Adviser
to provide ongoing services to the Funds.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Price Data</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NYSE is the principal trading market for each Fund&#146;s Common Shares. The following tables
set forth the high and low sales prices and maximum premium/discount for each Fund&#146;s Common Shares
for the periods indicated. Common Shares of each Fund have historically traded at both a premium
and discount to net asset value.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Acquiring Fund (VLT)</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Net Asset Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Premium/Discount</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Quarterly Period Ending</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2/29/2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.27</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11/30/2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8/31/2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-4.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5/31/2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2/28/2011<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-2.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/31/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-3.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">09/30/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">06/30/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">03/31/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-5.85</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>

</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for the Acquiring Fund changed from December&nbsp;31 to the last
day of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Target Fund (MSY)</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Net Asset Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Premium/Discount</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Quarterly Period Ending</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2/29/2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">11/30/2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0.54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8/31/2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-8.89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5/31/2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-3.82</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Net Asset Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Premium/Discount</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Quarterly Period Ending</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2/28/2011<SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-4.31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12/31/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-5.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">09/30/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-2.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">06/30/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">03/31/2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-4.79</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for the Target Fund changed from December&nbsp;31 to the last day
of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows, as of February&nbsp;29, 2012, the NAV per share, market price, and
premium or discount for Common Shares of each Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>NAV</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Market Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Premium (Discount)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Target Fund (MSY)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Acquiring Fund (VLT)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.11</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares of each Fund trade at a market price that is determined by current supply
and demand conditions. The market price of a Fund&#146;s Common Shares may or may not be the same as
the Fund&#146;s NAV per share&#151; that is, the value of the portfolio securities owned by the Fund less
its liabilities. When the market price of a Fund&#146;s Common Shares exceeds its NAV per share, they
are said to be &#147;trading at a premium.&#148; When the market price of a Fund&#146;s Common Shares is lower
than its NAV per share, they are said to be &#147;trading at a discount.&#148; It is very difficult to
identify all of the factors that may cause a closed-end fund&#146;s common shares to trade at a
discount. It is often difficult to reduce or eliminate a closed-end fund&#146;s discount over the long
term. Some short-term measures, such as share repurchases and tender offers, tend to reduce a
closed-end fund&#146;s assets (and thereby potentially increase expense ratios), but do not typically
have a long-term effect on the discount. Other measures, such as managed dividend programs, may
not have a consistent long-term effect on discounts.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Board of each Fund has determined that the Merger is in the best interests of each
Fund, there is no guarantee that the Merger will have any long-term effect or influence on whether
the Acquiring Fund Common Shares trade at a discount or a premium after the Merger. Whether Common
Shares had been trading at a premium or discount was not a significant factor in each Board&#146;s
approval of the Merger Agreement and recommendation for approval to Fund shareholders. The
Acquiring Fund&#146;s Board will continue to monitor any discount or premium at which the Acquiring Fund
Common Shares trade after the Merger and will evaluate what (if any) further action is appropriate
at that time to address any discount or premium.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Portfolio Turnover</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds&#146; historical portfolio turnover rates are similar. Because the Funds have similar
investment policies, management does not expect to dispose of a material amount of portfolio
securities of any Fund in connection with the Merger. No securities of the Target Fund need be
sold in order for the Acquiring Fund to comply with its investment restrictions or policies. The
Funds will continue to buy and sell securities in the normal course of their operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Terms and Conditions of the Merger</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions under which the Merger may be consummated are set forth in the Merger
Agreement. Significant provisions of the Merger Agreement are summarized below; however, this
summary is qualified in its entirety by reference to the Merger Agreement, a form of which is
attached as Exhibit&nbsp;D.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the Merger, the Target Fund will merge with and into the Acquiring Fund pursuant to the
Merger Agreement and in accordance with the Delaware Statutory Trust Act. As a result of the
Merger, all of the assets and liabilities of the Target Fund will become assets and liabilities of
the Acquiring Fund, and the Target Fund&#146;s shareholders will become shareholders of the Acquiring
Fund.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the Merger Agreement, the Acquiring Fund will issue new Acquiring Fund
Common Shares in exchange for Target Fund Common Shares. The number of Acquiring
Fund Common Shares issued will be based on the relative NAVs and shares outstanding of the
Acquiring Fund and the Target Fund as of the business day immediately preceding the Merger&#146;s
closing date. All Acquiring Fund Common Shares issued
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pursuant to the Agreement will be fully paid
and non-assessable, and will be listed for trading on the Exchanges.
The terms of the Acquiring Fund Common Shares to be issued in the Merger will be identical to the
terms of the Acquiring Fund Common Shares already outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the closing of the Merger, the Target Fund will declare one or more dividends, and
the Acquiring Fund may, but is not required to, declare a dividend, payable at or near the time of
closing to their respective shareholders to the extent necessary to avoid entity level tax or as
otherwise deemed desirable. Such distributions, if made, are anticipated to be made in the 2012
calendar year and may be taxable to shareholders in such year. Any such final distribution paid to
Common Shareholders by the Target Fund will be made in cash and not reinvested in additional Common
Shares of the Target Fund. See the discussion under &#147;Description of Securities to be Issued &#151;
Dividend Reinvestment Plan&#148; for further information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders approve the Merger and if all of the closing conditions set forth in the
Merger Agreement are satisfied or waived, including the condition that each Fund complete its
Redomestication (Proposal 1), consummation of the Merger (the &#147;Closing&#148;) is expected to occur in
the third quarter of 2012 on a date mutually agreed upon by the Funds (the &#147;Closing Date&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Closing, Acquiring Fund Common Shares will be credited to Target Fund Common
Shareholders on a book-entry basis only. The Acquiring Fund will not issue certificates
representing Common Shares in connection with the Merger, irrespective of whether Target Fund
shareholders currently hold such shares in certificated form. At the Closing, all outstanding
certificates representing Common Shares of the Target Fund will be cancelled. Target Fund
shareholders who own certificated Common Shares will not receive dividend payments from the
Acquiring Fund until their certificates are tendered to the Acquiring Fund. Target Fund Common
Shareholders will, shortly after the closing of the Merger, receive instructions on how to tender
any outstanding share certificates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund will be required to make representations and warranties in the Merger Agreement that
are customary in matters such as the Merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If shareholders of a Fund do not approve the Merger or if the Merger does not otherwise close,
the Board will consider what additional action to take, including allowing the Fund to continue
operating as it currently does. The Merger Agreement may be terminated and the Merger may be
abandoned at any time by mutual agreement of the parties. The Merger Agreement may be amended or
modified in a writing signed by the parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Information About the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the time of the Merger, each Fund will be a newly organized Delaware statutory trust, as
discussed in Proposal 1. Each Fund is registered under the 1940 Act as a diversified, closed-end
management investment company. &#147;Diversified&#148; means that the Fund is limited in the amount it can
invest in a single issuer. A closed-end fund (unlike an &#147;open-end&#148; or &#147;mutual&#148; fund) does not
continuously sell and redeem its shares; in the case of the Funds, Common Shares are bought and
sold on the Exchanges. A &#147;management&#148; investment company is managed by an investment adviser &#151;
the Adviser in the case of the Funds &#151; that buys and sells portfolio securities on behalf of the
investment company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Matters Associated with Investment in the Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information is meant as a general summary of certain federal income tax matters
for U.S. shareholders. Please see the SAI for additional information. Investors should rely on
their own tax advisor for advice about the particular federal, state and local tax consequences to
them of investing in the Funds (for purposes of this section, the &#147;Fund&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has elected to be treated and intends to qualify each year (including the taxable
year in which the Merger occurs) as a regulated investment company (&#147;RIC&#148;) under Subchapter M of
the Code. In order to qualify as a RIC, the Fund must satisfy certain requirements regarding the
sources of its income, the diversification of its assets and the distribution of its income. As a
RIC, the Fund is not expected to be subject to federal income tax on the income and gains it
distributes to its shareholders. If, for any taxable year, the Fund does not qualify for taxation
as a RIC, it will be treated as a U.S. corporation subject to U.S. federal income tax, thereby
subjecting any income earned by the Fund to tax at the corporate level and to a further tax at the
shareholder level when such income is
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">distributed. In lieu of losing its status as a RIC, the Fund
is permitted to pay a tax for certain failures to satisfy the
asset diversification test or income requirement, which, in general, are limited to those due to
reasonable cause and not willful neglect, for taxable years of the Fund with respect to which the
extended due date of the return is after December&nbsp;22, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Code imposes a 4% nondeductible excise tax on the Fund to the extent it does not
distribute by the end of any calendar year at least the sum of (i)&nbsp;98% of its taxable ordinary
income for that year, and (ii)&nbsp;98.2% of its capital gain net income (both long-term and short-term)
for the one-year period ending, as a general rule, on October&nbsp;31 of that year. For this purpose,
however, any ordinary income or capital gain net income retained by the Fund that is subject to
corporate income tax will be considered to have been distributed by year-end. 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 underdistribution or overdistribution, as the case may be, from the
previous year. The Fund anticipates that it will pay such dividends and will make such
distributions as are necessary in order to avoid or minimize the application of this excise tax.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may distribute to its shareholders amounts that are treated as long-term capital gain
or ordinary income (which may include short-term capital gains). These distributions may be subject
to federal, state and local taxation, depending on a shareholder&#146;s situation. If so, they are
taxable whether or not such distributions are reinvested. Net capital gain distributions (the
excess of net long-term capital gain over net short-term capital loss) are generally taxable at
rates applicable to long-term capital gains regardless of how long a shareholder has held its
shares. Long-term capital gains are currently taxable to noncorporate shareholders at a maximum
federal income tax rate of 15%. Absent further legislation, the maximum 15% rate on long-term
capital gains will cease to apply to taxable years beginning after December&nbsp;31, 2012. The Fund does
not expect that any part of its distributions to shareholders from its investments will qualify for
the dividends-received deduction available to corporate shareholders or as &#147;qualified dividend
income&#148; available to noncorporate shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions by the Fund in excess of the Fund&#146;s current and accumulated earnings and profits
will be treated as a return of capital to the extent of the shareholder&#146;s tax basis in its shares
and will reduce such basis. Any such amount in excess of that basis will be treated as gain from
the sale of shares, as discussed below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a RIC, the Fund will not be subject to federal income tax in any taxable year on the income
and gains it distributes to shareholders provided that it meets certain distribution requirements.
The Fund may retain for investment some (or all) of its net capital gain. If the Fund retains any
net capital gain or investment company taxable income, it will be subject to tax at regular
corporate rates on the amount retained. If the Fund retains any net capital gain, it may designate
the retained amount as undistributed capital gains in a notice to its shareholders who, if subject
to federal income tax on long-term capital gains, (i)&nbsp;will be required to include in income for
federal income tax purposes, as long-term capital gain, their share of such undistributed amount;
(ii)&nbsp;will be entitled to credit their proportionate shares of the federal income tax paid by the
Fund on such undistributed amount against their federal income tax liabilities, if any; and (iii)
may claim refunds to the extent the credit exceeds such liabilities. For federal income tax
purposes, the basis of shares owned by a shareholder of the Fund will be increased by an amount
equal to the difference between the amount of undistributed capital gains included in the
shareholder&#146;s gross income and the tax deemed paid by the shareholder under clause (ii)&nbsp;of the
preceding sentence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared by the Fund to shareholders of record in October, November or December and
paid during the following January may be treated as having been received by shareholders in the
year the distributions were declared.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of an investor&#146;s purchase of Fund shares, a portion of the purchase price may be
attributable to realized or unrealized appreciation in the Fund&#146;s portfolio or to undistributed
ordinary income or capital gains of the Fund. Consequently, subsequent distributions by the Fund
with respect to these shares from such appreciation, income or gains may be taxable to such
investor even if the net asset value of the investor&#146;s shares is, as a result of the
distributions, reduced below the investor&#146;s cost for such shares and the distributions economically
represent a return of a portion of the investment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each shareholder will receive an annual statement summarizing the shareholder&#146;s dividend and
capital gains distributions.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The redemption, sale or exchange of shares normally will result in capital gain or loss to
shareholders who hold their shares as capital assets. Generally, a shareholder&#146;s gain or loss will
be long-term capital gain or loss if the shares have been held for more than one year. The gain or
loss on shares held for one year or less will generally be treated as short-term capital gain or
loss. Present law taxes both long-term and short-term capital gains of corporations at the same
rates applicable to ordinary income. Long-term capital gains are currently taxable to noncorporate
shareholders at a maximum federal income tax rate of 15%. As noted above, absent further
legislation, the maximum 15% rate on long-term capital gains will cease to apply to taxable years
beginning after December&nbsp;31, 2012. If a shareholder sells or otherwise disposes of shares before
holding them for more than six months, any loss on the sale or disposition will be treated as a
long-term capital loss to the extent of any net capital gain distributions received by the
shareholder. Any loss realized on a sale or exchange of shares of a Fund will be disallowed to the
extent those shares of the Fund are replaced by other substantially identical shares of the Fund or
other substantially identical stock or securities (including through reinvestment of dividends)
within a period of 61&nbsp;days beginning 30&nbsp;days before and ending 30&nbsp;days after the date of
disposition of the original shares. In that event, the basis of the replacement shares of the Fund
will be adjusted to reflect the disallowed loss.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Treasury regulations, if a shareholder recognizes a loss with respect to Fund shares of
$2&nbsp;million or more for an individual shareholder, or $10&nbsp;million or more for a corporate
shareholder, in any single taxable year (or of certain greater amounts over a combination of
years), generally the shareholder must file with the IRS a disclosure statement on Form&nbsp;8886.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders that are exempt from U.S. federal income tax, such as retirement plans that are
qualified under Section&nbsp;401 of the Code, generally are not subject to U.S. federal income tax on
otherwise-taxable Fund dividends or distributions, or on sales or exchanges of Fund shares unless
the Fund shares are &#147;debt-financed property&#148; within the meaning of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in debt obligations that are at risk of or in default present special tax issues
for the Fund. Federal income tax rules are not entirely clear about issues such as when the Fund
may cease to accrue interest, original issue discount or market discount, when and to what extent
deductions may be taken for bad debts or worthless securities, how payments received on obligations
in default should be allocated between principal and interest and whether certain exchanges of debt
obligations in a workout context are taxable. These and other issues will be addressed by the Fund,
in the event it invests in or holds such securities, in order to seek to ensure that it distributes
sufficient income to preserve its status as a RIC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund invests in certain pay-in-kind securities, zero coupon securities, deferred
interest securities or, in general, any other securities with original issue discount (or with
market discount if the Fund elects to include market discount in income currently), the Fund must
accrue income on such investments for each taxable year, which generally will be prior to the
receipt of the corresponding cash payments. However, the Fund must distribute to shareholders, at
least annually, all or substantially all of its investment company taxable income (determined
without regard to the deduction for dividends paid), including such accrued income, to qualify as a
RIC and to avoid federal income and excise taxes. Therefore, the Fund may have to dispose of its
portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage
itself by borrowing the cash, to satisfy these distribution requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By law, if you do not provide the Fund with your proper taxpayer identification number and
certain required certifications, you may be subject to backup withholding on any distributions of
income, capital gains, or proceeds from the sale of your shares. The Fund also must withhold if the
IRS instructs it to do so. When withholding is required, the amount will be 28% of any
distributions or proceeds paid (for distributions and proceeds paid after December&nbsp;31, 2012, the
rate is scheduled to rise to 31% unless the 28% rate is extended or made permanent).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For taxable years beginning after December&nbsp;31, 2012, an additional 3.8% Medicare tax will be
imposed on certain net investment income (including ordinary dividends and capital gain
distributions received from the Fund and net gains from redemptions or other taxable dispositions
of Fund shares) of US individuals, estates and trusts to the extent that such person&#146;s &#147;modified
adjusted gross income&#148; (in the case of an individual) or &#147;adjusted gross income&#148; (in the case of an
estate or trust) exceeds a threshold amount.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of certain federal tax provisions above relates only to U.S. federal income
tax consequences for shareholders who are U.S. persons, i.e., generally, U.S. citizens or residents
or U.S. corporations, partnerships, trusts or estates, and who are subject to U.S. federal income
tax and hold their shares as capital assets. Except as otherwise provided, this description does
not address the special tax rules that may be applicable to particular types of investors, such as
financial institutions, insurance companies, securities dealers, other regulated investment
companies, or tax-exempt or tax-deferred plans, accounts or entities. Investors other than U.S.
persons may be subject to different U.S. federal income tax treatment, including a non-resident
alien U.S. withholding tax at the rate of 30% or any lower applicable treaty rate on amounts
treated as ordinary dividends from the Fund, special certification requirements to avoid U.S.
backup withholding and claim any treaty benefits and U.S. estate tax. Shareholders should consult
their own tax advisors on these matters and on state, local, foreign and other applicable tax laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under recently enacted legislation and administrative guidance, the relevant withholding agent
may be required to withhold 30% of any (a)&nbsp;income dividends paid after December&nbsp;31, 2013 and (b)
certain capital gains distributions and the proceeds of a sale of shares paid after December&nbsp;31,
2014 to (i)&nbsp;a foreign financial institution unless such foreign financial institution agrees to
verify, report and disclose certain of its U.S. accountholders and meets certain other specified
requirements or (ii)&nbsp;a non-financial foreign entity that is the beneficial owner of the payment
unless such entity certifies that it does not have any substantial U.S. owners or provides the
name, address and taxpayer identification number of each substantial U.S. owner and such entity
meets certain other specified requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Considerations in Approving the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;1, 2010, Invesco acquired the retail fund management business of Morgan Stanley, which
included 32 Morgan Stanley and Van Kampen branded closed-end funds. This transaction filled gaps
in Invesco&#146;s product line and has enabled Invesco to expand its investment offerings to retail
customers. The transaction also resulted in product overlap. The Merger proposed in this Proxy
Statement is part of a larger group of mergers across Invesco&#146;s fund platform that began in early
2011. The larger group of mergers is designed to put forth Invesco&#146;s most compelling investment
processes and strategies, reduce product overlap and create scale in the resulting funds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Considerations of the Board of the Target Fund</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of the Target Fund (the &#147;Target Fund Board&#148;) created an ad hoc committee (the &#147;Ad
Hoc Merger Committee&#148;) to consider the Merger and to assist the Target Fund Board in its
consideration of the Merger. The Ad Hoc Merger Committee met separately two times, on October&nbsp;17,
2011 and November&nbsp;18, 2011 to discuss the proposed Merger. Two separate meetings of the Target
Fund Board were also held to review and consider the Merger, including presentations by the Ad Hoc
Merger Committee on its deliberations and, ultimately, recommendations. The directors of the
Target Fund who are not &#147;interested persons,&#148; as that term is defined in the 1940 Act, (the
&#147;Independent Directors&#148;) held a separate meeting in conjunction with the November&nbsp;29-30, 2011
meeting of the full Board to consider these matters. The Independent Directors have been advised
on this matter by independent legal counsel to the Independent Directors. The Target Fund Board
requested and received from the Adviser written materials containing relevant information about the
Funds and the proposed Merger, including fee and expense information on an actual and pro forma
estimated basis, and comparative portfolio composition and performance data.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund Board reviewed, among other information they deemed relevant, information
comparing the following for each Fund: (1)&nbsp;investment objectives, policies and restrictions; (2)
portfolio management; (3)&nbsp;portfolio composition; (4)&nbsp;comparative short-term and long-term
investment performance and distribution yields; (5)&nbsp;current expense ratios and expense structures,
including contractual investment advisory fees on a net asset basis and on a managed assets basis;
(6)&nbsp;expected federal income tax consequences to the Funds, including any impact on capital loss
carry forwards; (7)&nbsp;relative asset size; and (8)&nbsp;trading information such as trading
premiums/discounts and bid/ask spreads.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund Board considered the benefits to the Target Fund of (i)&nbsp;combining with a
similar fund to create a larger fund, (ii)&nbsp;the Adviser&#146;s paying all of the Merger costs, and (iii)
the expected tax free nature of the Merger for the Target Fund and its shareholders for federal
income tax purposes. In addition, the Target Fund Board considered the Acquiring Fund&#146;s
contractual advisory fee rate in light of the benefits of retaining the Adviser as the
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Acquiring Fund&#146;s investment adviser, the services provided, and those expected to be provided,
to the Acquiring Fund by the Adviser, and the terms and conditions of the Acquiring Fund&#146;s advisory
agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund Board also considered the Merger in the context of the larger group of
mergers, which were designed to rationalize the Invesco funds in a way that can enhance visibility
in the market place. The Target Fund Board also considered the possible benefits that might accrue
to a single, larger closed-end fund, including increased market liquidity and increased analyst
coverage. The Target Fund Board discussed with the Adviser the possible alternatives to the
Merger, including liquidation and maintaining the status quo, among other alternatives.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund Board further considered that (i)&nbsp;the investment objectives, strategies and
related risks of the Target Fund and the Acquiring Fund are similar; (ii)&nbsp;the Funds have the same
portfolio management team; (iii)&nbsp;shareholders would become shareholders of a single larger Fund;
(iv)&nbsp;the Adviser&#146;s agreement to limit the Acquiring Fund&#146;s total expenses if the Merger is
completed, as disclosed above on a pro forma basis, for at least two years from the closing date of
the Merger; and (v)&nbsp;the Adviser&#146;s representation that, because of the similarity between the Funds&#146;
investment objectives and strategies, the costs associated with repositioning each Fund&#146;s
investment portfolio in connection with the Merger would be minimal.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the information and considerations described above, the Target Fund Board
unanimously concluded that the Merger is in the best interests of the Target Fund and that no
dilution of net asset value would result to the shareholders of the Target Fund from the Merger.
Consequently, the Target Fund Board unanimously approved the Merger Agreement and the Merger on
November&nbsp;29, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Considerations of the Board of the Acquiring Fund</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of the Acquiring Fund (the &#147;Acquiring Fund Board&#148;) considered the Merger over a
series of meetings. The Nominating Committee of the Acquiring Fund Board, which consists solely of
trustees who are not &#147;interested persons,&#148; as that term is defined in the 1940 Act, of the
Acquiring Fund (the &#147;Independent Trustees&#148;), met on November&nbsp;1, 2011 to consider the Merger and to
assist the Acquiring Fund Board in its consideration of the Merger. The Nominating Committee
considered presentations from the Adviser on the proposed Merger and identified to the Adviser
certain supplemental information to be prepared in connection with the presentation of the proposed
Merger to the full Acquiring Fund Board. Prior the November&nbsp;15, 2011 meeting of the full Acquiring
Fund Board, the Acquiring Fund Board met in executive session with the Nominating Committee to
discuss the Committee&#146;s consideration and review of the proposed Merger. The full Acquiring Fund
Board met twice, on November&nbsp;15, 2011 and November&nbsp;28, 2011, to review and consider the Merger.
The Acquiring Fund Board requested and received from the Adviser written materials containing
relevant information about the Funds and the proposed Merger, including fee and expense information
on an actual and pro forma estimated basis, and comparative portfolio composition and performance
data.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund Board reviewed, among other information they deemed relevant, information
comparing the following for each Fund on a current and pro forma basis: (1)&nbsp;investment objectives,
policies and restrictions; (2)&nbsp;portfolio management; (3)&nbsp;portfolio composition; (4)&nbsp;comparative
short-term and long-term investment performance and distribution yields; (5)&nbsp;expense ratios and
expense structures, including contractual investment advisory fees and fee waiver agreements; (6)
expected federal income tax consequences to the Funds, including any impact on capital loss carry
forwards; (7)&nbsp;relative asset size; (8)&nbsp;trading information such as trading premiums/discounts for
the Funds&#146; Common Shares; and (9)&nbsp;use of leverage and outstanding Preferred Shares. The Acquiring
Fund Board discussed with the Adviser the Adviser&#146;s process for selecting and analyzing the Funds
that had been proposed to participate in the Merger and possible alternatives to the Merger,
including liquidation and maintaining stand alone funds, among other alternatives. The Acquiring
Fund Board also discussed with the Adviser the Merger in the context of the larger group of
completed and proposed reorganizations of funds in the fund complex, which were designed to
rationalize the Invesco funds to seek to enhance visibility in the market place.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The potential benefits to the Acquiring Fund of the Merger considered by the Acquiring Fund Board,
included (1) potential benefits resulting from the larger size of the combined fund, including the potential
for (i) increased attention from the investment community, (ii) increased trading volume and tighter
spreads and improved premium/discount levels for the combined fund&#146;s Common Shares, (iii) improved
purchasing power and more efficient transaction costs, and (iv) increased diversification of portfolio
investments; (2) maintaining consistent portfolio management teams,
processes and investment objectives;
and (3) reducing market confusion caused by similar product offerings.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Acquiring Fund Board also considered the anticipated economic effects of the Merger on the
combined fund&#146;s fees and expenses, earnings, distribution rates, undistributed net investment company
income and market price of Common Shares. The Acquiring Fund Board considered that (1) the investment objective,
strategies and related risks of the Target Fund and the Acquiring Fund are substantially similar; (2) the
Funds have the same portfolio management teams; (3) shareholders would become shareholders of the
larger combined fund; (4) the Acquiring Fund&#146;s management fee schedule will apply to the combined
fund; and (5) the allocation of expenses of the Merger, including the Adviser&#146;s paying some of the Merger
costs.  The Acquiring Fund Board also considered the expected tax free nature of the Merger for each
Fund and its shareholders for federal income tax purposes.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the information and considerations summarized above, the Acquiring Fund Board
unanimously concluded that the Merger is in the best interests of the Acquiring Fund and the
shareholders of the Acquiring Fund and that no dilution of net asset value would result to the
shareholders of the Acquiring Fund from the Merger. Consequently, on November&nbsp;28, 2011, the
Acquiring Fund Board, including the Independent Trustees voting separately, unanimously approved
the Merger Agreement and the Merger and unanimously recommended that the shareholders of Acquiring
Fund vote in favor of the Merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Considerations of the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material U.S. federal income tax considerations of
the Merger and is based upon the current provisions of the Code, the existing U.S. Treasury
Regulations thereunder, current administrative rulings of the IRS and published judicial decisions,
all of which are subject to change. These considerations are general in nature and individual
shareholders should consult their own tax advisors as to the federal, state, local, and foreign tax
considerations applicable to them and their individual circumstances. These same considerations
generally do not apply to shareholders who hold their shares in a tax-deferred account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger is intended to be a tax-free reorganization pursuant to Section 368(a) of the Code.
As described above, the Merger will occur following the Redomestication of the Target Fund and the
Acquiring Fund. The principal federal income tax considerations that are expected to result from
the Merger of the Target Fund into the Acquiring Fund are as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the Target Fund or the shareholders of the
Target Fund as a result of the Merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no gain or loss will be recognized by the Acquiring Fund as a result of the
Merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate tax basis of the shares of the Acquiring Fund to be received by a
shareholder of the Target Fund will be the same as the shareholder&#146;s aggregate tax
basis of the shares of the Target Fund; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holding period of the shares of the Acquiring Fund received by a
shareholder of the Target Fund will include the period that a shareholder held the
shares of the Target Fund (provided that such shares of the Target Fund are
capital assets in the hands of such shareholder as of the Closing).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Target Fund nor the Acquiring Fund have requested or will request an advance
ruling from the IRS as to the federal tax consequences of the Merger. As a condition to Closing,
Stradley Ronon Stevens &#038; Young, LLP will render a favorable opinion to the Target Fund and the
Acquiring Fund as to the foregoing federal income tax consequences of the Merger, which opinion
will be conditioned upon, among other things, the accuracy, as of the Closing Date, of certain
representations of the Target Fund and the Acquiring Fund upon which Stradley Ronon Stevens &#038;
Young, LLP will rely in rendering its opinion. Such opinion of counsel may state that no opinion
is expressed as to the effect of the Merger on the Target Fund, the Acquiring Fund, or any Target
Fund shareholder with respect to any transferred asset as to which any unrealized gain or loss is
required to be recognized for federal income tax purposes at the end of a taxable year (or on the
termination or transfer thereof) under a mark-to-market system of accounting. A copy of the
opinion will be filed with the SEC and will be available for public inspection. See &#147;Where to Find
Additional Information.&#148;
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinions of counsel are not binding upon the IRS or the courts. If the Merger is consummated
but the IRS or the courts determine that the Merger does not qualify as a tax-free reorganization
under the Code, and thus is taxable, the Target Fund would recognize gain or loss on the transfer
of its assets to the Acquiring Fund and each shareholder of the Target Fund would recognize a
taxable gain or loss equal to the difference between its tax basis in its Target Fund shares and
the fair market value of the shares of the Acquiring Fund it receives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the closing of the Merger, the Target Fund will declare one or more dividends, and
the Acquiring Fund may, but is not required to, declare a dividend, payable at or near the time of
closing to their respective shareholders to the extent necessary to avoid entity level tax or as
otherwise deemed desirable. Such distributions, if made, are anticipated to be made in the 2012
calendar year and may be taxable to shareholders in such year. Any such final distribution paid to
Common Shareholders by the Target Fund will be made in cash and not reinvested in additional Common
Shares of the Target Fund. See the discussion under &#147;Description of Securities to be Issued &#151;
Dividend Reinvestment Plan&#148; for further information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax attributes, including capital loss carryovers, of the Target Fund move to the
Acquiring Fund in the Merger. The capital loss carryovers of the Target Fund and the Acquiring
Fund are available to offset future gains recognized by the combined Fund, subject to limitations
under the Code. Where these limitations apply, all or a portion of a Fund&#146;s capital loss
carryovers may become unavailable the effect of which may be to accelerate the recognition of
taxable gain to the combined Fund and its shareholders post-Closing. <I>First</I>, the capital loss
carryovers of each Fund that experiences a more than 50% ownership change in the Reorganization
(e.g. in a reorganization of two Funds, the smaller Fund), increased by any current year loss or
decreased by any current year gain, together with any net unrealized depreciation in the value of
its portfolio investments (collectively, its &#147;aggregate capital loss carryovers&#148;), are expected to
become subject to an annual limitation. Losses in excess of that limitation may be carried forward
to succeeding tax years, subject, in the case of net capital losses that arise in taxable years
beginning on or before December&nbsp;22, 2010 as discussed below, to an overall eight-year carryover
period. The annual limitation will generally equal the net asset value of the Acquiring Fund on
the Closing Date multiplied by the &#147;long-term tax-exempt rate&#148; published by the IRS. If the
Acquiring Fund has net unrealized built-in gains at the time of Closing of the Merger (i.e.,
unrealized appreciation in value of the Fund&#146;s investments), the annual limitation for a taxable
year will be increased by the amount of such built-in gains that are recognized in the taxable
year. <I>Second</I>, if a Fund has built-in gains at the time of Closing that are realized by the
combined Fund in the five-year period following the Merger, such built-in gains, when realized, may
not be offset by the losses (including any capital loss carryovers and &#147;built in losses&#148;) of the
other Fund. <I>Third</I>, the capital losses of the Target Fund that may be used by the Acquiring Fund
(including to offset any &#147;built-in gains&#148; of a Target Fund itself) for the first taxable year
ending after the Closing Date will be limited to an amount equal to the capital gain net income of
the Acquiring Fund for such taxable year (excluding capital loss carryovers) treated as realized
post-Closing based on the number of days remaining in such year. <I>Fourth</I>, the Merger may result in
an earlier expiration of a Fund&#146;s capital loss carryovers because the Merger may cause the Target
Fund&#146;s tax year to close early in the year of the Merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regulated Investment Company Modernization Act of 2010 eliminated the eight-year carryover
period for capital losses that arise in taxable years beginning after its enactment date (December
22, 2010) for regulated investment companies regardless of whether such regulated investment
company is a party to a reorganization. Consequently, these capital losses can be carried forward
indefinitely. However, capital losses incurred in pre-enactment taxable years may not be used to
offset capital gains until all net capital losses arising in post-enactment taxable years have been
utilized. As a result, some net capital loss carryovers incurred in pre-enactment taxable years
which otherwise would have been utilized under prior law may expire.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate capital loss carryovers of the Funds and the approximate annual limitation on
the use by the Acquiring Fund, post-Closing, of its aggregate capital loss carryovers following the
Merger are as follows:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MSY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>VLT</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#091;Target Fund&#093;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#091;Acquiring Fund&#093;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(000,000s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(000,000s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at 2/29/2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at 2/29/2012</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate Capital Loss Carryovers on a Tax Basis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">($20.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">($32.1</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MSY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>VLT</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#091;Target Fund&#093;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&#091;Acquiring Fund&#093;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(000,000s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(000,000s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at 2/29/2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at 2/29/2012</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized
Net Appreciation (Depreciation) in Investments on a Tax Basis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate Net Asset Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Approximate Annual Limitation (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on the long-term tax-exempt rate for ownership changes during May&nbsp;2012 of 3.26%.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the Acquiring Fund&#146;s capital loss position at February&nbsp;29, 2012, the annual
limitation on the use of the Acquiring Fund&#146;s aggregate capital loss carryovers will likely limit
the use of such losses by the Acquiring Fund, post-Closing, to offset capital gains, if any, it
realizes. The effect of the annual limitation may be to cause the combined Fund, post-Closing, to
distribute more capital gains in a taxable year than might otherwise have been the case if no such
limitation had applied. The aggregate capital loss carryovers of the Target Fund may continue to
be available, provided the Target Fund is the larger of the two Funds on the Closing Date. The
ability of the Acquiring Fund to absorb its own capital loss carryovers and those of the Target
Fund post-Closing depends upon a variety of factors that cannot be known in advance. For more
information with respect to each Fund&#146;s capital loss carryovers, please refer to the Fund&#146;s
shareholder report.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of the Target Fund will receive a proportionate share of any taxable income and
gains realized by the Acquiring Fund and not distributed to its shareholders prior to the Merger
when such income and gains are eventually distributed by the Acquiring Fund. As a result,
shareholders of the Target Fund may receive a greater amount of taxable distributions than they
would have had the Merger not occurred. In addition, if the Acquiring Fund following the Merger
has proportionately greater unrealized appreciation in its portfolio investments as a percentage of
its net asset value than the Target Fund, shareholders of the Target Fund, post-Closing, may
receive greater amounts of taxable gain as such portfolio investments are sold than they otherwise
might have if the Merger had not occurred. At February&nbsp;29, 2012, the unrealized appreciation
(depreciation)&nbsp;in value of the portfolio investments of the Target Fund on a tax basis as a
percentage of its net asset value is 3% compared to that of the Acquiring Fund of 3%, and 3% on a
combined basis.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Merger, shareholders will continue to be responsible for tracking the adjusted tax
basis and holding period of their shares for federal income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Costs of the Merger</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated total costs of the Merger for each Fund, as well as the estimated proxy
solicitation costs for each Fund (which are part of the total Merger costs), are set forth in the
table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Merger</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Proxy</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Costs (includes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Merger</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Solicitation Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Proxy Solicitation)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Costs to be Paid by the Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Target Fund (MSY)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">190,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VLT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser will bear all Merger costs of the Target Fund. The costs of the Merger include legal
counsel fees, independent accountant fees, expenses related to the printing and mailing of this
Proxy Statement, listing fees for additional shares on the Exchanges, and fees associated with the
proxy solicitation. Each Fund bears the costs of its annual meeting.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capitalization</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth as of February&nbsp;29, 2012, each Fund&#146;s total net assets, number
of Common Shares outstanding and net asset value per Common Share. This information is generally
referred to as the &#147;capitalization&#148; of a Fund. The term &#147;<I>pro forma </I>capitalization&#148; means the
expected capitalization of the Acquiring Fund after the Merger. The table shows <I>pro forma</I>
capitalization giving effect to the proposed Merger with the Target Fund. The capitalizations of
the Funds are likely to be different on the Closing Date as a result of daily market activity.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquiring Fund</B> <B><I>pro</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B><I>Pro Forma</I></B></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>forma</I></B> <B>(assumes     the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(VLT)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger is completed)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,277,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61,755,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(120,000</TD>
    <TD nowrap>)<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">133,912,939</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Shares Outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,649,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,770,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,247,376</TD>
    <TD nowrap>)<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,172,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Share NAV Per
Share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.39</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><I>Pro forma </I>net assets have been adjusted for the allocated portion of the Funds&#146;
expenses to be incurred in connection with the Merger.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><I>Pro forma </I>shares outstanding have been adjusted for the accumulated change in the
number of shares of the Target Fund&#146;s shareholder accounts based on the relative net asset
value per Common Share of the Target Fund and the Acquiring Fund.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the time of the Merger (by which time each Fund will have been reorganized as a
Delaware statutory trust, as discussed in Proposal 1), each Fund will be authorized to issue an
unlimited number of common shares of beneficial interest, and no Fund will hold any of its shares
for its own account.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Where to Find More Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SAI contains further information on the Funds, including their investment policies,
strategies and risks. Additional information is available in each Fund&#146;s shareholder reports.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE BOARD OF EACH FUND RECOMMENDS THAT YOU VOTE &#147;</B><U><B>FOR</B></U><B>&#148; THE APPROVAL OF PROPOSAL 2.</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROPOSAL 3: ELECTION OF DIRECTORS BY THE TARGET FUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, Common Shareholders of the Target Fund will vote on the election of the
following six nominees for election as Directors: James T. Bunch, Bruce L. Crockett, Rodney F.
Dammeyer, Jack M. Fields, Martin L. Flanagan and Carl Frischling. All nominees have consented to
being named in this Proxy Statement and have agreed to serve if elected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table indicates the Directors in each group of Directors standing for election
in any given year and the period for which each group currently serves:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Group I*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Group II**</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Group III***</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Albert R. Dowden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David C. Arch
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James T. Bunch</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prema Mathai-Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frank S. Bayley
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bruce L. Crockett</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugo F. Sonnenschein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Larry Soll
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rodney F. Dammeyer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Raymond Stickel, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Philip A. Taylor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jack M. Fields</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wayne W. Whalen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Martin L. Flanagan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carl Frischling</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Currently serving until the year 2013 Annual Meeting or until their successors have been
duly elected and qualified.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Currently serving until the year 2014 Annual Meeting or until their successors have been duly
elected and qualified.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>If elected, to serve until the year 2015 Annual Meeting or until their successors have been
duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If elected, each nominee will serve until the later of the Target Fund&#146;s annual meeting
of shareholders in 2015 or until his or her successor has been duly elected and qualified, or his
or her earlier retirement, resignation or removal. As in the past, only one class of Directors is
being submitted to shareholders of the Target Fund for election at the Meeting. The Articles of
Incorporation of the Target Fund provide that the Board shall be divided into three classes, which
must be as nearly equal in number as possible. For the Target Fund, the Directors of only one
class are elected at each annual meeting, so that the regular term of only one class of Directors
will expire annually and any particular Director stands for election only once in each three-year
period. This type of classification may prevent replacement of a majority of Directors of the
Target Fund for up to a two-year period.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing is subject to the provisions of the 1940 Act, applicable state law, the Target Fund&#146;s
Articles of Incorporation and the Target Fund&#146;s Bylaws.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business and affairs of the Target Fund are managed under the direction of its Board of
Directors. Below is information on the Directors&#146; qualifications and experience.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interested Directors.</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Martin L. Flanagan</I>. Mr.&nbsp;Flanagan is president and chief executive officer of Invesco Ltd., a
position he has held since August&nbsp;2005. He is also a member of the Board of Directors of Invesco
Ltd. Mr.&nbsp;Flanagan joined Invesco Ltd. from Franklin Resources, Inc., where he was president and
co-chief executive officer from January&nbsp;2004 to July&nbsp;2005. Previously he had been Franklin&#146;s
co-president from May&nbsp;2003 to January&nbsp;2004, chief operating officer and chief financial officer
from November&nbsp;1999 to May&nbsp;2003, and senior vice president and chief financial officer from 1993
until November&nbsp;1999. Mr.&nbsp;Flanagan served as director, executive vice president and chief operating
officer of Templeton, Galbraith &#038; Hansberger, Ltd. before its acquisition by Franklin in 1992.
Before joining Templeton in 1983, he worked with Arthur Anderson &#038; Co. Mr.&nbsp;Flanagan is a chartered
financial analyst and a certified public accountant. He serves as vice chairman of the Investment
Company Institute and is a member of the executive board at the SMU Cox School of Business. The
Target Fund Board believes that Mr.&nbsp;Flanagan&#146;s long experience as an executive in the investment
management area benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Philip A. Taylor</I>. Mr.&nbsp;Taylor has been the head of Invesco&#146;s North American retail business as
Senior Managing Director since April&nbsp;2006. He previously served as chief executive officer of
Invesco Trimark Investments since January&nbsp;2002. Mr.&nbsp;Taylor joined Invesco in 1999 as senior vice
president of operations and client services and later became executive vice president and chief
operating officer. Mr.&nbsp;Taylor was president of Canadian retail broker Investors Group Securities
from 1994 to 1997 and managing partner of Meridian Securities, an execution and clearing broker,
from 1989 to 1994. He held various management positions with Royal Trust, now part of Royal Bank
of Canada, from 1982 to 1989. He began his career in consumer brand management in the U.S. and
Canada with Richardson-Vicks, now part of Procter &#038; Gamble. The Target Fund Board believes that
Mr.&nbsp;Taylor&#146;s long experience in the investment management business benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wayne W. Whalen</I>. Mr.&nbsp;Whalen is Of Counsel and, prior to 2010, was a partner in the law firm
of Skadden, Arps, Slate, Meagher &#038; Flom LLP. Mr.&nbsp;Whalen is a Director of the Abraham Lincoln
Presidential Library Foundation. From 1995 to 2010, Mr.&nbsp;Whalen served as Director and Trustee of
investment companies in the Van Kampen Funds complex. The Target Fund Board believes that Mr.
Whalen&#146;s experience as a law firm partner and his experience as a director of investment companies
benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Independent Directors.</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>David C. Arch. </I>Currently, Mr.&nbsp;Arch is the Chairman and Chief Executive Officer of Blistex,
Inc., a consumer health care products manufacturer. Mr.&nbsp;Arch is a member of the Heartland Alliance
Advisory Board, a nonprofit organization serving human needs based in Chicago and member of the
Board of the Illinois Manufacturers&#146; Association. Mr.&nbsp;Arch is also a member of the Board of
Visitors, Institute for the Humanities, University of Michigan. From 1984 to 2010, Mr.&nbsp;Arch served
as Director or Trustee of investment companies in the Van Kampen funds complex. The Target Fund
Board believes that Mr.&nbsp;Arch&#146;s experience as the CEO of a public company and his experience with
investment companies benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Frank S. Bayley</I>. Mr.&nbsp;Bayley is a business consultant in San Francisco. He is Chairman and a
Director of the C. D. Stimson Company, a private investment company in Seattle. Mr.&nbsp;Bayley serves
as a Trustee of the Seattle Art Museum, a Trustee of San Francisco Performances, and a Trustee and
Overseer of The Curtis Institute of Music in Philadelphia. He also serves on the East Asian Art
Committee of the Philadelphia Museum of Art and the Visiting Committee for Art of Asia, Oceana and
Africa of the Museum of Fine Arts, Boston. Mr.&nbsp;Bayley is a retired partner of the international
law firm of Baker &#038; McKenzie LLP, where his practice focused on business acquisitions and venture
capital transactions. Prior to joining Baker &#038; McKenzie LLP in 1986, he was a partner of the San
Francisco law firm of Chickering &#038; Gregory. He received his A.B. from Harvard College in 1961, his
LL.B. from Harvard Law School in 1964, and his LL.M. from Boalt Hall at the University of
California, Berkeley, in 1965. Mr.&nbsp;Bayley served as a Trustee of the Badgley Funds from inception
in 1998 until dissolution in 2007. The Target Fund Board believes that Mr.&nbsp;Bayley&#146;s experience as
a business consultant and a lawyer benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>James T. Bunch</I>. From 1988 to 2010, Mr.&nbsp;Bunch was Founding Partner of Green Manning &#038; Bunch,
Ltd., a leading investment banking firm located in Denver, Colorado. Green Manning &#038; Bunch is a
FINRA-registered investment bank specializing in mergers and acquisitions, private financing of
middle-market companies and corporate finance advisory services. Immediately prior to forming
Green Manning &#038; Bunch, Mr.&nbsp;Bunch was Executive Vice President, General Counsel, and a Director of
Boettcher &#038; Company, then the leading investment banking firm in the Rocky Mountain region. Mr.
Bunch began his professional career as a practicing attorney. He joined the prominent Denver-based
law firm of Davis Graham &#038; Stubbs in 1970 and later rose to the position of Chairman and Managing
Partner of the firm. At various other times during his career, Mr.&nbsp;Bunch has served as Chair of
the NASD Business District Conduct Committee, and Chair of the Colorado Bar Association Ethics
Committee. In June&nbsp;2010, Mr.&nbsp;Bunch became the Managing Member of Grumman Hill Group LLC, a family
office private equity investment manager. The Target Fund Board believes that Mr.&nbsp;Bunch&#146;s
experience as an investment banker and investment management lawyer benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bruce L. Crockett</I>. Mr.&nbsp;Crockett has more than 30&nbsp;years of experience in finance and general
management in the banking, aerospace and telecommunications industries. From 1992 to 1996, he
served as president, chief executive officer and a director of COMSAT Corporation, an international
satellite and wireless telecommunications company. Mr.&nbsp;Crockett has also served, since 1996, as
chairman of Crockett Technologies Associates, a strategic consulting firm that provides services to
the information technology and communications industries. Mr.&nbsp;Crockett also serves on the Board of
Directors of ACE Limited, a Zurich-based insurance company. He is a life trustee of the University
of Rochester Board of Directors. The Target Fund Board elected Mr.&nbsp;Crockett to serve as its
Independent Chair because of his extensive experience in managing public companies and familiarity
with investment companies.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rodney F. Dammeyer</I>. Since 2001, Mr.&nbsp;Dammeyer has been Chairman of CAC, LLC, a private company
offering capital investment and management advisory services. Previously, Mr.&nbsp;Dammeyer served as
Managing Partner at Equity Group Corporate Investments; Chief Executive Officer of Anixter
International; Senior Vice President and Chief Financial Officer of Household International, Inc.;
and Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. Mr.
Dammeyer was a Partner of Arthur Andersen &#038; Co., an international accounting firm. Mr.&nbsp;Dammeyer
currently serves as a Director of Quidel Corporation and Stericycle, Inc. Previously, Mr.&nbsp;Dammeyer
served as a Trustee of The Scripps Research Institute; and a Director of Ventana Medical Systems,
Inc.; GATX Corporation; TheraSense, Inc.; TeleTech Holdings Inc.; and Arris Group, Inc. From 1987
to 2010, Mr.&nbsp;Dammeyer served as Director or Trustee of investment companies in the Van Kampen funds
complex. The Target Fund Board believes that Mr.&nbsp;Dammeyer&#146;s experience in executive positions at a
number of public companies, his accounting experience and his experience serving as a director of
investment companies benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Albert R. Dowden</I>. Mr.&nbsp;Dowden retired at the end of 1998 after a 24-year career with Volvo
Group North America, Inc. and Volvo Cars of North America, Inc. Mr.&nbsp;Dowden joined Volvo as general
counsel in 1974 and was promoted to increasingly senior positions until 1991 when he was appointed
president, chief executive officer and director of Volvo Group North America and senior vice
president of Swedish parent company AB Volvo. Since retiring, Mr.&nbsp;Dowden continues to serve on the
board of the Reich &#038; Tang Funds and also serves on the boards of Homeowners of America Insurance
Company and its parent company, as well as Nature&#146;s Sunshine Products, Inc. and The Boss Group.
Mr.&nbsp;Dowden&#146;s charitable endeavors currently focus on Boys &#038; Girls Clubs where he has been active
for many years, as well as several other not-for-profit organizations. Mr.&nbsp;Dowden began his career
as an attorney with a major international law firm, Rogers &#038; Wells (1967-1976), which is now
Clifford Chance. The Target Fund Board believes that Mr.&nbsp;Dowden&#146;s extensive experience as a
corporate executive benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Jack M. Fields</I>. Mr.&nbsp;Fields served as a member of Congress, representing the 8th Congressional
District of Texas from 1980 to 1997. As a member of Congress, Mr.&nbsp;Fields served as Chairman of the
House Telecommunications and Finance Subcommittee, which has jurisdiction and oversight of the
Federal Communications Commission and the Securities and Exchange Commission. Mr.&nbsp;Fields
co-sponsored the National Securities Markets Improvements Act of 1996, and played a leadership role
in enactment of the Private Securities Litigation Reform Act of 1995. Mr.&nbsp;Fields currently serves
as Chief Executive Officer of the Twenty-First Century Group in Washington, D.C., a bipartisan
Washington consulting firm specializing in Federal government affairs. Mr.&nbsp;Fields also serves as a
Director of Insperity (formerly known as Administaff) (NYSE: ASF), a premier
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">professional employer organization with clients nationwide. In addition, Mr.&nbsp;Fields sits on the
Board of the Discovery Channel Global Education Fund, a nonprofit organization dedicated to
providing educational resources to people in need around the world through the use of technology.
The Target Fund Board believes that Mr.&nbsp;Fields&#146; experience in the House of Representatives,
especially concerning regulation of the securities markets, benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Carl Frischling</I>. Mr.&nbsp;Frischling is senior partner of the Financial Services Group of Kramer
Levin. He is a pioneer in the field of bank-related mutual funds and has counseled clients in
developing and structuring comprehensive mutual fund complexes. Mr.&nbsp;Frischling also advises mutual
funds and their independent trustees/directors on their fiduciary obligations under federal
securities laws. Prior to his practicing law, he was chief administrative officer and general
counsel of a large mutual fund complex that included a retail and institutional sales force,
investment counseling and an internal transfer agent. During his ten years with the organization,
he developed business expertise in a number of areas within the financial services complex. He
served on the Investment Company Institute board and was involved in ongoing matters with all of
the regulatory areas overseeing this industry. Mr.&nbsp;Frischling is a board member of the Mutual Fund
Director&#146;s Forum. He also serves as a Trustee of the Reich &#038; Tang Funds, a registered investment
company. Mr.&nbsp;Frischling serves as a Trustee of the Yorkville Youth Athletic Association and is a
member of the Advisory Board of Columbia University Medical Center. The Target Fund Board believes
that Mr.&nbsp;Frischling&#146;s experience as an investment management lawyer and his long involvement with
investment companies benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dr.&nbsp;Prema Mathai-Davis</I>. Prior to her retirement in 2000, Dr.&nbsp;Mathai-Davis served as Chief
Executive Officer of the YWCA of the USA. Prior to joining the YWCA, Dr.&nbsp;Mathai-Davis served as
the Commissioner of the New York City Department for the Aging. She was a Commissioner of the New
York Metropolitan Transportation Authority of New York, the largest regional transportation network
in the U.S. Dr.&nbsp;Mathai-Davis also serves as a Trustee of the YWCA Retirement Fund, the first and
oldest pension fund for women, and on the advisory board of the Johns Hopkins Bioethics Institute.
Dr.&nbsp;Mathai-Davis was the president and chief executive officer of the Community Agency for Senior
Citizens, a non-profit social service agency that she established in 1981. She also directed the
Mt. Sinai School of Medicine-Hunter College Long-Term Care Gerontology Center, one of the first of
its kind. The Target Fund Board believes that Dr.&nbsp;Mathai-Davis&#146; extensive experience in running
public and charitable institutions benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dr.&nbsp;Larry Soll</I>. Formerly, Dr.&nbsp;Soll was chairman of the board (1987 to 1994), chief executive
officer (1982 to 1989; 1993 to 1994), and president (1982 to 1989) of Synergen Corp., a
biotechnology company, in Boulder, Colorado. He was also a faculty member at the University of
Colorado (1974-1980). The Target Fund Board believes that Dr.&nbsp;Soll&#146;s experience as a chairman of a
public company and in academia benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hugo F. Sonnenschein</I>. Mr.&nbsp;Sonnenschein is the Distinguished Service Professor and President
Emeritus of the University of Chicago and the Adam Smith Distinguished Service Professor in the
Department of Economics at the University of Chicago. Until July&nbsp;2000, Mr.&nbsp;Sonnenschein served as
President of the University of Chicago. Mr.&nbsp;Sonnenschein is a Trustee of the University of
Rochester and a member of its investment committee. He is also a member of the National Academy of
Sciences and the American Philosophical Society, and a Fellow of the American Academy of Arts and
Sciences. From 1994 to 2010, Mr.&nbsp;Sonnenschein served as Director or Trustee of investment
companies in the Van Kampen funds complex. The Target Fund Board believes that Mr.&nbsp;Sonnenschein&#146;s
experiences in academia and in running a university, and his experience as a director of investment
companies benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Raymond Stickel, Jr. </I>Mr.&nbsp;Stickel retired after a 35-year career with Deloitte &#038; Touche. For
the last five years of his career, he was the managing partner of the investment management
practice for the New York, New Jersey and Connecticut region. In addition to his management role,
he directed audit and tax services to several mutual fund clients. Mr.&nbsp;Stickel began his career
with Touche Ross &#038; Co. in Dayton, Ohio, became a partner in 1976 and managing partner of the office
in 1985. He also started and developed an investment management practice in the Dayton office that
grew to become a significant source of investment management talent for Touche Ross &#038; Co. In Ohio,
he served as the audit partner on numerous mutual funds and on public and privately held companies
in other industries. Mr.&nbsp;Stickel has also served on Touche Ross &#038; Co.&#146;s Accounting and Auditing
Executive Committee. The Target Fund Board believes that Mr.&nbsp;Stickel&#146;s experience as a partner in
a large accounting firm working with investment managers and investment companies, and his status
as an Audit Committee Financial Expert, benefits the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional biographical information regarding the Directors can be found in Exhibit&nbsp;F.
Information on the Target Fund Board&#146;s leadership structure, role in risk oversight, and committees
and meetings can be found in Exhibit&nbsp;G. Information on the remuneration of Directors can be found
in Exhibit&nbsp;H. Information on the executive officers of the Target Fund is available in Exhibit&nbsp;E.
Information on the Target Fund&#146;s independent registered public accounting firm is available in
Exhibit&nbsp;I.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE TARGET FUND BOARD RECOMMENDS A VOTE &#147;</B><U><B>FOR ALL</B></U><B>&#148; OF THE NOMINEES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROPOSAL 4: ELECTION OF TRUSTEES BY THE ACQUIRING FUND</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, Common Shareholders of the Acquiring Fund will vote to elect two Class&nbsp;II
Trustees (Wayne W. Whalen and Linda Hutton Heagy are the nominees).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If elected, each nominee will serve until the later of the Acquiring Fund&#146;s annual meeting of
shareholders in 2015 or until his or her successor has been duly elected and qualified. As in the
past, only one class of Trustees is being submitted to shareholders of the Acquiring Fund for
election at the Meeting. The Declaration of Trust of the Acquiring Fund provides that the Board
shall be divided into three classes, which must be as nearly equal in number as possible. For the
Acquiring Fund, the Trustees of only one class are elected at each annual meeting, so that the
regular term of only one class of Trustees will expire annually and any particular Trustee stands
for election only once in each three-year period. This type of classification may prevent
replacement of a majority of Trustees of the Acquiring Fund for up to a two-year period. The
foregoing is subject to the provisions of the 1940 Act, applicable state law, the Acquiring Fund&#146;s
Declaration of Trust and the Acquiring Fund&#146;s Bylaws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees who make up the various classes of the Board of the Acquiring Fund are shown in
the chart below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Class I</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Class II</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Class III</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David C. Arch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wayne W. Whalen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colin D. Meadows</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jerry D. Choate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rodney Dammeyer (1)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">R. Craig Kennedy</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Howard J Kerr (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Linda Hutton Heagy
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jack E. Nelson (1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suzanne H. Woolsey, Ph.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hugo F. Sonnenschein</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to the Acquiring Fund Board&#146;s Trustee retirement policy, Howard J Kerr
and Jack E. Nelson are retiring from the Board effective as of the Meeting. Rodney
Dammeyer is not standing for reelection as Trustee of the Acquiring Fund and his term
of office will expire at the Meeting.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business and affairs of the Acquiring Fund are managed under the direction of its Board of
Trustees. The management of the Acquiring Fund seeks to provide investors with disciplined
investment teams, a research-driven culture, careful long-term perspective, and a legacy of
experience. Consistent with these goals, the Acquiring Fund Board seeks to provide shareholders
with a highly qualified, highly capable and diverse group of Board members reflecting the diversity
of investor interests underlying the Acquiring Fund and with a diversity of backgrounds, experience
and skills that the Acquiring Fund Board considers desirable and necessary to its primary goal &#151;
protecting and promoting shareholders&#146; interests. While the Acquiring Fund Board does not require
that its members meet specific qualifications, the Acquiring Fund Board has historically sought to
recruit and continues to value individual Board members that add to the overall diversity of the
Acquiring Fund Board &#151; the objective is to bring varied backgrounds, experience and skills
reflective of the wide range of the shareholder base and provide both contrasting and complementary
skills relative to the other Board members to best protect and promote shareholders&#146; interests.
Board diversity means bringing together different viewpoints, professional experience, investment
experience, education, and other skills. As can be seen in the individual biographies below, the
Acquiring Fund Board brings together a wide variety of business experience (including
chairman/chief executive officer-level and director-level experience, including board committee
experience, of several different types of organizations); varied public and private
investment-related experience; not-for-profit experience; customer service and other back office
operations experience; a wide variety of accounting, finance, legal, and marketing experience;
academic experience; consulting experience; and government, political and military service
experience. All of this experience together results in important leadership and management
knowledge, skills and perspective that provide
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Acquiring Fund Board understanding and insight into the operations of the Acquiring Fund and
add range and depth to the Acquiring Fund Board. As part of its governance oversight, the
Acquiring Fund Board conducts an annual self-effectiveness survey which includes, among other
things, evaluating the Acquiring Fund Board&#146;s (and each committee&#146;s) agendas, meetings and
materials, conduct of the meetings, committee structures, interaction with management, strategic
planning, etc., and also includes evaluating the Acquiring Fund Board&#146;s (and each committee&#146;s)
size, composition, qualifications (including diversity of characteristics, experience and subject
matter expertise) and overall performance.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund Board evaluates all of the foregoing and does not believe any single factor
or group of factors controls or dominates the qualifications of any individual trustee or the
qualifications of the trustees as a group. After considering all factors together, the Acquiring
Fund Board believes that each Trustee is qualified to serve as a Trustee.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Independent Trustees.</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>David C. Arch</I>. Mr.&nbsp;Arch has been a member of the Board of one or more funds in the Invesco
fund complex since 1988. The Acquiring Fund Board believes that Mr.&nbsp;Arch&#146;s experience as the
chairman and chief executive officer of a public company and as a member of the board of several
organizations, his service as a Trustee of funds in the Invesco fund complex and his experience as
a director of other investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Jerry D. Choate</I>. Mr.&nbsp;Choate has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Acquiring Fund Board believes that Mr.&nbsp;Choate&#146;s experience as
the chairman and chief executive officer of a public company and a director of several public
companies, his service as a Trustee of funds in the Invesco fund complex and his experience as a
director of other investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rodney F. Dammeyer</I>. Mr.&nbsp;Dammeyer has been a member of the Board of one or more funds in the
Invesco fund complex since 1988. The Acquiring Fund Board believes that Mr.&nbsp;Dammeyer&#146;s experience
in executive positions at a number of public companies and as a director of several public
companies, his accounting experience, his service as a Trustee of funds in the Invesco fund complex
and his experience serving as a director of other investment companies benefits the Acquiring Fund.
Mr.&nbsp;Dammeyer is not standing for reelection and his term of office as Trustee of the Acquiring
Fund will expire at the Meeting.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Linda Hutton Heagy</I>. Ms.&nbsp;Heagy has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Acquiring Fund Board believes that Ms.&nbsp;Heagy&#146;s experience in
executive positions at a number of bank and trust companies and as a member of the board of several
organizations, her service as a Trustee of funds in the Invesco fund complex and her experience
serving as a director of other investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>R. Craig Kennedy</I>. Mr.&nbsp;Kennedy has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Acquiring Fund Board believes that Mr.&nbsp;Kennedy&#146;s experience
in executive positions at a number of foundations, his investment experience, his service as a
Trustee of funds in the Invesco fund complex and his experience serving as a director of other
investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Howard J Kerr</I>. Mr.&nbsp;Kerr has been a member of the Board of one or more funds in the Invesco
fund complex since 1992. The Acquiring Fund Board believes that Mr.&nbsp;Kerr&#146;s experience in executive
positions at a number of companies, his experience in public service, his service as a Trustee of
funds in the Invesco fund complex and his experience serving as a director of other investment
companies benefits the Acquiring Fund. Pursuant to the Acquiring Fund Board&#146;s Trustee retirement
policy, Mr.&nbsp;Kerr is retiring from the Acquiring Fund Board effective as of the Meeting.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Jack E. Nelson</I>. Mr.&nbsp;Nelson has been a member of the Board of one or more funds in the Invesco
fund complex since 2003. The Acquiring Fund Board believes that Mr.&nbsp;Nelson&#146;s experience in
executive positions at a number of companies and as a member of several financial and investment
industry organizations, his service as a Trustee of funds in the Invesco fund complex and his
experience serving as a director of other investment companies
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">benefits the Acquiring Fund. Pursuant to the Acquiring Fund Board&#146;s Trustee retirement policy, Mr.
Nelson is retiring from the Acquiring Fund Board effective as of the Meeting.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hugo F. Sonnenschein</I>. Mr.&nbsp;Sonnenschein has been a member of the Board of one or more funds in
the Invesco fund complex since 1994. The Acquiring Fund Board believes that Mr.&nbsp;Sonnenschein&#146;s
academic experience, his economic expertise, his experience as a member of the board of several
organizations, his service as a Trustee of funds in the Invesco fund complex and his experience as
a director of other investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Suzanne H. Woolsey</I>. Ms.&nbsp;Woolsey has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Acquiring Fund Board believes that Ms.&nbsp;Woolsey&#146;s experience
as a director of numerous organizations, her service as a Trustee of funds in the Invesco fund
complex and her experience as a director of other investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interested Trustees.</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Colin D. Meadows</I>. Mr.&nbsp;Meadows has been a member of the Board of one or more funds in the
Invesco fund complex since 2010. The Acquiring Fund Board believes that Mr.&nbsp;Meadows&#146; financial
services and asset management experience benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wayne W. Whalen</I>. Mr.&nbsp;Whalen has been a member of the Board of one or more funds in the
Invesco fund complex since 1988. The Acquiring Fund Board believes that Mr.&nbsp;Whalen&#146;s legal
experience, his service as a Trustee of funds in the Invesco fund complex and his experience as a
director of other investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional biographical information regarding the Trustees can be found in Exhibit&nbsp;J.
Information on the Acquiring Fund Board&#146;s leadership structure, role in risk oversight, and
committees and meetings can be found in Exhibit&nbsp;K. Information on the remuneration of Trustees can
be found in Exhibit&nbsp;L. Information on the executive officers of the Acquiring Fund is available in
Exhibit&nbsp;E. Information on the Acquiring Fund&#146;s independent registered public accounting firm is
available in Exhibit&nbsp;I.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE ACQUIRING FUND BOARD RECOMMENDS A VOTE &#147;</B><U><B>FOR ALL</B></U><B>&#148; OF THE NOMINEES.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>VOTING INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How to Vote Your Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are several ways you can vote your shares, including in person at the Meeting, by mail,
by telephone, or via the Internet. The proxy card that accompanies this Proxy Statement provides
detailed instructions on how you may vote your shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you properly fill in and sign your proxy card and send it to us in time to vote at the
Meeting, your &#147;proxy&#148; (the individuals named on your proxy card) will vote your shares as you have
directed. If you sign your proxy card but do not make specific choices, your proxy will vote your
shares &#147;<B>FOR&#148; </B>each Proposal and &#147;<B>FOR ALL&#148; </B>of the Trustee/Director nominees, in accordance with the
recommendations of the Board of your Fund, and in the proxy&#146;s best judgment on other matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Why are you sending me the Proxy Statement?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are receiving this Proxy Statement because you own Common Shares of a Fund as of the
Record Date and have the right to vote on the very important proposals described herein concerning
your Fund. This Proxy Statement contains information that shareholders of the Funds should know
before voting on the proposals. This document is both a proxy statement of each Fund and also a
prospectus for Common Shares of the Acquiring Fund.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About the Proxy Statement and the Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are sending you this Proxy Statement and the enclosed proxy card because the Board is
soliciting your proxy to vote at the Meeting and at any adjournments or postponements of the
Meeting. This Proxy Statement gives you information about the business to be conducted at the
Meeting. Fund shareholders may vote by appearing in person at the Meeting and following the
instructions below. You do not need to attend the Meeting to vote, however. Instead, you may
simply complete, sign, and return the enclosed proxy card or vote by following the instructions on
the enclosed proxy card to vote via telephone or the Internet.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of record of the Funds as of the close of business on the Record Date are
entitled to vote at the Meeting. The number of outstanding Common Shares of each Fund on the
Record Date can be found at Exhibit&nbsp;M. Each shareholder is entitled to one vote for each full
share held and a proportionate fractional vote for each fractional share held.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attendance at the Meeting is generally limited to shareholders and their authorized
representatives. All shareholders must bring an acceptable form of identification, such as a
driver&#146;s license, in order to attend the Meeting in person. If your shares are held through a
broker-dealer or other financial intermediary you will need to obtain a &#147;legal proxy&#148; from them in
order to attend or vote your shares at the Meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies will have the authority to vote and act on behalf of shareholders at any adjournment
of the Meeting. It is the intention of the persons named in the enclosed proxy card to vote the
shares represented by them for each proposal and for all of the Trustee/Director nominees, unless
the proxy card is marked otherwise. If a shareholder gives a proxy, the shareholder may revoke the
authorization at any time before it is exercised by sending in another proxy card with a later date
or by notifying the Secretary of the Fund in writing at the address of the Fund set forth on the
cover page of this Proxy Statement before the Meeting that the shareholder has revoked its proxy.
In addition, although merely attending the Meeting will not revoke your proxy, if a shareholder is
present at the Meeting, the shareholder may withdraw the proxy and vote in person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quorum Requirement and Adjournment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum of shareholders is necessary to hold a valid shareholder meeting of each Fund. Under
the governing documents of the Target Fund, the presence in person or by proxy of stockholders
entitled to cast a majority of the votes entitled to be cast at the Meeting shall constitute a
quorum at the Meeting. Under the governing documents of the Acquiring Fund, the holders of a
majority of outstanding shares of each class or series or combined class entitled to vote at the
Meeting of the Acquiring Fund present in person or by proxy shall constitute a quorum at the
Meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Target Fund, if a quorum is not present at the Meeting, the holders of a majority of
the Target Fund Common Shares present in person or by proxy shall have power to adjourn the Meeting
from time to time, without notice other than announcement at the Meeting, until the requisite
amount of Target Fund Common Shares entitled to vote at the Meeting shall be present, to a date not
more than 120&nbsp;days after the Record Date. The Target Fund Common Shareholders present in person or
represented by proxy and entitled to vote at the Meeting will have the power to adjourn the Meeting
from time to time if the vote required to approve or reject any proposal described herein is not
obtained, with proxies, including abstentions and broker non-votes, being voted for or against
adjournment consistent with the votes for or against the proposal for which the required vote has
not been obtained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Acquiring Fund, if a quorum is not present at the Meeting, it may be adjourned by a
majority of the Acquiring Fund Common Shares present or represented by proxy to allow additional
solicitations of proxies in order to attain a quorum. The Acquiring Fund Common Shareholders
present in person or represented by proxy and entitled to vote at the Meeting will also have the
power to adjourn the Meeting from time to time if the vote required to approve or reject any
proposal described herein is not obtained, with proxies, including abstentions and broker
non-votes, being voted for adjournment, provided the proxies determine that such an adjournment and
additional solicitation is reasonable and in the interest of Acquiring Fund Common Shareholders
based on a consideration of all relevant factors, including the nature of the relevant proposal,
the percentage of votes then cast, the percentage of negative votes then cast, the nature of the
proposed solicitation activities and the nature of the reasons for such further solicitation. The
affirmative vote of the holders of a majority of the Acquiring Fund Common Shares then present in
person or represented by proxy shall be required to so adjourn the Meeting.
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that a shareholder of a Fund present at the Meeting objects to the holding of a
joint meeting and moves for an adjournment of the meeting of such Fund to a time immediately after
the Meeting so that such Fund&#146;s meeting may be held separately, the persons named as proxies will
vote in favor of such adjournment.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abstentions and broker non-votes (described below) are counted as present and will be included
for purposes of determining whether a quorum is present for each Fund at the Meeting, but are not
considered votes cast at the Meeting. Abstentions and broker non-votes will have the same effect as
a vote against Proposal 1, 2, or 3, because their approval requires the affirmative vote of a
percentage of the outstanding shares of the applicable Fund or of a certain proportion of the
shares present at the Meeting, as opposed to a percentage of votes cast. For Proposal 4,
abstentions and broker non-votes will have no effect because only a plurality of votes is required
to elect a Trustee nominee. A proxy card marked &#147;withhold&#148; with respect to the election of
Trustees/Directors would have the same effect as an abstention.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker non-votes occur when a proposal that is routine (such as the election of
trustees/directors) is voted on at a meeting alongside a proposal that is non-routine (such as the
Redomestication or Merger proposals). Under New York Stock Exchange rules, brokers may generally
vote in their discretion on routine proposals, but are generally not able to vote on a non-routine
proposal in the absence of express voting instructions from beneficial owners. As a result, where
both routine and non-routine proposals are voted on at the same meeting, proxies voted by brokers
on the routine proposals are considered votes present but are not votes on any non-routine
proposals. Because both routine and non-routine proposals will be voted on at the Meeting, the
Funds anticipate receiving broker non-votes with respect to Proposals 1 and 2. No broker non-votes
are anticipated with respect to Proposals 3 and 4 because they are considered routine proposals on
which brokers typically may vote in their discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealers who are not members of the New York Stock Exchange may be subject to other
rules, which may or may not permit them to vote your Common Shares without instruction. Therefore,
you are encouraged to contact your broker and record your voting instructions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Votes Necessary to Approve the Proposals</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares of each Fund are entitled to vote at the Meeting. Each Fund&#146;s Board has
unanimously approved the Fund&#146;s Plan of Redomestication discussed in Proposal 1. Shareholder
approval of the Plan of Redomestication by a Fund requires the affirmative vote of the holders of a
majority of the total number of Common Shares of such Fund outstanding and entitled to vote.
Proposal 1 may be approved and implemented for a Fund regardless of whether shareholders approve any other
Proposal applicable to the Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Board has unanimously approved the Fund&#146;s Plan of Merger discussed in Proposal 2.
Shareholder approval of the Plan of Merger requires the affirmative vote of a majority of the
Common Shares of each Fund outstanding and entitled to vote. Proposal
2 may be approved and implemented only if
Proposal 1 is also approved by both the Target Fund and the Acquiring Fund and regardless of
whether shareholders  approve any other Proposal applicable to the Funds.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Proposal 3, the affirmative vote of a majority of the Common Shares of the
Target Fund cast at the Meeting is required to elect each nominee for Director of the Target Fund.
Proposal 3 may be approved and  implemented for the Target Fund regardless of whether shareholders approve any
other Proposal applicable to the Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Proposal 4, the affirmative vote of a plurality of the Common Shares of the
Acquiring Fund at the Meeting is required to elect each nominee for Trustee of the Acquiring Fund.
Proposal 4 may be approved and  implemented for the Acquiring Fund regardless of whether shareholders approve any
other Proposal applicable to the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proxy Solicitation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds have engaged the services of Computershare Fund Services (the &#147;Solicitor&#148;) to assist
in the solicitation of proxies for the Meeting. The Solicitor&#146;s costs are described under the
&#147;Costs of the Merger&#148; section of this Proxy Statement. Proxies are expected to be solicited
principally by mail, but the Funds or the Solicitor may also solicit proxies by telephone,
facsimile or personal interview. The Funds&#146; officers may also solicit proxies but will not receive
any additional or special compensation for any such solicitation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the agreement with the Solicitor, the Solicitor will be paid a project management fee as
well as telephone solicitation expenses incurred for reminder calls, outbound telephone voting,
confirmation of telephone votes, inbound telephone contact, obtaining shareholders&#146; telephone
numbers, and providing additional materials upon shareholder request. The agreement also provides
that the Solicitor shall be indemnified against certain liabilities and expenses, including
liabilities under the federal securities laws.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Ownership by Large Shareholders, Management and Trustees/Directors</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information on each person who, as of &#091;April&nbsp;20&#093;, 2012, to the knowledge of each Fund, owned
5% or more of the outstanding shares of a class of such Fund can be found at Exhibit&nbsp;N.
Information regarding Target Fund Director ownership of shares of the Target Fund and of shares of
all registered investment companies in the Invesco fund complex overseen by such Director can be
found at Exhibit&nbsp;F. Information regarding Acquiring Fund Trustee ownership of shares of the
Acquiring Fund and of shares of all registered investment companies in the Invesco fund complex
overseen by such Trustee can be found at Exhibit&nbsp;J. To the best knowledge of each Fund, the
ownership of shares of such Fund by executive officers and Trustees/Directors of such Fund as a
group constituted less than 1% of each outstanding class of shares of such Fund as of &#091;April&nbsp;20&#093;,
2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Meetings of the Funds</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Merger is completed, the Target Fund will not hold an annual meeting in 2013. If the
Merger does not take place, the Target Fund&#146;s Board will announce the date of the Target Fund&#146;s
2013 annual meeting. The Acquiring Fund will hold an annual meeting in 2013 regardless of whether
the Merger is consummated.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals intended to be presented at the year 2013 annual meeting of shareholders
for a Fund pursuant to Rule&nbsp;14a-8 under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), must be received by the Fund&#146;s Secretary at the Fund&#146;s principal executive offices
by &#091;February 8&#093;, 2013 in order to be considered for inclusion in the Fund&#146;s proxy statement and
proxy card relating to that meeting. Timely submission of a proposal does not necessarily mean
that such proposal will be included in the Fund&#146;s proxy statement. Pursuant to each Fund&#146;s
governing documents as anticipated to be in effect before the 2013 annual meeting, if a shareholder
wishes to make a proposal at the year 2013 annual meeting of shareholders without having the
proposal included in a Fund&#146;s proxy statement, then such proposal must be received by the Fund&#146;s
Secretary at the Fund&#146;s principal executive offices not earlier than March&nbsp;19, 2013 and not later
than April&nbsp;18, 2013. If a shareholder fails to provide timely notice, then the persons named as
proxies in the proxies solicited by the Board for the 2013 annual meeting of shareholders may
exercise discretionary voting power with respect to any such proposal. Any shareholder who wishes
to submit a proposal for consideration at a meeting of such shareholder&#146;s Fund should send such
proposal to the Fund&#146;s Secretary at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309, Attn:
Secretary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholder Communications</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may send communications to each Fund&#146;s Board. Shareholders should send
communications intended for a Board or for a Trustee/Director by addressing the communication
directly to the Board or individual Trustee/Director and/or otherwise clearly indicating that the
communication is for the Board or individual Trustee/Director and by sending the communication to
either the office of the Secretary of the applicable Fund or directly to such Trustee/Director at
the address specified for such Trustee/Director above. Other shareholder communications received by
any Fund not directly addressed and sent to the Board will be reviewed and generally
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">responded to by management, and will be forwarded to the Board only at management&#146;s discretion
based on the matters contained therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;30(h) of the 1940 Act and Section 16(a) of the Exchange Act require each of the Funds&#146;
Trustees/Directors, officers, and investment advisers, affiliated persons of the investment
advisers, and persons who own more than 10% of a registered class of a Fund&#146;s equity securities to
file forms with the SEC and the Exchanges reporting their affiliation with the Fund and reports of
ownership and changes in ownership of such securities. These persons and entities are required by
SEC regulations to furnish such Fund with copies of all such forms they file. Based on a review of
these forms furnished to each Fund, each Fund believes that during its last fiscal year, its
Trustees/Directors, its officers, the Adviser and affiliated persons of the Adviser complied with
the applicable filing requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Meeting Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of each Fund does not intend to present, and does not have reason to believe that
others will present, any other items of business at the Meeting. The Funds know of no business
other than the proposals described in this Proxy Statement that will, or are proposed to, be
presented for consideration at the Meeting. If any other matters are properly presented, the
persons named on the enclosed proxy cards shall vote proxies in accordance with their best
judgment.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE TO FIND ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement and the SAI do not contain all the information set forth in the annual
and semi-annual reports filed by the Funds as such documents have been filed with the SEC. The
financial highlights of each Fund for the year ended February&nbsp;29, 2012 and the description of the
Fund&#146;s automatic dividend reinvestment plans are incorporated by reference into this Proxy
Statement from the Fund&#146;s annual report for the year ended February&nbsp;29, 2012 on Form N-CSR. Such
financial highlights and financial statements have been audited by PricewaterhouseCoopers LLP, an
independent registered public accounting firm, as stated in their reports, which are incorporated
herein by reference, and have been so incorporated in reliance upon the reports of such firm given
upon their authority as experts in accounting and auditing. The SAI includes additional
information about the Funds that is incorporated herein by reference and is deemed to be part of
this Proxy Statement. The SEC file number of each Fund, which contains the Fund&#146;s shareholder
reports and other filings with the SEC, is 811-05769 for the Acquiring Fund, and 811-08044 for the
Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is subject to the informational requirements of the Securities Exchange Act of 1934,
as amended, and the 1940 Act and in accordance therewith, each Fund files reports and other
information with the SEC. Reports, proxy materials, registration statements and other information
filed (including the registration statement relating to the Funds on Form N-14 of which this Proxy
Statement is a part) may be inspected without charge and copied at the public reference facilities
maintained by the SEC at Room&nbsp;1580, 100 F Street, N.E., Washington, D.C. 20549. Copies of such
material may also be obtained from the Public Reference Section of the SEC at 100 F Street, N.E.,
Washington, D.C. 20549, at the prescribed rates. The SEC maintains a website at www.sec.gov that
contains information regarding the Funds and other registrants that file electronically with the
SEC. Reports, proxy materials and other information concerning the Funds can also be inspected at
the Exchanges.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT&nbsp;A</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Form of Agreement and Plan of Redomestication</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">AGREEMENT AND PLAN OF REDOMESTICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT AND PLAN OF REDOMESTICATION (&#147;Agreement&#148;) is made as of the &#95;&#95;&#95; day of
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2012 by and among (i)&nbsp;each of the Invesco closed-end registered investment companies
identified as a Predecessor Fund on Exhibit&nbsp;A hereto (each a &#147;Predecessor Fund&#148;); (ii)&nbsp;each of the
Invesco closed-end investment companies identified as a Successor Fund on Exhibit&nbsp;A hereto (each a
&#147;Successor Fund&#148;); and (iii)&nbsp;Invesco Advisers, Inc. (&#147;IAI&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement contemplates a redomestication of each Predecessor Fund from a Massachusetts
Business Trust, Maryland corporation or Pennsylvania business trust to a Delaware Statutory Trust,
as applicable. For certain Predecessor Funds, such redomestication is the only corporate action
contemplated (referred to herein and identified on Exhibit&nbsp;A as a &#147;Redomesticating Fund&#148; and,
together, as the &#147;Redomesticating Funds&#148;). For other Predecessor Funds, the redomestication is the
first step in a two-step transaction that will, subject to approval by shareholders, also involve
the merger of the Successor Fund with another closed-end registered investment company in the
Invesco Fund complex (each such Predecessor Fund whose Successor Fund will participate in such a
merger being referred to herein and identified on Exhibit&nbsp;A as a &#147;Merging Fund&#148; and, together, as
the &#147;Merging Funds&#148;) pursuant to a separate Agreement and Plan of Merger (the &#147;Merger Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is intended to be and is adopted as a &#147;plan of reorganization&#148; with respect to
each Reorganization (as defined below) within the meaning of Section 368(a) of the United States
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and Treasury Regulations Sections
1.368-2(g) and 1.368-3(a), and is intended to effect the reorganization of each Predecessor Fund as
a Successor Fund (each such transaction, a &#147;Reorganization&#148; and collectively, the
&#147;Reorganizations&#148;). Each Reorganization will include the transfer of all of the assets of a
Predecessor Fund to the Successor Fund solely in exchange for (1)&nbsp;the assumption by the Successor
Fund of all liabilities of the Predecessor Fund, (2)&nbsp;the issuance by the Successor Fund to the
Predecessor Fund of shares of beneficial interest of the Successor Fund, (3)&nbsp;the distribution of
the shares of beneficial interest of the Successor Fund to the holders of shares of beneficial
interest of the Predecessor Fund according to their respective interests in complete liquidation of
the Predecessor Fund; and (4)&nbsp;the dissolution of the Predecessor Fund as soon as practicable after
the Closing provided for in Section&nbsp;3.1, all upon and subject to the terms and conditions of this
Agreement hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the promises and of the covenants and agreements hereinafter set forth,
the parties hereto covenant and agree as follows.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TRANSFER OF ASSETS OF THE PREDECESSOR FUNDS IN EXCHANGE FOR ASSUMPTION OF LIABILITIES AND
ISSUANCE OF SUCCESSOR FUND SHARES</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. It is the intention of the parties hereto that each Reorganization described herein
shall be conducted separately from the others, and a party that is not a party to a Reorganization
shall incur no obligations, duties or liabilities, and makes no representations, warranties, or
covenants with respect to such Reorganization by reason of being a party to this Agreement. If
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any one or more Reorganizations should fail to be consummated, such failure shall not affect
the other Reorganizations in any way.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Subject to the terms and conditions set forth herein and on the basis of the
representations and warranties contained herein, each Predecessor Fund agrees to transfer all of
its Assets (as defined in paragraph 1.3) and to assign and transfer all of its liabilities, debts,
obligations, restrictions and duties (whether known or unknown, absolute or contingent, accrued or
unaccrued and including, without limitation, any liabilities of the Predecessor Fund to indemnify
the trustees or officers of the Predecessor Fund or any other persons under the Predecessor Fund&#146;s
Declaration of Trust or otherwise, and including, without limitation, any liabilities of the
Predecessor Fund under the Merger Agreement) to the corresponding Successor Fund, organized solely
for the purpose of acquiring all of the assets and assuming all of the liabilities of that
Predecessor Fund. Each Successor Fund agrees that in exchange for all of the assets of the
corresponding Predecessor Fund: (1)&nbsp;the Successor Fund shall assume all of the liabilities of such
Predecessor Fund, whether contingent or otherwise and (2)&nbsp;the Successor Fund shall issue common
shares of beneficial interest (together, the &#147;Successor Fund Common Shares&#148;) and preferred shares
of beneficial interest (together, the &#147;Successor Fund Preferred Shares&#148; and, together with the
Successor Fund Preferred Shares, the &#147;Successor Fund Shares&#148;) to the Predecessor Fund. The number
of Successor Fund Common Shares issued by the Successor Fund to holders of common shares of the
Predecessor Fund will be identical to the number of shares of common stock of the Predecessor Fund
(together, the &#147;Predecessor Fund Common Shares&#148;) outstanding on the Valuation Date provided for in
paragraph 3.1. The Successor Fund shall issue Successor Fund Preferred Shares to holders of
preferred shares of the Predecessor Fund (together, Predecessor Fund Preferred Shares&#148; and,
together with the Predecessor Fund Common Shares, the &#147;Predecessor Fund Shares&#148;), if any, having an
aggregate liquidation preference equal to the aggregate liquidation preference of the outstanding
Predecessor Fund Preferred Shares. The terms of the Predecessor Fund Preferred Shares shall be
substantially the same as the terms of the Successor Fund Preferred Shares. Such transactions
shall take place at the Closing provided for in paragraph 3.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The assets of each Predecessor Fund to be acquired by the corresponding Successor Fund
(&#147;Assets&#148;) shall include all assets, property and goodwill, including, without limitation, all
cash, securities, commodities and futures interests, claims (whether absolute or contingent, known
or unknown, accrued or unaccrued and including, without limitation, any interest in pending or
future legal claims in connection with past or present portfolio holdings, whether in the form of
class action claims, opt-out or other direct litigation claims, or regulator or
government-established investor recovery fund claims, and any and all resulting recoveries),
dividends or interest receivable, and any deferred or prepaid expense shown as an asset on the
books of the Predecessor Fund on the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 On the Closing Date each Predecessor Fund will distribute, in complete liquidation, the
Successor Fund Shares to each Predecessor Fund shareholder, determined as of the close of business
on the Valuation Date, of the corresponding class of the Predecessor Fund pro rata in proportion to
such shareholder&#146;s beneficial interest in that class and in exchange for that shareholder&#146;s
Predecessor Fund shares. Such distribution will be accomplished by recording on the books of the
Successor Fund, in the name of each Predecessor Fund shareholder, the number
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of Successor Fund Shares representing the pro rata number of Successor Fund Shares received
from the Successor Fund which is due to such Predecessor Fund shareholder. Fractional Successor
Fund Shares shall be rounded to the third place after the decimal point.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. At the Closing, any outstanding certificates representing Predecessor Fund Shares will
be cancelled. The Successor Fund shall not issue certificates representing Successor Fund Common
Shares in connection with such exchange, irrespective of whether Predecessor Fund shareholders hold
their Predecessor Fund Common Shares in certificated form. Ownership of the Successor Fund Common
Shares by each Successor Fund shareholder shall be recorded separately on the books of the
Successor Fund&#146;s transfer agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. The legal existence of each Predecessor Fund shall be terminated as promptly as
reasonably practicable after the Closing Date. After the Closing Date, each Predecessor Fund shall
not conduct any business except in connection with its termination and dissolution and except as
provided in paragraph 1.7 of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. Subject to approval of this Agreement by the requisite vote of the applicable
Predecessor Fund&#146;s shareholders but before the Closing Date, a duly authorized officer of such
Predecessor Fund shall cause such Predecessor Fund, as the sole shareholder of the corresponding
Successor Fund, to (i)&nbsp;elect the Trustees of the Successor Fund; (ii)&nbsp;ratify the selection of the
Successor Fund&#146;s independent auditors; (iii)&nbsp;approve the investment advisory and sub-advisory
agreements for the Successor Fund in substantially the same form as the investment advisory and
sub-advisory agreements in effect with respect to the Predecessor Fund immediately prior to the
Closing; and (iv)&nbsp;implement any actions approved by the shareholders of the Predecessor Fund at a
meeting of shareholders scheduled for &#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2012 (the &#147;Shareholder Meeting&#148;) including, without
limitation, if applicable, a merger with another closed-end fund in the Invesco Fund complex.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>VALUATION</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The value of each Predecessor Fund&#146;s Assets shall be the value of such Assets computed
as of immediately after the close of regular trading on the New York Stock Exchange (&#147;NYSE&#148;) on the
business day immediately preceding the Closing Date (the &#147;Valuation Date&#148;), using the Predecessor
Fund&#146;s valuation procedures established by the Predecessor Fund&#146;s Board of Directors/Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The net asset value per share of Successor Fund Common Shares, and the liquidation
preference of Successor Fund Preferred Shares, together issued in exchange for the Assets of the
corresponding Predecessor Fund, shall be equal to the net asset value per share of the Successor
Fund Common Shares and the liquidation preference per share of the Successor Fund Preferred Shares,
respectively, on the Closing Date, and the number of such Successor Fund Shares of each class shall
equal the number of full and fractional Predecessor Fund Shares outstanding on the Closing Date.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Each Reorganization shall close on &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2012 or such other date as the parties
may agree with respect to any or all Reorganizations (the &#147;Closing Date&#148;). All acts taking place
at the closing of a Reorganization (the &#147;Closing&#148;) shall be deemed to take place simultaneously as
of 9:00 a.m., Eastern Time on the Closing Date of that Reorganization unless otherwise agreed to by
the parties (the &#147;Closing Time&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. At the Closing each party shall deliver to the other such bills of sale, checks,
assignments, stock certificates, receipts or other documents as such other party or its counsel may
reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Immediately prior to the Closing the Predecessor Fund shall pay all accumulated but
unpaid dividends on the Predecessor Fund Preferred Shares through the date thereof.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>REPRESENTATIONS AND WARRANTIES</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Each Predecessor Fund represents and warrants to the corresponding Successor Fund as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. At the Closing Date, each Predecessor Fund will have good and marketable title to the
Assets to be transferred to the Successor Fund pursuant to paragraph 1.2, and will have full right,
power and authority to sell, assign, transfer and deliver such Assets hereunder. Upon delivery and
in payment for such Assets, the Successor Fund will acquire good and marketable title thereto
subject to no restrictions on the full transfer thereof, including, without limitation, such
restrictions as might arise under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), provided
that the Successor Fund will acquire Assets that are segregated as collateral for the Predecessor
Fund&#146;s derivative positions, including, without limitation, as collateral for swap positions and as
margin for futures positions, subject to such segregation and liens that apply to such Assets;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. The execution, delivery and performance of this Agreement will have been duly
authorized prior to the Closing Date by all necessary action on the part of the Predecessor Fund
and, subject to the approval of the Predecessor Fund&#146;s shareholders and the due authorization,
execution and delivery of this Agreement by the Successor Fund and IAI, this Agreement will
constitute a valid and binding obligation of the Predecessor Fund enforceable in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy laws and any other
similar laws affecting the rights and remedies of creditors generally and by equitable principles;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. No consent, approval, authorization, or order of any court, governmental authority,
the Financial Industry Regulatory Authority (&#147;FINRA&#148;) or any stock exchange on which shares of the
Predecessor Fund are listed is required for the consummation by the Predecessor Fund of the
transactions contemplated herein, except such as have been or will be obtained (at or prior to the
Closing Date); and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4. The Predecessor Fund will have filed with the Securities and Exchange Commission
(&#147;SEC&#148;) proxy materials, which, for the Merging Funds, may be in the form of a proxy
statement/prospectus on Form N-14 (the &#147;Proxy Statement&#148;), complying in all material respects with
the requirements of the Securities Exchange Act of 1934, as amended, the Investment Company Act of
1940, as amended (the &#147;1940 Act&#148;), the 1933 Act (if applicable) and applicable rules and
regulations thereunder, relating to a meeting of its shareholders to be called to consider and act
upon the Reorganization contemplated herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Each Successor Fund represents and warrants to the corresponding Predecessor Fund as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. At the Closing Time, the Successor Fund will be duly formed as a statutory trust,
validly existing, and in good standing under the laws of the State of Delaware;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 The Successor Fund Shares to be issued and delivered to the Predecessor Fund pursuant
to the terms of this Agreement will, at the Closing Time, have been duly authorized and, when so
issued and delivered, will be duly and validly issued and outstanding and fully paid and
non-assessable by the Successor Fund;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 At the Closing Time, the Successor Fund shall succeed to the Predecessor Fund&#146;s
registration statement filed under the 1940 Act with the SEC and thus will become duly registered
under the 1940 Act as a closed-end management investment company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 Prior to the Closing Time, the Successor Fund shall not have commenced operations and
there will be no issued and outstanding shares in the Successor Fund, except shares issued by the
Successor Fund to an initial sole shareholder for the purpose of enabling the sole shareholder to
take such actions as are required to be taken by shareholders under the 1940 Act in connection with
establishing a new fund;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5. The execution, delivery and performance of this Agreement will have been duly
authorized prior to the Closing Date by all necessary action on the part of the Successor Fund,
and, subject to the approval of the Predecessor Fund&#146;s shareholders and the due authorization,
execution and delivery of this Agreement by the Predecessor Fund and IAI, this Agreement will
constitute a valid and binding obligation of the Successor Fund enforceable in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy laws and any other
similar laws affecting the rights and remedies of creditors generally and by equitable principles;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6. No consent, approval, authorization, or order of any court, governmental authority,
FINRA or stock exchange on which shares of the Successor Fund are listed is required for the
consummation by the Successor Fund of the transactions contemplated herein, except such as have
been or will be obtained (at or prior to the Closing Date);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.7. The Successor Fund shall use all reasonable efforts to obtain the approvals and
authorizations required by the 1933 Act, the 1940 Act and such state or District of Columbia
securities laws as it may deem appropriate in order to operate after the Closing Date; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.8 The Successor Fund is, and will be at the Closing Time, a newly created Delaware
statutory trust, without assets (other than seed capital) or liabilities, formed for the purpose of
receiving the Assets of the Predecessor Fund in connection with the Reorganization.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CONDITIONS PRECEDENT TO OBLIGATIONS OF THE PREDECESSOR FUNDS AND THE SUCCESSOR FUNDS</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Reorganization, the obligations of the Predecessor Fund and the
corresponding Successor Fund are each subject to the conditions that on or before the Closing Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. This Agreement and the transactions contemplated herein shall have been approved by the
Board of Directors/Trustees of each of the Predecessor Fund and the Successor Fund and by the
requisite vote of the Predecessor Fund&#146;s shareholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. All consents of other parties and all other consents, orders and permits of federal,
state and local regulatory authorities (including those of the SEC and of state or District of
Columbia securities authorities) and stock exchanges on which shares of the Funds are, or will be,
listed in accordance with this Agreement deemed necessary by the Predecessor Fund or the Successor
Fund to permit consummation, in all material respects, of the transactions contemplated hereby
shall have been obtained, except where failure to obtain any such consent, order or permit would
not involve a risk of a material adverse effect on the assets or properties of the Predecessor Fund
or the Successor Fund, provided that either party hereto may waive any of such conditions for
itself;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Prior to or at the Closing, the Successor Fund shall enter into or adopt such agreements
as are necessary for the Successor Fund&#146;s operation as a closed-end investment company and such
agreements shall be substantially similar to any corresponding agreement of the Predecessor Fund;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. The Predecessor Fund and the Successor Fund shall have received on or before the Closing
Date an opinion of Stradley Ronon Stevens &#038; Young, LLP (&#147;Stradley Ronon&#148;), in form and substance
reasonably acceptable to the Predecessor Fund and the Successor Fund, as to the matters set forth
on Schedule&nbsp;5.4. In rendering such opinion, Stradley Ronon may request and rely upon
representations contained in certificates of officers of the Predecessor Fund and the Successor
Fund and others, and the officers of the Predecessor Fund and the Successor Fund shall use their
best efforts to make available such truthful certificates.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FEES AND EXPENSES</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund will bear its expenses relating to its Reorganization to the extent that the Fund&#146;s
total annual fund operating expenses did not exceed the expense limit under the expense limitation
arrangement in place with IAI at the time such expenses were discussed with the Board (the &#147;Expense
Cap&#148;). The Fund will bear these expenses regardless of whether its Reorganization is consummated.
IAI will bear the Reorganization costs of any Fund that had
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">total annual fund operating expenses which exceeded the Expense Cap at the time such expenses
were discussed with the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Successor Fund and corresponding Predecessor Fund represents and warrants to the other
that there are no broker&#146;s or finder&#146;s fees payable in connection with the transactions
contemplated hereby.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TERMINATION</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Reorganization, this Agreement may be terminated by the mutual agreement
of the Predecessor Fund and the corresponding Successor Fund, notwithstanding approval thereof by
the shareholders of the Predecessor Fund, at any time prior to Closing, if circumstances should
develop that, in such parties&#146; judgment, make proceeding with this Agreement inadvisable.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AMENDMENT</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended, modified or supplemented in such manner as may be mutually
agreed upon in writing by the parties; provided, however, that following the approval of this
Agreement by any Predecessor Fund&#146;s shareholders, no such amendment may have the effect of changing
the provisions for determining the number of Successor Fund Shares to be distributed to that
Predecessor Fund&#146;s shareholders under this Agreement to the detriment of such Predecessor Fund
shareholders without their further approval.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; SURVIVAL; WAIVER</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The article and paragraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. This Agreement may be executed in any number of counterparts, each of which shall be
deemed an original.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to its principles of conflicts of laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. This Agreement shall be binding upon and inure to the benefit of the parties hereto with
respect to each Predecessor Fund and its corresponding Successor Fund, as applicable, and their
respective successors and assigns. Nothing herein expressed or implied is intended or shall be
construed to confer upon or give any person, firm or corporation other than the applicable
Predecessor Fund and its corresponding Successor Fund and their respective successors and assigns
any rights or remedies under or by reason of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. It is expressly agreed that the obligations of the parties hereunder shall not be
binding upon any of their respective directors, trustees, shareholders, nominees, officers, agents,
or employees personally, but shall bind only the property of the applicable Predecessor Fund or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the applicable Successor Fund as provided in the governing documents of such Funds. The
execution and delivery by such officers shall not be deemed to have been made by any of them
individually or to impose any liability on any of them personally, but shall bind only the property
of such party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. The representations, warranties, covenants and agreements of the parties contained
herein shall not survive the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. Each of the Predecessor Funds and the Successor Funds, after consultation with their
respective counsel and by consent of their respective Board of Directors/Trustees or any officer,
may waive any condition to its obligations hereunder if, in its or such officer&#146;s judgment, such
waiver will not have a material adverse effect on the interests of the shareholders of the
applicable Predecessor Fund.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice, report, statement or demand required or permitted by any provisions of this
Agreement shall be in writing and shall be given by fax or certified mail addressed to the
Predecessor Fund and the Successor Fund, each at 1555 Peachtree Street, N.E. Atlanta, GA 30309,
Attention: Secretary, fax number &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed by its duly authorized officer.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, a &#091;Massachusetts</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, a Delaware</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">business trust&#093;&#091;Maryland corporation&#093;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">statutory trust</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">&#091;Pennsylvania business trust&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Invesco Advisers, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-9<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CHART OF REDOMESTICATIONS</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Predecessor Funds (and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Successor Funds </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Redomesticating Fund</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>share classes)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(and share classes)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Merging Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Identify as either<BR>
Redomesticating Fund<BR>
or Merging Fund&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-10<!-- /Folio -->
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Schedule&nbsp;5.4</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Tax Opinion</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The acquisition by the Successor Fund of all of the Assets of the Predecessor Fund, as
provided for in the Agreement, in exchange solely for Successor Fund Shares and the assumption by
the Successor Fund of all of the liabilities of the Predecessor Fund, followed by the distribution
by the Predecessor Fund to its shareholders of the Successor Fund Shares in complete liquidation of
the Predecessor Fund, will qualify as a reorganization within the meaning of Section&nbsp;368(a)(1)(F)
of the Code, and the Predecessor Fund and the Successor Fund each will be a &#147;party to the
reorganization&#148; within the meaning of Section 368(b) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;No gain or loss will be recognized by the Predecessor Fund upon the transfer of all of
its Assets to, and assumption of its liabilities by, the Successor Fund in exchange solely for
Successor Fund Shares pursuant to Section 361(a) and Section 357(a) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;No gain or loss will be recognized by the Successor Fund upon the receipt by it of all
of the Assets of the Predecessor Fund in exchange solely for the assumption of the liabilities of
the Predecessor Fund and issuance of the Successor Fund Shares pursuant to Section 1032(a) of the
Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;No gain or loss will be recognized by the Predecessor Fund upon the distribution of the
Successor Fund Shares by the Predecessor Fund to its shareholders in complete liquidation (in
pursuance of the Agreement) pursuant to Section&nbsp;361(c)(1) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The tax basis of the Assets of the Predecessor Fund received by the Successor Fund will be
the same as the tax basis of such Assets in the hands of the Predecessor Fund immediately prior to
the transfer pursuant to Section 362(b) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;The holding periods of the Assets of the Predecessor Fund in the hands of the Successor
Fund will include the periods during which such Assets were held by the Predecessor Fund pursuant
to Section&nbsp;1223(2) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;No gain or loss will be recognized by the shareholders of the Predecessor Fund upon the
exchange of all of their Predecessor Fund shares solely for the Successor Fund Shares pursuant to
Section 354(a) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;The aggregate tax basis of the Successor Fund Shares to be received by each shareholder
of the Predecessor Fund will be the same as the aggregate tax basis of Predecessor Fund shares
exchanged therefor pursuant to Section&nbsp;358(a)(1) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;The holding period of Successor Fund Shares received by a shareholder of the Predecessor
Fund will include the holding period of the Predecessor Fund shares exchanged therefor, provided
that the shareholder held Predecessor Fund shares as a capital asset on the Closing Date pursuant
to Section&nbsp;1223(1) of the Code.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;For purposes of Section&nbsp;381 of the Code, the Successor Fund will succeed to and take into
account, as of the date of the transfer as defined in Section&nbsp;1.381(b)-1(b) of the income tax
regulations issued by the United States Department of the Treasury (the &#147;Income Tax Regulations&#148;),
the items of the Predecessor Fund described in Section 381(c) of the Code as if there had been no
Reorganization.
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT B</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Comparison of Governing Documents</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Target Fund (MSY)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund is a Maryland corporation (the &#147;Corporation&#148;). Under Proposal 1, if approved,
the Corporation will reorganize into a newly formed Delaware statutory trust (the &#147;DE Trust&#148;). The
following is a discussion of certain provisions of the governing instruments and governing laws of
the Corporation and the DE Trust, but is not a complete description thereof. Further information
about the Corporation&#146;s governance structure is contained in the Corporation&#146;s shareholder reports
and its governing documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shares. </I>The Directors of the Corporation have the power to issue shares, including preferred
shares, without shareholder approval. The governing documents of the Corporation indicate that the
amount of shares that the Corporation may issue is limited to the amount set forth in the Articles.
Shares of the Corporation have no preemptive rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees of the DE Trust have the power to issue shares, including preferred shares,
without shareholder approval. The governing documents of the DE Trust indicate that the amount of
common and preferred shares that the DE Trust may issue is unlimited. Shares of the DE Trust have
no preemptive rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization</I>. The Corporation is organized under the laws of the State of Maryland. The
Corporation is governed by its Articles of Incorporation (the &#147;Articles&#148;) and its By-Laws, each as
may be amended, and its business and affairs are managed under the supervision of its Board of
Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DE Trust is organized as a Delaware statutory trust pursuant to the Delaware Statutory
Trust Act (&#147;Delaware Act&#148;). The DE Trust is governed by its Amended and Restated Agreement and
Declaration of Trust (also, a &#147;Declaration&#148;) and its By-Laws, and its business and affairs are
managed under the supervision of its Board of Trustees.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Composition of the Board of Directors/Trustees. </I>The Board of Directors of the Corporation and
the Board of Trustees of the DE Trust are divided into three classes, with the election of each
class staggered so that each class is only up for election once every three years.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholder Meetings and Rights of Shareholders to Call a Meeting</I>. The stock exchanges on which the Corporation and the DE Trust&#146;s shares are currently
listed requires annual meetings to elect directors/trustees.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U> The governing instruments for the Corporation provide that special meetings of
shareholders may be called by the Chairman of the Board, the President, or a majority of the Board
of Directors. Special meetings of shareholders shall also be called by the Secretary upon receipt
of the request in writing signed by shareholders holding not less than 25% of the votes entitled to
be cast thereat.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The By-Laws of the DE Trust authorize the Trustees to call a meeting of the shareholders for
the election of Trustees. The By-Laws of the DE Trust also authorize a meeting of shareholders for
any purpose determined by the Trustees. The By-Laws of the DE Trust state that shareholders have
no power to call a special meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Submission of Shareholder Proposals</I>. The federal securities laws, which apply to the
Corporation and the DE Trust, require that certain conditions be met to present any proposal at a
shareholder meeting. The matters to be considered and brought before an annual or special meeting
of shareholders of the Corporation and the DE Trust are limited to only those matters, including
the nomination and election of Directors/Trustees, that are properly brought before the meeting.
For proposals submitted by shareholders, the By-Laws of the Corporation and the DE Trust
</DIV>




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<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contain provisions which require that notice be given to the DE Trust or Corporation,
respectively, by an otherwise eligible shareholder in advance of the annual or special shareholder
meeting in order for the shareholder to present a proposal at any
such meeting and requires shareholders to provide certain information in connection with the proposal.  These
requirements are intended to provide the Board the opportunity to better evaluate the proposal
and provide additional information to shareholders for their consideration in connection with the
proposal.   Failure to satisfy the requirements of these advance notice provisions means that a shareholder may not be able to
present a proposal at the annual or special shareholder meeting.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, for nominations and any other proposals to be properly brought before an annual
meeting of shareholders by a shareholder of the Corporation, written notice must be delivered to
the Secretary of the Corporation not less than 60&nbsp;days, nor more than 90&nbsp;days, prior to the first
anniversary of the preceding year&#146;s annual meeting. If the annual meeting is not scheduled to be
held within a period that commences 30&nbsp;days before such anniversary and ends 30&nbsp;days after such
anniversary, the written notice must be delivered by the later of the 60<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to
the meeting or the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the public announcement or disclosure of the
meeting date. If the number of Trustees to be elected to the Board is increased and either all of
the nominees for Trustee or the size of the increased Board are not publicly announced or disclosed
at least 70&nbsp;days prior to the first anniversary of the preceding year&#146;s annual meeting, written
notice will be considered timely if delivered to the Secretary of the Corporation no later than the
10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date after such public announcement or disclosure. With respect to the nomination
of individuals for election to the Board of Trustees at a special shareholder meeting, written
notice must be delivered by a shareholder of the Corporation to the Secretary of the Corporation no
later than the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date after such meeting is publicly announced or disclosed.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For nominations and any other proposals to be properly brought before an annual meeting of
shareholders by a shareholder of the DE Trust, written notice must be delivered to the Secretary of
the DE Trust not less than 90&nbsp;days, nor more than 120&nbsp;days, prior to the first anniversary of the
preceding year&#146;s annual meeting. If the annual meeting is not scheduled to be held within a period
that commences 30&nbsp;days before such anniversary and ends 30&nbsp;days after such anniversary (an &#147;Other
Annual Meeting Date&#148;), the written notice must be delivered by the later of the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day
prior to the meeting or the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the public announcement or disclosure of
the meeting date provided, however, that if the Other Annual Meeting Date was disclosed in the
proxy statement for the prior year&#146;s annual meeting, the dates for receipt of the written notice
shall be calculated based on the Other Annual Meeting Date and disclosed in the proxy statement for
the prior year&#146;s annual meeting. If the number of Trustees to be elected to the Board is increased
and either all of the nominees for Trustee or the size of the increased Board are not publicly
announced or disclosed at least 70&nbsp;days prior to the first anniversary of the preceding year&#146;s
annual meeting, written notice will be considered timely if delivered to the Secretary of the DE
Trust no later than the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date after such public announcement or disclosure. With
respect to the nomination of individuals for election to the Board of Trustees at a special
shareholder meeting, written notice must be delivered by a shareholder of the DE Trust to the
Secretary of the DE Trust no later than the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date after such meeting is publicly
announced or disclosed. Specific information, as set forth in the By-Laws, about the nominee, the
shareholder making the nomination, and the proposal must also be delivered, and updated as
necessary if proposed at an annual meeting, by the shareholder of the DE Trust. The shareholder or
a qualified representative must also appear at the annual or special meeting of shareholders to
present about the nomination or proposed business.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Quorum</I>. The governing instruments of the Corporation states that the presence in person or by
proxy of stockholders entitled to cast a majority of the votes shall constitute a quorum at all
meetings of the stockholders at the meeting in person or by proxy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The By-Laws of the DE Trust provide that a quorum will exist if shareholders representing a
majority of the outstanding shares entitled to vote are present or represented by proxy, except
when a larger quorum is required by applicable law or the requirements of any securities exchange
on which shares are listed for trading, in which case the quorum must comply with such
requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Number of Votes; Aggregate Voting. </I>The governing instruments of the Corporation and the
Declaration and By-Laws of the DE Trust provide that each shareholder is entitled to one vote for
each whole share held as to any matter on which the shareholder is entitled to vote, and a
proportionate fractional vote for each fractional share held. The Corporation and the DE Trust do
not provide for cumulative voting for the election or removal of Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration for the Corporation generally provide that the total number of shares vote as
a single class, except when otherwise required by applicable law, the governing instruments, or
resolution of the Directors.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration for the DE Trust generally provides that all shares are voted as a single
class, except when required by applicable law, the governing instruments, or when the Trustees have
determined that the matter affects the interests of one or more classes, in which case only the
shareholders of all such affected classes are entitled to vote on the matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Derivative Actions. </I>Shareholders of the Corporation do not have the express power to vote as
to whether or not a court action, proceeding or claim should or should not be brought or maintained
derivatively or as a class action on behalf of the Corporation or its shareholders. However, such
power may still exist for shareholders of the Corporation as developed under common law in the
state of Maryland.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration for the DE Trust states that a shareholder may bring a derivative action on
behalf of the DE Trust only if several conditions are met. These conditions include, among other
things, a pre-suit demand upon the Board of Trustees and, unless a demand is not required,
shareholders who hold at least a majority of the outstanding shares must join in the demand for the
Board of Trustees to commence an action, and the Board of Trustees must be afforded a reasonable
amount of time to consider such shareholder request and to investigate the basis of the claim.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right to Vote</I>. The 1940 Act provides that shareholders of a fund have the power to vote with
respect to certain matters: specifically, for the election of trustees, the selection of auditors
(under certain circumstances), approval of investment advisory agreements and plans of
distribution, and amendments to policies, goals or restrictions deemed to be fundamental.
Shareholders also have the right to vote on certain matters affecting a fund or a particular share
class thereof under their respective governing instruments and applicable state law. The following
summarizes the matters on which shareholders have the right to vote as well as the minimum
shareholder vote required to approve the matter. For matters on which shareholders of the
Corporation or the DE Trust do not have the right to vote, the Trustees may nonetheless determine
to submit the matter to shareholders for approval. Where referenced below, the phrase &#147;Majority
Shareholder Vote&#148; means the vote required by the 1940 Act, which is the lesser of (a)&nbsp;67% or more
of the shares present at the meeting, if the holders of more than 50% of a fund&#146;s outstanding
shares are present or represented by proxy; or (b)&nbsp;more than 50% of a fund&#146;s outstanding shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Election and Removal of Trustees</U><I>. </I>The shareholders of the Corporation are entitled to
vote, under certain circumstances, for the election and the removal of Directors. A vote for the
elections of Directors of the Corporation shall be decided by a majority of the votes cast at a
duly constituted meeting. A Director of the Corporation may be removed only with cause, and any
such removal may be made only by the shareholders&#146; affirmative vote of at least 75% of the shares
outstanding and entitled to vote.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With regard to the DE Trust, Trustees are elected by the affirmative vote of a majority of the
outstanding shares of the DE Trust present in person or by proxy and entitled to vote at a meeting
of the shareholders at which a quorum is present. Preferred shareholders, voting as a separate
class, solely elect at least two Trustees by the affirmative vote of a majority of the outstanding
preferred shares. Under certain circumstances, as set forth by the Trustees in accordance with the
Declaration, holders of preferred shares may elect at least a majority of the Board&#146;s Trustees.
The Declaration and By-Laws of the DE Trust do not provide shareholders with the ability to remove
Trustees.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of Governing Instruments</U><I>. </I>Except as described below, the Trustees of the
Corporation and DE Trust have the right to amend, from time to time, the governing instruments.
For the Corporation, the Directors have the power to alter, amend, add to or repeal the By-Laws or
adopt new By-Laws. For the DE Trust, the By-Laws may be altered, amended, or repealed by the
Trustees, without the vote or approval of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Corporation, the shareholders must vote with respect to any amendment of the
Declaration to the extent provided by the Declaration. The vote required to amend most provisions
is a majority of the shares of any class or series present or represented by proxy and entitled to
vote at the meeting, except as otherwise provided by applicable law, the Declaration or resolution
of the Trustees specifying a greater or lesser vote requirement for the transaction of any item of
business at any meeting of shareholders. Amending other provisions, or adding
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions, requires the vote of the holders of three fourths of the shares outstanding and
entitled to vote, voting as a single class.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the DE Trust, the Board generally may amend the Declaration without shareholder approval, except (i): any amendment to the Declaration approved by the Board that would reduce the
shareholders&#146; rights to indemnification requires the vote of shareholders owning at least 75% of
the outstanding shares; (ii) any amendments to the Declaration that would change shareholder voting
rights  or declassify the Board require the affirmative vote or consent by the Board of Trustees followed by the affirmative
vote or consent of shareholders owning at least 75% of the outstanding shares, unless such
amendments have been previously approved, adopted or authorized by the affirmative vote of at least
66 2/3% of the Board of Trustees, in which case an affirmative Majority Shareholder Vote is
required (the &#147;DE Trust&#146;s Voting Standard&#148;).
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mergers, Reorganizations, and Conversions</U><I>. </I>The governing instruments of the
Corporation provide that a merger, consolidation, sale, lease, exchange, conversion to an open-end
company, incorporation or reorganization requires the affirmative vote of at least 75% of the
shares outstanding and entitled to vote, voting together as a single class. If the merger,
consolidation, sale, lease, exchange, conversion to an open-end company, incorporation or
reorganization is approved by at least 70% of the Directors, then the vote required for approval is
the affirmative vote of only a majority of the shares outstanding and entitled to vote.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the DE Trust, any such merger, consolidation, conversion, reorganization, or
reclassification requires approval pursuant to the DE Trust&#146;s Voting Standard. The vote required
is in addition to the vote or consent of shareholders otherwise required by law or by the terms of
any class of preferred shares or any agreement between the Trust and any national securities
exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal Shareholder Transactions</U>. A principal shareholder of a fund is any
corporation, person or other entity which is the beneficial owner, directly or indirectly, of more
than 5% of the fund&#146;s outstanding shares. The Corporation does not require a separate vote for a
transaction where a principal shareholder is the party to the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DE Trust requires a vote pursuant to the DE Trust&#146;s Voting Standard for certain principal
shareholder transactions. The vote required is in addition to the vote or consent of shareholders
otherwise required by law or by the terms of any class of preferred shares or any agreement between
the Trust and any national securities exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of a Trust</U><I>. </I>With respect to the Corporation, the dissolution or
liquidation of the Corporation requires the affirmative vote of at least 75% of the shares
outstanding and entitled to vote, voting together as a single class. If the liquidation or
dissolution is approved by at least 70% of the Directors, then the vote required for approval is
the affirmative vote of only a majority of the shares outstanding and entitled to vote.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To spare shareholders the expense of a shareholder meeting in connection with the dissolution of a Fund,
the DE Trust may be dissolved upon a vote pursuant to the DE Trust&#146;s Voting Standard. The
vote required is in addition to the vote or consent of shareholders otherwise required by law or by
the terms of any class of preferred shares or any agreement between the DE Trust and any national
securities exchange. In addition, if the affirmative vote of at least 75% of the Board approves
the dissolution, shareholder approval is not required.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liability of Shareholders. </I>The governing documents of the Corporation do not address the
limitation of liability of shareholders for acts and obligations of the Corporation. However,
Section&nbsp;2-215 of Maryland Corporations and Associations provides that shareholders of the
Corporation is not obligated to the Corporation or its creditors with respect to the stock.
Consistent with Section&nbsp;3803 of the Delaware Act, the Declaration of the DE Trust generally
provides that shareholders will not be subject to personal liability for the acts or obligations of
the DE Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liability of Trustees and Officers. </I>Consistent with the 1940 Act, the governing instruments
for the Corporation generally provide that no Director or officer of the Corporation is subject to
any personal liability to the Corporation or to its shareholders for money damages. The governing
instruments for the DE Trust generally provide that no Trustee or officer of the DE Trust is
subject to any personal liability in connection with the assets or affairs of the DE Trust, except
for liability arising from his or her own willful misfeasance, bad faith, gross negligence or
reckless disregard of the duties involved in the conduct of the office (&#147;Disabling Conduct&#148;).
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification</I>. The Corporation generally indemnifies every person who is or has been a
Director or officer of the Corporation to the fullest extent permitted by law for expenses incurred
in defending an action, suit or proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees, officers, employees or agents of the DE Trust (&#147;Covered Persons&#148;) are
indemnified by the DE Trust to the fullest extent permitted by the Delaware Act, the By-Laws and
other applicable law. The By-Laws provide that every Covered Person is indemnified by the DE Trust
for expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in
any proceeding to which such Covered Person is made a party or is threatened to be made a party, or
is involved as a witness, by reason of the fact that such person is a Covered Person. For
proceedings not by or in the right of the DE Trust (<I>i.e.</I>, derivative lawsuits), every Covered
Person is indemnified by the DE Trust for expenses actually and reasonably incurred in the
investigation, defense or settlement in any proceeding to which such Covered Person is made a party
or is threatened to be made a party, or is involved as a witness, by reason of the fact that such
person is a Covered Person. No Covered Person is indemnified for any expenses, judgments, fines,
amounts paid in settlement, or other liability or loss arising by reason of disabling conduct or
for any proceedings by such Covered Person against the Trust. The termination of any proceeding by
conviction, or a plea of nolo contendere or its equivalent, or an entry of an order of probation
prior to judgment, creates a rebuttable presumption that the person engaged in Disabling Conduct.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A DE Trust is indemnified by any common shareholder who brings an action against the Trust
for all costs, expenses, penalties, fines or other amounts arising from such action to the extent
that the shareholder is not the prevailing party.
 The DE Trust is permitted to redeem shares of and set
off against any distributions to the shareholder for such amounts liable by the shareholder to the
DE Trust.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Acquiring Fund (VLT)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Acquiring Fund is a Massachusetts business trust (the &#147;IVK Trust&#148;). Under Proposal 1, if
approved, the IVK Trust will reorganize into a newly formed Delaware statutory trust (the &#147;DE
Trust&#148;). The following is a discussion of certain provisions of the governing instruments and
governing laws of the IVK Trust and the corresponding DE Trust, but is not a complete description
thereof. Further information about the IVK Trust&#146;s governance structure is contained in the IVK
Trust&#146;s shareholder reports and its governing documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shares. </I>The Trustees of the IVK Trust have the power to issue shares, including preferred
shares, without shareholder approval. The governing documents of the IVK Trust indicate that the
amount of common shares that the IVK Trust may issue is unlimited. Preferred shares are limited to
the amount set forth in the Declarations (defined below). Shares of the IVK Trust have no
preemptive rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees of the DE Trust have the power to issue shares, including preferred shares,
without shareholder approval. The governing documents of the DE Trust indicate that the amount of
common and preferred shares that the DE Trust may issue is unlimited. Shares of the DE Trust have
no preemptive rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Organization</I>. The IVK Trust is organized as a Massachusetts business trust, under the laws of
the Commonwealth of Massachusetts. The IVK Trust is governed by its Declaration of Trust (the
&#147;Declaration&#148;) and its By-Laws, each as may be amended, and its business and affairs are managed
under the supervision of its Board of Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DE Trust is organized as a Delaware statutory trust pursuant to the Delaware Statutory
Trust Act (&#147;Delaware Act&#148;). The DE Trust is governed by its Amended and Restated Agreement and
Declaration of Trust (also, a &#147;Declaration&#148; and, together with the Declaration of the IVK Trust,
the &#147;Declarations&#148;) and its By-Laws, and its business and affairs are managed under the supervision
of its Board of Trustees.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Composition of the Board of Trustees. </I>The Boards of Trustees of both the IVK Trust and the DE
Trust are divided into three classes, with the election of each class staggered so that each class
is only up for election once every three years.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholder Meetings and Rights of Shareholders to Call a Meeting</I>.
The stock exchanges on which the IVK Trust and DE Trust&#146;s shares are currently listed requires
annual meetings to elect trustees.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U> The governing instruments for the IVK Trust provide that special meetings of
shareholders may be called by a majority of the Trustees. In addition, special meetings of
shareholders may also be called by any Trustee upon written request from shareholders holding in
the aggregate not less than 51% of the outstanding common and/or preferred shares, if any
(depending on whether they are voting as a single class or separately).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The By-Laws of the DE Trust authorize the Trustees to call a meeting of the shareholders for
the election of Trustees. The By-Laws of the DE Trust also authorize a meeting of shareholders for
any purpose determined by the Trustees. The By-Laws of the DE Trust state that shareholders have
no power to call a special meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Submission of Shareholder Proposals</I>. The IVK Trust does not have provisions in its governing
instruments that require shareholders to provide advance notice to the IVK Trust in order to
present a proposal at a shareholder meeting. Nonetheless, the federal securities laws, which apply
to the IVK Trust and the DE Trust, require that certain conditions be met to present any proposal
at a shareholder meeting.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The matters to be considered and brought before an annual or special meeting of shareholders
of the DE Trust are limited to only those matters, including the nomination and election of
Trustees, that are properly brought before the meeting. For proposals submitted by shareholders,
the By-Laws of the DE Trust contain provisions which require that notice be given to the DE Trust
by an otherwise eligible shareholder in advance of the annual or special shareholder meeting in
order for the shareholder to present a proposal at any such meeting
and requires shareholders to provide certain information in connection with the proposal.  These
requirements are intended to provide the Board the opportunity to better evaluate the proposal
and provide additional information to shareholders for their consideration in connection with the
proposal.
 Failure to satisfy the
requirements of these advance notice provisions means that a shareholder may not be able to present
a proposal at the annual or special shareholder meeting.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, for nominations and any other proposals to be properly brought before an annual
meeting of shareholders by a shareholder of the DE Trust, written notice must be delivered to the
Secretary of the DE Trust not less than 90&nbsp;days, nor more than 120&nbsp;days, prior to the first
anniversary of the preceding year&#146;s annual meeting. If the annual meeting is not scheduled to be
held within a period that commences 30&nbsp;days before such anniversary and ends 30&nbsp;days after such
anniversary (an &#147;Other Annual Meeting Date&#148;), the written notice must be delivered by the later of
the 90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day prior to the meeting or the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the public
announcement or disclosure of the meeting date provided, however, that if the Other Annual Meeting
Date was disclosed in the proxy statement for the prior year&#146;s annual meeting, the dates for
receipt of the written notice shall be calculated based on the Other Annual Meeting Date and
disclosed in the proxy statement for the prior year&#146;s annual meeting. If the number of Trustees to
be elected to the Board is increased and either all of the nominees for Trustee or the size of the
increased Board are not publicly announced or disclosed at least 70&nbsp;days prior to the first
anniversary of the preceding year&#146;s annual meeting, written notice will be considered timely if
delivered to the Secretary of the DE Trust no later than the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date after such public
announcement or disclosure. With respect to the nomination of individuals for election to the
Board of Trustees at a special shareholder meeting, written notice must be delivered by a
shareholder of the DE Trust to the Secretary of the DE Trust no later than the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> date
after such meeting is publicly announced or disclosed. Specific information, as set forth in the
By-Laws, about the nominee, the shareholder making the nomination, and the proposal must also be
delivered, and updated as necessary if proposed at an annual meeting, by the shareholder of the DE
Trust. The shareholder or a qualified representative must also appear at the annual or special
meeting of shareholders to present about the nomination or proposed business.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Quorum</I>. The governing instruments of the IVK Trust provide that a quorum will exist if
shareholders representing a majority of the outstanding shares of each class or series or combined
class entitled to vote are present at the meeting in person or by proxy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The By-Laws of the DE Trust provide that a quorum will exist if shareholders representing a
majority of the outstanding shares entitled to vote are present or represented by proxy, except
when a larger quorum is required by applicable law or the requirements of any securities exchange
on which shares are listed for trading, in which case the quorum must comply with such
requirements.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Number of Votes; Aggregate Voting. </I>The governing instruments of the IVK Trust and the
Declaration and By-Laws of the DE Trust provide that each shareholder is entitled to one vote for
each whole share held as to any matter on which the shareholder is entitled to vote, and a
proportionate fractional vote for each fractional share held. The IVK Trust and the DE Trust do
not provide for cumulative voting for the election or removal of Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The governing instruments of the IVK Trust generally provide that all share classes vote by
class or series of the IVK Trust, except as otherwise provided by applicable law, the governing
instruments or resolution of the Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration for the DE Trust generally provides that all shares are voted as a single
class, except when required by applicable law, the governing instruments, or when the Trustees have
determined that the matter affects the interests of one or more classes, in which case only the
shareholders of all such affected classes are entitled to vote on the matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Derivative Actions. </I>Shareholders of the IVK Trust have the power to vote as to whether or not
a court action, proceeding or claim should or should not be brought or maintained derivatively or
as a class action on behalf of the IVK Trust or its shareholders. Such shareholders have the power
to vote to the same extent as the stockholders of a Massachusetts corporation.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration for the DE Trust states that a shareholder may bring a derivative action on
behalf of the DE Trust only if several conditions are met. These conditions include, among other
things, a pre-suit demand upon the Board of Trustees and, unless a demand is not required,
shareholders who hold at least a majority of the outstanding shares must join in the demand for the
Board of Trustees to commence an action, and the Board of Trustees must be afforded a reasonable
amount of time to consider such shareholder request and to investigate the basis of the claim.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Right to Vote</I>. The 1940 Act provides that shareholders of a fund have the power to vote with
respect to certain matters: specifically, for the election of trustees, the selection of auditors
(under certain circumstances), approval of investment advisory agreements and plans of
distribution, and amendments to policies, goals or restrictions deemed to be fundamental.
Shareholders also have the right to vote on certain matters affecting a fund or a particular share
class thereof under their respective governing instruments and applicable state law. The following
summarizes the matters on which shareholders have the right to vote as well as the minimum
shareholder vote required to approve the matter. For matters on which shareholders of the IVK
Trust or DE Trust do not have the right to vote, the Trustees may nonetheless determine to submit
the matter to shareholders for approval. Where referenced below, the phrase &#147;Majority Shareholder
Vote&#148; means the vote required by the 1940 Act, which is the lesser of (a)&nbsp;67% or more of the shares
present at the meeting, if the holders of more than 50% of a fund&#146;s outstanding shares are present
or represented by proxy; or (b)&nbsp;more than 50% of a fund&#146;s outstanding shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Election and Removal of Trustees</U><I>. </I>The shareholders of the IVK Trust are entitled to
vote, under certain circumstances, for the election and the removal of Trustees. Subject to the
rights of the preferred shareholders, if any, the Trustees of the IVK Trust are elected by a
plurality vote (<I>i.e.</I>, the nominees receiving the greatest number of votes are elected). Any
Trustee of the IVK Trust may be removed at any meeting of shareholders by a vote of two-thirds of
the outstanding shares of the class or classes of shares of beneficial interest that elected such
Trustee.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With regard to the DE Trust, Trustees are elected by the affirmative vote of a majority of the
outstanding shares of the DE Trust present in person or by proxy and entitled to vote at a meeting
of the shareholders at which a quorum is present. Preferred shareholders, voting as a separate
class, solely elect at least two Trustees by the affirmative vote of a majority of the outstanding
preferred shares. Under certain circumstances, as set forth by the Trustees in accordance with the
Declaration, holders of preferred shares may elect at least a majority of the Board&#146;s Trustees.
The Declaration and By-Laws of the DE Trust do not provide shareholders with the ability to remove
Trustees.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of Governing Instruments</U><I>. </I>Except as described below, the Trustees of the
IVK Trust and DE Trust have the right to amend, from time to time, the governing instruments. For
the IVK Trust, the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustees have the power to alter, amend or repeal the By-Laws or adopt new By-Laws, provided that
By-Laws adopted by shareholders may only be altered, amended or repealed by the shareholders. For
the DE Trust, the By-Laws may be altered, amended, or repealed by the Trustees, without the vote or
approval of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the IVK Trust, the shareholders must vote with respect to any amendment of the Declaration
to the extent provided by the Declaration. The vote required is a majority of the shares of any
class or series present or represented by proxy and entitled to vote at the meeting, except as
otherwise provided by applicable law, the Declaration or resolution of the Trustees specifying a
greater or lesser vote requirement for the transaction of any item of business at any meeting of
shareholders.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the DE Trust, the Board generally may amend the Declaration without shareholder approval, except (i): any amendment to the Declaration approved by the Board that would reduce the
shareholders&#146; rights to indemnification requires the vote of shareholders owning at least 75% of
the outstanding shares; (ii) any  amendments to the Declaration that would change shareholder voting
rights or declassify the Board require the affirmative vote or consent by the Board of Trustees followed by the affirmative
vote or consent of shareholders owning at least 75% of the outstanding shares, unless such
amendments have been previously approved, adopted or authorized by the affirmative vote of at least
66 2/3% of the Board of Trustees, in which case an affirmative Majority Shareholder Vote is
required (the &#147;DE Trust&#146;s Voting Standard&#148;).
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mergers, Reorganizations, and Conversions</U><I>. </I>The governing instruments of the IVK Trust
provide that a merger, consolidation, sale, lease or exchange requires the affirmative vote of not
less than 66 2/3% of the common shares and the preferred shares, if any, outstanding and entitled
to vote, voting as separate classes. If the merger, consolidation, sale, lease or exchange is
recommended by the Trustees, the vote or written consent of the holders of a majority of the common
shares and preferred shares, if any, outstanding and entitled to vote, voting as separate classes,
is sufficient authorization. Conversion to an open-end company is required to be approved by at
least a majority of the Trustees, including those who are not interested persons as defined in the
1940 Act, and a Majority Shareholder Vote of each of the common shares and preferred shareholders,
if any, voting as separate classes. An incorporation or reorganization requires the approval of a
majority of the common shares and preferred shares, if any, outstanding and entitled to vote,
voting as separate classes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the DE Trust, any such merger, consolidation, conversion, reorganization, or
reclassification requires approval pursuant to the DE Trust&#146;s Voting Standard. The vote required
is in addition to the vote or consent of shareholders otherwise required by law or by the terms of
any class of preferred shares or any agreement between the Trust and any national securities
exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal Shareholder Transactions</U>. The IVK Trust requires a vote or consent of 75%
of the common shares or preferred shares, if any, outstanding and entitled to vote, voting as
separate classes, where a principal shareholder of a fund (<I>i.e</I>., any corporation, person or other
entity which is the beneficial owner, directly or indirectly, of more than 5% of the fund&#146;s
outstanding shares) is the party to certain transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DE Trust requires a vote pursuant to the DE Trust&#146;s Voting Standard for certain principal
shareholder transactions. The vote required is in addition to the vote or consent of shareholders
otherwise required by law or by the terms of any class of preferred shares or any agreement between
the Trust and any national securities exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of a Trust</U><I>. </I>With respect to the IVK Trust, the affirmative vote of not
less than 75% of the common shares and preferred shares, if any, outstanding and entitled to vote,
voting as separate classes, at any meeting of shareholders, or by an instrument in writing, without
a meeting, signed by a majority of the Trustees and consented to by the holders of not less than
75% of each of such common shares and preferred shares, is required for termination of the IVK
Trust.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To spare shareholders the expense of a shareholder meeting in
connection with the dissolution of a Fund,
the DE Trust may be dissolved upon a vote pursuant to the DE Trust&#146;s Voting Standard. The
vote required is in addition to the vote or consent of shareholders otherwise required by law or by
the terms of any class of preferred shares or any agreement between the DE Trust and any national
securities exchange. In addition, if the affirmative vote of at least 75% of the Board approves
the dissolution, shareholder approval is not required.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liability of Shareholders. </I>The Massachusetts statute governing business trusts does not
include an express provision relating to the limitation of liability of the shareholders of a
Massachusetts business trust. However, the
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Declaration for the IVK Trust provides that no shareholder will be personally liable in connection
with the acts, obligations or affairs of the IVK Trust. Consistent with Section&nbsp;3803 of the
Delaware Act, the Declaration of the DE Trust generally provides that shareholders will not be
subject to personal liability for the acts or obligations of the DE Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liability of Trustees and Officers. </I>Consistent with the 1940 Act, the governing instruments
for both the DE Trust and the IVK Trust generally provide that no Trustee or officer of the DE
Trust and no Trustee, officer, employee or agent of the IVK Trust is subject to any personal
liability in connection with the assets or affairs of the DE Trust and the IVK Trust, respectively,
except for liability arising from his or her own willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of the office (&#147;Disabling Conduct&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification</I>. The IVK Trust generally indemnifies every person who is or has been a
Trustee or officer of the Trust to the fullest extent permitted by law against all liability and
against all expenses reasonably incurred or paid by them in connection with any claim, action, suit
or proceeding in which they become involved as a party or otherwise by virtue of their being or
having been a Trustee or officer and against amounts paid or incurred by them in the settlement
thereof, except otherwise for Disabling Conduct.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees, officers, employees or agents of the DE Trust (&#147;Covered Persons&#148;) are
indemnified by the DE Trust to the fullest extent permitted by the Delaware Act, the By-Laws and
other applicable law. The By-Laws provide that every Covered Person is indemnified by the DE Trust
for expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in
any proceeding to which such Covered Person is made a party or is threatened to be made a party, or
is involved as a witness, by reason of the fact that such person is a Covered Person. For
proceedings not by or in the right of the DE Trust (<I>i.e.</I>, derivative lawsuits), every Covered
Person is indemnified by the DE Trust for expenses actually and reasonably incurred in the
investigation, defense or settlement in any proceeding to which such Covered Person is made a party
or is threatened to be made a party, or is involved as a witness, by reason of the fact that such
person is a Covered Person. No Covered Person is indemnified for any expenses, judgments, fines,
amounts paid in settlement, or other liability or loss arising by reason of disabling conduct or
for any proceedings by such Covered Person against the Trust. The termination of any proceeding by
conviction, or a plea of nolo contendere or its equivalent, or an entry of an order of probation
prior to judgment, creates a rebuttable presumption that the person engaged in Disabling Conduct.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A DE Trust is indemnified by any common shareholder who brings an action against the Trust
for all costs, expenses, penalties, fines or other amounts arising from such action to the extent
that the shareholder is not the prevailing party.
 The DE Trust is permitted to redeem shares of and set
off against any distributions to the shareholder for such amounts liable by the shareholder to the
DE Trust.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->B-9<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT C</b></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Comparison of State Laws</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Delaware and Massachusetts State Laws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Acquiring Fund (VLT).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The laws governing Massachusetts business trusts and Delaware statutory trusts have similar
effect, but they differ in certain respects. Both the Massachusetts business trust law (&#147;MA
Statute&#148;) and the Delaware statutory trust act (&#147;DE Statute&#148;) permit a trust&#146;s governing instrument
to contain provisions relating to shareholder rights and removal of trustees, and provide trusts
with the ability to amend or restate the trust&#146;s governing instruments. However, the MA Statute is
silent on many of the salient features of a Massachusetts business trust (a &#147;MA Trust&#148;) whereas the
DE Statute provides guidance and offers a significant amount of operational flexibility to Delaware
statutory trusts (a &#147;DE Trust&#148;). The DE Statute provides that the shareholders and trustees of a
Delaware Trust are not liable for obligations of the trust. Under the MA Statute, shareholders and
trustees are potentially liable for trust obligations. The DE Statute authorizes the trustees to
take various actions without requiring shareholder approval if permitted by a Fund&#146;s governing
instruments. For example, trustees may have the power to amend the Delaware trust instrument,
merge or consolidate a Fund with another entity and to change the Delaware trust&#146;s domicile, in
each case without a shareholder vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of only certain material differences between the DE Statute and
MA Statute, as applicable, and is not a complete description of those documents or law. Further
information about each Fund&#146;s current trust structure is contained in such Fund&#146;s organizational
documents and in relevant state law.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Governing Documents/Governing <BR>
Body</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A DE Trust is formed by the filing of a
certificate of trust with the Delaware
Secretary of State. A DE Trust is an
unincorporated association organized
under the DE Statute whose operations are
governed by its governing document (which
may consist of one or more documents).
Its business and affairs are managed by
or under the direction of one or more
trustees. As described in this chart, DE
Trusts are granted a significant amount
of organizational and operational
flexibility. Delaware law makes it easy
to obtain needed shareholder approvals,
and also permits the management of a DE
Trust to take various actions without
being required to make state filings or
obtain shareholder approval.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A MA Trust is created by the trustees&#146;
execution of a written declaration of
trust. A MA Trust is required to file
the declaration of trust with the
Secretary of the Commonwealth of
Massachusetts and with the clerk of every
city or town in Massachusetts where the
trust has a usual place of business. A
MA Trust is a voluntary association with
transferable shares of beneficial
interests, organized under the MA
Statute. A MA Trust is considered to be
a hybrid, having characteristics of both
corporations and common law trusts. A MA
Trust&#146;s operations are governed by a
trust document and bylaws. The business
and affairs of a MA Trust are managed by
or under the direction of a board of
trustees.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MA Trusts are also granted a significant
amount of organizational and operational
flexibility. The MA Statute is silent on
most of the salient features of MA
Trusts, thereby allowing trustees to
freely structure the MA Trust. The MA
Statute does not specify what information
must be contained in the declaration of
trust, nor does it require a registered
officer or agent for service of process.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Ownership Shares of
Interest</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Under both the DE Statute and the MA Statute, the ownership interests in a DE Trust and
MA Trust are denominated as &#147;beneficial interests&#148; and are held by &#147;beneficial owners.&#148;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Series and Classes</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may provide for classes, groups
or series of shares, having such relative
rights, powers and duties as shareholders
set forth in the governing document.
Such classes, groups or series may be
described in a DE Trust&#146;s governing
document or in resolutions adopted by its
trustees.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute is silent as to any
requirements for the creation of such
series or classes.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder Voting  Rights</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may set forth any provision
relating to trustee and shareholder
voting rights, including the withholding
of such rights from certain trustees or
shareholders. If voting rights are
granted, the governing document may
contain any provision relating to the
exercise of voting rights.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision in the MA Statute
addressing voting by the shareholders of
a MA Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Quorum</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may set forth any provision
relating to quorum requirements at
meetings of shareholders.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision in the MA Statute
addressing quorum requirements at
meetings of shareholders of a MA Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Shareholder Meetings</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute mandates an annual shareholders&#146; meeting.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Organization at
Meetings</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute contain provisions relating to the organization
of shareholder meetings.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Record Date</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may provide for record dates.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no record date provision in the
MA Statute.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Qualification and
Election of
Trustees</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
documents may set forth the manner in
which trustees are elected and qualified.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not contain
provisions relating to the election and
qualification of trustees of a MA Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Removal of Trustees</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
documents of a DE Trust or MA Trust may
contain any provision relating to the
removal of trustees; provided, however,
that there shall at all times be at least
one trustee of a DE Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not contain
provisions relating to the removal of
trustees.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><B><I>Restrictions on Transfer</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute contain provisions relating to the ability of a
DE Trust or MA Trust, as applicable, to restrict transfers of beneficial interests.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Preemptive Rights</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Under each of the DE Statute and the MA Statute, a governing document may contain any provision</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B><I>and Redemption of
Shares</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">relating to the rights, duties and obligations of the shareholders.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Liquidation Upon
Dissolution or
Termination Events</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, a DE Trust that has
dissolved shall first pay or make
reasonable provision to pay all known
claims and obligations, including those
that are contingent, conditional and
unmatured, and all known claims and
obligations for which the claimant is
unknown. Any remaining assets shall be
distributed to the shareholders or as
otherwise provided in the governing
document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute has no provisions
pertaining to the liquidation of a MA
Trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder
Liability</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, except to the
extent otherwise provided in the
governing document of a DE Trust,
shareholders of a DE Trust are entitled
to the same limitation of personal
liability extended to shareholders of a
private corporation organized for profit
under the General Corporation Law of the
State of Delaware.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not include an
express provision relating to the
limitation of liability of the
shareholders of a MA Trust. The
shareholders of a MA Trust could
potentially be held personally liable for
the obligations of the trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B><I>Trustee/Director
Liability</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to the provisions in the
governing document, the DE Statute
provides that a trustee or any other
person managing the DE Trust, when acting
in such capacity, will not be personally
liable to any person other than the DE
Trust or a shareholder of the DE Trust
for any act, omission or obligation of
the DE Trust or any trustee. To the
extent that at law or in equity a trustee
has duties (including fiduciary duties)
and liabilities to the DE Trust and its
shareholders, such duties and liabilities
may be expanded or restricted by the
governing document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute does not include an
express provision limiting the liability
of the trustee of a MA Trust. The
trustees of a MA Trust could potentially
be held personally liable for the
obligations of the trust.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Indemnification</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to such standards and
restrictions as may be contained in the
governing document of a DE Trust, the DE
Statute authorizes a DE Trust to
indemnify and hold harmless any trustee,
shareholder or other person from and
against any and all claims and demands.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute is silent as to the
indemnification of trustees, officers and
shareholders.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><B><I>Insurance</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MA Statute contain provisions regarding insurance.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder Right
of Inspection</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, except to the
extent otherwise provided in the
governing document of a DE Trust and
subject to reasonable standards
established by the trustees, each
shareholder has the right, upon
reasonable demand for any purpose
reasonably related to the shareholder&#146;s
interest as a shareholder, to obtain from
the DE Trust certain information
regarding the governance and affairs of
the DE Trust, including a current list of
the name and last known address of each
beneficial owner and trustee. In
addition, the DE Statute permits the
trustees of a DE Trust to keep
confidential from shareholders for such
period of time as deemed reasonable any
information that the trustees in good
faith believe would not be in the best
interest of the DE Trust to disclose or
that could damage the DE Trust or that
the DE Trust is required by law or by
agreement with a third party to keep
confidential.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision in the MA Statute
relating to shareholder inspection
rights.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Derivative Actions</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, a shareholder may
bring a derivative action if trustees
with authority to do so have refused to
bring the action or if a demand upon the
trustees to bring the action is not
likely to succeed. A shareholder may
bring a derivative action only if the
shareholder is a shareholder at the time
the action is brought and: (a)&nbsp;was a
shareholder at the time of the
transaction complained about or (b)
acquired the status of shareholder by
operation of law or pursuant to the
governing document from a person who was
a shareholder at the time of the
transaction. A shareholder&#146;s right to
bring a derivative action may be subject
to such additional standards and
restrictions, if any, as are set forth in
the governing document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision under the MA
Statute regarding derivative actions.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Arbitration of
Claims</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute provides flexibility as to
providing for arbitration pursuant to the
governing documents of a DE Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">There is no provision under the MA
Statute regarding arbitration.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-4<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Amendments to
Governing Documents</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute provides broad flexibility
as to the manner of amending and/or
restating the governing document of a DE
Trust. Amendments to the declaration
that do not change the information in the
DE Trust&#146;s certificate of trust are not
required to be filed with the Delaware
Secretary of State.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MA Statute provides broad flexibility
as to the manner of amending and/or
restating the governing document of a MA
Trust. The MA Statute provides that the
trustees shall, within thirty days after
the adoption of any amendment to the
declaration of trust, file a copy with
the Secretary of the Commonwealth of
Massachusetts and with the clerk of every
city or town in Massachusetts where the
trust has a usual place of business.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Delaware and Maryland State Laws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Target Fund (MSY).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both the Maryland General Corporation Law (&#147;MD Statute&#148;) and the Delaware statutory trust act
(&#147;DE Statute&#148;) permit a trust&#146;s governing document to provide guidance regarding shareholder rights
and general trust governance. Generally, the MD Statute provides greater certainty with respect to
specific trust governance issues, while the DE Statue provides a significant amount of operational
flexibility to Delaware statutory trusts (a &#147;DE Trust&#148;). For example, the MD Statute provides
default requirements in relation to shareholder meetings, record date, election of trustees, and
shareholder liability whereas the DE Statute only provides that these provisions can be addressed
in the DE Trust&#146;s governing document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of only certain material differences between the DE Statute and
the MD Statute as applicable, and is not a complete description of those documents or law. Further
information about each Fund&#146;s current trust structure is contained in such Fund&#146;s organizational
documents and in relevant state law.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maryland Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Governing Documents/Governing <BR>
Body</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A DE Trust is formed by the filing of a
certificate of trust with the Delaware
Secretary of State. A DE Trust is an
unincorporated association organized
under the DE Statute whose operations are
governed by its governing document (which
may consist of one or more documents).
Its business and affairs are managed by
or under the direction of one or more
trustees. As described in this chart, DE
Trusts are granted a significant amount
of organizational and operational
flexibility. Delaware law makes it easy
to obtain needed shareholder approvals,
and also permits the management of a DE
Trust to take various actions without
being required to make state filings or
obtain shareholder approval.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A Maryland
Corporation (&#147;MD
Corporation&#148;) is
formed by filing
signed articles of
incorporation. The
MD Statute governs
MD Corporations. A
MD Corporation is
an corporation
organized under the
MD Statute and is
governed by the MD
Corporation&#146;s
charter and bylaws.
The MD Statute
prescribes many
aspects of
corporate
governance.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Ownership Shares of
Interest</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the ownership
interests in a DE Trust is denominated as
&#147;beneficial interests&#148; and are held by
&#147;beneficial owners.&#148;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, the
ownership interests
in a MD Corporation
is denominated as
&#147;stockholders.&#148;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Series and Classes</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, the
governing document</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-5<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maryland Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">may provide for classes, groups
or series of shares, having such relative
rights, powers and duties as shareholders
set forth in the governing document.
Such classes, groups or series may be
described in a DE Trust&#146;s governing
document or in resolutions adopted by its
trustees.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">may provide for
classes, groups or
series of shares,
having such
relative rights,
powers and duties
as stockholders set
forth in the
governing document.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder Voting
Rights</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may set forth any provision
relating to trustee and shareholder
voting rights, including the withholding
of such rights from certain trustees or
shareholders. If voting rights are
granted, the governing document may
contain any provision relating to the
exercise of voting rights.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, a MD
Corporation
generally cannot
dissolve, amend its
charter, or engage
in statutory share
exchange, merger or
consolidation
unless approved by
a vote of
stockholders.
Depending on the
circumstances and
the charter of the
corporation, there
may be various
exceptions to these
stockholder votes.
Stockholders of MD
Corporations are
generally entitled
to one vote per
share and
fractional votes
for fractional
shares held.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Quorum</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may set forth any provision
relating to quorum requirements at
meetings of shareholders.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, unless the
governing document
provides otherwise,
the presence in
person or by proxy
of stockholders
entitled to cast a
majority of all the
votes entitled to
be cast at the
meeting constitutes
a quorum.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder Meetings</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute does not mandate an annual
shareholders&#146; meeting.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, a MD
Corporation must
hold an annual
meeting unless the
governing document
provides otherwise.
A special meeting
of the stockholders
may be called by
the President, the
Board of directors
or any other person
specified in the
governing document,
and stockholders.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><B><I>Organization at
Meetings</I></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Neither the DE Statute nor the MD Statute contain specific
provisions relating to the organization of shareholder meetings.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Record Date</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
document may provide for record dates.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, unless
provided otherwise
in the governing
document, the board
of directors
generally may set a
record date or
direct the stock
transfer books be
closed for a stated
period to make a
proper
determination with
respect to
stockholders.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Qualification and
Election of
Trustees</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
documents may set forth the manner in
which trustees are elected and qualified.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, the
governing documents
may set forth the
manner in which
directors are
qualified. Unless
provided otherwise
in the governing
document, directors
will be elected at
the annual meeting
of stockholders.
Each share may be
voted for as many
individuals as
there are directors
to be elected and
for whose election
the share is
entitled to be
voted. A plurality
vote is needed at a
meeting at which a
quorum is present,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-6<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maryland Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">unless provided
otherwise by the
governing document.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Removal of Trustees</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, the governing
documents of a DE Trust may contain any
provision relating to the removal of
trustees; provided, however, that there
shall at all times be at least one
trustee of a DE Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute,
stockholders of a
MD Corporation may
remove any
director, with or
without cause, by
the affirmative
vote of a majority
of all votes
entitled to be cast
generally for the
election of
directors, unless
otherwise provided
in the governing
document.
Exceptions to
removal without
cause apply if the
director had been
elected by a
specific class of
stockholders, the
MD Corporation has
cumulative voting
for the election of
directors or the
directors of the MD
Corporation have
been divided into
classes.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B><I>Restrictions on
Transfer</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute does not contain
provisions relating to the ability of a
DE Trust to restrict transfers of
beneficial interests.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MD Statute does
not generally
restrict the
transfers of
beneficial
interests unless
provided otherwise
in the governing
document.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Preemptive Rights
and Redemption of
Shares</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, a governing
document may contain any provision
relating to the rights, duties and
obligations of the shareholders.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, for MD
Corporations
incorporated on or
after October&nbsp;1,
1995, unless
specifically
provided by the
governing document,
a stockholder does
not have any
preemptive right to
subscribe to any
additional issue of
stock or any
security
convertible into an
additional issue of
stock. For MD
corporations
incorporated before
October&nbsp;1, 1995, a
stockholder shall
have preemptive
rights as and to
the extent in
existence before
October&nbsp;1, 1995,
unless and until
expressly changed
or terminated by
charter amendment.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, the
governing document
may contain any
provision relating
to the redemption
rights and
conditions.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-7<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maryland Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Liquidation Upon
Dissolution or
Termination Events</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, a DE Trust that has
dissolved shall first pay or make
reasonable provision to pay all known
claims and obligations, including those
that are contingent, conditional and
unmatured, and all known claims and
obligations for which the claimant is
unknown. Any remaining assets shall be
distributed to the shareholders or as
otherwise provided in the governing
document. Under the DE Statute, a series
established in accordance with the DE
Statute that has dissolved shall first
pay or make reasonable provision to pay
all known claims and obligations of the
series, including those that are
contingent, conditional and unmatured,
and all known claims and obligations of
the series for which the claimant is
unknown. Any remaining assets of the
series shall be distributed to the
shareholders of such series or as
otherwise provided in the governing
document. A series is dissolved and its
affairs wound up at the time or upon the
happening events specified in the
governing document or as specified by the
DE Statute.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, the
affirmative vote of
the holders of
two-thirds of all
votes entitled to
be cast are
required to
authorize a
dissolution.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder
Liability</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, except to the
extent otherwise provided in the
governing document of a DE Trust,
shareholders of a DE Trust are entitled
to the same limitation of personal
liability extended to shareholders of a
private corporation organized for profit
under the General Corporation Law of the
State of Delaware.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute,
shareholders
generally are not
personally liable
for debts or
obligations of a
corporation. A
stockholder may
plead on behalf of
the corporation all
defenses in the
same manner as
could the
corporation or its
receiver.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Trustee/Director
Liability</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to the provisions in the
governing document, the DE Statute
provides that a trustee or any other
person managing the DE Trust, when acting
in such capacity, will not be personally
liable to any person other than the DE
Trust or a shareholder of the DE Trust
for any act, omission or obligation of
the DE Trust or any trustee. To the
extent that at law or in equity a trustee
has duties (including fiduciary duties)
and liabilities to the DE Trust and its
shareholders, such duties and liabilities
may be expanded or restricted by the
governing document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, a director
who has met his or
her statutory
standard of conduct
has no liability
for reason of being
or having been a
director. The
governing document
may include any
provisions
expanding or
limiting the
liability of its
directors.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-8<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maryland Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Indemnification</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to such standards and
restrictions as may be contained in the
governing document of a DE Trust, the DE
Statute authorizes a DE Trust to
indemnify and hold harmless any trustee,
shareholder or other person from and
against any and all claims and demands.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject to the
standards and
restrictions
contained in the
governing document,
a MD Corporation
may indemnify its
directors and
officers to the
full extent
required or
permitted by the MD
Statute. A
director or officer
will not be
indemnified for any
liability to the MD
Corporation or its
shareholders to
which he or she
would otherwise be
subject by reason
of bad faith or
active or
deliberate
dishonesty or the
director received
an improper
personal benefit.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Insurance</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute is silent as to the right
of a DE Trust to purchase insurance on
behalf of its trustees or other persons.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, a MD
Corporation may
purchase and
maintain insurance
on behalf of
directors or other
persons against any
liability asserted
against and
incurred by such
person in their
capacity or arising
out of such
person&#146;s position.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder Right
of Inspection</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, except to the extent
otherwise provided in the governing
document of a DE Trust and subject to
reasonable standards established by the
trustees, each shareholder has the right,
upon reasonable demand for any purpose
reasonably related to the shareholder&#146;s
interest as a shareholder, to obtain from
the DE Trust certain information
regarding the governance and affairs of
the DE Trust, including a current list of
the name and last known address of each
beneficial owner and trustee. In
addition, the DE Statute permits the
trustees of a DE Trust to keep
confidential from shareholders for such
period of time as deemed reasonable any
information that the trustees in good
faith believe would not be in the best
interest of the DE Trust to disclose or
that could damage the DE Trust or that
the DE Trust is required by law or by
agreement with a third party to keep
confidential.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, a
stockholder may, on
written request and
during usual
business hours,
inspect and copy
certain records of
the MD Corporation
at its principal
office. A
stockholder may
also make a written
request for a
statement by the MD
Corporation showing
all shares and
securities issued
and consideration
received by the MD
Corporation within
the preceding
twelve months.
Additionally, under
the MD Statute, one
or more persons who
are, and for at
least six months
have been,
stockholder of
record of at least
five percent of the
outstanding stock
of the MD
Corporation are
entitled to inspect
and copy the books
of account and
stock ledger of the
MD Corporation,
request a statement
of affairs, and in
some cases a list
of the stockholders
of the MD
Corporation.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-9<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Maryland Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Derivative Actions</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the DE Statute, a shareholder may
bring a derivative action if trustees
with authority to do so have refused to
bring the action or if a demand upon the
trustees to bring the action is not
likely to succeed. A shareholder may
bring a derivative action only if the
shareholder is a shareholder at the time
the action is brought and: (a)&nbsp;was a
shareholder at the time of the
transaction complained about or (b)
acquired the status of shareholder by
operation of law or pursuant to the
governing document from a person who was
a shareholder at the time of the
transaction. A shareholder&#146;s right to
bring a derivative action may be subject
to such additional standards and
restrictions, if any, as are set forth in
the governing
document.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MD Statute does
not provide
specific provisions
relating to
derivative actions.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Arbitration of
Claims</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute provides flexibility as to
providing for arbitration pursuant to the
governing documents of a DE Trust.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The MD Statute does
not provide
specific provisions
relating to the
arbitration of
claims.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Amendments to
Governing Documents</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The DE Statute provides broad flexibility
as to the manner of amending and/or
restating the governing document of a DE
Trust. Amendments to the declaration
that do not change the information in the
DE Trust&#146;s certificate of trust are not
required to be filed with the Delaware
Secretary of State.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the MD
Statute, proposed
amendments to the
governing documents
requires, the
affirmative vote of
the holders of
two-thirds of all
votes entitled to
be cast on the
matter. In
general, directors
may propose an
amendment to the
governing document
as long as the
proposed amendment
is submitted for
consideration by
the shareholders in
the manner
proscribed under
the MD Statute.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-10<!-- /Folio -->
</DIV>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT&nbsp;D</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Form of Agreement and Plan of Merger</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U><B>AGREEMENT AND PLAN OF MERGER</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS AGREEMENT AND PLAN OF MERGER (&#147;<U>Agreement</U>&#148;) is adopted as of this &#95;&#95;&#95; day of
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2012 by and among (i)&nbsp;each of the Invesco closed-end registered investment companies
identified as a Merging Fund on Exhibit&nbsp;A hereto, each a Delaware statutory trust (each a
&#147;<U>Merging Fund</U>&#148;); (ii)&nbsp;each of the Invesco closed-end registered investment companies
identified as a Surviving Fund on Exhibit&nbsp;A hereto, each a Delaware statutory trust (each a
&#147;<U>Surviving Fund</U>&#148;); and (iii)&nbsp;Invesco Advisers, Inc. (&#147;<U>IAI</U>&#148;). The predecessor to
each Merging Fund, each a Massachusetts business trust except the predecessor to the Invesco High
Yield Investment Fund, Inc., which is a Maryland corporation (each a &#147;<U>Predecessor Merging
Fund</U>&#148;), and the predecessor to each Surviving Fund, each a Massachusetts business trust (each a
&#147;<U>Predecessor Surviving Fund</U>&#148;), joins this agreement solely for the purposes of making the
representations in paragraph 4.1 or 4.2, as applicable, and agreeing to be bound by paragraphs
5.1(a), 5.1(b), 5.1(d) and 5.1(i). Each Merging Fund and Surviving Fund are together referred to
herein as the &#147;<U>Funds</U>&#148; and each Predecessor Merging Fund and Predecessor Surviving Fund are
referred to individually as a &#147;<U>Predecessor Fund</U>.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Merging Fund and each Surviving Fund is a closed-end, registered investment
company of the management type; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Agreement is intended to be and is adopted as a &#147;plan of reorganization&#148; with
respect to each Merger (as defined below) within the meaning of Section 368(a) of the United States
Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), and Treasury Regulations Sections
1.368-2(g) and 1.368-3(a); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each merger will consist of the merger of a Merging Fund into its corresponding
Surviving Fund, as set forth on Exhibit&nbsp;A, pursuant to the provisions of the Delaware Statutory
Trust Act, 12 Del. C. Section&nbsp;3801, et seq. (the &#147;<U>DSTA</U>&#148;), and will have the consequences
described in Section&nbsp;1.2 below (each such transaction, a &#147;<U>Merger</U>&#148; and collectively, the
&#147;<U>Mergers</U>&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, a condition precedent to each Merger is the redomestication of the Predecessor
Merging Fund and the Predecessor Surviving Fund from a Massachusetts business trust or Maryland
corporation, as applicable, to a Delaware statutory trust, which will include the transfer of all
of the Predecessor Fund&#146;s assets and assumption of all of the Predecessor Fund&#146;s liabilities by the
applicable Fund in exchange for the issuance by such Fund to the Predecessor Fund of shares of
beneficial interest of the Fund and the distribution of those shares to the Predecessor Fund&#146;s
shareholders (each a &#147;<U>Redomestication</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Boards of Trustees of each Surviving Fund and of each Merging Fund have
determined that the Merger is in the best interests of the Surviving Fund and the Merging Fund,
respectively, and the interests of the shareholders of the Surviving Fund and the Merging Fund will
not be diluted as a result of the Merger;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and of the covenants and agreements
hereinafter set forth, and intending to be legally bound, the parties hereto covenant and agree as
follows:
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. DESCRIPTION OF THE MERGERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. It is the intention of the parties hereto that each Merger described herein shall be
conducted separately from the others, and a party that is not a party to a Merger shall incur no
obligations, duties or liabilities, nor make any representations, warranties or covenants, with
respect to such Merger by reason of being a party to this Agreement. If any one or more Mergers
should fail to be consummated, such failure shall not affect the other Mergers in any way.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Subject to the terms and conditions herein set forth and on the basis of the
representations and warranties contained herein, with respect to each Merging Fund and its
corresponding Surviving Fund, at the Closing Time (as defined below), the Merging Fund shall be
merged with and into the Surviving Fund, the separate existence of the Merging Fund as a Delaware
Statutory Trust and registered investment company shall cease, and the Surviving Fund will be the
surviving entity for all purposes, including accounting purposes and for purposes of presenting
investment performance history.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Upon the terms and subject to the conditions of this Agreement, on the Closing Date (as
defined below), the applicable parties shall cause the Merger to be consummated by filing a
certificate of merger (a &#147;<U>Certificate of Merger</U>&#148;) with the Secretary of State of the State
of Delaware in accordance with Section&nbsp;3815 of the DSTA. The Merger shall become effective at 9:15
a.m. Eastern Time, as shall be specified in a Certificate of Merger duly filed with the Secretary
of the State of Delaware, or at such later date or time as the parties shall agree and specify in
the Certificate of Merger (the &#147;<U>Closing Time</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. As a result of operation of the applicable provisions of the DSTA, the following events
occur simultaneously at the Closing Time, except as otherwise provided herein:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the assets, property, goodwill, rights, privileges, powers and franchises of
the Merging Fund, including, without limitation, all cash<B>, </B>securities, commodities and
futures interests, claims (whether absolute or contingent, known or unknown, accrued or
unaccrued and including, without limitation, any interest in pending or future legal claims
in connection with past or present portfolio holdings, whether in the form of class action
claims, opt-out or other direct litigation claims, or regulator or government-established
investor recovery fund claims, and any and all resulting recoveries), dividends or interest
receivable, deferred or prepaid expenses shown as an asset on the books of the Merging Fund
on the Closing Date, goodwill, contractual rights, originals or copies of all books and
records of the Merging Fund and all intangible property that is owned by the Merging Fund
(collectively, the &#147;<U>Merging Fund Assets</U>&#148;) shall vest in the Surviving Fund, and all
of the liabilities, debts, obligations, restrictions and duties of the Merging Fund (whether
known or unknown, absolute or contingent, accrued or unaccrued and including, without
limitation, any liabilities of the Merging Fund to indemnify the trustees or officers of the
Merging Fund or any other persons under the Merging Fund&#146;s Declaration of Trust or
otherwise, and including all liabilities, debts, obligations, restrictions and duties of the
Predecessor Fund assumed by the Merging Fund pursuant to the Redomestication) (collectively,
the &#147;<U>Merging Fund Liabilities</U>&#148;) shall become the liabilities, debts, obligations,
restrictions and duties of the Surviving Fund;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Merging Fund common shares of beneficial interest (the &#147;<U>Merging Fund Common
Shares</U>&#148;) shall be converted into Surviving Fund common shares of beneficial interest
(the &#147;<U>Surviving Fund Common Shares</U>&#148;) and Merging Fund preferred shares of beneficial
interest, if any (the &#147;<U>Merging Fund Preferred Shares</U>&#148;), shall be converted into
Surviving Fund preferred shares of beneficial interest (the &#147;<U>Surviving Fund Preferred
Shares</U>&#148;). Prior to the Closing Time or as soon as practicable thereafter, the Surviving
Fund will open shareholder accounts on the share ledger records of the Surviving Fund in the
names of and in the amounts due to the shareholders of the Merging Fund Common Shares and
Merging Fund Preferred Shares (if any) based on their respective holdings in the Merging
Fund as of the close of business on the Valuation Date, as more fully described in Section&nbsp;3
below;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the Closing Time, the agreement and declaration of trust and bylaws of the
Surviving Fund in effect immediately prior to the Closing Time shall continue to be the
agreement and declaration of trust and bylaws of the Surviving Fund, until and unless
thereafter amended in accordance with their respective terms;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) From and after the Closing Time, the trustees and officers of the Surviving Fund
shall continue to be the trustees and officers of the combined Merging Fund and Surviving
Fund, and such trustees and officers shall serve for such terms as are provided in the
agreement and declaration of trust and the bylaws of the Surviving Fund; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) From and after the Closing Time, the Surviving Fund&#146;s investment objectives,
strategies, policies and restrictions shall continue to be the investment objectives,
strategies, policies and restrictions of the combined Merging Fund and Surviving Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2. VALUATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Computations of value in connection with the Closing (as defined below) of each Merger
shall be as of immediately after the close of regular trading on the New York Stock Exchange
(&#147;<U>NYSE</U>&#148;), which shall reflect the declaration of any dividends, on the business day
immediately preceding the Closing Date (the &#147;<U>Valuation Date</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. All computations of value of the Merging Fund, the Merging Fund Common Shares, the
Merging Fund Preferred Shares (if any), the Merging Fund Assets and the Merging Fund Liabilities
shall be made using the Merging Fund&#146;s valuation procedures established by the Merging Fund&#146;s Board
of Trustees. All computations of value of the Surviving Fund, the Surviving Fund Common Shares,
the Surviving Fund Preferred Shares (if any) and the Surviving Fund&#146;s assets and liabilities shall
be made using the Surviving Fund&#146;s valuation procedures established by the Surviving Fund&#146;s Board
of Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3. CLOSING AND CLOSING DATE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Each Merger shall close on &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2012 or such other date as the parties may
agree with respect to any or all Mergers (the &#147;<U>Closing Date</U>&#148;). All acts taking place at
the closing of a Merger (the &#147;<U>Closing</U>&#148;) shall be deemed to take place simultaneously as of
the Closing Time unless otherwise agreed to by the parties. In the event that on the Valuation
Date
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or the Closing Date (a)&nbsp;the NYSE or another primary trading market for portfolio securities of
the Merging Fund (each, an &#147;<U>Exchange</U>&#148;) shall be closed to trading or trading thereupon
shall be restricted, or (b)&nbsp;trading or the reporting of trading on such Exchange or elsewhere shall
be disrupted so that, in the judgment of the Board of Trustees of the Merging Fund or the
corresponding Surviving Fund or the authorized officers of either of such entities, accurate
appraisal of the value of the net assets of the Surviving Fund or the Merging Fund, respectively,
is impracticable, the Closing Date shall be postponed until the first business day after the day
when trading shall have been fully resumed and reporting shall have been restored.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. With respect to each Merger:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund&#146;s portfolio securities, investments or other assets that are
represented by a certificate or other written instrument shall be transferred and delivered
by the Merging Fund as of the Closing Date, or as soon as reasonably practicable thereafter,
to the Surviving Fund&#146;s custodian for the account of the Surviving Fund, duly endorsed in
proper form for transfer and in such condition as to constitute good delivery thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than the Closing, the Merging Fund shall provide the Surviving Fund or its
transfer agent with the names, addresses, dividend reinvestment elections and tax
withholding status of the Merging Fund shareholders as of the Valuation Date and the
information and documentation maintained by the Merging Fund or its agents relating to the
identification and verification of the Merging Fund shareholders under the USA PATRIOT Act
and other applicable anti-money laundering laws, rules and regulations and such other
information as the Surviving Fund may reasonably request. The Surviving Fund and its
transfer agent shall have no obligation to inquire as to the validity, propriety or
correctness of any such instruction, information or documentation, but shall, in each case,
assume that such instruction, information or documentation is valid, proper, correct and
complete.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Surviving Fund shall issue and deliver to the Merging Fund a confirmation
evidencing the Surviving Fund Common Shares and Surviving Fund Preferred Shares, if any, to
be credited on the Closing Date, or provide other evidence satisfactory to the Merging Fund
that such shares have been credited to the Merging Fund shareholders&#146; accounts on the books
of the Surviving Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surviving Fund Common Shares of an aggregate net asset value equal to the aggregate
net asset value of the Merging Fund Common Shares shall be issued by the Surviving Fund to
the holders of the Merging Fund Common Shares in exchange for all of the Merging Fund Common
Shares. The aggregate net asset value of such shares shall be determined as set forth in
Section&nbsp;2 above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Surviving Fund Preferred Shares of an aggregate liquidation preference equal to the
aggregate liquidation preference of the Merging Fund Preferred Shares shall be issued by the
Surviving Fund to the holders of the Merging Fund Preferred Shares, if any, in exchange for
all of the Merging Fund Preferred Shares. The terms of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Surviving Fund Preferred Shares shall be substantially the same as the terms of the
Merging Fund Preferred Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Surviving Fund shall not issue certificates representing Surviving Fund Common
Shares in connection with the Merger. Any certificates representing ownership of Merging
Fund Common Shares that remain outstanding at the Closing Time shall be deemed to be
cancelled by operation of law and shall no longer evidence ownership of the Merging Fund or
its shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">4. REPRESENTATIONS AND WARRANTIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Each Merging Fund and Predecessor Merging Fund represents and warrants to the
corresponding Surviving Fund as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merging Fund is duly formed as a statutory trust, validly existing, and in good
standing under the laws of the State of Delaware with power under its agreement and
declaration of trust and bylaws (&#147;<U>Governing Documents</U>&#148;), to own all of its Merging
Fund Assets, to carry on its business as it is now being conducted and to enter into this
Agreement and perform its obligations hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merging Fund is registered under the Investment Company Act of 1940, as amended
(&#147;<U>1940 Act</U>&#148;), as a closed-end management investment company, and such registration
has not been revoked or rescinded and is in full force and effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No consent, approval, authorization, or order of any court, governmental authority,
the Financial Industry Regulatory Authority (&#147;<U>FINRA</U>&#148;) or any stock exchange on which
shares of the Merging Fund are listed is required for the consummation by the Merging Fund
of the transactions contemplated herein, except such as have been or will be obtained (at or
prior to the Closing Time);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Merging Fund is not obligated under any provision of its Governing Documents
and is not a party to any contract or other commitment or obligation, and is not subject to
any order or decree, which would be violated by its execution or performance under this
Agreement, except insofar as the Funds have mutually agreed to amend such contract or other
commitment or obligation to cure any potential violation as a condition precedent to the
Merger;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Merging Fund is authorized to issue an unlimited number of Common Shares and an
unlimited number of Preferred Shares and all of the issued and outstanding shares of
beneficial interest of the Merging Fund are, and on the Closing Date will be, duly
authorized and validly issued and outstanding, fully paid and non-assessable by the Merging
Fund and no shareholder of the Merging Fund will have any preemptive right of subscription
or purchase in respect thereof and, in every state where offered or sold, such offers and
sales by the Merging Fund have been in compliance in all material respects with applicable
registration and/or notice requirements of the Securities Act of 1933, as amended (the &#147;1933
Act&#148;) and state and District of Columbia securities laws;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise disclosed to and accepted by or on behalf of the Surviving
Fund, the Merging Fund will on the Closing Date have good title to the Merging Fund Assets
and have full right, power and authority to sell, assign, transfer and deliver such Merging
Fund Assets free of adverse claims, including any liens or other encumbrances, and upon
delivery and payment for such Merging Fund Assets, the Surviving Fund will acquire good
title thereto, free of adverse claims and subject to no restrictions on the full transfer
thereof, including, without limitation, such restrictions as might arise under the 1933 Act,
provided that the Surviving Fund will acquire Merging Fund Assets that are segregated as
collateral for the Merging Fund&#146;s derivative positions, including, without limitation, as
collateral for swap positions and as margin for futures positions, subject to such
segregation and liens that apply to such Merging Fund Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The financial statements of the Merging Fund for the Merging Fund&#146;s most recently
completed fiscal year have been audited by the independent registered public accounting firm
appointed by the Merging Fund&#146;s Board of Trustees. Such statements, as well as the
unaudited, semi-annual financial statements for the semi-annual period next succeeding the
Merging Fund&#146;s most recently completed fiscal year, if any, were prepared in accordance with
accounting principles generally accepted in the United States of America (&#147;<U>GAAP</U>&#148;)
consistently applied, and such statements present fairly, in all material respects, the
financial condition of the Merging Fund as of such date in accordance with GAAP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Merging Fund has no known liabilities of a material nature, contingent or
otherwise, other than those shown as belonging to it on its statement of assets and
liabilities as of the Merging Fund&#146;s most recently completed fiscal year or half-year and
those incurred in the ordinary course of the Merging Fund&#146;s business as an investment
company since such date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There are no material legal, administrative or other proceedings pending or, to the
knowledge of the Merging Fund, threatened against the Merging Fund which assert liability or
which may, if successfully prosecuted to their conclusion, result in liability on the part
of the Merging Fund, other than as have been disclosed to the Surviving Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The registration statement filed by the Surviving Fund on Form N-14, which
includes, among other things, a proxy statement of the Merging Fund and a prospectus of the
Surviving Fund with respect to the transactions contemplated herein (including the statement
of additional information incorporated by reference therein, the &#147;<U>Joint Proxy
Statement/Prospectus</U>&#148;), and any supplement or amendment thereto or to the documents
included or incorporated by reference therein (collectively, as so amended or supplemented,
the &#147;<U>N-14 Registration Statement</U>&#148;), on its effective date, at the time of the
shareholders meeting called to vote on the proposals set forth in the Joint Proxy
Statement/Prospectus and on the Closing Date, insofar as it relates to the Merging Fund, (i)
complied or will comply in all material respects with the 1933 Act, the Securities Exchange
Act of 1934, as amended (the &#147;1934 Act&#148;), and the 1940 Act and the rules and regulations
thereunder (ii)&nbsp;did not or will not contain any untrue statement of a material fact or omit
any material fact required to be stated therein or necessary to make the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">statements therein not misleading; and the Joint Proxy Statement/Prospectus, as of its
date, at the time of the shareholders meeting called to vote on the proposals set forth
therein and on the Closing Date, insofar as it relates to the Merging Fund, (i)&nbsp;complied or
will comply in all material respects with the 1933 Act, the 1934 Act and the 1940 Act and
the rules and regulations thereunder and (ii)&nbsp;did not or will not contain any untrue
statement of a material fact or omit any material fact required to be stated therein or
necessary to make the statements therein in light of the circumstances under which they were
made, not misleading; provided, however, that the representations and warranties in this
subsection shall apply only to statements in or omissions from the N-14 Registration
Statement or the Joint Proxy Statement/Prospectus made in reliance upon and in conformity
with information furnished by the Merging Fund for use in the N-14 Registration Statement or
the Joint Proxy Statement/Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On the Closing Date, all material Returns (as defined below) of the Merging Fund
required by law to have been filed by such date (including any extensions) shall have been
filed and are or will be true, correct and complete in all material respects, and all Taxes
(as defined below) shown as due or claimed to be due by any government entity shall have
been paid or provision has been made for the payment thereof. To the Merging Fund&#146;s
knowledge, no such Return is currently under audit by any federal, state, local or foreign
Tax authority; no assessment has been asserted with respect to such Returns; there are no
levies, liens or other encumbrances on the Merging Fund or its assets resulting from the
non-payment of any Taxes; no waivers of the time to assess any such Taxes are outstanding
nor are any written requests for such waivers pending; and adequate provision has been made
in the Merging Fund financial statements for all Taxes in respect of all periods ended on or
before the date of such financial statements. As used in this Agreement, &#147;<U>Tax</U>&#148; or
&#147;<U>Taxes</U>&#148; means any tax, governmental fee or other like assessment or charge of any
kind whatsoever (including, but not limited to, withholding on amounts paid to or by any
person), together with any interest, penalty, addition to tax or additional amount imposed
by any governmental authority (domestic or foreign) responsible for the imposition of any
such tax. &#147;<U>Return</U>&#148; means reports, returns, information returns, elections,
agreements, declarations, or other documents of any nature or kind (including any attached
schedules, supplements and additional or supporting material) filed or required to be filed
with respect to Taxes, including any claim for refund, amended return or declaration of
estimated Taxes (and including any amendments with respect thereto);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Merging Fund has elected to be a &#147;regulated investment company&#148; under
Subchapter M of the Code and is a fund that is treated as a separate corporation under
Section 851(g) of the Code. The Merging Fund has qualified for treatment as a regulated
investment company for each taxable year since inception that has ended prior to the Closing
Date and will have satisfied the requirements of Part&nbsp;I of Subchapter M of the Code to
maintain such qualification for the period beginning on the first day of its current taxable
year and ending on the Closing Date. The Merging Fund has no earnings or profits
accumulated in any taxable year in which the provisions of Subchapter M of the Code did not
apply to it. In order to (A)&nbsp;ensure continued qualification of the Merging Fund for
treatment as a regulated investment company for tax purposes and (B)&nbsp;eliminate any tax
liability of the Merging Fund arising by reason of undistributed investment
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">company taxable income or net capital gain, the Merging Fund<B>, </B>before the Closing Date,
will declare on or prior to the Valuation Date to the shareholders of the Merging Fund a
dividend or dividends that, together with all previous such dividends, shall have the effect
of distributing (i)&nbsp;all of Merging Fund&#146;s investment company taxable income for the taxable
year ended prior to the Closing Date and substantially all of such investment company
taxable income for the final taxable year ending on the Closing Date (in each case
determined without regard to any deductions for dividends paid); (ii)&nbsp;all of Merging Fund&#146;s
net capital gain recognized in its taxable year ended prior to the Closing Date and
substantially all of any such net capital gain recognized in such final taxable year (in
each case after reduction for any capital loss carryover); and (iii)&nbsp;at least 90&nbsp;percent of
the excess, if any, of the Merging Fund&#146;s interest income excludible from gross income under
Section 103(a) of the Code over its deductions disallowed under Sections&nbsp;265 and 171(a)(2)
of the Code for the taxable year prior to the Closing Date and at least 90&nbsp;percent of such
net tax-exempt income for such final taxable year;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The execution, delivery and performance of this Agreement will have been duly
authorized prior to the Closing Date by all necessary action, if any, on the part of the
Board of Trustees of the Merging Fund and, subject to the approval of the shareholders of
the Funds and the due authorization, execution and delivery of this Agreement by IAI, this
Agreement will constitute a valid and binding obligation of the Merging Fund enforceable in
accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization, moratorium and other laws relating to or affecting creditors&#146; rights and to
general equity principles;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All of the issued and outstanding Merging Fund Common Shares were offered for sale
and sold in conformity with all applicable federal and state securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The books and records of the Merging Fund are true and correct in all material
respects and contain no material omissions with respect to information required to be
maintained under the laws, rules and regulations applicable to the Merging Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Merging Fund is not under the jurisdiction of a court in a Title 11 or similar
case within the meaning of Section&nbsp;368(a)(3)(A) of the Code;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Merging Fund has no unamortized or unpaid organizational fees or expenses; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) There are no material contracts outstanding to which the Merging Fund is a party
that have not been disclosed in the N-14 Registration Statement or that will not otherwise
be disclosed to the Surviving Fund prior to the Closing Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Each Surviving Fund and Predecessor Surviving Fund represents and warrants to the
corresponding Merging Fund as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Surviving Fund is duly formed as a statutory trust, validly existing, and in
good standing under the laws of the State of Delaware, with power under its agreement and
declaration of trust, as amended (the &#147;<U>Agreement and Declaration of</U>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><U>Trust</U>&#148;), to own all of its properties and assets and to carry on its business
as it is now being, and as it is contemplated to be, conducted, and to enter into this
Agreement and perform its obligations hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Surviving Fund is registered under the 1940 Act as a closed-end management
investment company, and such registration has not been revoked or rescinded and is in full
force and effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No consent, approval, authorization, or order of any court, governmental authority,
FINRA or any stock exchange on which shares of the Surviving Fund are listed is required for
the consummation by the Surviving Fund of the transactions contemplated herein, except such
as have been or will be obtained (at or prior to the Closing Time);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The financial statements of the Surviving Fund for the Surviving Fund&#146;s most
recently completed fiscal year have been audited by the independent registered public
accounting firm appointed by the Surviving Fund&#146;s Board of Trustees. Such statements, as
well as the unaudited, semi-annual financial statements for the semi-annual period next
succeeding the Surviving Fund&#146;s most recently completed fiscal year, if any, were prepared
in accordance with GAAP consistently applied, and such statements present fairly, in all
material respects, the financial condition of the Surviving Fund as of such date in
accordance with GAAP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Surviving Fund has no known liabilities of a material nature, contingent or
otherwise, other than those shown as belonging to it on its statement of assets and
liabilities as of the Surviving Fund&#146;s most recently completed fiscal year or half-year and
those incurred in the ordinary course of the Surviving Fund&#146;s business as an investment
company since such date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no material legal, administrative or other proceedings pending or, to the
knowledge of Surviving Fund, threatened against Surviving Fund which assert liability or
which may, if successfully prosecuted to their conclusion, result in liability on the part
of Surviving Fund, other than as have been disclosed to the Merging Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The N-14 Registration Statement, on its effective date, at the time of the
shareholders meeting called to vote on the proposals set forth in the Joint Proxy
Statement/Prospectus and on the Closing Date, (i)&nbsp;complied or will comply in all material
respects with the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations
thereunder and (ii)&nbsp;did not or will not contain any untrue statement of a material fact or
omit any material fact required to be stated therein or necessary to make the statements
therein not misleading; and the Joint Proxy Statement/Prospectus, as of its date, at the
time of the shareholders meeting called to vote on the proposals set forth therein and on
the Closing Date (i)&nbsp;complied or will comply in all material respects with the 1933 Act, the
1934 Act and the 1940 Act and regulations thereunder and (ii)&nbsp;did not or will not contain
any untrue statement of a material fact or omit any material fact required to be stated
therein or necessary to make the statements therein in light of the circumstances under
which they were made, not misleading; provided, however, that the representations and
warranties in this subsection shall not apply to statements in or omissions from the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">N-14 Registration Statement or the Joint Proxy Statement/Prospectus made in reliance
upon and in conformity with information furnished by the Merging Fund for use in the N-14
Registration Statement or the Joint Proxy Statement/Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On the Closing Date, all material Returns of the Surviving Fund required by law to
have been filed by such date (including any extensions) shall have been filed and are or
will be true, correct and complete in all material respects, and all Taxes shown as due or
claimed to be due by any government entity shall have been paid or provision has been made
for the payment thereof. To the Surviving Fund&#146;s knowledge, no such Return is currently
under audit by any federal, state, local or foreign Tax authority; no assessment has been
asserted with respect to such Returns; there are no levies, liens or other encumbrances on
the Surviving Fund or its assets resulting from the non-payment of any Taxes; and no waivers
of the time to assess any such Taxes are outstanding nor are any written requests for such
waivers pending; and adequate provision has been made in the Surviving Fund financial
statements for all Taxes in respect of all periods ended on or before the date of such
financial statements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Surviving Fund has elected to be a regulated investment company under
Subchapter M of the Code and is a fund that is treated as a separate corporation under
Section 851(g) of the Code. The Surviving Fund has qualified for treatment as a regulated
investment company for each taxable year since inception that has ended prior to the Closing
Date and will have satisfied the requirements of Part&nbsp;I of Subchapter M of the Code to
maintain such qualification for the period beginning on the first day of its current taxable
year and ending on the Closing Date. The Surviving Fund has no earnings or profits
accumulated in any taxable year in which the provisions of Subchapter M of the Code did not
apply to it;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All issued and outstanding Surviving Fund shares are, and on the Closing Date will
be, duly authorized and validly issued and outstanding, fully paid and non-assessable by the
Surviving Fund and, in every state where offered or sold, such offers and sales by the
Surviving Fund have been in compliance in all material respects with applicable registration
and/or notice requirements of the 1933 Act and state and District of Columbia securities
laws or exemptions therefrom, and there will be a sufficient number of such shares
registered under the 1933 Act or exempt from such registration and, as may be necessary,
with applicable state securities commissions, to permit the issuances contemplated by this
Agreement to be consummated;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The execution, delivery and performance of this Agreement will have been duly
authorized prior to the Closing Date by all necessary action, if any, on the part of the
Board of Trustees of the Surviving Fund and subject to the approval of the shareholders of
the Funds and the due authorization, execution and delivery of this Agreement by IAI, this
Agreement will constitute a valid and binding obligation of the Surviving Fund enforceable
in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization, moratorium and other laws relating to or affecting creditors&#146; rights and to
general equity principles;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Surviving Fund Common Shares and Surviving Fund Preferred
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Shares (if any) to be issued and delivered to the Merging Fund, for the account of the
Merging Fund shareholders, pursuant to the terms of this Agreement, will on the Closing Date
have been duly authorized and, when so issued and delivered, will be duly and validly issued
shares of the Surviving Fund, and will be fully paid and non-assessable by the Surviving
Fund and no shareholder of the Surviving Fund will have any preemptive right of subscription
or purchase in respect thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The books and records of the Surviving Fund are true and correct in all material
respects and contain no material omissions with respect to information required to be
maintained under the laws, rules and regulations applicable to the Surviving Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Surviving Fund is not under the jurisdiction of a court in a Title 11 or
similar case within the meaning of Section&nbsp;368(a)(3)(A) of the Code; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Surviving Fund has no unamortized or unpaid organizational fees or expenses for
which it does not expect to be reimbursed by Invesco or its affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">5. COVENANTS OF THE SURVIVING FUND AND THE MERGING FUND
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. With respect to each Merger:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Surviving Fund, the Merging Fund and the corresponding Predecessor Funds each:
(i)&nbsp;will operate its business in the ordinary course and substantially in accordance with
past practices between the date hereof and the Closing Date for the Merger, it being
understood that such ordinary course of business may include the declaration and payment of
customary dividends and distributions, and any other distribution that may be advisable, and
(ii)&nbsp;shall use its reasonable best efforts to preserve intact its business organization and
material assets and maintain the rights, franchises and business and customer relations
necessary to conduct the business operations of the Surviving Fund, the Merging Fund or the
corresponding Predecessor Fund, as appropriate, in the ordinary course in all material
respects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Fund and Predecessor Fund agrees to mail to its shareholders of record
entitled to vote at the meeting of shareholders at which action is to be considered
regarding this Agreement, in sufficient time to comply with requirements as to notice
thereof, the Joint Proxy Statement/Prospectus applicable to such Fund, to call a meeting of
such shareholders and to take all other action necessary to obtain approval of the
transactions contemplated herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Merging Fund will provide the Surviving Fund with (1)&nbsp;a statement of the
respective tax basis and holding period of all investments to be transferred by the Merging
Fund to the Surviving Fund, (2)&nbsp;a copy (which may be in electronic form) of the shareholder
ledger accounts including, without limitation, the name, address and taxpayer identification
number of each shareholder of record, the number of shares of beneficial interest held by
each shareholder, the dividend reinvestment elections applicable to each shareholder, and
the backup withholding and nonresident alien withholding certifications, notices or records
on file with the Merging Fund with respect to each shareholder, for all of the shareholders
of record of the Merging Fund as of the close of business on the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Valuation Date, who are to become holders of the Surviving Fund as a result of the
transfer of Merging Fund Assets, certified by its transfer agent or its President or
Vice-President to the best of their knowledge and belief, (3)&nbsp;the tax books and records of
the Merging Fund for purposes of preparing any Returns required by law to be filed for tax
periods ending after the Closing Date, and (4)&nbsp;if reasonably requested by the Surviving Fund
in writing, all FASB ASC 740-10-25 (formerly FIN 48) work papers and supporting statements
pertaining to the Merging Fund. The foregoing information to be provided within such
timeframes as is mutually agreed by the parties. The Merging Fund agrees to cooperate with
the Surviving Fund in filing any Return, amended return or claim for refund, determining a
liability for taxes or a right to a refund of taxes or participating in or conducting any
audit or other proceeding in respect of taxes. The Merging Fund agrees to retain for a
period of &#091;&#95;&#95;&#95;&#95;&#093; years following the Closing Date all Returns and work papers and all
material records or other documents relating to tax matters for taxable periods ending on or
before the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the provisions of this Agreement, the Surviving Fund, the Merging Fund
and the corresponding Predecessor Funds will each take, or cause to be taken, all action,
and do or cause to be done all things, reasonably necessary, proper or advisable to
consummate and make effective the transactions contemplated by this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is the intention of the parties that each Merger will qualify as a
reorganization with the meaning of Section&nbsp;368(a)(1)(A) of the Code. None of the parties to
a Merger shall take any action or cause any action to be taken (including, without
limitation the filing of any tax Return) that is inconsistent with such treatment or results
in the failure of such Merger to qualify as a reorganization within the meaning of Section
368(a)(1)(A) of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any reporting responsibility of the Merging Fund, including, but not limited to,
the responsibility for filing regulatory reports, tax Returns relating to tax periods ending
on or prior to the Closing Date (whether due before or after the Closing Date), or other
documents with the SEC, any state securities commission, and any federal, state or local tax
authorities or any other relevant regulatory authority, is and shall remain the
responsibility of the Merging Fund, except as otherwise is mutually agreed by the parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Merging Fund undertakes that if the Merger is consummated, it will file an
application pursuant to Section 8(f) of the 1940 Act for an order declaring that the Merging
Fund has ceased to be a registered investment company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Surviving Fund and Predecessor Surviving Fund shall use their reasonable best
efforts to cause the Surviving Fund Common Shares to be issued in the Merger to be approved
for listing on each of the stock exchanges on which the corresponding Merging Fund Common
Shares are listed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Surviving Fund shall use its reasonable best efforts to obtain a rating on the
Surviving Fund Preferred Shares from at least one nationally recognized statistical
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">rating organization (&#147;NRSRO&#148;) and include in its governing documents terms relating to
the Surviving Fund Preferred Shares that are either substantially the same as such terms
included in the Governing Documents of the Merging Fund in respect of the Merging Fund
Preferred Shares or substantially the same as such terms included in the Merging Fund
Governing Documents except for such changes as required by any NRSRO rating the Surviving
Fund Preferred Shares, prior to the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">6. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE MERGING FUND
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. With respect to each Merger, the obligations of the Merging Fund to consummate the
transactions provided for herein shall be subject, at the Merging Fund&#146;s election, to the
performance by the Surviving Fund of all of the obligations to be performed by it hereunder on or
before the Closing Time, and, in addition thereto, the following conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties of the Surviving Fund and the Predecessor
Surviving Fund contained in this Agreement shall be true and correct in all material
respects as of the date hereof and, except as they may be affected by the transactions
contemplated by this Agreement, as of the Closing Date, with the same force and effect as if
made on and as of the Closing Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Surviving Fund shall have delivered to the Merging Fund on the Closing Date a
certificate executed in its name by its President or Vice President and Treasurer, in form
and substance reasonably satisfactory to the Merging Fund and dated as of the Closing Date,
to the effect that the representations and warranties of or with respect to the Surviving
Fund and the Predecessor Surviving Fund made in this Agreement are true and correct at and
as of the Closing Date, except as they may be affected by the transactions contemplated by
this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Surviving Fund and the Predecessor Surviving Fund shall have performed all of
the covenants and complied with all of the provisions required by this Agreement to be
performed or complied with by the Surviving Fund and the Predecessor Surviving Fund, on or
before the Closing Date; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Surviving Fund shall have amended its governing documents to include terms
relating to the Surviving Fund Preferred Shares that are either substantially identical to
such terms included in the Governing Documents of the Merging Fund in respect of the Merging
Fund Preferred Shares or substantially identical to such terms included in the Merging Fund
Governing Documents except for such changes as required by any NRSRO rating the Surviving
Fund Preferred Shares, and shall have obtained a rating on the Surviving Fund Preferred
Shares from at least one NRSRO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">7. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. With respect to each Merger, the obligations of the Surviving Fund to consummate the
transactions provided for herein shall be subject, at the Surviving Fund&#146;s election, to the
performance by the Merging Fund of all of the obligations to be performed by it hereunder on or
before the Closing Date and, in addition thereto, the following conditions:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties of the Merging Fund and the Predecessor Merging
Fund contained in this Agreement shall be true and correct in all material respects as of
the date hereof and, except as they may be affected by the transactions contemplated by this
Agreement, as of the Closing Date, with the same force and effect as if made on and as of
the Closing Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merging Fund shall have delivered an unaudited statement of assets and
liabilities and an unaudited schedule of investments as of the Valuation Date (together the
&#147;<U>Closing Financial Statements</U>&#148;) for the purpose of determining the number of
Surviving Fund Common Shares and the number of Surviving Fund Preferred Shares, if any, to
be issued to the Merging Fund&#146;s common shareholders and preferred shareholders, if any, and
the Closing Financial Statements will fairly present the financial position of the Merging
Fund as of the Valuation Date in conformity with GAAP applied on a consistent basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Merging Fund shall have delivered to the Surviving Fund on the Closing Date a
certificate executed in its name by its President or Vice President and Treasurer, in form
and substance reasonably satisfactory to the Surviving Fund and dated as of the Closing
Date, to the effect that the representations and warranties of or with respect to the
Merging Fund and the Predecessor Merging Fund made in this Agreement are true and correct at
and as of the Closing Date, except as they may be affected by the transactions contemplated
by this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Merging Fund and the Predecessor Merging Fund shall have performed all of the
covenants and complied with all of the provisions required by this Agreement to be performed
or complied with by the Merging Fund and the Predecessor Merging Fund, on or before the
Closing Date; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Merging Fund shall have declared and paid or cause to be paid a distribution or
distributions prior to the Closing that, together with all previous distributions, shall
have the effect of distributing to its shareholders (i)&nbsp;all of Merging Fund&#146;s investment
company taxable income for the taxable year ended prior to the Closing Date and
substantially all of such investment company taxable income for the final taxable year
ending on the Closing Date (in each case determined without regard to any deductions for
dividends paid); (ii)&nbsp;all of Merging Fund&#146;s net capital gain recognized in its taxable year
ended prior to the Closing Date and substantially all of any such net capital gain
recognized in such final taxable year (in each case after reduction for any capital loss
carryover); and (iii)&nbsp;at least 90&nbsp;percent of the excess, if any, of the Merging Fund&#146;s
interest income excludible from gross income under Section 103(a) of the Code over its
deductions disallowed under Sections&nbsp;265 and 171(a)(2) of the Code for the taxable year
prior to the Closing Date and at least 90&nbsp;percent of such net tax-exempt income for such
final taxable year.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">8. FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND AND THE MERGING FUND
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Merger, if any of the conditions set forth below have not been satisfied
on or before the Closing Date with respect to the Merging Fund or the Surviving Fund, the Merging
Fund or the Surviving Fund, respectively, shall, at its option, not be required to consummate the
transactions contemplated for such Merger by this Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. The Agreement shall have been approved by the requisite vote of the holders of the
outstanding Common Shares and Preferred Shares of each Fund, as set forth in the N-14 Registration
Statement. Notwithstanding anything herein to the contrary, neither the Merging Fund nor the
Surviving Fund may waive the conditions set forth in this Section&nbsp;8.1;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. On the Closing Date, no action, suit or other proceeding shall be pending or, to the
Merging Fund&#146;s or the Surviving Fund&#146;s knowledge, threatened before any court or governmental
agency in which it is sought to restrain or prohibit, or obtain damages or other relief in
connection with, this Agreement, the transactions contemplated herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. All consents of other parties and all other consents, orders and permits of federal,
state and local regulatory authorities and national securities exchanges for purposes of listing
shares of the Funds, deemed necessary by the Surviving Fund or the Merging Fund to permit
consummation, in all material respects, of the transactions contemplated hereby shall have been
obtained, except where failure to obtain any such consent, order or permit would not involve a risk
of a material adverse effect on the assets or properties of the Surviving Fund or the Merging Fund,
provided that either party hereto may for itself waive any of such conditions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. The N-14 Registration Statement shall have become effective under the 1933 Act and no
stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge
of the parties hereto, no investigation or proceeding for that purpose shall have been instituted
or be pending, threatened or known to be contemplated under the 1933 Act; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. The Merging Fund and the Surviving Fund shall have received on or before the Closing Date
an opinion of Stradley Ronon Stevens &#038; Young, LLP (&#147;<U>Stradley Ronon</U>&#148;) in form and substance
reasonably acceptable to the Merging Fund and the Surviving Fund, as to the matters set forth on
Schedule&nbsp;8.5. In rendering such opinion, Stradley Ronon may request and rely upon representations
contained in certificates of officers of the Merging Fund, the Surviving Fund, IAI and others, and
the officers of the Merging Fund, the Surviving Fund and IAI shall use their best efforts to make
available such truthful certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. The shareholders of each of the Merging Fund and the Surviving Fund shall have approved
the Redomestication of such fund to a Delaware statutory trust, as described in the proxy materials
related to such Redomestication (including the N-14 Registration Statement), and each such
Redomestication shall have been consummated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">9. FEES AND EXPENSES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Each Fund will bear its expenses relating to its Merger provided that 1) the Fund is
expected to recoup those costs within 24&nbsp;months following the Merger as a result of reduced
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">total annual fund operating expenses based on estimates prepared by the Adviser and discussed
with the Board and 2) the Fund&#146;s total annual fund operating expenses did not exceed the expense
limit under the expense limitation arrangement in place with IAI at the time such expenses were
discussed with the Board. The Fund will bear these expenses regardless of whether its Merger is
consummated, subject to any expense limitation arrangement in place with IAI. IAI will bear the
Merger costs of any Fund that does not meet the foregoing threshold.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">10. FINAL TAX RETURNS AND FORMS 1099 OF MERGING FUND
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. After the Closing Date, except as otherwise agreed to by the parties, the Merging Fund
shall or shall cause its agents to prepare any federal, state or local tax Returns, including any
Forms 1099, required to be filed by the Merging Fund with respect to its final taxable year ending
on the Closing Date and for any prior periods or taxable years and shall further cause such tax
Returns and Forms 1099 to be duly filed with the appropriate taxing authorities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">11. ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES AND COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. The representations, warranties and covenants of the Funds and IAI contained in this
Agreement or in any document delivered pursuant hereto or in connection herewith shall not survive
the consummation of the transactions contemplated hereunder; provided that the covenants to be
performed after the Closing shall survive the Closing. The representations, warranties and
covenants of each Predecessor Fund contained in this Agreement or in any document delivered
pursuant hereto or in connection herewith shall not survive the consummation of the Redomestication
of such Predecessor Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">12. TERMINATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Merger, this Agreement may be terminated and the transactions
contemplated hereby may be abandoned (i)&nbsp;by mutual agreement of the Merging Fund and the
corresponding Surviving Fund, (ii)&nbsp;by the Merging Fund if any condition of the Surviving Fund&#146;s
obligations set forth in this Agreement has not been fulfilled or waived by the Merging Fund, or
(iii)&nbsp;by the Surviving Fund if any condition of the Merging Fund&#146;s obligations set forth in this
Agreement has not been fulfilled or waived by the Surviving Fund, notwithstanding approval thereof
by such Funds&#146; shareholders, if circumstances should develop that, in such parties judgment, make
proceeding with this Agreement inadvisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">13. AMENDMENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended, modified or supplemented in such manner as may be mutually
agreed upon in writing by the parties; provided, however, that following the approval of this
Agreement by shareholders of a Merging Fund and/or its corresponding Surviving Fund, no such
amendment may have the effect of changing the provisions for determining the number of Surviving
Fund shares to be paid to that Merging Fund&#146;s shareholders under this Agreement to the detriment of
such Merging Fund shareholders or shall otherwise materially amend the terms of this agreement
without their further approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">14. HEADINGS; GOVERNING LAW; COUNTERPARTS; ASSIGNMENT; LIMITATION OF LIABILITY
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->D-16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. The Article and Section headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware and applicable federal law, without regard to its principles of conflicts of
laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. This Agreement shall bind and inure with respect to each Merger to the benefit of the
parties to the Merger and their respective successors and assigns, but no assignment or transfer
hereof or of any rights or obligations hereunder shall be made by any such party without the
written consent of the other parties to such Merger. Nothing herein expressed or implied is
intended or shall be construed to confer upon or give any person, firm or corporation, other than
the parties with respect to such Merger and their respective successors and assigns, any rights or
remedies under or by reason of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4. This agreement may be executed in any number of counterparts, each of which shall be
considered an original.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5. It is expressly agreed that the obligations of the parties hereunder shall not be
binding upon any of their respective directors or trustees, shareholders, nominees, officers,
agents, or employees personally, but shall bind only the property of the applicable Merging Fund or
the applicable Surviving Fund as provided in the Governing Documents of the Merging Fund or the
Agreement and Declaration of Trust of the Surviving Fund, respectively. The execution and delivery
by such officers shall not be deemed to have been made by any of them individually or to impose any
liability on any of them personally, but shall bind only the property of such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6. Any notice, report, statement or demand required or permitted by any provisions of this
Agreement shall be in writing and shall be given by fax or certified mail addressed to the Merging
Fund and the Surviving Fund, each at 1555 Peachtree Street, N.E. Atlanta, GA 30309, Attention:
Secretary, fax number &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be approved on behalf of
the Surviving Fund and Merging Fund.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Invesco Advisers, Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><B>&#091;CLOSED-END FUNDS&#093;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->D-17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A<BR><BR style="font-size: 6pt">
CHART OF MERGERS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Surviving Fund (and share classes)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corresponding Merging Fund (and share classes)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Schedule&nbsp;8.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Tax Opinion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The acquisition by Surviving Fund of all of the assets of Merging Fund in exchange for
Surviving Fund shares and the assumption of the liabilities of Merging Fund through a statutory
merger will qualify as a reorganization within the meaning of Section&nbsp;368(a)(1)(A) of the Code and
the Surviving Fund and Merging Fund will each be a &#147;party to a reorganization&#148; within the meaning
of Section 368(b) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;No gain or loss will be recognized by Merging Fund on the transfer of its assets to, and
the assumption of Merging Fund liabilities by, Surviving Fund in exchange for Surviving Fund shares
pursuant to Sections 361(a) and 357(a) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;No gain or loss will be recognized by Surviving Fund on the receipt of the Merging Fund
assets in exchange for Surviving Fund shares and the assumption by Surviving Fund of any
liabilities of Merging Fund pursuant to Section 1032(a) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;No gain or loss will be recognized by Merging Fund upon the distribution of Surviving
Fund shares to the shareholders of Merging Fund pursuant to Section 361(c) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The tax basis of the Merging Fund assets received by the Surviving Fund will be the same
as the tax basis of such assets in the hands of the Merging Fund immediately prior to the transfer
pursuant to Section 362(b) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;The holding periods of the Merging Fund assets in the hands of the Surviving Fund will
include the periods during which such assets were held by the Merging Fund pursuant to Section
1223(2) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;No gain or loss will be recognized by the shareholders of Merging Fund on the receipt of
Surviving Fund shares solely in exchange for Surviving Fund shares pursuant to Section&nbsp;354(a)(1) of
the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;The aggregate tax basis in Surviving Fund shares received by a shareholder of the
Merging Fund will be the same as the aggregate tax basis of Merging Fund shares surrendered in
exchange therefor pursuant to Section&nbsp;358(a)(1) of the Code.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT E</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Executive Officers of the Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information relates to the executive officers of the Funds. Each officer also
serves in the same capacity for all or a number of the other investment companies advised by the
Adviser or affiliates of the Adviser. The officers of the Funds are appointed annually by the
Trustees and serve for one year or until their respective successors are chosen and qualified. The
address of each officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position(s) Held with the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Russell C. Burk &#151; 1958<br>
Senior Vice President and
Senior Officer (with respect
only to the Target Fund
(MSY))
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and Senior Officer, The Invesco Funds.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John M. Zerr &#151; 1962<br>
Senior Vice President,
 Chief <BR>

Legal Officer and Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Senior Vice President, Secretary and General Counsel,
Invesco Management Group, Inc. (formerly known as Invesco Aim
Management Group, Inc.) and Van Kampen Exchange Corp.; Senior
Vice President, Invesco Advisers, Inc. (formerly known as Invesco
Institutional (N.A.), Inc.) (registered investment adviser);
Senior Vice President and Secretary, Invesco Distributors, Inc.
(formerly known as Invesco Aim Distributors, Inc.); Director,
Vice President and Secretary, Invesco Investment Services, Inc.
(formerly known as Invesco Aim Investment Services, Inc.) and IVZ
Distributors, Inc. (formerly known as INVESCO Distributors,
Inc.); Director and Vice President, INVESCO Funds Group, Inc.;
Senior Vice President, Chief Legal Officer and Secretary, The
Invesco Funds; Manager, Invesco PowerShares Capital Management
LLC; Director, Secretary and General Counsel, Invesco Investment
Advisers LLC (formerly known as Van Kampen Asset Management);
Secretary and General Counsel, Van Kampen Funds Inc.; and Chief
Legal Officer, PowerShares Exchange-Traded Fund Trust,
PowerShares Exchange-Traded Fund Trust II, PowerShares India
Exchange-Traded Fund Trust and PowerShares Actively Managed
Exchange-Traded Fund Trust.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Director and Secretary, Van Kampen Advisors Inc.;
Director, Vice President, Secretary and General Counsel, Van
Kampen Investor Services Inc.; Director, Invesco Distributors,
Inc. (formerly known as Invesco Aim Distributors, Inc.);
Director, Senior Vice President, General Counsel and Secretary,
Invesco Advisers, Inc. and Van Kampen Investments Inc.; Director,
Vice President and Secretary, Fund Management Company; Director,
Senior Vice President, Secretary, General Counsel and Vice
President, Invesco Aim Capital Management, Inc.; Chief Operating
Officer and General Counsel, Liberty Ridge Capital, Inc. (an
investment adviser); Vice President and Secretary, PBHG Funds (an
investment company) and PBHG Insurance Series&nbsp;Fund (an investment
company); Chief Operating Officer, General Counsel and Secretary,
Old Mutual Investment Partners (a broker-dealer); General Counsel
and Secretary, Old Mutual Fund Services (an administrator) and
Old Mutual Shareholder Services (a shareholder servicing center);
Executive Vice President, General Counsel and Secretary, Old
Mutual Capital, Inc. (an investment adviser); and Vice President
and Secretary, Old Mutual Advisors Funds (an investment company).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sheri Morris &#151; 1964<br>
Vice President, Treasurer and
Principal Financial Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Treasurer and Principal Financial Officer, The
Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly
known as Invesco Institutional (N.A.), Inc.) (registered
investment adviser); Treasurer, PowerShares Exchange-Traded Fund
Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares
India Exchange-Traded Fund Trust and</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->E-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position(s) Held with the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PowerShares Actively Managed
Exchange-Traded Fund Trust.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Vice President, Invesco Advisers, Inc., Invesco Aim
Capital Management, Inc. and Invesco Aim Private Asset
Management, Inc.; Assistant Vice President and Assistant
Treasurer, The Invesco Funds and Assistant Vice President,
Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and
Invesco Aim Private Asset Management, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Karen Dunn Kelley &#151; 1960<br>
Vice President
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Head of Invesco&#146;s World Wide
Fixed Income and Cash
Management Group; Senior Vice
President, Invesco Management
Group, Inc. (formerly known
as Invesco Aim Management
Group, Inc.) and Invesco
Advisers, Inc. (formerly
known as Invesco
Institutional (N.A.), Inc.)
(registered investment
adviser); Executive Vice
President, Invesco
Distributors, Inc. (formerly
known as Invesco Aim
Distributors, Inc.);
Director, Invesco Mortgage
Capital Inc.; Vice President,
The Invesco Funds (other than
AIM Treasurer&#146;s Series&nbsp;Trust
(Invesco Treasurer&#146;s Series
Trust) and Short-Term
Investments Trust); and
President and Principal
Executive Officer, The
Invesco Funds (AIM
Treasurer&#146;s Series&nbsp;Trust
(Invesco Treasurer&#146;s Series
Trust) and Short-Term
Investments Trust only).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Senior Vice
President, Van Kampen
Investments Inc.; Vice
President, Invesco Advisers,
Inc. (formerly known as
Invesco Institutional (N.A.),
Inc.); Director of Cash
Management and Senior Vice
President, Invesco Advisers,
Inc. and Invesco Aim Capital
Management, Inc.; President
and Principal Executive
Officer, Tax-Free Investments
Trust; Director and
President, Fund Management
Company; Chief Cash
Management Officer, Director
of Cash Management, Senior
Vice President, and Managing
Director, Invesco Aim Capital
Management, Inc.; Director of
Cash Management, Senior Vice
President, and Vice
President, Invesco Advisers,
Inc. and The Invesco Funds
(AIM Treasurer&#146;s Series&nbsp;Trust
(Invesco Treasurer&#146;s Series
Trust), Short-Term
Investments Trust and
Tax-Free Investments Trust
only).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yinka Akinsola &#151; 1977<br>
Anti-Money Laundering
Compliance Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.)
(registered investment adviser); Invesco Distributors, Inc.
(formerly known as Invesco Aim Distributors, Inc.), Invesco
Investment Services, Inc. (formerly known as Invesco Aim
Investment Services, Inc.), Invesco Management Group, Inc., The
Invesco Funds, Invesco Van Kampen Closed-End Funds, Van Kampen
Exchange Corp. and Van Kampen Funds Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Regulatory Analyst III, Financial Industry Regulatory
Authority (FINRA).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Todd L. Spillane &#151; 1958<br>
Chief Compliance Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Invesco Management Group, Inc. (formerly
known as Invesco Aim Management Group, Inc.) and Van Kampen
Exchange Corp.; Senior Vice President and Chief Compliance
Officer, Invesco Advisers, Inc. (registered investment adviser)
(formerly known as Invesco Institutional (N.A.), Inc.); Chief
Compliance Officer, The Invesco Funds, Vice President, Invesco
Distributors, Inc. (formerly known as Invesco Aim Distributors,
Inc.) and Invesco Investment Services, Inc. (formerly known as
Invesco Aim Investment Services, Inc.).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Chief Compliance Officer, Invesco Van Kampen Closed-End
Funds, PowerShares Exchange-Traded Fund Trust, PowerShares
Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded
Fund Trust, and PowerShares Actively Managed Exchange-Traded Fund
Trust; Senior Vice President, Van Kampen Investments Inc.; Senior
Vice President and Chief Compliance Officer, Invesco Advisers,
Inc. and Invesco Aim Capital Management, Inc.; Chief Compliance
Officer, INVESCO Private Capital Investments, Inc. (holding
company), and</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->E-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position(s) Held with the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation(s) During Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Private Capital, Inc. (registered
investment adviser); Invesco Global Asset Management (N.A.),
Inc., Invesco Senior Secured Management, Inc. (registered
investment adviser) and Van Kampen Investor Services Inc.; Vice
President, Invesco Aim Capital Management, Inc. and Fund
Management Company.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->E-3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT F</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Information Regarding the Target Fund&#146;s Directors</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Target Fund (MSY). Not all funds advised by the
Adviser are overseen by the same board of trustees/directors. The Target Fund is overseen by the
Board of Directors discussed below (the &#147;Invesco Board&#148;). References to the &#147;Board&#148; in this
Exhibit&nbsp;F refer solely to the Invesco Board and references to &#147;Funds&#148; in this Exhibit&nbsp;F refer
solely to those funds advised by the Adviser, including the Target Fund, overseen by the Invesco
Board. References to &#147;Trustees&#148; in this Exhibit&nbsp;F refer to Trustees and Directors.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business and affairs of the Funds are managed under the direction of the Board. The tables
below list the incumbent Trustees and nominees for Trustee, their principal occupations, other
directorships held by them during the past five years, and any affiliations with the Adviser or its
affiliates. The term &#147;Fund Complex&#148; includes each of the investment companies advised by the
Adviser as of the Record Date. Trustees of the Funds generally serve three-year terms or until
their successors are duly elected and qualified. The address of each Trustee is 1555 Peachtree
Street, N.E., Atlanta, Georgia 30309.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>and Position(s) Held</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>with the Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by Trustee Over</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Martin L.
Flanagan<SUP style="FONT-size: 85%; vertical-align: text-top">(1)
</SUP>&#151; 1960<br>
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director, Chief
Executive Officer and President,
Invesco Ltd. (ultimate parent of
Invesco and a global investment
management firm); Advisor to the
Board, Invesco Advisers, Inc.
(formerly known as Invesco
Institutional (N.A.), Inc.);
Trustee, The Invesco Funds; Vice
Chair, Investment Company
Institute; and Member of Executive
Board, SMU Cox School of Business.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Chairman, Invesco
Advisers, Inc. (registered
investment adviser); Director,
Chairman, Chief Executive Officer
and President, IVZ Inc. (holding
company), INVESCO Group Services,
Inc. (service provider) and
Invesco North American Holdings,
Inc. (holding company); Director,
Chief Executive Officer and
President, Invesco Holding Company
Limited (parent of Invesco and a
global investment management
firm); Director, Invesco Ltd.;
Chairman, Investment Company
Institute and President, Co-Chief
Executive Officer, Co-President,
Chief Operating Officer and Chief
Financial Officer, Franklin
Resources, Inc. (global investment
management organization).</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Philip A.
Taylor<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP>
&#151; 1954
Trustee, President and
Principal Executive
Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Head of North American Retail and
Senior Managing Director, Invesco
Ltd.; Director, Co-Chairman,
Co-President and Co-Chief
Executive Officer, Invesco
Advisers, Inc. (formerly known as
Invesco Institutional (N.A.),
Inc.) (registered investment
adviser); Director, Chairman,
Chief Executive Officer and
President, Invesco Management
Group,
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>and Position(s) Held</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>with the Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by Trustee Over</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inc. (formerly Invesco Aim
Management Group, Inc.) (financial
services holding company);
Director and President, INVESCO
Funds Group, Inc. (registered
investment adviser and registered
transfer agent); Director and
Chairman, Invesco Investment
Services, Inc (formerly known as
Invesco Aim Investment Services,
Inc.) (registered transfer agent)
and IVZ Distributors, Inc.
(formerly known as INVESCO
Distributors, Inc.) (registered
broker dealer); Director,
President and Chairman, Invesco
Inc. (holding company) and Invesco
Canada Holdings Inc. (holding
company); Chief Executive Officer,
Invesco Corporate Class&nbsp;Inc.
(corporate mutual fund company)
and Invesco Canada Fund Inc.
(corporate mutual fund company);
Director, Chairman and Chief
Executive Officer, Invesco Canada
Ltd. (formerly known as Invesco
Trimark Ltd./Invesco Trimark Lt&#232;e)
(registered investment adviser and
registered transfer agent);
Trustee, President and Principal
Executive Officer, The Invesco
Funds (other than AIM Treasurer&#146;s
Series&nbsp;Trust (Invesco Treasurer&#146;s
Series&nbsp;Trust) and Short-Term
Investments Trust); Trustee and
Executive Vice President, The
Invesco Funds (AIM Treasurer&#146;s
Series&nbsp;Trust (Invesco Treasurer&#146;s
Series&nbsp;Trust) and Short-Term
Investments Trust only); Director,
Invesco Investment Advisers LLC
(formerly known as Van Kampen
Asset Management); Director, Chief
Executive Officer and President,
Van Kampen Exchange Corp.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Director and Chairman,
Van Kampen Investor Services Inc.;
Director, Chief Executive Officer
and President, 1371 Preferred Inc.
(holding company) and Van Kampen
Investments Inc.; Director and
President, AIM GP Canada Inc.
(general partner for limited
partnerships) and Van Kampen
Advisors Inc.; Director and Chief
Executive Officer, Invesco Trimark
Dealer Inc. (registered broker
dealer); Director, Invesco
Distributors, Inc. (formerly known
as Invesco Aim Distributors, Inc.)
(registered broker dealer);
Manager, Invesco PowerShares
Capital Management LLC; Director,
Chief Executive Officer and
President, Invesco Advisers, Inc.;
Director, Chairman, Chief
Executive Officer and President,
Invesco Aim Capital Management,
Inc.; President, Invesco Trimark
Dealer Inc. and Invesco Trimark
Ltd./Invesco Trimark Lt&#232;e;
Director and President, AIM
Trimark Corporate Class&nbsp;Inc. and
AIM Trimark Canada Fund Inc.;
Senior Managing Director, Invesco
Holding Company Limited; Trustee
and Executive Vice President,
Tax-Free Investments Trust;
Director and Chairman, Fund
Management Company (former
registered broker dealer);
President</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>and Position(s) Held</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>with the Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by Trustee Over</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Principal Executive
Officer, The Invesco Funds (AIM
Treasurer&#146;s Series&nbsp;Trust (Invesco
Treasurer&#146;s Series&nbsp;Trust),
Short-Term Investments Trust and
Tax-Free Investments Trust only);
President, AIM Trimark Global Fund
Inc. and AIM Trimark Canada Fund
Inc.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Wayne W.
Whalen<SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP>
&#151; 1939<br>
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Of Counsel, and prior to 2010,
partner in the law firm of
Skadden, Arps, Slate, Meagher &#038;
Flom LLP, legal counsel to certain
funds in the Fund Complex.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of the
Abraham Lincoln
Presidential
Library Foundation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce L. Crockett &#151;
1944
Trustee and Chair
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, Crockett Technology
Associates (technology consulting
company).<br><br>
Formerly: Director, Captaris
(unified messaging provider);
Director, President and Chief
Executive Officer COMSAT
Corporation; and Chairman, Board
of Governors of INTELSAT
(international communications
company).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ACE Limited
(insurance
company); and
Investment Company
Institute.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David C. Arch &#151; 1945
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive
Officer of Blistex Inc., a
consumer health care products
manufacturer.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the
Heartland Alliance
Advisory Board, a
nonprofit
organization
serving human needs
based in Chicago.
Board member of the
Illinois
Manufacturers&#146;
Association. Member
of the Board of
Visitors, Institute
for the Humanities,
University of
Michigan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frank S. Bayley &#151; 1939
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired.<br><br>
Formerly: Director, Badgley Funds,
Inc. (registered investment
company) (2 portfolios) and
Partner, law firm of Baker &#038;
McKenzie.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and
Chairman, C.D.
Stimson Company (a
real estate
investment
company).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James T. Bunch &#151; 1942
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Member, Grumman Hill
Group LLC (family office private
equity management).<br><br>
Formerly: Founder, Green, Manning
&#038; Bunch Ltd. (investment banking
firm)(1988-2010); Executive
Committee, United States Golf
Association; and Director, Policy
Studies, Inc. and Van Gilder
Insurance Corporation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice Chairman of
Board of Governors,
Western Golf
Association; Chair
Elect of Evans
Scholars Foundation
and Director,
Denver Film
Society.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Rodney F. Dammeyer &#151;
1940<br>
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of CAC, LLC, a private
company offering capital
investment and management advisory
services.<br><br>
Formerly: Prior to January&nbsp;2004,
Director of TeleTech Holdings
Inc.; Prior to 2002, Director of
Arris Group, Inc.; Prior to 2001,
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of Quidel
Corporation and
Stericycle, Inc.
Prior to May&nbsp;2008,
Trustee of The
Scripps Research
Institute. Prior to
February&nbsp;2008, Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>and Position(s) Held</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: px solid #000000"><B>with the Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by Trustee Over</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Partner at Equity Group
Corporate Investments. Prior to
1995, Vice Chairman of Anixter
International. Prior to 1985,
experience includes Senior Vice
President and Chief Financial
Officer of Household
International, Inc, Executive Vice
President and Chief Financial
Officer of Northwest Industries,
Inc. and Partner of Arthur
Andersen &#038; Co.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of Ventana
Medical Systems,
Inc. Prior to April
2007, Director of
GATX Corporation.
Prior to April
2004, Director of
TheraSense, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Albert R. Dowden &#151;
1941
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director of a number of public and
private business corporations,
including the Boss Group, Ltd.
(private investment and
management); Reich &#038; Tang Funds (5
portfolios) (registered investment
company); and Homeowners of
America Holding Corporation/Homeowners
of America Insurance
Company (property casualty
company).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Board of Nature&#146;s
Sunshine Products,
Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Director, Continental
Energy Services, LLC (oil and gas
pipeline service); Director,
CompuDyne Corporation (provider of
product and services to the public
security market) and Director,
Annuity and Life Re (Holdings),
Ltd. (reinsurance company);
Director, President and Chief
Executive Officer, Volvo Group
North America, Inc.; Senior Vice
President, AB Volvo; Director of
various public and private
corporations; Chairman, DHJ Media,
Inc.; Director Magellan Insurance
Company; and Director, The Hertz
Corporation, Genmar Corporation
(boat manufacturer), National
Media Corporation; Advisory Board
of Rotary Power International
(designer, manufacturer, and
seller of rotary power engines);
and Chairman, Cortland Trust, Inc.
(registered investment company).</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack M. Fields &#151; 1952
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer, Twenty
First Century Group, Inc.
(government affairs company); and
Owner and Chief Executive Officer,
Dos Angelos Ranch, L.P. (cattle,
hunting, corporate entertainment),
Discovery Global Education Fund
(non-profit) and Cross Timbers
Quail Research Ranch (non-profit).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Insperity (formerly
known as
Administaff).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Chief Executive Officer,
Texana Timber LP (sustainable
forestry company) and member of
the U.S. House of Representatives.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carl Frischling &#151; 1937
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner, law firm of Kramer Levin
Naftalis and Frankel LLP.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Reich &#038;
Tang Funds (6
portfolios).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Prema Mathai-Davis &#151;
1950<br>
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired.<br><br>
Formerly: Chief Executive Officer,
YWCA of the U.S.A.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Larry
Soll &#151; 1942<br>
Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired.<br><br>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-4<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Year of Birth</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>and Position(s) Held</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: px solid #000000"><B>with the Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held by Trustee Over</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Past 5 Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly, Chairman, Chief
Executive Officer and President,
Synergen Corp. (a biotechnology
company).</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Hugo F. Sonnenschein
&#151; 1940<BR>

Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Distinguished Service Professor
and President Emeritus of the
University of Chicago and the Adam
Smith Distinguished Service
Professor in the Department of
Economics at the University of
Chicago. Prior to July&nbsp;2000,
President of the University of
Chicago.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee of the
University of
Rochester and a
member of its
investment
committee. Member
of the National
Academy of
Sciences, the
American
Philosophical
Society and a
fellow of the
American Academy of
Arts and Sciences.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Raymond Stickel, Jr.
&#151; 1944<BR>

Trustee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2010</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired.<BR><BR>


Formerly, Director, Mainstay VP
Series&nbsp;Funds, Inc. (25 portfolios)
and Partner, Deloitte &#038; Touche.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Flanagan is considered an interested person of the Funds because he is an adviser to
the board of directors of the Adviser, and an officer and a director of Invesco Ltd., the
ultimate parent company of the Adviser.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Taylor is considered an interested person of the Funds because he is an officer and a
director of the Adviser.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Whalen is considered an interested person of the Funds because he is Of Counsel at the
law firm that serves as legal counsel to the Invesco Van Kampen closed-end funds, for which
the Adviser also serves as investment adviser.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustee Ownership of Target Fund Shares</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows each Board member&#146;s ownership of shares of the Target Fund and of
shares of all registered investment companies overseen by such Board member in the Fund Complex as
of December&nbsp;30, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Dollar Range of Equity Securities in All</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Equity Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered Investment Companies Overseen by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in the Target Fund (MSY)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Board Member in Family of Investment Companies</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Martin L. Flanagan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Philip A. Taylor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wayne W. Whalen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce L. Crockett
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David C. Arch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frank S. Bayley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James T. Bunch
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rodney Dammeyer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prema Mathai Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Albert R. Dowden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack M. Fields
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carl Frischling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Larry Soll
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugo F. Sonnenschein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Raymond Stickel, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over 100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT G</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Board Leadership Structure, Role in Risk Oversight, and Committees and Meetings of the Target Fund</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Target Fund (MSY). Not all funds advised by the
Adviser are overseen by the same board of trustees/directors. The Target Fund is overseen by the
Board of Directors discussed below (the &#147;Invesco Board&#148;). References to the &#147;Board&#148; in this
Exhibit&nbsp;G refer solely to the Invesco Board and references to &#147;Funds&#148; in this Exhibit&nbsp;G refer
solely to those funds advised by the Adviser, including the Target Fund, overseen by the Invesco
Board. References to &#147;Trustees&#148; in this Exhibit&nbsp;G refer to Trustees and Directors.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Leadership Structure</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board will be composed of fifteen Trustees, including twelve Trustees who are not
&#147;interested persons&#148; of the Funds, as that term is defined in the 1940 Act (collectively, the
&#147;Independent Trustees&#148; and each an &#147;Independent Trustee&#148;). 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. The Board met twelve
times during the twelve months ended February&nbsp;29, 2012. As discussed below, the Board has
established committees to assist the Board in performing its oversight responsibilities.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has appointed an Independent Trustee to serve in the role of Chairman. The
Chairman&#146;s primary role is to participate in the preparation of the agenda for meetings of the
Board and the identification of information to be presented to the Board and matters to be acted
upon by the Board. The Chairman also presides at all meetings of the Board and acts as a liaison
with service providers, officers, attorneys, and other Trustees generally between meetings. The
Chairman may perform such other functions as may be requested by the Board from time to time.
Except for any duties specified herein or pursuant to a Fund&#146;s charter documents, the designation
of Chairman does not impose on such Independent Trustee any duties, obligations or liability that
is greater than the duties, obligations or liability otherwise imposed on such person as a member
of the Board.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board believes that its leadership structure, which includes an Independent Trustee as
Chairman, allows for effective communication between the Trustees and fund management, among the
Board&#146;s Trustees and among its Independent Trustees. The existing Board structure, including its
committee structure, provides the Independent Trustees with effective control over Board governance
while also providing insight from the two non-Independent Trustees who are active officers of the
Funds&#146; investment adviser. The Board&#146;s leadership structure promotes dialogue and debate, which
the Board believes will allow for the proper consideration of matters deemed important to the Funds
and their shareholders and result in effective decision-making.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Role in Risk Oversight</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considers risk management issues as part of its general oversight responsibilities
throughout the year at regular meetings of the Investments Committee, Audit Committee, Compliance
Committee, and Valuation, Distribution and Proxy Oversight Committee (each as defined and further
described below). These committees in turn report to the full Board and recommend actions and
approvals for the full Board to take.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco prepares regular reports that address certain investment, valuation and compliance
matters, and the Board as a whole or the committees may also receive special written reports or
presentations on a variety of risk issues at the request of the Board, a committee or the Senior
Officer. In addition, the Audit Committee of the Board meets regularly with Invesco Ltd.&#146;s internal
audit group to review reports on their examinations of functions and processes within the Adviser
that affect the Funds.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investments Committee and its sub-committees receive regular written reports describing
and analyzing the investment performance of the Funds. In addition, the portfolio managers of the
Funds meet regularly with the sub-committees of the Investments Committee to discuss portfolio
performance, including investment risk, such as the impact on the Funds of the investment in
particular securities or instruments, such as derivatives. To the extent that a Fund changes a
particular investment strategy that could have a material impact on the Fund&#146;s risk profile, the
Board generally is consulted in advance with respect to such change.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser provides regular written reports to the Valuation, Distribution and Proxy
Oversight Committee that enable the Valuation, Distribution and Proxy Oversight Committee to
monitor the number of fair valued securities in a particular portfolio, the reasons for the fair
valuation and the methodology used to arrive at the fair value. Such reports also include
information concerning illiquid securities within a Fund&#146;s portfolio. In addition, the Audit
Committee reviews valuation procedures and pricing results with the Funds&#146; independent auditors in
connection with the Audit Committee&#146;s review of the results of the audit of the Funds&#146; year-end
financial statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compliance Committee receives regular compliance reports prepared by the Adviser&#146;s
compliance group and meets regularly with the Fund&#146;s Chief Compliance Officer (CCO)&nbsp;to discuss
compliance issues, including compliance risks. As required under U.S. Securities and Exchange
Commission (SEC)&nbsp;rules, the Independent Trustees meet at least quarterly in executive session with
the CCO, and the Fund&#146;s CCO prepares and presents an annual written compliance report to the Board.
The Compliance Committee recommends and the Board adopts compliance policies and procedures for the
Funds and approves such procedures for the Funds&#146; service providers. The compliance policies and
procedures are specifically designed to detect, prevent and correct violations of the federal
securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Committees and Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The standing committees of the Board are the Audit Committee, the Compliance Committee, the
Governance Committee, the Investments Committee, and the Valuation, Distribution and Proxy Voting
Oversight Committee (the &#147;Committees&#148;).
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Audit Committee are Messrs.&nbsp;David C. Arch, Frank S. Bayley, James T. Bunch,
Bruce L. Crockett, Rodney Dammeyer (Vice Chair), Raymond Stickel, Jr. (Chair) and Dr.&nbsp;Larry Soll.
The Audit Committee&#146;s primary purposes are to: (i)&nbsp;oversee qualifications, independence and
performance of the independent registered public accountants; (ii)&nbsp;appoint independent registered
public accountants for the Funds; (iii)&nbsp;pre-approve all permissible audit and non-audit services
that are provided to Funds by their independent registered public accountants to the extent
required by Section&nbsp;10A(h) and (i)&nbsp;of the Exchange Act; (iv)&nbsp;pre-approve, in accordance with Rule
2-01(c)(7)(ii) of Regulation&nbsp;S-X, certain non-audit services provided by the Funds&#146; independent
registered public accountants to the Adviser and certain affiliates of the Adviser; (v)&nbsp;review the
audit and tax plans prepared by the independent registered public accountants; (vi)&nbsp;review the
Funds&#146; audited financial statements; (vii)&nbsp;review the process that management uses to evaluate and
certify disclosure controls and procedures in Form N-CSR; (viii)&nbsp;review the process for preparation
and review of the Funds&#146; shareholder reports; (ix)&nbsp;review certain tax procedures maintained by the
Funds; (x)&nbsp;review modified or omitted officer certifications and disclosures; (xi)&nbsp;review any
internal audits of the Funds; (xii)&nbsp;establish procedures regarding questionable accounting or
auditing matters and other alleged violations; (xiii)&nbsp;set hiring policies for employees and
proposed employees of the Funds who are employees or former employees of the independent registered
public accountants; and (xiv)&nbsp;remain informed of (a)&nbsp;the Funds&#146; accounting systems and controls,
(b)&nbsp;regulatory changes and new accounting pronouncements that affect the Funds&#146; net asset value
calculations and financial statement reporting requirements, and (c)&nbsp;communications with regulators
regarding accounting and financial reporting matters that pertain to the Funds. Each member of the
Audit Committee is an Independent Trustee and each meets the additional independence requirements
for audit committee members as defined by the NYSE and Chicago Stock Exchange listing standards.
The Audit Committee held eight meetings during the twelve months ended February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Compliance Committee are Messrs.&nbsp;Bayley, Bunch, Dammeyer (Vice Chair),
Stickel and Dr.&nbsp;Soll (Chair). The Compliance Committee is responsible for: (i)&nbsp;recommending to the
Board and the Independent Trustees the appointment, compensation and removal of the Funds&#146; CCO;
(ii)&nbsp;recommending to the Independent Trustees the appointment, compensation and removal of the
Funds&#146; Senior Officer appointed pursuant to the terms of the Assurances of Discontinuance entered
into by the New York Attorney General, Invesco and INVESCO Funds Group, Inc.; (iii)&nbsp;reviewing any
report prepared by a third party who is not an interested person of the Adviser, upon the
conclusion by such third party of a compliance review of the Adviser; (iv)&nbsp;reviewing all reports on
compliance matters from the Funds&#146; CCO, (v)&nbsp;reviewing all recommendations made by the Senior
Officer regarding the Adviser&#146;s compliance procedures, (vi)&nbsp;reviewing all reports from the Senior
Officer of any violations of state and federal securities laws, the Colorado Consumer Protection
Act, or breaches of the Adviser&#146;s fiduciary duties to Fund shareholders and of the Adviser&#146;s Code
of Ethics; (vii)&nbsp;overseeing all of the compliance policies and procedures of the Funds and their
service providers adopted pursuant to Rule&nbsp;38a-1 of the 1940 Act; (viii)&nbsp;from time
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to time, reviewing certain matters related to redemption fee waivers and recommending to the Board
whether or not to approve such matters; (ix)&nbsp;receiving and reviewing quarterly reports on the
activities of the Adviser&#146;s Internal Compliance Controls Committee; (x)&nbsp;reviewing all reports made
by the Adviser&#146;s CCO; (xi)&nbsp;reviewing and recommending to the Independent Trustees whether to
approve procedures to investigate matters brought to the attention of the Adviser&#146;s ombudsman;
(xii)&nbsp;risk management oversight with respect to the Funds and, in connection therewith, receiving
and overseeing risk management reports from Invesco Ltd. that are applicable to the Funds or their
service providers; and (xiii)&nbsp;overseeing potential conflicts of interest that are reported to the
Compliance Committee by the Adviser, the CCO, the Senior Officer and/or the Compliance Consultant.
The Compliance Committee held six meetings during the twelve months ended February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Governance Committee are Messrs.&nbsp;Arch, Crockett, Albert R. Dowden (Chair),
Jack M. Fields (Vice Chair), Carl Frischling, Hugo F. Sonnenschein and Dr.&nbsp;Prema Mathai-Davis. The
Governance Committee is responsible for: (i)&nbsp;nominating persons who will qualify as Independent
Trustees for (a)&nbsp;election as Trustees in connection with meetings of shareholders of the Funds that
are called to vote on the election of Trustees, and (b)&nbsp;appointment by the Board as Trustees in
connection with filling vacancies that arise in between meetings of shareholders; (ii)&nbsp;reviewing
the size of the Board, and recommending to the Board whether the size of the Board shall be
increased or decreased; (iii)&nbsp;nominating the Chair of the Board; (iv)&nbsp;monitoring the composition of
the Board and each committee of the Board, and monitoring the qualifications of all Trustees; (v)
recommending persons to serve as members of each committee of the Board (other than the Compliance
Committee), as well as persons who shall serve as the chair and vice chair of each such committee;
(vi)&nbsp;reviewing and recommending the amount of compensation payable to the Independent Trustees;
(vii)&nbsp;overseeing the selection of independent legal counsel to the Independent Trustees; (viii)
reviewing and approving the compensation paid to independent legal counsel to the Independent
Trustees; (ix)&nbsp;reviewing and approving the compensation paid to counsel and other advisers, if any,
to the Committees of the Board; and (x)&nbsp;reviewing as they deem appropriate administrative and/or
logistical matters pertaining to the operations of the Board. Each member of the Governance
Committee is an Independent Trustee and each meets the additional independence requirements for
nominating committee members as defined by the NYSE and Chicago Stock Exchange listing standards.
The Governance Committee&#146;s charter is available at www.invesco.com/us.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Governance Committee will consider nominees recommended by a shareholder to serve as
Trustee, provided: (i)&nbsp;that such person is a shareholder of record at the time he or she submits
such names and is entitled to vote at the meeting of shareholders at which Trustees will be
elected; and (ii)&nbsp;that the Governance Committee or the Board, as applicable, shall make the final
determination of persons to be nominated. Notice procedures set forth in each Fund&#146;s bylaws require
that any shareholder of a Fund desiring to nominate a Trustee for election at a shareholder meeting
must submit to the Fund&#146;s Secretary the nomination in writing not later than the close of business
on the later of the 60th day prior to such shareholder meeting or the tenth day following the day
on which public announcement is made of the shareholder meeting and not earlier than the close of
business on the 90th day prior to the shareholder meeting. The Governance Committee held six
meetings during the twelve months ended February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Investments Committee are Messrs.&nbsp;Arch, Bayley (Chair), Bunch (Vice Chair),
Crockett, Dammeyer, Dowden, Fields, Martin L. Flanagan, Frischling, Sonnenschein (Vice Chair),
Stickel, Philip A. Taylor, Wayne W. Whalen, and Drs.&nbsp;Mathai-Davis (Vice Chair) and Soll. The
Investments Committee&#146;s primary purposes are to: (i)&nbsp;assist the Board in its oversight of the
investment management services provided by the Adviser and the Sub-Advisers; and (ii)&nbsp;review all
proposed and existing advisory and sub-advisory arrangements for the Funds, and to recommend what
action the full Boards and the Independent Trustees take regarding the approval of all such
proposed arrangements and the continuance of all such existing arrangements.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investments Committee has established three sub-committees (the &#147;Sub-Committees&#148;). The
Sub-Committees are responsible for: (i)&nbsp;reviewing the performance, fees and expenses of the Funds
that have been assigned to a particular Sub-Committee (for each Sub-Committee, the &#147;Designated
Funds&#148;), unless the Investments Committee takes such action directly; (ii)&nbsp;reviewing with the
applicable portfolio managers from time to time the investment objective(s), policies, strategies
and limitations of the Designated Funds; (iii)&nbsp;evaluating the investment advisory, sub-advisory and
distribution arrangements in effect or proposed for the Designated Funds, unless the Investments
Committee takes such action directly; (iv)&nbsp;being familiar with the registration statements and
periodic shareholder reports applicable to their Designated Funds; and (v)&nbsp;such other
investment-related matters as the
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investments Committee may delegate to the Sub-Committees from time to time. The Investments
Committee held six meetings during the twelve months ended February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Valuation, Distribution and Proxy Oversight Committee are Messrs.&nbsp;Dowden,
Fields, Frischling (Chair), Sonnenschein (Vice Chair), Whalen and Dr.&nbsp;Mathai-Davis. The primary
purposes of the Valuation, Distribution and Proxy Oversight Committee are: (a)&nbsp;to address issues
requiring action or oversight by the Board (i)&nbsp;in the valuation of the Funds&#146; portfolio securities
consistent with the Pricing Procedures, (ii)&nbsp;in oversight of the creation and maintenance by the
principal underwriters of the Funds of an effective distribution and marketing system to build and
maintain an adequate asset base and to create and maintain economies of scale for the Funds, (iii)
in the review of existing distribution arrangements for the Funds under Rule&nbsp;12b-1 and Section&nbsp;15
of the 1940 Act, and (iv)&nbsp;in the oversight of proxy voting on portfolio securities of the Funds;
and (b)&nbsp;to make regular reports to the full Board.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Valuation, Distribution and Proxy Oversight Committee is responsible for: (a)&nbsp;with regard
to valuation, (i)&nbsp;developing an understanding of the valuation process and the Pricing Procedures,
(ii)&nbsp;reviewing the Pricing Procedures and making recommendations to the full Board with respect
thereto, (iii)&nbsp;reviewing the reports described in the Pricing Procedures and other information from
the Adviser regarding fair value determinations made pursuant to the Pricing Procedures by the
Adviser&#146;s internal valuation committee and making reports and recommendations to the full Board
with respect thereto, (iv)&nbsp;receiving the reports of the Adviser&#146;s internal valuation committee
requesting approval of any changes to pricing vendors or pricing methodologies as required by the
Pricing Procedures and the annual report of the Adviser evaluating the pricing vendors, approving
changes to pricing vendors and pricing methodologies as provided in the Pricing Procedures, and
recommending annually the pricing vendors for approval by the full Board, (v)&nbsp;upon request of the
Adviser, assisting the Adviser&#146;s internal valuation committee or the full Board in resolving
particular fair valuation issues, (vi)&nbsp;reviewing the reports described in the Procedures for
Determining the Liquidity of Securities (the &#147;Liquidity Procedures&#148;) and other information from the
Adviser regarding liquidity determinations made pursuant to the Liquidity Procedures by the Adviser
and making reports and recommendations to the full Board with respect thereto, and (vii)&nbsp;overseeing
actual or potential conflicts of interest by investment personnel or others that could affect their
input or recommendations regarding pricing or liquidity issues; (b)&nbsp;with regard to distribution and
marketing, (i)&nbsp;developing an understanding of mutual fund distribution and marketing channels and
legal, regulatory and market developments regarding distribution, (ii)&nbsp;reviewing periodic
distribution and marketing determinations and annual approval of distribution arrangements and
making reports and recommendations to the full Board with respect thereto, and (iii)&nbsp;reviewing
other information from the principal underwriters to the Funds regarding distribution and marketing
of the Funds and making recommendations to the full Board with respect thereto; and (c)&nbsp;with regard
to proxy voting, (i)&nbsp;overseeing the implementation of the Proxy Voting Guidelines (the
&#147;Guidelines&#148;) and the Proxy Policies and Procedures (the &#147;Proxy Procedures&#148;) by the Adviser and the
Sub-Advisers, reviewing the Quarterly Proxy Voting Report and making recommendations to the full
Board with respect thereto, (ii)&nbsp;reviewing the Guidelines and the Proxy Procedures and information
provided by the Adviser and the Sub-Advisers regarding industry developments and best practices in
connection with proxy voting and making recommendations to the full Board with respect thereto, and
(iii)&nbsp;in implementing its responsibilities in this area, assisting the Adviser in resolving
particular proxy voting issues. The Valuation, Distribution and Proxy Oversight Committee was
formed effective January&nbsp;1, 2008. It succeeded the Valuation Committee, which existed prior to
2008. The Valuation, Distribution and Proxy Oversight Committee held six meetings during the
twelve months ended February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees are encouraged to attend shareholder meetings, but the Board has no set policy
requiring Board member attendance at meetings. During each Fund&#146;s last fiscal year, each of the
Trustees during the period such Trustee served as a Trustee attended at least 75% of the meetings
of the Board and all committee meetings thereof of which such Trustee was a member.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->G-4<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT H</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Remuneration of the Target Fund&#146;s Directors</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Target Fund (MSY). Not all funds advised by the
Adviser are overseen by the same board of trustees/directors. The Target Fund is overseen by the
Board of Directors discussed below (the &#147;Invesco Board&#148;). References to the &#147;Board&#148; in this
Exhibit&nbsp;H refer solely to the Invesco Board and references to &#147;Funds&#148; in this Exhibit&nbsp;H refer
solely to those funds advised by the Adviser, including the Target Fund, overseen by the Invesco
Board. References to &#147;Trustees&#148; in this Exhibit&nbsp;H refer to Trustees and Directors.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Remuneration of Trustees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee who is not affiliated with the Adviser is compensated for his or her services
according to a fee schedule that recognizes the fact that such Trustee also serves as a Trustee of
other Invesco Funds. Each such Trustee receives a fee, allocated among the Invesco Funds for which
he or she serves as a Trustee, that consists of an annual retainer component and a meeting fee
component. The Chair of the Board and Chairs and Vice Chairs of certain committees receive
additional compensation for their services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees have adopted a retirement plan funded by the Funds for the Trustees who are not
affiliated with the Adviser. The Trustees also have adopted a retirement policy that permits each
non-Invesco-affiliated Trustee to serve until December&nbsp;31 of the year in which the Trustee turns
75. A majority of the Trustees may extend from time to time the retirement date of a Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual retirement benefits are available from the Funds and/or the other Invesco Funds for
which a Trustee serves (each, a &#147;Covered Fund&#148;), for each Trustee who is not an employee or officer
of the Adviser, who either (a)&nbsp;became a Trustee prior to December&nbsp;1, 2008, and who has at least
five years of credited service as a Trustee (including service to a predecessor fund) of a Covered
Fund, or (b)&nbsp;was a member of the Board of Trustees of a Van Kampen Fund immediately prior to June
1, 2010 (&#147;Former Van Kampen Trustee&#148;), and has at least one year of credited service as a Trustee
of a Covered Fund after June&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Trustees other than Former Van Kampen Trustees, effective January&nbsp;1, 2006, for
retirements after December&nbsp;31, 2005, the retirement benefits will equal 75% of the Trustee&#146;s annual
retainer paid to or accrued by any Covered Fund with respect to such Trustee during the
twelve-month period prior to retirement, including the amount of any retainer deferred under a
separate deferred compensation agreement between the Covered Fund and the Trustee. The amount of
the annual retirement benefit does not include additional compensation paid for Board meeting fees
or compensation paid to the Chair of the Board and the Chairs and Vice Chairs of certain 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)&nbsp;sixteen years or (ii)&nbsp;the number of such Trustee&#146;s credited years of service. If a Trustee
dies prior to receiving the full amount of retirement benefits, the remaining payments will be made
to the deceased Trustee&#146;s designated beneficiary for the same length of time that the Trustee would
have received the payments based on his or her service or, if the Trustee has elected, in a
discounted lump sum payment. A Trustee must have attained the age of 65 (60 in the event of death
or 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Former Van Kampen Trustee completes at least 10&nbsp;years of credited service after June&nbsp;1,
2010, the retirement benefit will equal 75% of the Former Van Kampen Trustee&#146;s annual retainer paid
to or accrued by any Covered Fund with respect to such Trustee during the twelve-month period prior
to retirement, including the amount of any retainer deferred under a separate deferred compensation
agreement between the Covered Fund and 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&nbsp;years beginning after the later of the Former Van Kampen Trustee&#146;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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->H-1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payments will be made to the deceased Trustee&#146;s designated beneficiary or, if the Trustee has
elected, in a discounted lump sum payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Former Van Kampen Trustee completes less than 10&nbsp;years of credited service after June
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&#146;s years of credited service after June&nbsp;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&#146;s years of
credited service after June&nbsp;1, 2010, the second component of the annual retirement benefit will
equal the excess of (x)&nbsp;75% of the compensation amount described in the preceding paragraph, over
(y) $68,041 plus an interest factor of 4% per year compounded annually measured from June&nbsp;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&nbsp;years. For example, if the Former Van Kampen Trustee completes 7&nbsp;years of
credited service after June&nbsp;1, 2010, he or she will receive 7&nbsp;years of payments under the first
component and thereafter 3&nbsp;years of payments under the second component, and if the Former Van
Kampen Trustee completes 4&nbsp;years of credited service after June&nbsp;1, 2010, he or she will receive 4
years of payments under the first component and thereafter 4&nbsp;years of payments under the second
component.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Deferred Compensation Agreements. Edward K. Dunn (a former Trustee of funds in the Invesco Funds
complex), Messrs.&nbsp;Crockett, Fields and Frischling, and Drs.&nbsp;Mathai-Davis and Soll (for purposes of
this paragraph only, the &#147;Deferring Trustees&#148;) have each executed a Deferred Compensation Agreement
(collectively, the &#147;Compensation Agreements&#148;). Pursuant to the Compensation Agreements, the
Deferring Trustees have the option to elect to defer receipt of up to 100% of their compensation
payable by the Funds, and such amounts are placed into a deferral account and deemed to be invested
in one or more Invesco Funds selected by the Deferring Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from these deferral accounts will be paid in cash, generally in equal quarterly
installments over a period of up to ten (10)&nbsp;years (depending on the Compensation Agreement)
beginning on the date selected under the Compensation Agreement. If a Deferring Trustee dies prior
to the distribution of amounts in his or her deferral account, the balance of the deferral account
will be distributed to his or her designated beneficiary. The Compensation Agreements are not
funded and, with respect to the payments of amounts held in the deferral accounts, the Deferring
Trustees have the status of unsecured creditors of the Funds and of each other Invesco Fund from
which they are deferring compensation.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is information regarding compensation paid or accrued for each Trustee of the
Target Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Pension or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Compensation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Retirement Benefits</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Benefits from</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Before Deferral from</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>from the Target</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accrued by All</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Invesco Funds Upon</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Invesco Funds Paid to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fund (MSY)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Invesco Funds</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Retirement</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trustee</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(4)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Martin L. Flanagan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Philip A. Taylor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">None</TD>
    <TD>&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wayne W. Whalen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">1,064</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">304,730</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">399,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David C. Arch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,121</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">164,973</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">412,250</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Frank S. Bayley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,281</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">236,053</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">420,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James T. Bunch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,171</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">302,877</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,693</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">385,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bruce L. Crockett</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,245</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">227,797</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">693,500</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rodney F. Dammeyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,111</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">290,404</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">412,250</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Albert R. Dowden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,257</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">296,156</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">415,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack M. Fields</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,074</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">313,488</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">307,250</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Carl Frischling<SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,238</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">233,415</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">356,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prema Mathai-Davis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,144</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">302,911</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">330,000</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Larry Soll</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,287</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">342,675</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">216,742</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">375,750</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hugo F. Sonnenschein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,139</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">290,404</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">412,200</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Raymond Stickel, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,354</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">230,451</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">195,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">399,250</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->H-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For the fiscal year ended February&nbsp;29, 2012. The total amount of compensation
deferred by all Trustees of the Target Fund during the fiscal year ended February&nbsp;29, 2012,
including earnings, was $4,150.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2011. During the fiscal year ended February&nbsp;29,
2012, the total amount of expenses allocated to the Target Fund in respect of such retirement
benefits was $1,863.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2011. These amounts represent the estimated annual
benefits payable by the Target Fund upon the Trustees&#146; retirement and assumes each Trustee
serves until his or her normal retirement date.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2011. All Trustees, except Messrs.&nbsp;Arch, Dammeyer,
Sonnenschein and Whalen, currently serve as Trustees of 140 portfolios in the Invesco fund
complex. Messrs.&nbsp;Arch, Dammeyer, Sonnenschein and Whalen currently serve as Trustees of 158
portfolios in the Invesco fund complex.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>During the fiscal year ended February&nbsp;29, 2012, the Target Fund paid $1,022 in legal
fees to Kramer Levin Naftalis &#038; Frankel LLP for services rendered by such firm as counsel to
the Independent Trustees of the Target Fund. Mr.&nbsp;Frischling is a partner of such firm.</TD>
</TR>
<TR><TD><FONT size="1">

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




<P align="center" style="font-size: 10pt"><!-- Folio -->H-3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT I</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Independent Auditor Information</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Trustees of each Fund appointed, and the Board of Trustees
ratified and approved, PricewaterhouseCoopers LLP (&#147;PwC&#148;) as the independent registered public
accounting firm of the Fund for fiscal years ending after May&nbsp;31, 2010. Prior to May&nbsp;31, 2010, each
Fund was audited by a different independent registered public accounting firm (the &#147;Prior
Auditor&#148;). The Board of Trustees selected a new independent auditor in connection with the
appointment of Invesco Advisers as investment adviser to the Fund (&#147;New Advisory Agreement&#148;).
Effective June&nbsp;1, 2010, the Prior Auditor resigned as the independent registered public accounting
firm of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prior Auditor&#146;s report on the financial statements of each Fund for the prior two years
did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as
to uncertainty, audit scope or accounting principles. During the period the Prior Auditor was
engaged, there were no disagreements with the Prior Auditor on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedures which, if not
resolved to the Prior Auditor&#146;s satisfaction, would have caused it to make reference to that matter
in connection with its report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Audit and Other Fees</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds and &#147;Covered Entities&#148; (the Adviser, excluding sub-advisers unaffiliated with the
Adviser, and any entity controlling, controlled by or under common control with the Adviser that
provides ongoing services to the Funds) were billed the amounts listed below by PwC during each
Fund&#146;s last two fiscal years. Effective February&nbsp;28, 2011, the fiscal year end of each Fund was
changed to the last day in February.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Non-Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Audit Related</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>End</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tax Fees</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Non-Audit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Target Fund (MSY)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center">01/01/11 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Acquiring Fund (VLT)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">01/01/11 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Covered Entities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">02/29/12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">01/01/11 to 02/28/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes fees billed for reviewing tax returns.</TD>
</TR>
<TR><TD><FONT size="1">

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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of each Board has considered whether the provision of non-audit services
performed by PwC to such Funds and Covered Entities is compatible with maintaining PwC&#146;s
independence in performing audit services. Each Fund&#146;s Audit Committee also is required to
pre-approve services to Covered Entities to the extent that the services are determined to have a
direct impact on the operations or financial reporting of such Fund and 100% of such services were
pre-approved by the Audit Committee pursuant to the Audit Committee&#146;s pre-approval policies and
procedures. Each Board&#146;s pre-approval policies and procedures are included as part of the Board&#146;s
Audit Committee charter, which is available at www.invesco.com/us. The members of the Audit
Committee are David C. Arch, Frank S. Bayley, James T. Bunch, Bruce L. Crockett, Rodney Dammeyer,
Raymond Stickel, Jr., and Dr.&nbsp;Larry Soll.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of each Fund reviewed and discussed the last audited financial statements
of each Fund with management and with PwC. In the course of its discussions, each Fund&#146;s Audit
Committee has discussed with PwC its judgments as to the quality, not just the acceptability, of
such Fund&#146;s accounting principles and such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->I-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other matters as are required to be discussed with the
Audit Committee by Statement on Auditing Standards No.&nbsp;114 (The Auditor&#146;s Communication With Those
Charged With Governance). Each Fund&#146;s Audit Committee received the
written disclosures and the letter from PwC required under Public Company Accounting Oversight
Board&#146;s Ethics &#038; Independence Rule&nbsp;3526 and has discussed with PwC its independence with respect to
such Fund. Each Fund knows of no direct financial or material indirect financial interest of PwC
in such Fund. Based on this review, the Audit Committee recommended to the Board of each Fund that
such Fund&#146;s audited financial statements be included in such Fund&#146;s Annual Report to Shareholders
for the most recent fiscal year for filing with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is not expected that representatives of PwC will attend the Meeting. In the event
representatives of PwC do attend the Meeting, they will have the opportunity to make a statement if
they desire to do so and will be available to answer appropriate questions.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->I-2<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT J</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Information Regarding the Acquiring Fund&#146;s Trustees</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Acquiring Fund (VLT). Not all funds advised by the
Adviser are overseen by the same board of trustees. The Acquiring Fund is overseen by the Board of
Trustees discussed below (the &#147;IVK Board&#148;). References to the &#147;Board&#148; in this Exhibit&nbsp;J refer
solely to the IVK Board and references to &#147;Funds&#148; in this Exhibit&nbsp;J refer solely to those funds
advised by the Adviser, including the Acquiring Fund, overseen by the IVK Board.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tables below list the incumbent Trustees, their principal occupations, other directorships
held by them and their affiliations, if any, with the Adviser or its affiliates. The term &#147;Fund
Complex&#148; includes each of the investment companies advised by the Adviser as of the Record Date.
Trustees of the Funds generally serve three year terms or until their successors are duly elected
and qualified.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquiring</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fund (VLT)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>by Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David C. Arch<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP><br>
1945<br>
Blistex Inc.<br>
1800 Swift Drive <br>
Oak Brook, IL 60523
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Chief Executive
Officer of Blistex Inc., a
consumer health care products
manufacturer.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Member of the Heartland Alliance
Advisory Board, a nonprofit
organization serving human needs
based in Chicago. Board member of
the Illinois Manufacturers&#146;
Association. Member of the Board
of Visitors, Institute for the
Humanities, University of
Michigan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jerry D. Choate<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP><br>
1938<br>
33971 Selva Road<br>
Suite&nbsp;130<br>
Dana Point, CA 92629
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">From 1995 to 1999, Chairman and
Chief Executive Officer of the
Allstate Corporation (&#147;Allstate&#148;)
and Allstate Insurance Company.
From 1994 to 1995, President and
Chief Executive Officer of
Allstate. Prior to 1994, various
management positions at Allstate.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director since 1998 and member of
the governance and nominating
committee, executive committee,
compensation and management
development committee and equity
award committee, of Amgen Inc., a
biotechnological company.
Director since 1999 and member of
the nominating and governance
committee and compensation and
executive committee, of Valero
Energy Corporation, a crude oil
refining and marketing company.
Previously, from 2006 to 2007,
Director and member of the
compensation committee and audit
committee, of H&#038;R Block, a tax
preparation services company.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rodney F.
Dammeyer***<SUP style="FONT-size: 85%; vertical-align: text-top">2,4</SUP><br>
1940<br>
CAC, LLC <br>
4370 La Jolla Village
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of CAC, LLC, a private
company offering capital
investment and management
advisory services. Prior to
January&nbsp;2004, Director of
TeleTech Holdings, Inc. Prior to
2002, Director of
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of Quidel Corporation
and Stericycle, Inc. Prior to May
2008, Trustee of The Scripps
Research Institute. Prior to</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->J-1 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquiring</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fund (VLT)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>by Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Drive <br>
Suite&nbsp;685<br>
San Diego, CA 92122-1249
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arris
Arris Group,
Inc. Prior to 2001, Managing
Partner at Equity Group Corporate
Investments. Prior to 1995, Vice
Chairman of Anixter
International. Prior to 1985,
experience includes Senior Vice
President and Chief Financial
Officer of Household
International, Inc, Executive
Vice President and Chief
Financial Officer of Northwest
Industries, Inc. and Partner of
Arthur Andersen &#038; Co.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February
2008, Director of
Ventana Medical Systems, Inc.
Prior to April&nbsp;2007, Director of
GATX Corporation. Prior to April
2004, Director of TheraSense,
Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Linda Hutton Heagy<SUP style="FONT-size: 85%; vertical-align: text-top">2,4</SUP><br>
1948<BR>
4939 South Greenwood <BR>
Chicago, IL 60615
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Prior to June&nbsp;2008, Managing
Partner of Heidrick &#038; Struggles,
the second largest global
executive search firm, and from
2001-2004, Regional Managing
Director of U.S. operations at
Heidrick &#038; Struggles. Prior to
1997, Managing Partner of Ray &#038;
Berndtson, Inc., an executive
recruiting firm. Prior to 1995,
Executive Vice President of ABN
AMRO, N.A., a bank holding
company, with oversight for
treasury management operations
including all non-credit product
pricing. Prior to 1990,
experience includes Executive
Vice President of The Exchange
National Bank with oversight of
treasury management including
capital markets operations, Vice
President of Northern Trust
Company and an Associate at Price
Waterhouse.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Prior to 2010, Trustee on the
University of Chicago Medical
Center Board, Vice Chair of the
Board of the YMCA of Metropolitan
Chicago and a member of the
Women&#146;s Board of the University
of Chicago.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R. Craig Kennedy<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP><br>
1952<br>
1744 R Street, N.W. <br>
Washington, D.C. 20009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and President of the
German Marshall Fund of the
United States, an independent
U.S. foundation created to deepen
understanding, promote
collaboration and stimulate
exchanges of practical experience
between Americans and Europeans.
Formerly, advisor to the Dennis
Trading Group Inc., a managed
futures and option company that
invests money for individuals and
institutions. Prior to 1992,
President and Chief Executive
Officer, Director and member of
the Investment Committee of the
Joyce Foundation, a private
foundation.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of First Solar, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Howard J Kerr<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP><br>
1935<BR>
14 Huron Trace <BR>
Galena, IL 61036
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Retired. Previous member of the
City Council and Mayor of Lake
Forest, Illinois from 1988
through 2002. Previous business
experience from 1981 through 1996
includes President and Chief
Executive Officer of Pocklington
Corporation, Inc., an investment
holding company, President and
Chief Executive Officer of
Grabill Aerospace, and President
of Custom Technologies
Corporation. United States Naval
Officer from 1960 through 1981,
with responsibilities including
Commanding Officer of United
States Navy destroyers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of the Lake Forest Bank
&#038; Trust. Director of the Marrow
Foundation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->J-2 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquiring</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fund (VLT)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>by Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and
Commander of United States Navy
Destroyer Squadron Thirty-Three,
White House experience in 1973
through 1975 as military aide to
Vice Presidents Agnew and Ford
and Naval Aid to President Ford,
and Military Fellow on the
Council of Foreign Relations in
1978-through 1979.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack E. Nelson***<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP><br>
1936<br>
423 Country Club Drive <br>
Winter Park, FL 32789
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Nelson Investment
Planning Services, Inc., a
financial planning company and
registered investment adviser in
the State of Florida. President
of Nelson Ivest Brokerage
Services Inc., a member of the
Financial Industry Regulatory
Authority (&#147;FINRA&#148;), Securities
Investors Protection Corp. and
the Municipal Securities
Rulemaking Board. President of
Nelson Sales and Services
Corporation, a marketing and
services company to support
affiliated companies.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugo F.
Sonnenschein<SUP style="FONT-size: 85%; vertical-align: text-top">3,4</SUP><br>
1940<br>
1126 E. 59th Street <br>
Chicago, IL 60637
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Distinguished Service Professor
and President Emeritus and of
the University of Chicago and the
Adam Smith Distinguished Service
Professor in the Department of
Economics at the University of
Chicago. Prior to July&nbsp;2000,
President of the University of
Chicago.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Trustee of the University of
Rochester and a member of its
investment committee. Member of
the National Academy of Sciences,
the American Philosophical
Society and a fellow of the
American Academy of Arts and
Sciences.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suzanne H. Woolsey, Ph.D.<SUP style="FONT-size: 85%; vertical-align: text-top">
1</SUP><br>
1941<br>
815 Cumberstone Road <br>
Harwood, MD 20776
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Communications Officer of
the National Academy of Sciences
and Engineering and Institute of
Medicine/National Research
Council, an independent,
federally chartered policy
institution, from 2001 to
November&nbsp;2003 and Chief Operating
Officer from 1993 to 2001.
Executive Director of the
Commission on Behavioral and
Social Sciences and Education at
the National Academy of
Sciences/National Research
Council from 1989 to 1993. Prior
to 1980, experience includes
Partner of Coopers &#038; Lybrand
(from 1980 to 1989), Associate
Director of the US Office of
Management and Budget (from 1977
to 1980) and Program Director of
the Urban Institute (from 1975 to
1977).
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Independent Director and audit
committee chairperson of Changing
World Technologies, Inc., an
energy manufacturing company,
since July&nbsp;2008. Independent
Director and member of audit and
governance committees of Fluor
Corp., a global engineering,
construction and management
company, since January&nbsp;2004.
Director of Intelligent Medical
Devices, Inc., a private company
which develops symptom-based
diagnostic tools for viral
respiratory infections. Advisory
Board member of ExactCost LLC, a
private company providing
activity-based costing for
hospitals, laboratories, clinics,
and physicians, since 2008.
Chairperson of the Board of
Trustees of the Institute for
Defense Analyses, a federally
funded research and development
center, since 2000. Trustee from
1992 to 2000 and 2002 to present,
current chairperson of the
finance committee, current member
of the audit committee, strategic
growth committee and executive
committee, and former Chairperson
of the Board</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->J-3 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Term of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Position(s)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Held with</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Length of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Complex</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Acquiring</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Time</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Overseen</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fund (VLT)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Served</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Past Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>by Trustee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Trustee During the Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">of Trustees (from
1997 to 1999), of the German
Marshall Fund of the United
States, a public foundation. Lead
Independent Trustee of the Rocky
Mountain Institute, a non-profit
energy and environmental
institute; Trustee since 2004.
Chairperson of the Board of
Trustees of the Colorado College;
Trustee since 1995. Trustee of
California Institute of
Technology. Previously,
Independent Director and member
of audit committee and governance
committee of Neurogen Corporation
from 1998 to 2006; and
Independent Director of Arbros
Communications from 2000 to 2002.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interested Trustees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Colin D. Meadows*<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP><br>
1971<br>
1555 Peachtree Street, N.E.<br>
Atlanta, GA 30309
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee; President
and Principal
Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Managing Director and
Chief Administrative Officer of
Invesco, Ltd. since 2006. Chief
Administrative Officer of Invesco
Advisers, Inc. since 2006. Prior
to 2006, Senior Vice President of
business development and mergers
and acquisitions at GE Consumer
Finance. Prior to 2005, Senior
Vice President of strategic
planning and technology at Wells
Fargo Bank. From 1996 to 2003,
associate principal with McKinsey
&#038; Company, focusing on the
financial services and venture
capital industries, with emphasis
in the banking and asset
management sectors.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wayne W. Whalen**<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP><br>
1939<br>
155 North Wacker Drive <br>
Chicago, IL 60606
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#134;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Of Counsel, and prior to 2010,
partner in the law firm of
Skadden, Arps, Slate, Meagher &#038;
Flom LLP, legal counsel to
certain funds in the Fund
Complex.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of the Abraham Lincoln
Presidential Library Foundation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Designated as a Class&nbsp;I trustee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Designated as a Class&nbsp;II trustee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD>Designated as a Class&nbsp;III trustee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>With respect to Funds with Preferred Shares outstanding, Mr.&nbsp;Sonnenschein and Ms.&nbsp;Heagy are
elected by the Preferred Shareholders.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Meadows is an interested person (within the meaning of Section&nbsp;2(a)(19) of the 1940 Act)
of the funds in the Fund Complex because he is an officer of the Adviser. The Board of
Trustees of the Funds appointed Mr.&nbsp;Meadows as Trustee of the Funds effective June&nbsp;1, 2010.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD><SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP> Mr.&nbsp;Whalen is an interested person (within the meaning of Section&nbsp;2(a)(19) of the
1940 Act) of certain funds in the Fund Complex because he and his firm currently provide legal
services as legal counsel to such funds in the Fund Complex.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">***</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to the Board&#146;s Trustee retirement policy, Howard J Kerr and Jack E. Nelson are
retiring from the Board effective as of the Meeting. In addition, Rodney Dammeyer is
resigning from the Board effective as of the Meeting. Rodney Dammeyer is not standing for
reelection and his term of office as Trustee of the Acquiring Fund will expire at the Meeting.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Each Trustee generally serves a three-year term from the date of election. Each Trustee has
served as a Trustee of each respective Fund since the year shown in the following table.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->J-4 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="35" style="border-bottom: 1px solid #000000"><B>Independent Trustees</B></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Interested Trustees</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Arch</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Choate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dammeyer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Heagy</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Kennedy</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Kerr</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Nelson</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Sonnenschein</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Woolsey</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Meadows</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Whalen</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VLT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1989</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustee Ownership of Acquiring Fund Shares</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows each Board member&#146;s ownership of shares of the Acquiring Fund and of
shares of all registered investment companies overseen by such Board member in the Fund Complex as
of December&nbsp;31, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Dollar Range of Equity Securities in All</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Securities in the Acquiring </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered Investment Companies Overseen by Board</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund (VLT)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Member in Family of Investment Companies</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David C. Arch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1-$10,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jerry D. Choate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001-$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rodney F. Dammeyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Linda Hutton Heagy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$10,001-$50,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">R. Craig Kennedy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1-$10,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Howard J Kerr</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;None&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;None&#093;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack E. Nelson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1-$10,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hugo F. Sonnenschein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Suzanne H. Woolsey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;None&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;$10,001-$50,000&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colin D. Meadows</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;None&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;$1-$10,000&#093;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wayne W. Whalen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;$50,001-$100,000&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->J-5 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT K</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Board Leadership Structure, Role in Risk Oversight, and Committees and Meetings of the Acquiring
Fund</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Acquiring Fund (VLT). Not all funds advised by the
Adviser are overseen by the same board of trustees. The Acquiring Fund is overseen by the Board of
Trustees discussed below (the &#147;IVK Board&#148;). References to the &#147;Board&#148; in this Exhibit&nbsp;K refer
solely to the IVK Board and references to &#147;Funds&#148; in this Exhibit&nbsp;K refer solely to those funds
advised by the Adviser, including the Acquiring Fund, overseen by the IVK Board.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Leadership Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board&#146;s leadership structure consists of a Chairman of the Board and two standing
committees, each described below (and ad hoc committees when necessary), with each committee
staffed by Independent Trustees and an Independent Trustee as Committee Chairman. The Chairman of
the Board is not the principal executive officer of the Funds. The Chairman of the Board is not an
&#147;interested person&#148; (as that term is defined by the 1940 Act) of the Adviser. However, the Chairman
of the Board is an &#147;interested person&#148; (as that term is defined by the 1940 Act) of the Funds for
the reasons described above in the Trustee biographies. The Board, including the independent
trustees, periodically reviews the Board&#146;s leadership structure for the Invesco Van Kampen Funds,
including the interested person status of the Chairman, and has concluded the leadership structure
is appropriate for the Funds. In considering the chairman position, the Board has considered and/or
reviewed (i)&nbsp;the Funds&#146; organizational documents, (ii)&nbsp;the role of a chairman (including, among
other things, setting the agenda and managing information flow, running the meeting and setting the
proper tone), (iii)&nbsp;the background, experience and skills of the Chairman (including his
independence from the Adviser), (iv)&nbsp;alternative structures (including combined principal executive
officer/chairman, selecting one of the Independent Trustees as chairman and/or appointing an
independent lead trustee), (v)&nbsp;rule proposals in recent years that would have required all fund
complexes to have an independent chairman, (vi)&nbsp;the Chairman&#146;s past and current performance, and
(vii)&nbsp;the potential conflicts of interest of the Chairman (and noted their periodic review as part
of their annual self-effectiveness survey and as part of an independent annual review by the Funds&#146;
Audit Committee of fund legal fees related to such potential conflict). In conclusion, the Board
and the Independent Trustees have expressed their continuing support of Mr.&nbsp;Whalen as Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Committees and Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s Board of Trustees has two standing committees (an Audit Committee and a Governance
Committee). Each committee is comprised solely of &#147;Independent Trustees&#148;, which is defined for
purposes herein as trustees who: (1)&nbsp;are not &#147;interested persons&#148; of the Fund as defined by the
1940 Act and (2)&nbsp;are &#147;independent&#148; of the respective Fund as defined by the New York Stock Exchange
and Chicago Stock Exchange listing standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Board&#146;s Audit Committee consists of Jerry D. Choate, Linda Hutton Heagy and R. Craig
Kennedy. In addition to being Independent Trustees as defined above, each of these Trustees also
meets the additional independence requirements for audit committee members as defined by the New
York Stock Exchange and Chicago Stock Exchange listing standards. The Audit Committee makes
recommendations to the Board of Trustees concerning the selection of each Fund&#146;s independent
registered public accounting firm, reviews with such independent registered public accounting firm
the scope and results of each Fund&#146;s annual audit and considers any comments which the independent
registered public accounting firm may have regarding each Fund&#146;s financial statements, accounting
records or internal controls. Each Board of Trustees has adopted a formal written charter for the
Audit Committee which sets forth the Audit Committee&#146;s responsibilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Board&#146;s Governance Committee consists of David C. Arch, Rodney Dammeyer, Howard J Kerr,
Jack E. Nelson, Hugo F. Sonnenschein and Suzanne H. Woolsey. In addition to being Independent
Trustees as defined above, each of these Trustees also meets the additional independence
requirements for nominating committee members as defined by the New York Stock Exchange and Chicago
Stock Exchange listing standards. The Governance Committee identifies individuals qualified to
serve as Independent Trustees on the Board and on committees of the Board, advises the Board with
respect to Board composition, procedures and committees, develops and recommends to the Board a set
of corporate governance principles applicable to the respective Fund,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->K-1 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">monitors corporate governance matters and makes recommendations to the Board, and acts as the
administrative committee with respect to Board policies and procedures, committee policies and
procedures and codes of ethics. The Governance Committee charter for each of the Funds, which
includes each Fund&#146;s nominating policies, is available at www.invesco.com/us. The Independent
Trustees of the respective Fund select and nominate nominee Independent Trustees for the respective
Fund. While the Independent Trustees of the respective Fund expect to be able to continue to
identify from their own resources an ample number of qualified candidates for the Board of Trustees
as they deem appropriate, they will consider nominations from shareholders to the Board.
Nominations from shareholders should be in writing and sent to the Independent Trustees as
described herein.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Fund&#146;s last fiscal year, the Board held seven meetings, the Board&#146;s Audit Committee
held seven meetings, and the Board&#146;s Governance Committee met five times. The Board previously had
a brokerage and services committee, which met two times during the Fund&#146;s last fiscal year.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Fund&#146;s last completed fiscal year, each of the Trustees of the Fund during the
period such Trustee served as a Trustee attended at least 75% of the meetings of the Board of
Trustees and all committee meetings thereof of which such Trustee was a member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Role in Risk Oversight</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management of the fund complex seeks to provide investors with disciplined investment
teams, a research-driven culture, careful long-term perspective and a legacy of experience. Thus,
the goal for each Fund is attractive long-term performance consistent with the objectives and
investment policies and risks for such Fund, which in turn means, among other things, good security
selection, reasonable costs and quality shareholder services. An important sub-component of
delivering this goal is risk management &#151; understanding, monitoring and controlling the various
risks in making investment decisions at the individual security level as well as portfolio
management decisions at the overall fund level. The key participants in the risk management process
of the Funds are each Fund&#146;s portfolio managers, the Adviser&#146;s senior management, the Adviser&#146;s
risk management group, the Adviser&#146;s compliance group, the Funds&#146; chief compliance officer, and the
various support functions (i.e. the custodian, the Funds&#146; accountants (internal and external), and
legal counsel). While Funds are subject to other risks such as valuation, custodial, accounting,
shareholder servicing, etc., a Fund&#146;s primary risk is understanding, monitoring and controlling the
various risks in making portfolio management decisions consistent with the Fund&#146;s objective and
policies. The Board&#146;s role is oversight of management&#146;s risk management process. At regular
quarterly meetings, the Board reviews Fund performance and factors, including risks, affecting such
performance by Fund with the Adviser&#146;s senior management, and the Board typically meets at least
once a year with the portfolio managers of each Fund. At regular quarterly meetings, the Board
reviews reports showing monitoring done by the Adviser&#146;s risk management group, by the Adviser&#146;s
compliance group, the Funds&#146; chief compliance officer and reports from the Funds&#146; support
functions.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->K-2 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT L</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Remuneration of the Acquiring Fund&#146;s Trustees</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information pertains to the Acquiring Fund (VLT). Not all funds advised by the
Adviser are overseen by the same board of trustees. The Acquiring Fund is overseen by the Board of
Trustees discussed below (the &#147;IVK Board&#148;). References to the &#147;Board&#148; in this Exhibit&nbsp;L refer
solely to the IVK Board and references to &#147;Funds&#148; in this Exhibit&nbsp;L refer solely to those funds
advised by the Adviser, including the Acquiring Fund, overseen by the IVK Board.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows compensation for Trustees. The compensation of Trustees that are
affiliated persons (as defined in 1940 Act) of the Adviser is paid by the respective affiliated
entity. The Funds pay the non-affiliated Trustees an annual retainer and meeting fees for services
to such Funds. The Funds do not accrue or pay retirement or pension benefits to Trustees as of the
date of this Proxy Statement.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Compensation Table</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Compensation from</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"> &nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>from the Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Portfolios in the Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Portfolios in Fund</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(VLT)</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Complex</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Complex Overseen by Trustee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interested Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Colin D. Meadows</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">18</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wayne W. Whalen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$1,316</TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">$399,000</TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">158</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David C. Arch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">1,316</TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">412,250</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">158</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jerry D. Choate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">1,150</TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">83,000</TD>

    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">18</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rodney F. Dammeyer</DIV></TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">1,316</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">412,250</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">158</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Linda Hutton Heagy</DIV></TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">1,316</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">95,000</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">18</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">R. Craig Kennedy</DIV></TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">1,233</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">89,000</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">18</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Howard J Kerr</DIV></TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">1,316</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">95,000</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">18</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack E. Nelson</DIV></TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">1,316</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">95,000</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">18</TD>

</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hugo F. Sonnenschein</DIV></TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">1,316</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">412,200</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">158</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Suzanne H. Woolsey</DIV></TD>
    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">1,316</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">95,000</TD>

    <TD>&nbsp;</TD>
   <TD colspan="3" align="center">18</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For the fiscal year ended February&nbsp;29, 2012.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->L-1 <!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT
M</B></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Outstanding Shares of the Funds</B>
</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Record Date, there were the following number of Common Shares outstanding of each
Fund:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Common Shares Outstanding</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Target Fund (MSY)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;11,650,214&#093;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VLT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#091;3,770,265&#093;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->M-1 <!-- /Folio -->
</DIV>

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


<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT N</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Ownership of the Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Significant Holders</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Listed below are the name, address and percent ownership of each person who as of &#091;April&nbsp;20&#093;,
2012, to the best knowledge of the Funds owned 5% or more of the outstanding shares of a class of a
Fund. &#091;A shareholder who owns beneficially 25% or more of the outstanding securities of a Fund is
presumed to &#147;control&#148; the Fund as defined in the 1940 Act. Such control may affect the voting
rights of other shareholders.&#093;
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent Owned of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Class of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Record*</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios
L.P., First Trust
 Advisors L.P.,
The Charger
Corporation  <BR>

120 East Liberty Drive, Suite&nbsp;400
<BR>
Wheaton, Illinois 60187</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>Target Fund (MSY)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>Common Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,288,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios L.P.,
First Trust
Advisors L.P., The
Charger
Corporation <br>
120 East Liberty Drive, Suite&nbsp;400<br>
Wheaton, Illinois 60187</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>Acquiring Fund (VLT)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>Common Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.8</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Based on filings made by such owners with the SEC. Each Fund has no knowledge of whether all
or any portion of the shares reported or owned of record are also owned beneficially.</TD>
</TR>
<TR><TD><FONT size="1">

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




<P align="center" style="font-size: 10pt"><!-- Folio -->N-1 <!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STATEMENT OF ADDITIONAL INFORMATION<BR>
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2012</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">to the
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Registration Statement on Form N-14 Filed by the Following (&#147;Acquiring Funds&#148;):</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: IIM</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: OIA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQI</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen California Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VCV</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen High Income Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VLT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Municipal Opportunity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: VMO</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Investment Grade New York Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VTN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VKQ</TD>
</TR>

<tr style="font-size:18pt"><td>&nbsp;</td></tr>


<tr style="font-size:10pt"><td colspan="3" align="center"><B>Relating to the July&nbsp;17, 2012 Joint Annual Meeting of Shareholders of the Above-Listed Funds and the<BR>
Following Funds (&#147;Target Funds&#148;):</B></td></tr>


<tr style="font-size:10pt"><td>&nbsp;</td></tr>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: IMC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IMS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IMT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: OIB</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: OIC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Investment Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: IQM</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IIC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: ICS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco High Yield Investments Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: MSY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Premium Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: PIA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Select Sector Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE Amex: VKL</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Value Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: VIM</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco New York Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Massachusetts Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE Amex: VMV</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Ohio Quality Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>NYSE: VOQ</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Investment Grade New Jersey Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VTJ</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Statement of Additional Information (&#147;SAI&#148;), which is not a prospectus, supplements and
should be read in conjunction with the Joint Proxy Statement/Prospectus for each Acquiring Fund
(each, a &#147;Proxy Statement&#148; and together, the &#147;Proxy Statements&#148;) dated June &#091;&#95;&#95;&#093;, 2012, relating
specifically to the Joint Annual Meetings of Shareholders of the above listed funds (collectively,
the &#147;Funds&#148;) to be held on July&nbsp;17, 2012. Copies of the Proxy Statements may be obtained at no
charge by writing to Invesco Investment Services, Inc., 1555 Peachtree Street,
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">N.E., Atlanta, Georgia 30309, or by calling (800)&nbsp;341-2929. You can also access this information
at http://www.invesco.com/us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission has not approved or disapproved these securities or
determined if this SAI is truthful or complete. Any representation to the contrary is a criminal
offense.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Incorporation by Reference of Certain Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Strategies and Risks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Policies and Restrictions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Portfolio Turnover</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management of the Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ownership of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Advisory and Other Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Adviser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment Sub-Advisers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Portfolio Managers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading Practices and Brokerage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Statements and <I>Pro Forma </I>Financial Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Special State-Specific Investment Considerations</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ratings of Debt Securities</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Strategic Transactions; Options and Futures</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Portfolio Turnover</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Fees</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administrative Services Fees</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;G
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Portfolio Managers</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;H
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brokerage Commissions</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appendix&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Directed Brokerage (Research Services)</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Incorporation by Reference of Certain Documents</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s financial statements for the fiscal year ended February&nbsp;20, 2012 are incorporated
into this SAI by reference to the Fund&#146;s most recent Annual Report to Shareholders. The proxy
policies and procedures of Invesco Advisers, Inc. (&#147;Invesco&#148; or the &#147;Adviser&#148;) are also
incorporated into this SAI by reference to Appendix&nbsp;E to the Statement of Additional Information
for AIM Growth Series (Invesco Growth Series), filed as part of Post-Effective Amendment No.&nbsp;97 to
such registrant&#146;s Registration Statement. The accession numbers for these documents are listed
below, along with the dates they were filed via EDGAR. These documents will be provided to any
shareholder who requests this SAI and may also be obtained, without charge, by calling (800)
341-2929.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portions of such Annual Reports and Post-Effective Amendment that are not specifically
referenced above are not incorporated into this SAI.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Annual Report Accession No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">IMC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007949
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IMS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008022
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IMT
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007955
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">OIB
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008054
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">OIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008028
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IQT
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007963
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IQM
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007972
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007954
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IQC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007947
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">ICS
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008026
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">MSY
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008048
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">PIA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007956
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VKL
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007984
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VIM
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007986
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IQN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007958
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VMV
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007971
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VOQ
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007977
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VTJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007987
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IIM
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007951
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">OIA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008024
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IQI
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007961
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VCV
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007968
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VLT
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008033
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VMO
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007973
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VTN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007991
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VKQ
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007976
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Registrant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Post-Effective Amendment Accession No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">AIM Growth Series (Invesco Growth Series)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-006801
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;26, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>General Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SAI relates to the proposed reorganization of each Target Fund, as identified below, into
the corresponding Acquiring Fund, as identified below. The table also reflects the former names of
the Funds during the past five years.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="center"  style="border-bottom:1px solid #000000"><B>Target Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Value Municipal Bond Trust (NYSE: IMC)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Value Municipal Income Trust (NYSE: IIM)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Invesco Insured Municipal Bond Trust
(through 1/23/2012); Morgan Stanley Insured Municipal
Bond Trust (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Invesco Insured Municipal Income Trust
(through 1/6/2012); Morgan Stanley Insured
Municipal Income Trust (through 5/6/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Value Municipal Securities (NYSE: IMS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Invesco Insured Municipal Securities
(through 12/1/2011); Morgan Stanley Insured Municipal
Securities (through 5/6/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Value Municipal Trust (NYSE: IMT)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Invesco Insured Municipal Trust (through
1/19/2012); Morgan Stanley Insured Municipal Trust
(through 5/6/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Municipal Income Opportunities Trust II<BR>
(NYSE: OIB)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Municipal Income Opportunities Trust<BR>
(NYSE: OIA)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley Municipal Income <BR>
Opportunities Trust II (through 5/7/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Morgan Stanley Municipal Income<BR>
Opportunities Trust (through 5/6/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Municipal Income Opportunities Trust III<BR>
(NYSE: OIC)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley Municipal Income <BR>
Opportunities Trust III (through 5/7/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Quality Municipal Investment Trust (NYSE: IQT)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Quality Municipal Income Trust (NYSE: IQI)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley Quality Municipal Investment <BR>
Trust (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Morgan Stanley Quality Municipal Income<BR>
Trust (through 5/10/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Quality Municipal Securities (NYSE: IQM)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley Quality Municipal Securities<BR>
(through 5/6/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco California Municipal Income Trust (NYSE: IIC)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen California Value Municipal<BR>
Income Trust (NYSE: VCV)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Invesco California Insured Municipal Income
Trust (through 1/23/2012); Morgan Stanley California
Insured Municipal Income Trust (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen California Value Municipal<BR>
Income Trust (through 3/31/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco California Quality Municipal Securities<BR>
(NYSE: IQC)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley California Quality Municipal <BR>
Securities (through 5/6/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco California Municipal Securities (NYSE: ICS)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Invesco Insured California Municipal
Securities (through 1/23/2012); Morgan Stanley
Insured California Municipal Securities (through
5/6/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco High Yield Investments Fund, Inc. (NYSE: MSY)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen High Income Trust II (NYSE:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>VLT)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley High Yield Fund, Inc.
(through 5/27/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen High Income Trust II<BR>
(through 5/26/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Municipal Premium Income Trust (NYSE: PIA)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen Municipal Opportunity Trust<BR>
(NYSE: VMO)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley Municipal Premium Income <BR>
Trust (through 5/10/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen Municipal Opportunity Trust<BR>
(through 3/31/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Van Kampen Select Sector Municipal Trust<BR>
(NYSE Amex: VKL)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Van Kampen Select Sector Municipal Trust<BR>
(through 3/31/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Van Kampen Trust for Value Municipals<BR>
(NYSE: VIM)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Invesco Van Kampen Trust for Insured
Municipals (through 12/16/2011); Van Kampen Trust for
Insured Municipals (through 5/10/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco New York Quality Municipal Securities<BR>
(NYSE: IQN)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen Trust for Investment Grade New<BR>
York Municipals (NYSE: VTN)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Morgan Stanley New York Quality Municipal <BR>
Securities (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen Trust for Investment Grade<BR>
New York Municipals (through 4/12/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Van Kampen Massachusetts Value Municipal <BR>
Income Trust (NYSE Amex: VMV)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen Municipal Trust (NYSE: VKQ)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Van Kampen Massachusetts Value Municipal <BR>
Income Trust (through 3/31/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen Municipal Trust (through<BR>
4/21/2010)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Van Kampen Ohio Quality Municipal Trust<BR>
(NYSE: VOQ)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Van Kampen Ohio Quality Municipal Trust<BR>
(through 3/31/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Van Kampen Trust for Investment Grade New <BR>
Jersey Municipals (NYSE: VTJ)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Van Kampen Trust for Investment Grade New <BR>
Jersey Municipals (through 3/31/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Investment Strategies and Risks</B>
</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table on the following pages identifies various securities and investment techniques that
Invesco and/or the Sub-Advisers (as defined herein) may use in managing the Funds, including as
part of a temporary defensive strategy, as well as the risks associated with those types of
securities and investment techniques. The table has been marked to indicate those securities and
investment techniques that Invesco and/or a Sub-Adviser may, but is not
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required to, use to manage a Fund, including as part of a temporary defensive strategy. A Fund
may choose not to use any or all of these techniques and may use different techniques at different
times. Invesco and/or the Sub-Advisers may invest in other securities and may use other investment
techniques in managing the Funds, including those described below for Funds not specifically
mentioned as investing in the security or using the investment technique, as well as securities and
techniques not described. Each Fund&#146;s transactions in a particular security or use of a particular
technique is subject to the limitations imposed by a Fund&#146;s investment objective, principal
investment strategies, and fundamental and non-fundamental investment restrictions (and appendices
thereto) described in that Fund&#146;s Proxy Statement and/or this SAI, as well as federal securities
laws. Each Fund&#146;s investment policies, strategies and practices described below are
non-fundamental and may be changed without approval of the holders of the Fund&#146;s voting securities
unless otherwise indicated below, elsewhere in this SAI or in the Fund&#146;s Proxy Statement. The
descriptions of the securities and investment techniques in this section supplement the discussion
of principal investment strategies contained in each Fund&#146;s Proxy Statement and shareholder
reports; where a particular type of security or investment technique is not discussed in a Fund&#146;s
Proxy Statement or shareholder reports, that security or investment technique is not a principal
investment strategy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">OIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQI</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VCV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VLT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VMO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VTN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VKQ</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Debt Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Debt Obligations (CDOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Loan Obligations (CLOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Linked Notes (CLNs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Synthetic Municipal Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment Grade Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Investment Grade Debt Obligations (Junk Bonds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, Loan Participations and Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Public Bank Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Structured Notes and Indexed Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Corporate Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Equity Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Foreign Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Exchange Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Floating Rate Corporate Loans and Corporate Debt
Securities of Non-U.S. Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Other Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exchange-Traded Funds (ETFs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Investment Companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Limited Partnerships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaulted Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>

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

<DIV align="left"><FONT size="1">

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">OIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQI</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VCV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VLT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VMO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VTN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VKQ</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Forward Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Variable or Floating Rate Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inverse Floating Rate Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zero Coupon and Pay-in-Kind Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Premium Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Participation Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Investment Techniques:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Commitments, When-Issued and Delayed
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Lending Portfolio Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted and Illiquid Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reverse Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Derivatives:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Locks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Futures Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Currency Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IMC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IMS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IMT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">OIB</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">OIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQC</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Debt Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Debt Obligations (CDOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Loan Obligations (CLOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Linked Notes (CLNs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Synthetic Municipal Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment Grade Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Investment Grade Debt Obligations (Junk Bonds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, Loan Participations and Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Public Bank Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Structured Notes and Indexed Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Corporate Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Equity Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IMC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IMS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IMT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">OIB</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">OIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQC</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Foreign Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Exchange Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Floating Rate Corporate Loans and Corporate Debt
Securities of Non-U.S. Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Other Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exchange-Traded Funds (ETFs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Investment Companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Limited Partnerships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaulted Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Forward Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Variable or Floating Rate Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inverse Floating Rate Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zero Coupon and Pay-in-Kind Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Premium Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Participation Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Investment Techniques:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Commitments, When-Issued and Delayed
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Lending Portfolio Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted and Illiquid Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reverse Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Derivatives:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Locks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Futures Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Currency Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">ICS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">MSY</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">PIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VKL</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VMV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VOQ</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VTJ</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Debt Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Debt Obligations (CDOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Loan Obligations (CLOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Linked Notes (CLNs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Synthetic Municipal Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">ICS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">MSY</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">PIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VKL</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">IQN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VMV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VOQ</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">VTJ</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment Grade Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Investment Grade Debt Obligations (Junk Bonds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, Loan Participations and Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Public Bank Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Structured Notes and Indexed Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Corporate Debt Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Equity Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Foreign Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Exchange Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Floating Rate Corporate Loans and Corporate Debt
Securities of Non-U.S. Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Other Investments:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exchange-Traded Funds (ETFs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Investment Companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Limited Partnerships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaulted Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Forward Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Variable or Floating Rate Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inverse Floating Rate Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zero Coupon and Pay-in-Kind Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Premium Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Participation Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Investment Techniques:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Commitments, When-Issued and Delayed
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Lending Portfolio Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted and Illiquid Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reverse Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Derivatives:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Locks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Futures Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Currency Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Debt Investments</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>U.S. Government Obligations</B>. U.S. Government obligations are obligations issued or guaranteed
by the U.S. Government, its agencies and instrumentalities, and include, among other obligations,
bills, notes and bonds issued by the U.S. Treasury, as well as &#147;stripped&#148; or &#147;zero coupon&#148; U.S.
Treasury obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government obligations may be (i)&nbsp;supported by the full faith and credit of the U.S.
Treasury, (ii)&nbsp;supported by the right of the issuer to borrow from the U.S. Treasury, (iii)
supported by the discretionary authority of the U.S. Government to purchase the agency&#146;s
obligations, or (iv)&nbsp;supported only by the credit of the instrumentality. There is a risk that the
U.S. Government may choose not to provide financial support to U.S. Government-sponsored agencies
or instrumentalities if it is not legally obligated to do so. In that case, if the issuer were to
default, a portfolio holding securities of such issuer might not be able to recover its investment
from the U.S. Government. For example, while the U.S. Government has recently provided financial
support to Federal National Mortgage Association (&#147;Fannie Mae&#148;) and Federal Home Loan Mortgage
Corporation (&#147;Freddie Mac&#148;), no assurance can be given that the U.S. Government will always do so,
since the U.S. Government is not so obligated by law. There also is no guarantee that the
government would support Federal Home Loan Banks. Accordingly, securities of Fannie Mae, Freddie
Mac and Federal Home Loan Banks, and other agencies, may involve a risk of non-payment of principal
and interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Temporary Investments</B>. A Fund may invest a portion of its assets in money market funds
(including affiliated money market funds affiliated with Invesco) and in the types of money market
instruments in which money market funds would invest or other short-term U.S. Government securities
for cash management purposes. The Fund may invest up to 100% of its assets in investments that may
be inconsistent with the Fund&#146;s principal investment strategies for temporary defensive purposes in
anticipation of or in response to adverse market, economic, political or other conditions, or other
atypical circumstances. As a result, the Fund may not achieve its investment objective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Collateralized Debt Obligations (&#147;CDOs&#148;)</B>. A CDO is a security backed by a pool of bonds,
loans and other debt obligations. CDOs are not limited to investing in one type of debt and
accordingly, a CDO may own corporate bonds, commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed securities, and emerging market debt. The
CDO&#146;s securities are typically divided into several classes, or bond tranches, that have differing
levels of investment grade or credit tolerances. Most CDO issues are structured in a way that
enables the senior bond classes and mezzanine classes to receive investment-grade credit ratings.
Credit risk is shifted to the most junior class of securities. If any defaults occur in the assets
backing a CDO, the senior bond classes are first in line to receive principal and interest
payments, followed by the mezzanine classes and finally by the lowest rated (or non-rated) class,
which is known as the equity tranche. Similar in structure to a collateralized mortgage obligation
(described above) CDOs are unique in that they represent different types of debt and credit risk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Collateralized Loan Obligations (&#147;CLOs&#148;)</B>. CLOs are debt instruments backed solely by a pool
of other debt securities. The risks of an investment in a CLO depend largely on the type of the
collateral securities and the class of the CLO in which a Fund invests. Some CLOs have credit
ratings, but are typically issued in various classes with various priorities. Normally, CLOs are
privately offered and sold (that is, they are not registered under the securities laws) and may be
characterized as illiquid securities; however, an active dealer market may exist for CLOs that
qualify for Rule&nbsp;144A transactions. In addition to the normal interest rate, default and other
risks of fixed income securities, CLOs carry additional risks, including the possibility that
distributions from collateral securities will not be adequate to make interest or other payments,
the quality of the collateral may decline in value or default, a Fund may invest in CLOs that are
subordinate to other classes , values may be volatile, and disputes with the issuer may produce
unexpected investment results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Credit Linked Notes (&#147;CLNs&#148;)</B>. A CLN is a security with an embedded credit default swap
allowing the issuer to transfer a specific credit risk to credit investors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLNs are created through a Special Purpose Company (&#147;SPC&#148;), or trust, which is collateralized
with AAA-rated securities. The CLN&#146;s price or coupon is linked to the performance of the reference
asset of the second party. Generally, the CLN holder receives either fixed or floating coupon rate
during the life of the CLN and par at
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">maturity. The cash flows are dependent on specified credit-related events. Should the second
party default or declare bankruptcy, the CLN holder will receive an amount equivalent to the
recovery rate. In return for these risks, the CLN holder receives a higher yield. The Fund bears
the risk of default by the second party and any unforeseen movements in the reference asset, which
could lead to loss of principal and receipt of interest payments. As with most derivative
instruments, valuation of a CLN may be difficult due to the complexity of the security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Bank Instruments</B>. Bank instruments are unsecured interest bearing bank deposits. Bank
instruments include, but are not limited to, certificates of deposits, time deposits, and banker&#146;s
acceptances from U.S. or foreign banks as well as Eurodollar certificates of deposit (&#147;Eurodollar
CDs&#148;) and Eurodollar time deposits (&#147;Eurodollar time deposits&#148;) of foreign branches of domestic
banks. Some certificates of deposit are negotiable interest-bearing instruments with a specific
maturity issued by banks and savings and loan institutions in exchange for the deposit of funds,
and can typically be traded in the secondary market prior to maturity. Other certificates of
deposit, like time deposits, are non-negotiable receipts issued by a bank in exchange for the
deposit of funds which earns a specified rate of interest over a definite period of time; however,
it cannot be traded in the secondary market. A bankers&#146; acceptance is a bill of exchange or time
draft drawn on and accepted by a commercial bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment in Eurodollar CDs or Eurodollar time deposits may involve some of the same risks
that are described for Foreign Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Commercial Instruments</B>. Commercial instruments include commercial paper, master notes and
other short-term corporate instruments, that are denominated in U.S. dollars or foreign currencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial instruments are a type of instrument issued by large banks and corporations to
raise money to meet their short term debt obligations, and are only backed by the issuing bank or
corporation&#146;s promise to pay the face amount on the maturity date specified on the note.
Commercial paper consists of short-term promissory notes issued by corporations. Commercial paper
may be traded in the secondary market after its issuance. Master notes are demand notes that
permit the investment of fluctuating amounts of money at varying rates of interest pursuant to
arrangements with issuers who meet the credit quality criteria of the Funds. The interest rate on
a master note may fluctuate based on changes in specified interest rates or may be reset
periodically according to a prescribed formula or may be a set rate. Although there is no
secondary market in master demand notes, if such notes have a demand feature, the payee may demand
payment of the principal amount of the note upon relatively short notice. Master notes are
generally illiquid and therefore subject to any applicable restrictions on investment in illiquid
securities. Commercial instruments may not be registered with the U.S. Securities and Exchange
Commission (&#147;SEC&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Synthetic Municipal Instruments</B>. Synthetic municipal instruments are instruments, the value
of and return on which are derived from underlying securities. Synthetic municipal instruments
include tender option bonds and variable rate trust certificates. Both types of instruments
involve the deposit into a trust or custodial account of one or more long-term tax-exempt bonds or
notes (&#147;Underlying Bonds&#148;), and the sale of certificates evidencing interests in the trust or
custodial account to investors such as the Fund. The trustee or custodian receives the long-term
fixed rate interest payments on the Underlying Bonds, and pays certificate holders short-term
floating or variable interest rates which are reset periodically. A &#147;tender option bond&#148; provides
a certificate holder with the conditional right to sell its certificate to the sponsor or some
designated third party at specified intervals and receive the par value of the certificate plus
accrued interest (a demand feature). A &#147;variable rate trust certificate&#148; evidences an interest in
a trust entitling the certificate holder to receive variable rate interest based on prevailing
short-term interest rates and also typically provides the certificate holder with the conditional
demand feature the right to tender its certificate at par value plus accrued interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically, a certificate holder cannot exercise the demand feature until the occurrence of
certain conditions, such as where the issuer of the Underlying Bond defaults on interest payments.
Moreover, because synthetic municipal instruments involve a trust or custodial account and a third
party conditional demand feature, they involve complexities and potential risks that may not be
present where a municipal security is owned directly.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax-exempt character of the interest paid to certificate holders is based on the
assumption that the holders have an ownership interest in the Underlying Bonds; however, the IRS
has not issued a ruling addressing this issue. In the event the IRS issues an adverse ruling or
successfully litigates this issue, it is possible that the interest paid to the Fund on certain
synthetic municipal instruments would be deemed to be taxable. The Fund relies
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">on opinions of special tax counsel on this ownership question and opinions of bond counsel
regarding the tax-exempt character of interest paid on the Underlying Bonds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal Securities</B>. Municipal securities generally include, among other things, debt
obligations of states, territories or possessions of the United States and the District of Columbia
and their political subdivisions, agencies and instrumentalities, issued to obtain funds for
various public purposes, including the construction of a wide range of public facilities such as
airports, bridges, highways, housing, hospitals, mass transportation, schools, streets and water
and sewer works. Other public purposes for which municipal securities may be issued include the
refunding of outstanding obligations, obtaining funds for general operating expenses and lending
such funds to other public institutions and facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;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 Internal Revenue Service
(&#147;IRS&#148;). See &#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds).&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two major classifications of municipal securities are bonds and notes. Bonds may be
further classified as &#147;general obligation&#148; or &#147;revenue&#148; issues. General obligation bonds are
secured by the issuer&#146;s pledge of its full faith, credit and taxing power for the payment of
principal and interest. Revenue bonds are payable from the revenues derived from a particular
facility or class of facilities, and in some cases, from the proceeds of a special excise or other
specific revenue source, but not from the general taxing power. Tax-exempt industrial development
bonds are in most cases revenue bonds and do not generally carry the pledge of the credit of the
issuing municipality. 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal securities also include the following securities, among others:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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. Tax anticipation notes are usually general obligations of the issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue Anticipation Notes are issued by governments or governmental bodies with the
expectation that future revenues from a designated source will be used to repay the notes.
In general, they also constitute general obligations of the issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tax-Exempt Commercial Paper (&#147;Municipal Paper&#148;) is similar to taxable
commercial paper, except that tax-exempt commercial paper is issued by states,
municipalities and their agencies.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Funds also may purchase participation interests or custodial receipts from financial
institutions. These participation interests give the purchaser an undivided interest in one or
more underlying municipal securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After purchase by a Fund, an issue of municipal securities may cease to be rated by Moody&#146;s
Investors Service, Inc. (&#147;Moody&#146;s&#148;) or Standard and Poor&#146;s Financial Services LLC, a subsidiary of
the McGraw-Hill Companies, Inc. (&#147;S&#038;P&#148;), or another nationally recognized statistical rating
organization (&#147;NRSRO&#148;), 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.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds may invest in municipal securities that are insured by financial insurance
companies. Such insurance guarantees that interest payments on a bond will be made on time and
that principal will be repaid when the bond matures. Insured municipal obligations would generally
be assigned a lower rating if the rating were based primarily on the credit quality of the issuer
without regard to the insurance feature. If the claims-paying ability of the insurer were
downgraded, the ratings on the municipal obligations it insures may also be downgraded. Insurance
does not protect the Fund against losses caused by declines in a bond&#146;s value due to a change in
market conditions. Since a limited number of entities provide such insurance, a Fund may invest
more than 25% of its assets in securities insured by the same insurance company. If a 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 a 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal Lease Obligations</B>. Municipal lease obligations, a type of municipal security, may
take the form of a lease, an installment purchase contract or a conditional sales contract.
Municipal lease obligations are issued by state and local governments and authorities to acquire
land, equipment and facilities such as state and municipal vehicles, telecommunications and
computer equipment, and other capital assets. Interest payments on qualifying municipal lease
obligations are generally exempt from federal income taxes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;non-appropriation&#148; 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&#146;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 any applicable
percentage limitations for investments in illiquid securities and the risks of holding illiquid
securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of the state-specific investment considerations regarding various states in
which certain Funds invest a substantial portion of their assets, see Appendix&nbsp;A to this SAI,
&#147;Special State-Specific Investment Considerations.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investment Grade Debt Obligations</B>. Debt obligations include, among others, bonds, notes,
debentures and variable rate demand notes. They may be U.S. dollar-denominated debt obligations
issued or guaranteed by U.S. corporations or U.S. commercial banks, U.S. dollar-denominated
obligations of foreign issuers and debt obligations of foreign issuers denominated in foreign
currencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These obligations must meet minimum ratings criteria set forth for the Fund as described in
its prospectus or, if unrated, be of comparable quality. Bonds rated Baa3 or higher by Moody&#146;s
and/or BBB or higher by S&#038;P or
</DIV>




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<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fitch Ratings, Ltd. are typically considered investment grade debt obligations. The
description of debt securities ratings may be found in Appendix&nbsp;B to this SAI.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In choosing corporate debt securities on behalf of a Fund, portfolio managers may consider:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic and financial conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the specific issuer&#146;s (a)&nbsp;business and management, (b)&nbsp;cash flow, (c)&nbsp;earnings
coverage of interest and dividends, (d)&nbsp;ability to operate under adverse economic
conditions, (e)&nbsp;fair market value of assets, and (f)&nbsp;in the case of foreign issuers,
unique political, economic or social conditions applicable to such issuer&#146;s country;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other considerations deemed appropriate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities are subject to a variety of risks, such as interest rate risk, income risk,
prepayment risk, inflation risk, credit risk, currency risk and default risk.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Investment Grade Debt Obligations (&#147;Junk Bonds&#148;)</B>. Bonds rated Ba or below by Moody&#146;s
and/or BB or below by S&#038;P or Fitch Ratings, Ltd. are typically considered non-investment grade or
&#147;junk bonds.&#148; Analysis of the creditworthiness of junk bond issuers is more complex than that of
investment-grade issuers and the success of the Adviser in managing these decisions is more
dependent upon its own credit analysis than is the case with investment-grade bonds. Description
of debt securities ratings are found in Appendix&nbsp;B to this SAI.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The capacity of junk bonds to pay interest and repay principal is considered speculative.
While junk bonds may provide an opportunity for greater income and gains, they are subject to
greater risks than higher-rated debt securities. The prices of and yields on junk bonds may
fluctuate to a greater extent than those of higher-rated debt securities. Junk bonds are generally
more sensitive to individual issuer developments, economic conditions and regulatory changes than
higher-rated bonds. Issuers of junk bonds are often issued by smaller, less-seasoned companies or
companies that are highly leveraged with more traditional methods of financing unavailable to them.
Junk bonds are generally at a higher risk of default because such issues are often unsecured or
otherwise subordinated to claims of the issuer&#146;s other creditors. If a junk bond issuer defaults,
a Fund may incur additional expenses to seek recovery. The secondary markets in which junk bonds
are traded may be thin and less liquid than the market for higher-rated debt securities and a Fund
may have difficulty selling certain junk bonds at the desired time and price. Less liquidity in
secondary trading markets could adversely affect the price at which a Fund could sell a particular
junk bond, and could cause large fluctuations in the net asset value of that Fund&#146;s shares. The
lack of a liquid secondary market may also make it more difficult for a Fund to obtain accurate
market quotations in valuing junk bond assets and elements of judgment may play a greater role in
the valuation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Loans, Loan Participations and Assignments</B>. Loans and loan participations are interests in
amounts owed by a corporate, governmental or other borrowers to another party. They may represent
amounts owed to lenders or lending syndicates, to suppliers of goods or services, or to other
parties. The Fund will have the right to receive payments of principal, interest and any fees to
which it is entitled only from the lender selling the participation and only upon receipt by the
lender of the payments from the borrower. In connection with purchasing participations, the Fund
generally will have no right to enforce compliance by the borrower with the terms of the loan
agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may
not directly benefit from any collateral supporting the loan in which it has purchased the
participation. As a result, the Fund will be subject to the credit risk of both the borrower and
the lender that is selling the participation. In the event of the insolvency of the lender selling
a participation, a Fund may be treated as a general creditor of the lender and may not benefit from
any set-off between the lender and the borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund purchases assignments from lenders, it acquires direct rights against the
borrower on the loan. However, because assignments are arranged through private negotiations
between potential assignees and potential assignors, the rights and obligations acquired by a Fund
as the purchaser of an assignment may differ from, and be more limited than, those held by the
assigning lender. In addition, if the loan is foreclosed, the Fund could be part owner of any
collateral and could bear the costs and liabilities of owning and disposing of the collateral.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in loans, loan participations and assignments present the possibility that the
Fund could be held liable as a co-lender under emerging legal theories of lender liability. The
Fund anticipates that loans, loan participations and assignments could be sold only to a limited
number of institutional investors. If there is no active secondary market for a loan, it may be
more difficult to sell the interests in such a loan at a price that is acceptable or to even obtain
pricing information. In addition, some loans, loan participations and assignments may not be rated
by major rating agencies and may not be protected by the securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Public Bank Loans</B>. Public bank loans are privately negotiated loans for which information
about the issuer has been made publicly available. Public loans are made by banks or other
financial institutions, and may be rated investment grade (Baa or higher by Moody&#146;s, BBB or higher
by S&#038;P) or below investment grade (below Baa by Moody&#146;s or below BBB by S&#038;P). However, public bank
loans are not registered under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), and are not
publicly traded. They usually are second lien loans normally lower in priority of payment to
senior loans, but have seniority in a company&#146;s capital structure to other claims, such as
subordinated corporate bonds or publicly-issued equity so that in the event of bankruptcy or
liquidation, the company is required to pay down these second lien loans prior to such other
lower-ranked claims on their assets. Bank loans normally pay floating rates that reset frequently,
and as a result, protect investors from increases in interest rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans generally are negotiated between a borrower and several financial institutional
lenders represented by one or more lenders acting as agent of all the lenders. The agent is
responsible for negotiating the loan agreement that establishes the terms and conditions of the
loan and the rights of the borrower and the lenders, monitoring any collateral, and collecting
principal and interest on the loan. By investing in a loan, a Fund becomes a member of a syndicate
of lenders. Certain bank loans are illiquid, meaning the Fund may not be able to sell them quickly
at a fair price. Illiquid securities are also difficult to value. To the extent a bank loan has
been deemed illiquid, it will be subject to any applicable restrictions on investment in illiquid
securities. The secondary market for bank loans may be subject to irregular trading activity, wide
bid/ask spreads and extended trade settlement periods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans are subject to the risk of default. Default in the payment of interest or
principal on a loan will result in a reduction of income to a Fund, a reduction in the value of the
loan, and a potential decrease in the Fund&#146;s net asset value. The risk of default will increase in
the event of an economic downturn or a substantial increase in interest rates. Bank loans are
subject to the risk that the cash flow of the borrower and property securing the loan or debt, if
any, may be insufficient to meet scheduled payments. As discussed above, however, because bank
loans reside higher in the capital structure than high yield bonds, default losses have been
historically lower in the bank loan market. Bank loans that are rated below investment grade share
the same risks of other below investment grade securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Structured Notes and Indexed Securities</B>. Structured notes are derivative debt instruments,
the interest rate or principal of which is linked to currencies, interest rates, commodities,
indices or other financial indicators (&#147;reference instruments&#148;). Indexed securities may include
structured notes and other securities wherein the interest rate or principal are determined by a
reference instrument.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most structured notes and indexed securities are fixed income securities that have maturities
of three years or less. The interest rate or the principal amount payable at maturity of an
indexed security may vary based on changes in one or more specified reference instruments, such as
a floating interest rate compared with a fixed interest rate. The reference instrument need not be
related to the terms of the indexed security. Structured notes and indexed securities may be
positively or negatively indexed (i.e., their principal value or interest rates may increase or
decrease if the underlying reference instrument appreciates), and may have return characteristics
similar to direct investments in the underlying reference instrument or to one or more options on
the underlying reference instrument.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured notes and indexed securities may entail a greater degree of market risk than other
types of debt securities because the investor bears the risk of the reference instrument.
Structured notes or indexed securities also may be more volatile, less liquid, and more difficult
to accurately price than less complex securities and instruments or more traditional debt
securities. In addition to the credit risk of the structured note or indexed security&#146;s issuer and
the normal risks of price changes in response to changes in interest rates, the principal amount of
structured notes or indexed securities may decrease as a result of changes in the value of the
underlying reference instruments.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further, in the case of certain structured notes or indexed securities in which the interest
rate, or exchange rate in the case of currency, is linked to a referenced instrument, the rate may
be increased or decreased or the terms may provide that, under certain circumstances, the principal
amount payable on maturity may be reduced to zero resulting in a loss to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>U.S. Corporate Debt Obligations</B>. Corporate debt obligations are debt obligations issued or
guaranteed by corporations that are denominated in U.S. dollars. Such investments may include,
among others, commercial paper, bonds, notes, debentures, variable rate demand notes, master notes,
funding agreements and other short-term corporate instruments. Commercial Paper consists of
short-term promissory notes issued by corporations. Commercial paper may be traded in the
secondary market after its issuance. Variable rate demand notes are securities with a variable
interest which is readjusted on pre-established dates. Variable rate demand notes are subject to
payment of principal and accrued interest (usually within seven days) on a Fund&#146;s demand. Master
notes are negotiated notes that permit the investment of fluctuating amounts of money at varying
rates of interest pursuant to arrangements with issuers who meet the credit quality criteria of the
Fund. The interest rate on a master note may fluctuate based upon changes in specified interest
rates or be reset periodically according to a prescribed formula or may be a set rate. Although
there is no secondary market in master notes, if such notes have a demand feature, the payee may
demand payment of the principal amount of the note upon relatively short notice. Funding
agreements are agreements between an insurance company and a Fund covering underlying demand notes.
Although there is no secondary market in funding agreements, if the underlying notes have a demand
feature, the payee may demand payment of the principal amount of the note upon relatively short
notice. Master notes and funding agreements are generally illiquid and therefore subject to any
applicable restrictions on investment in illiquid securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Equity Investments</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Common Stock</B>. Common stock is issued by a company principally to raise cash for business
purposes and represents an equity or ownership interest in the issuing company. Common
stockholders are typically entitled to vote on important matters of the issuing company, including
the selection of directors, and may receive dividends on their holdings. A Fund participates in
the success or failure of any company in which it holds common stock. In the event a company is
liquidated or declares bankruptcy, the claims of bondholders, other debt holders, owners of
preferred stock and general creditors take precedence over the claims of those who own common
stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prices of common stocks change in response to many factors including the historical and
prospective earnings of the issuing company, the value of its assets, general economic conditions,
interest rates, investor perceptions and market liquidity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Preferred Stock</B>. Preferred stock, unlike common stock, often offers a specified dividend rate
payable from a company&#146;s earnings. Preferred stock also generally has a preference over common
stock on the distribution of a company&#146;s assets in the event the company is liquidated or declares
bankruptcy; however, the rights of preferred stockholders on the distribution of a company&#146;s assets
in the event of a liquidation or bankruptcy are generally subordinate to the rights of the
company&#146;s debt holders and general creditors. If interest rates rise, the fixed dividend on
preferred stocks may be less attractive, causing the price of preferred stocks to decline.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some fixed rate preferred stock may have mandatory sinking fund provisions which provide for
the stock to be retired or redeemed on a predetermined schedule, as well as call/redemption
provisions prior to maturity, which can limit the benefit of any decline in interest rates that
might positively affect the price of preferred stocks. Preferred stock dividends may be
&#147;cumulative,&#148; requiring all or a portion of prior unpaid dividends to be paid before dividends are
paid on the issuer&#146;s common stock. Preferred stock may be &#147;participating,&#148; which means that it may
be entitled to a dividend exceeding the stated dividend in certain cases. In some cases an issuer
may offer auction rate preferred stock, which means that the interest to be paid is set by auction
and will often be reset at stated intervals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Convertible Securities</B>. Convertible securities are generally bonds, debentures, notes,
preferred stocks or other securities or investments that may be converted or exchanged (by the
holder or by the issuer) into shares of the underlying common stock (or cash or securities of
equivalent value) at a stated exchange ratio or predetermined price (the conversion price). A
convertible security is designed to provide current income and also the potential for capital
appreciation through the conversion feature, which enables the holder to benefit from increases in
the market
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">price of the underlying common stock. A convertible security may be called for redemption or
conversion by the issuer after a particular date and under certain circumstances (including a
specified price) established upon issue. If a convertible security held by a Fund is called for
redemption or conversion, the Fund could be required to tender it for redemption, convert it into
the underlying common stock, or sell it to a third party, which may have an adverse effect on the
Fund&#146;s ability to achieve its investment objectives. Convertible securities have general
characteristics similar to both debt and equity securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A convertible security generally entitles the holder to receive interest paid or accrued until
the convertible security matures or is redeemed, converted or exchanged. Before conversion,
convertible securities have characteristics similar to non-convertible debt obligations and are
designed to provide for a stable stream of income with generally higher yields than common stocks.
However, there can be no assurance of current income because the issuers of the convertible
securities may default on their obligations. Convertible securities rank senior to common stock in
a corporation&#146;s capital structure and, therefore, generally entail less risk than the corporation&#146;s
common stock. Convertible securities are subordinate in rank to any senior debt obligations of the
issuer, and, therefore, an issuer&#146;s convertible securities entail more risk than its debt
obligations. Moreover, convertible securities are often rated below investment grade or not rated
because they fall below debt obligations and just above common stock in order of preference or
priority on an issuer&#146;s balance sheet. To the extent that a Fund invests in convertible securities
with credit ratings below investment grade, such securities may have a higher likelihood of
default, although this may be somewhat offset by the convertibility feature.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible securities generally offer lower interest or dividend yields than non-convertible
debt securities of similar credit quality because of the potential for capital appreciation. The
common stock underlying convertible securities may be issued by a different entity than the issuer
of the convertible securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of convertible securities is influenced by both the yield of non-convertible
securities of comparable issuers and by the value of the underlying common stock. The value of a
convertible security viewed without regard to its conversion feature (i.e., strictly on the basis
of its yield) is sometimes referred to as its &#147;investment value.&#148; The investment value of the
convertible security typically will fluctuate based on the credit quality of the issuer and will
fluctuate inversely with changes in prevailing interest rates. However, at the same time, the
convertible security will be influenced by its &#147;conversion value,&#148; which is the market value of the
underlying common stock that would be obtained if the convertible security were converted.
Conversion value fluctuates directly with the price of the underlying common stock, and will
therefore be subject to risks relating to the activities of the issuer and general market and
economic conditions. Depending upon the relationship of the conversion price to the market value
of the underlying security, a convertible security may trade more like an equity security than a
debt instrument.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, because of a low price of the common stock, the conversion value is substantially below
the investment value of the convertible security, the price of the convertible security is governed
principally by its investment value. Generally, if the conversion value of a convertible security
increases to a point that approximates or exceeds its investment value, the value of the security
will be principally influenced by its conversion value. A convertible security will sell at a
premium over its conversion value to the extent investors place value on the right to acquire the
underlying common stock while holding an income-producing security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While a Fund uses the same criteria to rate a convertible debt security that it uses to rate a
more conventional debt security, a convertible preferred stock is treated like a preferred stock
for the Fund&#146;s financial reporting, credit rating and investment limitation purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Enhanced Convertible Securities</I>. &#147;Enhanced&#148; convertible securities are equity-linked hybrid
securities that automatically convert to equity securities on a specified date. Enhanced
convertibles have been designed with a variety of payoff structures, and are known by a variety of
different names. Three features common to enhanced convertible securities are (i)&nbsp;conversion to
equity securities at the maturity of the convertible (as opposed to conversion at the option of the
security holder in the case of ordinary convertibles); (ii)&nbsp;capped or limited appreciation
potential relative to the underlying common stock; and (iii)&nbsp;dividend yields that are typically
higher than that on the underlying common stock. Thus, enhanced convertible securities offer
holders the opportunity to obtain higher current income than would be available from a traditional
equity security issued by the same company in return for reduced participation in the appreciation
potential of the underlying common stock. Other forms of
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">enhanced convertible securities may involve arrangements with no interest or dividend payments
made until maturity of the security or an enhanced principal amount received at maturity based on
the yield and value of the underlying equity security during the security&#146;s term or at maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Foreign Investments</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Securities</B>. Foreign securities are equity or debt securities issued by issuers
outside the United States, and include securities in the form of American Depositary Receipts
(ADRs), European Depositary Receipts (EDRs), or other securities representing underlying securities
of foreign issuers (foreign securities). ADRs are receipts, issued by U.S. banks, for the shares
of foreign corporations, held by the bank issuing the receipt. ADRs are typically issued in
registered form, denominated in U.S. dollars and designed for use in the U.S. securities markets.
EDRs are similar to ADRs, except they are typically issued by European banks or trust companies,
denominated in foreign currencies and designed for use outside the U.S. securities markets. ADRs
and EDRs entitle the holder to all dividends and capital gains on the underlying foreign
securities, less any fees paid to the bank. Purchasing ADRs or EDRs gives a Fund the ability to
purchase the functional equivalent of foreign securities without going to the foreign securities
markets to do so. ADRs or EDRs that are &#147;sponsored&#148; means that the foreign corporation whose
shares are represented by the ADR or EDR is actively involved in the issuance of the ADR or EDR,
and generally provides material information about the corporation to the U.S. market. An
&#147;unsponsored&#148; ADR or EDR program means that the foreign corporation whose shares are held by the
bank is not obligated to disclose material information in the United States, and, therefore, the
market value of the ADR or EDR may not reflect important facts known only to the foreign company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign debt securities include corporate debt securities of foreign issuers, certain foreign
bank obligations (see &#147;Debt Investments &#151; Bank Instruments&#148;) and U.S. dollar or foreign currency
denominated obligations of foreign governments or their subdivisions, agencies and
instrumentalities (see &#147;Foreign Investments &#151; Foreign Government Obligations&#148;), international
agencies and supranational entities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund considers various factors when determining whether a company is in a particular
country, including whether: (1)&nbsp;it is organized under the laws of a country; (2)&nbsp;it has a principal
office in a country; (3)&nbsp;it derives 50% or more of its total revenues from businesses in a country;
and/or (4)&nbsp;its securities are traded principally on a stock exchange, or in an over-the-counter
market, in a particular country.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments by a Fund in foreign securities, including ADRs and EDRs, whether denominated in
U.S. dollars or foreign currencies, may entail all of the risks set forth below in addition to
those accompanying an investment in issuers in the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Risk</I>. The value in U.S. dollars of any non-dollar-denominated foreign investments
will be affected by changes in currency exchange rates. The U.S. dollar value of a foreign
security decreases when the value of the U.S. dollar rises against the foreign currency in which
the security is denominated and increases when the value of the U.S. dollar falls against such
currency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Political and Economic Risk. </I>The economies of many countries in which the Funds may invest may
not be as developed as the United States&#146; economy and may be subject to significantly different
forces. Political, economic or social instability and development, expropriation or confiscatory
taxation, and limitations on the removal of funds or other assets could also adversely affect the
value of the Funds&#146; investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Risk. </I>Foreign companies are generally not subject to the regulatory controls
imposed on U.S. issuers and, as a consequence, there is generally less publicly available
information about foreign securities than is available about domestic securities. Foreign
companies may not be subject to uniform accounting, auditing and financial reporting standards,
corporate governance practices and requirements comparable to those applicable to domestic
companies. Therefore, financial information about foreign companies may be incomplete, or may not
be comparable to the information available on U.S. companies. Income from foreign securities owned
by the Funds may be reduced by a withholding tax at the source, which tax would reduce dividend
income payable to the Funds&#146; shareholders.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is generally less government supervision and regulation of securities exchanges,
brokers, dealers, and listed companies in foreign countries than in the United States, thus
increasing the risk of delayed settlements of portfolio transactions or loss of certificates for
portfolio securities. Foreign markets may also have different clearance and settlement procedures.
If a Fund experiences settlement problems it may result in temporary periods when a portion of the
Fund&#146;s assets are uninvested and could cause the Fund to miss attractive investment opportunities
or a potential liability to the Fund arising out of the Fund&#146;s inability to fulfill a contract to
sell such securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Market Risk</I>. Investing in foreign markets generally involves certain risks not typically
associated with investing in the United States. The securities markets in many foreign countries
will have substantially less trading volume than the U.S. markets. As a result, the securities of
some foreign companies may be less liquid and experience more price volatility than comparable
domestic securities. Obtaining and/or enforcing judgments in foreign countries may be more
difficult, which may make it more difficult to enforce contractual obligations. Increased
custodian costs as well as administrative costs (such as the need to use foreign custodians) may
also be associated with the maintenance of assets in foreign jurisdictions. In addition,
transaction costs in foreign securities markets are likely to be higher, since brokerage commission
rates in foreign countries are likely to be higher than in the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risks of Developing/Emerging Market Countries</I>. A Fund may invest in securities of companies
located in developing/emerging market countries. Developing/emerging market countries are those
countries in the world other than developed countries of the European Union, the United States of
America, Canada, Japan, Australia, New Zealand, Norway, Switzerland, Hong Kong and Singapore.
Developed countries of the European Union are Austria, Belgium, Cyprus, Czech Republic, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal,
Slovakia, Slovenia, Spain, Sweden and United Kingdom.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in developing and emerging market countries present risks in addition to, or
greater than, those presented by investments in foreign issuers generally, and may include the
following risks:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;Restriction, to varying degrees, on foreign investment in stocks;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;Repatriation of investment income, capital, and the proceeds of sales in foreign countries
may require foreign governmental registration and/or approval;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;Greater risk of fluctuation in value of foreign investments due to changes in currency
exchange rates, currency control regulations or currency devaluation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;Inflation and rapid fluctuations in inflation rates may have negative effects on the
economies and securities markets of certain developing and emerging market countries;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;Many of the developing and emerging market countries&#146; securities markets are relatively
small or less diverse, have low trading volumes, suffer periods of relative illiquidity, and are
characterized by significant price volatility; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.&nbsp;There is a risk in developing and emerging market countries that a future economic or
political crisis could lead to price controls, forced mergers of companies, expropriation or
confiscatory taxation, seizure, nationalization, or creation of government monopolies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Government Obligations</B>. Debt securities issued by foreign governments are often, but
not always, supported by the full faith and credit of the foreign governments, or their
subdivisions, agencies or instrumentalities, that issue them. These securities involve the risks
discussed above under Foreign Securities. Additionally, the issuer of the debt or the governmental
authorities that control repayment of the debt may be unwilling or unable to pay interest or repay
principal when due. Political or economic changes or the balance of trade may affect a country&#146;s
willingness or ability to service its debt obligations. Periods of economic uncertainty may result
in the volatility of market prices of sovereign debt obligations, especially debt obligations
issued by the governments of developing countries. Foreign government obligations of developing
countries, and some structures
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of emerging market debt securities, both of which are generally below investment grade, are
sometimes referred to as &#147;Brady Bonds.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Exchange Transactions</B>. A Fund that may invest in foreign currency-denominated
securities has the authority to purchase and sell foreign currency options, foreign currency
futures contracts and related options, and may engage in foreign currency transactions either on a
spot (i.e., for prompt delivery and settlement) basis at the rate prevailing in the currency
exchange market at the time or through forward currency contracts (referred to also as forward
contracts; see also &#147;Derivatives &#151; Forward Currency Contracts&#148;). Because forward contracts are
privately negotiated transactions, there can be no assurance that a counterparty will honor its
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds will incur any costs in converting assets from one currency to another. Foreign
exchange dealers may charge a fee for conversion. In addition, dealers may realize a profit based
on the difference between the prices at which they buy and sell various currencies in the spot and
forward markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund will generally engage in these transactions in order to complete a purchase or sale of
foreign currency denominated securities The Funds may also use foreign currency options and forward
contracts to increase or reduce exposure to a foreign currency or to shift exposure from one
foreign currency to another in a cross currency hedge. Forward contracts are intended to minimize
the risk of loss due to a decline in the value of the hedged currencies; however, at the same time,
they tend to limit any potential gain which might result should the value of such currencies
increase. Certain Funds may also engage in foreign exchange transactions, such as forward
contracts, for non-hedging purposes to enhance returns. Open positions in forward contracts used
for non-hedging purposes will be covered by the segregation of a sufficient amount of liquid
assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may purchase and sell currency futures and purchase and write currency options to
increase or decrease its exposure to different foreign currencies. A Fund also may purchase and
write currency options in connection with currency futures or forward contracts. Currency futures
contracts are similar to forward currency exchange contracts, except that they are traded on
exchanges and have standard contract sizes and delivery dates. Most currency futures contracts
call for payment or delivery in U.S. dollars. The uses and risks of currency futures are similar
to those of futures relating to securities or indices (see also &#147;Derivatives &#151; Futures
Contracts&#148;). Currency futures values can be expected to correlate with exchange rates but may not
reflect other factors that affect the value of the Fund&#146;s investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not any hedging strategy will be successful is highly uncertain, and use of hedging
strategies may leave a Fund in a less advantageous position than if a hedge had not been
established. Moreover, it is impossible to forecast with precision the market value of portfolio
securities at the expiration of a foreign currency forward contract. Accordingly, a Fund may be
required to buy or sell additional currency on the spot market (and bear the expense of such
transaction) if Invesco&#146;s or the Sub-Advisers&#146; predictions regarding the movement of foreign
currency or securities markets prove inaccurate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Funds may hold a portion of their assets in bank deposits denominated in foreign
currencies, so as to facilitate investment in foreign securities as well as protect against
currency fluctuations and the need to convert such assets into U.S. dollars (thereby also reducing
transaction costs). To the extent these monies are converted back into U.S. dollars, the value of
the assets so maintained will be affected favorably or unfavorably by changes in foreign currency
exchange rates and exchange control regulations. Foreign exchange transactions may involve some of
the risks of investments in foreign securities. For a discussion of tax considerations relating to
foreign currency transactions, see &#147;Tax Matters &#151; Tax Treatment of Portfolio Transactions &#151;
Foreign currency transactions.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Floating Rate Corporate Loans and Corporate Debt Securities of Non-U.S. Borrowers</B>. Floating
rate loans are made to and floating rate debt securities are issued by non-U.S. borrowers. Such
loans and securities may be U.S. dollar-denominated or otherwise provide for payment in U.S.
dollars or may be denominated in foreign currencies. The borrower will meet the credit quality
standards established by Invesco and the Sub-Advisers for U.S. borrowers. The Funds similarly may
invest in floating rate loans and floating rate debt securities made to U.S. borrowers with
significant non-U.S. dollar-denominated revenues. In some cases where the floating rate loans or
floating rate debt securities are not denominated in U.S. dollars, provisions may be made for
payments to the lenders, including the Funds, in U.S. dollars pursuant to foreign currency swaps.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Other Investments</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exchange-Traded Funds (&#147;ETFs&#148;)</B>. Most ETFs are registered under the Investment Company Act of
1940, as amended (the &#147;1940 Act&#148;) as investment companies. Therefore, a Fund&#146;s purchase of shares
of an ETF may be subject to the restrictions on investments in other investment companies discussed
under &#147;Other Investments &#151; Other Investment Companies.&#148; ETFs have management fees, which increase
their cost. Each Fund may invest in ETFs advised by unaffiliated advisers as well as ETFs advised
by Invesco PowerShares Capital Management LLC (&#147;PowerShares&#148;). Invesco, the Sub-Advisers and
PowerShares are affiliates of each other as they are all indirect wholly-owned subsidiaries of
Invesco Ltd.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETFs hold portfolios of securities, commodities and/or currencies that are designed to
replicate, as closely as possible before expenses, the price and/or yield of (i)&nbsp;a specified market
or other index, (ii)&nbsp;a basket of securities, commodities or currencies, or (iii)&nbsp;a particular
commodity or currency. The performance results of ETFs will not replicate exactly the performance
of the pertinent index, basket, commodity or currency due to transaction and other expenses,
including fees to service providers, borne by ETFs. Furthermore, there can be no assurance that
the portfolio of securities, commodities and/or currencies purchased by an ETF will replicate a
particular index or basket or price of a commodity or currency. ETF shares are sold and redeemed
at net asset value only in large blocks called creation units and redemption units, respectively.
ETF shares also may be purchased and sold in secondary market trading on national securities
exchanges, which allows investors to purchase and sell ETF shares at their market price throughout
the day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in ETFs generally present the same primary risks as an investment in a
conventional mutual fund that has the same investment objective, strategy and policies.
Investments in ETFs further involve the same risks associated with a direct investment in the
commodity or currency, or in the types of securities, commodities and/or currencies included in the
indices or baskets the ETFs are designed to replicate. In addition, shares of an ETF may trade at
a market price that is higher or lower than their net asset value and an active trading market in
such shares may not develop or continue. Moreover, trading of an ETF&#146;s shares may be halted if the
listing exchange&#146;s officials deem such action to be appropriate, the shares are de-listed from the
exchange, or the activation of market-wide &#147;circuit breakers&#148; (which are tied to large decreases in
stock prices) halts stock trading generally.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Investment Companies</B>. A Fund may purchase shares of other investment companies,
including ETFs. For each Fund, the 1940 Act imposes the following restrictions on investments in
other investment companies: (i)&nbsp;a Fund may not purchase more than 3% of the total outstanding
voting stock of another investment company; (ii)&nbsp;a Fund may not invest more than 5% of its total
assets in securities issued by another investment company; and (iii)&nbsp;a Fund may not invest more
than 10% of its total assets in securities issued by other investment companies. The 1940 Act and
related rules provide certain exemptions from these restrictions. For example, under certain
conditions, a fund may acquire an unlimited amount of shares of mutual funds that are part of the
same group of investment companies as the acquiring fund. In addition, these restrictions do not
apply to investments by the Funds in investment companies that are money market funds, including
money market funds that have Invesco or an affiliate of Invesco as an investment adviser (the
&#147;Affiliated Money Market Funds&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a Fund purchases shares of another investment company, including an Affiliated Money
Market Fund, the Fund will indirectly bear its proportionate share of the advisory fees and other
operating expenses of such investment company and will be subject to the risks associated with the
portfolio investments of the underlying investment company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Limited Partnerships</B>. A limited partnership interest entitles the Fund to participate in the
investment return of the partnership&#146;s assets as defined by the agreement among the partners. As a
limited partner, the Fund generally is not permitted to participate in the management of the
partnership. However, unlike a general partner whose liability is not limited, a limited partner&#146;s
liability generally is limited to the amount of its commitment to the partnership.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Defaulted Securities</B>. Defaulted securities are debt securities on which the issuer is not
currently making interest payments. In order to enforce its rights in defaulted securities, the
Fund may be required to participate in legal proceedings or take possession of and manage assets
securing the issuer&#146;s obligations on the defaulted securities. This could increase the Fund&#146;s
operating expenses and adversely affect its net asset value. Risks in
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">defaulted securities may be considerably higher as they are generally unsecured and
subordinated to other creditors of the issuer. Any investments by the Fund in defaulted securities
will also be considered illiquid securities subject to any applicable restrictions on investment
in illiquid securities, unless Invesco and/or the Sub-Advisers determine that such defaulted
securities are liquid under guidelines adopted by the Fund&#146;s Board of Trustees (&#147;Board&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal Forward Contracts</B>. A municipal forward contract is a municipal security which is
purchased on a when-issued basis with longer-than-standard settlement dates, in some cases taking
place up to five years from the date of purchase. The buyer, in this case the Fund, will execute a
receipt evidencing the obligation to purchase the bond on the specified issue date, and must
segregate cash to meet that forward commitment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Variable or Floating Rate Instruments</B>. Variable or floating rate instruments are securities
that provide for a periodic adjustment in the interest rate paid on the obligation. The interest
rates for securities with variable interest rates are readjusted on set dates (such as the last day
of the month or calendar quarter) and the interest rates for securities with floating rates are
reset whenever a specified interest rate change occurs. Variable or floating interest rates
generally reduce changes in the market price of securities from their original purchase price
because, upon readjustment, such rates approximate market rates. Accordingly, as market interest
rates decrease or increase, the potential for capital appreciation or depreciation is less for
variable or floating rate securities than for fixed rate obligations. Many securities with
variable or floating interest rates have a demand feature allowing a Fund to demand payment of
principal and accrued interest prior to its maturity. The terms of such demand instruments require
payment of principal and accrued interest by the issuer, a guarantor, and/or a liquidity provider.
All variable or floating rate instruments will meet the applicable rating standards of the Funds.
For some Funds, the Fund&#146;s Adviser, or Sub-Adviser, as applicable, may determine that an unrated
floating rate or variable rate demand obligation meets the Fund&#146;s rating standards by reason of
being backed by a letter of credit or guarantee issued by a bank that meets those rating standards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inverse Floating Rate Obligations</B>. The inverse floating rate obligations in which the Fund
may invest are typically created through a division of a fixed-rate municipal obligation into two
separate instruments, a short-term obligation and a long-term obligation. The interest rate on the
short-term obligation is set at periodic auctions. The interest rate on the long-term obligation
which the Fund may purchase is the rate the issuer would have paid on the fixed-income obligation,
(i)&nbsp;plus the difference between such fixed rate and the rate on the short term obligation, if the
short-term rate is lower than the fixed rate or (ii)&nbsp;minus such difference if the interest rate on
the short-term obligation is higher than the fixed rate. These securities have varying degrees of
liquidity and the market value of such securities generally will fluctuate in response to changes
in market rates of interest to a greater extent than the value of an equal principal amount of a
fixed rate security having similar credit quality, redemption provisions and maturity. These
securities tend to underperform the market for fixed rate bonds in a rising interest rate
environment, but tend to outperform the market for fixed rate bonds when interest rates decline or
remain relatively stable. Although volatile, inverse floating rate obligations typically offer the
potential for yields exceeding the yields available on fixed rate bonds with comparable credit
quality, coupon, call provisions and maturity. These securities usually permit the investor to
convert the floating rate security counterpart to a fixed rate (normally adjusted downward), and
this optional conversion feature may provide a partial hedge against rising rates if exercised at
an opportune time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Zero Coupon and Pay-in-Kind Securities</B>. Zero coupon securities do not pay interest or
principal until final maturity unlike debt securities that traditionally provide periodic payments
of interest (referred to as a coupon payment). Investors must wait until maturity to receive
interest and principal, which increases the interest rate and credit risks of a zero coupon
security. 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. Investors may purchase zero coupon and
pay-in-kind securities at a price below the amount payable at maturity.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The difference between the purchase price and the amount paid at maturity represents &#147;original
issue discount&#148; on the security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Premium Securities</B>. Premium securities are securities bearing coupon rates higher than the
then prevailing market rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium securities are typically purchased at a &#147;premium,&#148; in other words, at a price greater
than the principal amount payable on maturity. The Fund will not amortize the premium paid for
such securities in calculating its net investment income. As a result, in such cases the purchase
of premium securities provides the Fund a higher level of investment income distributable to
shareholders on a current basis than if the Fund purchased securities bearing current market rates
of interest. However, the yield on these securities would remain at the current market rate. If
securities purchased by the Fund at a premium are called or sold prior to maturity, the Fund will
realize a loss to the extent the call or sale price is less than the purchase price. Additionally,
the Fund will realize a loss of principal if it holds such securities to maturity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Participation Notes</B>. Participation notes, also known as participation certificates, are
issued by banks or broker-dealers and are designed to replicate the performance of foreign
companies or foreign securities markets and can be used by the Fund as an alternative means to
access the securities market of a country. The performance results of participation notes will not
replicate exactly the performance of the foreign company or foreign securities market that they
seek to replicate due to transaction and other expenses. Investments in participation notes
involve the same risks associated with a direct investment in the underlying foreign companies or
foreign securities market that they seek to replicate. Participation notes are generally traded
over-the-counter and are subject to counterparty risk. Counterparty risk is the risk that the
broker-dealer or bank that issues them will not fulfill its contractual obligation to complete the
transaction with the Fund. Participation notes constitute general unsecured contractual
obligations of the banks or broker-dealers that issue them, and a Fund is relying on the
creditworthiness of such banks or broker-dealers and has no rights under a participation note
against the issuer of the underlying assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Investment Techniques</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Forward Commitments, When-Issued and Delayed Delivery Securities</B>. Forward commitments,
when-issued or delayed delivery basis means that delivery and payment take place in the future
after the date of the commitment to purchase or sell the securities at a pre-determined price
and/or yield. Settlement of such transactions normally occurs a month or more after the purchase
or sale commitment is made. Typically, no interest accrues to the purchaser until the security is
delivered. Forward commitments also include &#147;To Be Announced&#148; (&#147;TBA&#148;) mortgage-backed securities,
which are contracts for the purchase or sale of mortgage-backed securities to be delivered at a
future agreed upon date, whereby the specific mortgage pool numbers or the number of pools that
will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time
of the trade. A Fund may also enter into buy/sell back transactions (a form of delayed delivery
agreement). In a buy/sell back transaction, a Fund enters a trade to sell securities at one price
and simultaneously enters a trade to buy the same securities at another price for settlement at a
future date. Although a Fund generally intends to acquire or dispose of securities on a forward
commitment, when-issued or delayed delivery basis, a Fund may sell these securities or its
commitment before the settlement date if deemed advisable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When purchasing a security on a forward commitment, when-issued or delayed delivery basis, a
Fund assumes the rights and risks of ownership of the security, including the risk of price and
yield fluctuation, and takes such fluctuations into account when determining its net asset value.
Securities purchased on a forward commitment, when-issued or delayed delivery basis are subject to
changes in value based upon the public&#146;s perception of the creditworthiness of the issuer and
changes, real or anticipated, in the level of interest rates. Accordingly, securities acquired on
such a basis may expose a Fund to risks because they may experience such fluctuations prior to
actual delivery. Purchasing securities on a forward commitment, when-issued or delayed delivery
basis may involve the additional risk that the yield available in the market when the delivery
takes place actually may be higher than that obtained in the transaction itself.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in these types of securities may increase the possibility that the Fund will incur
short-term gains subject to federal taxation or short-term losses if the Fund must engage in
portfolio transactions in order to honor its commitment. Until the settlement date, a Fund will
segregate liquid assets of a dollar value sufficient at all times to
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">make payment for the forward commitment, when-issued or delayed delivery transactions. Such
segregated liquid assets will be marked-to-market daily, and the amount segregated will be
increased if necessary to maintain adequate coverage of the delayed delivery commitments. The
delayed delivery securities, which will not begin to accrue interest or dividends until the
settlement date, will be recorded as an asset of a Fund and will be subject to the risk of market
fluctuation. The purchase price of the delayed delivery securities is a liability of a Fund until
settlement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Borrowing</B>. The Funds may borrow money to the extent permitted under their respective
fundamental and non-fundamental investment policies and restrictions. Such borrowings may be
utilized: (i)&nbsp;for temporary or emergency purposes; (ii)&nbsp;in anticipation of or in response to
adverse market conditions; or (iii)&nbsp;for cash management purposes. All borrowings are limited to an
amount not exceeding 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of a Fund&#146;s total assets (including the amount
borrowed) less liabilities (other than borrowings). Any borrowings that exceed this amount will be
reduced within three business days to the extent necessary to comply with the 33
<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% limitation even if it is not advantageous to sell securities at that
time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds may borrow from a bank or broker-dealer. Additionally, the Funds are permitted to
temporarily carry a negative or overdrawn balance in their account with their custodian bank. To
compensate the custodian bank for such overdrafts, the Funds may either (i)&nbsp;leave funds as a
compensating balance in their account so the custodian bank can be compensated by earning interest
on such funds; or (ii)&nbsp;compensate the custodian bank by paying it an agreed upon rate. A Fund may
not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of
the Fund&#146;s total assets or when any borrowings from a Fund are outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Lending Portfolio Securities</B>. A Fund may lend its portfolio securities (principally to
broker-dealers) to generate additional income. Such loans are callable at any time and are
continuously secured by segregated collateral equal to no less than the market value, determined
daily, of the loaned securities. Such collateral will be cash, letters of credit, or debt
securities issued or guaranteed by the U.S. Government or any of its agencies. A Fund will loan
its securities only to parties that Invesco has determined are in good standing and when, in
Invesco&#146;s judgment, the income earned would justify the risks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund will not have the right to vote securities while they are on loan, but it can call a
loan in anticipation of an important vote. The Fund would receive income in lieu of dividends on
loaned securities and may, at the same time, generate income on the loan collateral or on the
investment of any cash collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the borrower defaults on its obligation to return the securities loaned because of
insolvency or other reasons, the Fund could experience delays and costs in recovering securities
loaned or gaining access to the collateral. If the Fund is not able to recover the securities
loaned, the Fund may sell the collateral and purchase a replacement security in the market.
Lending securities entails a risk of loss to the Fund if and to the extent that the market value of
the loaned securities increases and the collateral is not increased accordingly.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any cash received as collateral for loaned securities will be invested, in accordance with a
Fund&#146;s investment guidelines, in short-term money market instruments or funds. Investing this cash
subjects that investment to market appreciation or depreciation. For purposes of determining
whether a Fund is complying with its investment policies, strategies and restrictions, the Fund
will consider the loaned securities as assets of the Fund, but will not consider any collateral
received as a Fund asset. The Fund will bear any loss on the investment of cash collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of tax considerations relating to lending portfolio securities, see &#147;Tax
Matters &#151; Tax Treatment of Portfolio Transactions &#151; Securities lending.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Repurchase Agreements</B>. A Fund may engage in repurchase agreement transactions involving the
types of securities in which it is permitted to invest. Repurchase agreements are agreements under
which a Fund acquires ownership of a security from a broker-dealer or bank that agrees to
repurchase the security at a mutually agreed upon time and price (which is higher than the purchase
price), thereby determining the yield during a Fund&#146;s holding period. A Fund may enter into a
&#147;continuing contract&#148; or &#147;open&#148; repurchase agreement under which the seller is under a continuing
obligation to repurchase the underlying securities from the Fund on demand and the effective
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">interest rate is negotiated on a daily basis. Repurchase agreements may be viewed as loans
made by a Fund which are collateralized by the securities subject to repurchase.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the seller of a repurchase agreement fails to repurchase the security in accordance with
the terms of the agreement, a Fund might incur expenses in enforcing its rights, and could
experience a loss on the sale of the underlying security to the extent that the proceeds of the
sale including accrued interest are less than the resale price provided in the agreement, including
interest. In addition, although the Bankruptcy Code and other insolvency laws may provide certain
protections for some types of repurchase agreements, if the seller of a repurchase agreement should
be involved in bankruptcy or insolvency proceedings, a Fund may incur delay and costs in selling
the underlying security or may suffer a loss of principal and interest if the value of the
underlying security declines. The securities underlying a repurchase agreement will be
marked-to-market every business day so that the value of such securities is at least equal to the
investment value of the repurchase agreement, including any accrued interest thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds may invest their cash balances in joint accounts with other Funds for the purpose of
investing in repurchase agreements with maturities not to exceed 60&nbsp;days, and in certain other
money market instruments with remaining maturities not to exceed 90&nbsp;days. Repurchase agreements
are considered loans by a Fund under the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restricted and Illiquid Securities</B>. Illiquid securities are securities that cannot be
disposed of within seven days in the normal course of business at the price at which they are
valued. Illiquid securities may include a wide variety of investments, such as: (1)&nbsp;repurchase
agreements maturing in more than seven days (unless the agreements have demand/redemption
features); (2)&nbsp;over-the-counter (&#147;OTC&#148;) options contracts and certain other derivatives (including
certain swap agreements); (3)&nbsp;fixed time deposits that are not subject to prepayment or that
provide for withdrawal penalties upon prepayment (other than overnight deposits); (4)&nbsp;loan
interests and other direct debt instruments; (5)&nbsp;municipal lease obligations; (6)&nbsp;commercial paper
issued pursuant to Section&nbsp;4(2) of the 1933 Act; and (7)&nbsp;securities that are unregistered, that can
be sold to qualified institutional buyers in accordance with Rule&nbsp;144A under the 1933 Act, or that
are exempt from registration under the 1933 Act or otherwise restricted under the federal
securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations on the resale of restricted securities may have an adverse effect on their
marketability, which may prevent a Fund from disposing of them promptly at reasonable prices. The
Fund may have to bear the expense of registering such securities for resale, and the risk of
substantial delays in effecting such registrations. A Fund&#146;s difficulty valuing and selling
illiquid securities may result in a loss or be costly to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a substantial market develops for a restricted security or other illiquid investment held
by a Fund, it may be treated as a liquid security, in accordance with procedures and guidelines
approved by the Board. While Invesco monitors the liquidity of restricted securities on a daily
basis, the Board oversees and retains ultimate responsibility for Invesco&#146;s liquidity
determinations. Invesco considers various factors when determining whether a security is liquid,
including the frequency of trades, availability of quotations and number of dealers or qualified
institutional buyers in the market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reverse Repurchase Agreements</B>. Reverse repurchase agreements are agreements that involve the
sale of securities held by a Fund to financial institutions such as banks and broker-dealers, with
an agreement that the Fund will repurchase the securities at an agreed upon price and date. During
the reverse repurchase agreement period, the Fund continues to receive interest and principal
payments on the securities sold. A Fund may employ reverse repurchase agreements (i)&nbsp;for temporary
emergency purposes; (ii)&nbsp;to cover short-term cash requirements resulting from the timing of trade
settlements; or (iii)&nbsp;to take advantage of market situations where the interest income to be earned
from the investment of the proceeds of the transaction is greater than the interest expense of the
transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreements involve the risk that the market value of securities to be
purchased by the Fund may decline below the price at which the Fund is obligated to repurchase the
securities, or that the other party may default on its obligation, so that the Fund is delayed or
prevented from completing the transaction. At the time the Fund enters into a reverse repurchase
agreement, it will segregate, and maintain, liquid assets having a dollar value equal to the
repurchase price. In the event the buyer of securities under a reverse repurchase agreement files
for bankruptcy or becomes insolvent, a Fund&#146;s use of the proceeds from the sale of the securities
may be restricted
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pending a determination by the other party, or its trustee or receiver, whether to enforce the
Fund&#146;s obligation to repurchase the securities. Reverse repurchase agreements are considered
borrowings by a Fund under the 1940 Act.
</DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Standby Commitments</B>. Certain Funds may acquire securities that are subject to standby
commitments from banks or other municipal securities dealers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under a standby commitment, a bank or dealer would agree to purchase, at the Fund&#146;s option,
specified securities at a specified price. Standby commitments generally increase the cost of the
acquisition of the underlying security, thereby reducing the yield. Standby commitments depend
upon the issuer&#146;s ability to fulfill its obligation upon demand. Although no definitive
creditworthiness criteria are used for this purpose, Invesco reviews the creditworthiness of the
banks and other municipal securities dealers from which the Funds obtain standby commitments in
order to evaluate those risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Derivatives</I></U>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion regarding derivatives is qualified by each Fund&#146;s investment policies
and restrictions discussed in the &#147;Investment Policies and Restrictions&#148; section of this SAI and in
Appendix&nbsp;C to this SAI, &#147;Strategic Transactions; Options and Futures.&#148; A derivative is a financial
instrument whose value is dependent upon the value of other assets, rates or indices, referred to
as an &#147;underlying reference.&#148; These underlying references may include commodities, stocks, bonds,
interest rates, currency exchange rates or related indices. Derivatives include swaps, options,
warrants, futures and forward currency contracts. Some derivatives, such as futures and certain
options, are traded on U.S. commodity or securities exchanges, while other derivatives, such as
swap agreements, are privately negotiated and entered into in the OTC market.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives may be used for &#147;hedging,&#148; which means that they may be used when the portfolio
manager seeks to protect the Fund&#146;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 manager seeks 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&#146;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 the portfolio manager&#146;s ability to predict and
understand relevant market movements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because 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, federal securities laws, regulations and guidance may require the Fund to earmark assets
to reduce the risks associated with derivatives or to otherwise hold instruments that offset the
Fund&#146;s obligations under the derivatives instrument. This process is known as &#147;cover.&#148; A Fund
will not enter into any derivative transaction unless it can comply with SEC guidance regarding
cover, and, if SEC guidance so requires, a Fund will earmark cash or liquid assets with a value
sufficient to cover its obligations under a derivative transaction or otherwise &#147;cover&#148; the
transaction in accordance with applicable SEC guidance. If a large portion of a Fund&#146;s assets is
used for cover, it could affect portfolio management or the Fund&#146;s ability to meet current
obligations. The leverage involved in certain derivative transactions may result in a Fund&#146;s net
asset value being more sensitive to changes in the value of the related investment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General risks associated with derivatives:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use by the Funds of derivatives may involve certain risks, as described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparty Risk</I>: OTC derivatives are generally governed by a single master agreement for
each counterparty. Counterparty risk refers to the risk that the counterparty under the agreement
will not live up to its obligations. An agreement may not contemplate delivery of collateral to
support fully a counterparty&#146;s contractual obligation; therefore, a Fund might need to rely on
contractual remedies to satisfy the counterparty&#146;s full obligation. As with any contractual
remedy, there is no guarantee that a Fund will be successful in pursuing such remedies,
particularly in the event of the counterparty&#146;s bankruptcy. The agreement may allow for netting of
the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">counterparty&#146;s obligations on specific transactions, in which case a Fund&#146;s obligation or
right will be the net amount owed to or by the counterparty. 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,
Invesco monitors the financial stability of the guarantor instead of the counterparty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund will not enter into a transaction with any single counterparty if the net amount owed
or to be received under existing transactions under the agreements with that counterparty would
exceed 5% of the Fund&#146;s net assets determined on the date the transaction is entered into.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Leverage Risk</I>: Leverage exists when a 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. A Fund mitigates leverage by
segregating or earmarking assets or otherwise covers transactions that may give rise to leverage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liquidity Risk</I>: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pricing Risk</I>: The risk that the value of a particular derivative does not move in tandem or
as otherwise expected relative to the corresponding underlying instruments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Risk</I>: The risk that a change in laws or regulations will materially impact a
security or market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Risks</I>: For a discussion of the tax considerations relating to derivative transactions,
see &#147;Tax Matters &#151; Tax Treatment of Portfolio Transactions.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General risks of hedging strategies using derivatives:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use by the Funds of hedging strategies involves special considerations and risks, as
described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful use of hedging transactions depends upon Invesco&#146;s and the Sub-Advisers&#146; 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Types of derivatives:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Swap Agreements</B>. Generally, swap agreements are contracts between a Fund and a brokerage
firm, bank, or other financial institution (the counterparty) for periods ranging from a few days
to multiple years. In a basic swap transaction, the Fund agrees with its counterparty to exchange
the returns (or differentials in returns) earned or realized on a particular asset such as an
equity or debt security, commodity, currency or interest rate, calculated with respect to a
&#147;notional amount.&#148; The notional amount is the set amount selected by the parties to use as the
basis on which to calculate the obligations that the parties to a swap agreement have agreed to
exchange. The parties typically do not exchange the notional amount. Instead, they agree to
exchange the returns that would be earned or
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">realized if the notional amount were invested in given investments or at given interest rates.
Examples of returns that may be exchanged in a swap agreement are those of a particular security,
a particular fixed or variable interest rate, a particular foreign currency, or a &#147;basket&#148; of
securities representing a particular index. In some cases, such as cross currency swaps, the swap
agreement may require delivery (exchange)&nbsp;of the entire notional value of one designated currency
for another designated currency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Numerous proposals have been made by various regulatory entities and rulemaking bodies to
regulate the OTC derivatives markets, including, specifically, credit default swaps. The Fund
cannot predict the outcome or final form of any of these proposals or if or when any of them would
become effective. However, any additional regulation or limitation on the OTC markets for
derivatives could materially and adversely impact the ability of the Fund to buy or sell OTC
derivatives, including credit default swaps.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonly used swap agreements include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit Default Swaps </I>(&#147;CDS&#148;). An agreement between two parties where the first party agrees
to make one or more payments to the second party, while the second party assumes the risk of
certain defaults, generally a failure to pay or bankruptcy of the issuer on a referenced debt
obligation. CDS transactions are typically individually negotiated and structured. A Fund may
enter into CDS to create long or short exposure to domestic or foreign corporate debt securities,
sovereign debt securities or municipal securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may buy a CDS (buy credit protection). In this transaction the Fund makes a stream of
payments based on a fixed interest rate (the premium) over the life of the swap in exchange for a
counterparty (the seller) taking on the risk of default of a referenced debt obligation (the
&#147;Reference Obligation&#148;). If a credit event occurs for the Reference Obligation, the Fund would
cease making premium payments and it would deliver defaulted bonds to the seller. In return, the
seller would pay the notional value of the Reference Obligation to the Fund. Alternatively, the
two counterparties may agree to cash settlement in which the seller delivers to the Fund (buyer)
the difference between the market value and the notional value of the Reference Obligation. If no
event of default occurs, the Fund pays the fixed premium to the seller for the life of the
contract, and no other exchange occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, a Fund may sell a CDS (sell credit protection). In this transaction the Fund
will receive premium payments from the buyer in exchange for taking the risk of default of the
Reference Obligation. If a credit event occurs for the Reference Obligation, the buyer would cease
to make premium payments to the Fund and deliver the Reference Obligation to the Fund. In return,
the Fund would pay the notional value of the Reference Obligation to the buyer. Alternatively, the
two counterparties may agree to cash settlement in which the Fund would pay the buyer the
difference between the market value and the notional value of the Reference Obligation. If no
event of default occurs, the Fund receives the premium payments over the life of the contract, and
no other exchange occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit Default Index </I>(&#147;CDX&#148;). A CDX is an index of CDS. CDX allow an investor to manage
credit risk or to take a position on a basket of credit entities (such as CDS or commercial
mortgage-backed securities (&#147;CMBS&#148;)) in a more efficient manner than transacting in single name
CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via
the delivery of the defaulted bond by the buyer of protection in return for payment of the notional
value of the defaulted bond by the seller of protection or it may be settled through a cash
settlement between the two parties. The underlying company is then removed from the index. New
series of CDX are issued on a regular basis. A Commercial Mortgage-Backed Index (&#147;CMBX&#148;) is a type
of CDX made up of 25 tranches of commercial mortgage-backed securities rather than CDS. Unlike
other CDX contracts where credit events are intended to capture an event of default CMBX involves a
pay-as-you-go (&#147;PAUG&#148;) settlement process designed to capture non-default events that affect the
cash flow of the reference obligation. PAUG involves ongoing, two-way payments over the life of a
contract between the buyer and the seller of protection and is designed to closely mirror the cash
flow of a portfolio of cash commercial mortgage-backed securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Swap</I>. An agreement between two parties pursuant to which the parties exchange a U.S.
dollar-denominated payment for a payment denominated in a different currency.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate Swap</I>. An agreement between two parties pursuant to which the parties exchange a
floating rate payment for a fixed rate payment based on a specified principal or notional amount.
In other words, Party A agrees to pay Party B a fixed interest rate and in return Party B agrees to
pay Party A a variable interest rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Total Return Swap</I>. An agreement in which one party makes payments based on a set rate, either
fixed or variable, while the other party makes payments based on the return of an underlying asset,
which includes both the income it generates and any capital gains.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inflation Swaps</I>. Inflation swap agreements are contracts in which one party agrees to pay the
cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of
the swap (with some lag on the referenced inflation index), and the other party pays a compounded
fixed rate. Inflation swap agreements may be used to protect the net asset value of a Fund against
an unexpected change in the rate of inflation measured by an inflation index. The value of
inflation swap agreements is expected to change in response to changes in real interest rates.
Real interest rates are tied to the relationship between nominal interest rates and the rate of
inflation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest Rate Locks. </B>An interest rate lock is a hedging agreement in which the parties lock
in an interest rate at a future maturity date. A cash settlement payment on that date that
reflects changes in agreed upon interest rates. This settlement payment is designed to offset
changes in the cost of borrowing for the hedged bond transaction. An interest rate lock may be
terminated prior to its stated maturity date by calculating the payment due as of the termination
date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Options</B>. An option is a contract that gives the purchaser of the option, in return for the
premium paid, the right to buy from (in the case of a call) or sell to (in the case of a put) the
writer of the option at the exercise price during the term of the option (for American style
options or on a specified date for European style options), the security, currency or other
instrument underlying the option (or in the case of an index option the cash value of the index).
Options on a CDS or a Futures Contract (defined below) give the purchaser the right to enter into a
CDS or assume a position in a Futures Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds may engage in certain strategies involving options to attempt to manage the risk of
their investments or, in certain circumstances, for investment (i.e., as a substitute for investing
in securities). Option transactions present the possibility of large amounts of exposure (or
leverage), which may result in a Fund&#146;s net asset value being more sensitive to changes in the
value of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of an option position will reflect, among other things, the current market value of
the underlying investment, the time remaining until expiration, the relationship of the exercise
price to the market price of the underlying investment, the price volatility of the underlying
investment and general market and interest rate conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may effectively terminate its right or obligation under an option by entering into an
offsetting closing transaction. For example, a Fund may terminate its obligation under a call or
put option that it had written by purchasing an identical call or put option, which is known as a
closing purchase transaction. Conversely, a Fund may terminate a position in a put or call option
it had purchased by writing an identical put or call option, which is known as a closing sale
transaction. Closing transactions permit a Fund to realize profits or limit losses on an option
position prior to its exercise or expiration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options may be either listed on an exchange or traded in OTC markets. Listed options are
tri-party contracts (i.e., performance of the obligations of the purchaser and seller are
guaranteed by the exchange or clearing corporation) and have standardized strike prices and
expiration dates. OTC options are two-party contracts with negotiated strike prices and expiration
dates and differ from exchange-traded options in that OTC options are transacted with dealers
directly and not through a clearing corporation (which guarantees performance). In the case of OTC
options, there can be no assurance that a liquid secondary market will exist for any particular
option at any specific time; therefore the Fund may be required to treat some or all OTC options as
illiquid securities. Although a Fund will enter into OTC options only with dealers that are
expected to be capable of entering into closing transactions with it , there is no assurance that
the Fund will in fact be able to close out an OTC option position at a favorable price prior to
exercise or expiration. In the event of insolvency of the dealer, a Fund might be unable to close
out an OTC option position at any time prior to its expiration.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Types of Options:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Put Options on Securities. </I>A put option gives the purchaser the right to sell, to the writer,
the underlying security, contract or foreign currency at the stated exercise price at any time
prior to the expiration date of the option for American style options or on a specified date for
European style options, regardless of the market price or exchange rate of the security, contract
or foreign currency, as the case may be, at the time of exercise. If the purchaser exercises the
put option, the writer of a put option is obligated to buy the underlying security, contract or
foreign currency for the exercise price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Call Options on Securities</I>. A call option gives the purchaser the right to buy, from the
writer, the underlying security, contract or foreign currency at the stated exercise price at any
time prior to the expiration of the option (for American style options) or on a specified date (for
European style options), regardless of the market price or exchange rate of the security, contract
or foreign currency, as the case may be, at the time of exercise. If the purchaser exercises the
call option, the writer of a call option is obligated to sell to and deliver the underlying
security, contract or foreign currency to the purchaser of the call option for the exercise price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Index Options</I>. Index options (or options on securities indices) give the holder the right to
receive, upon exercise, cash instead of securities, if the closing level of the securities index
upon which the option is based is greater than, in the case of a call, or less than, in the case of
a put, the exercise price of the option. The amount of cash is equal to the difference between the
closing price of the index and the exercise price of the call or put times a specified multiple
(the &#147;multiplier&#148;), which determines the total dollar value for each point of such difference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risks of investment in index options may be greater than options on securities. Because
index options are settled in cash, when a Fund writes a call on an index it cannot provide in
advance for its potential settlement obligations by acquiring and holding the underlying
securities. A Fund can offset some of the risk of writing a call index option by holding a
diversified portfolio of securities similar to those on which the underlying index is based.
However, the Fund cannot, as a practical matter, acquire and hold a portfolio containing exactly
the same securities that underlie the index and, as a result, bears the risk that the value of the
securities held will not be perfectly correlated with the value of the index.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CDS Option</I>. A CDS option transaction gives the holder the right to enter into a CDS at a
specified future date and under specified terms in exchange for a purchase price or premium. The
writer of the option bears the risk of any unfavorable move in the value of the CDS relative to the
market value on the exercise date, while the purchaser may allow the option to expire unexercised.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Futures Contracts</I>. Options on Futures Contracts give the holder the right to
assume a position in a Futures Contract (to buy the Futures Contract if the option is a call and to
sell the Futures Contract if the option is a put) at a specified exercise price at any time during
the period of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Swaptions</I>. An option on a swap agreement, also called a &#147;swaption,&#148; is an option that gives
the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for
paying a market based &#147;premium.&#148; A receiver swaption gives the owner the right to receive the total
return of a specified asset, reference rate, or index. A payer swaption gives the owner the right
to pay the total return of a specified asset, reference rate, or index. Swaptions also include
options that allow an existing swap to be terminated or extended by one of the counterparties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Techniques:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Writing Options</I>. A Fund may write options to generate additional income and to seek to hedge
its portfolio against market or exchange rate movements. As the writer of an option, the Fund may
have no control over when the underlying instruments must be sold (in the case of a call option) or
purchased (in the case of a put option) because the option purchaser may notify the Fund of
exercise at any time prior to the expiration of the option (for American style options). In
general, options are rarely exercised prior to expiration. Whether or not an option expires
unexercised, the writer retains the amount of the premium.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund would write a put option at an exercise price that, reduced by the premium received on
the option, reflects the price it is willing to pay for the underlying security, contract or
currency. In return for the premium received for writing a put option, the Fund assumes the risk
that the price of the underlying security, contract, or foreign currency will decline below the
exercise price, in which case the put would be exercised and the Fund would suffer a loss.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In return for the premium received for writing a call option on a security the Fund holds, the
Fund foregoes the opportunity for profit from a price increase in the underlying security,
contract, or foreign currency above the exercise price so long as the option remains open, but
retains the risk of loss should the price of the security, contract, or foreign currency decline.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an option that a Fund has written expires, the Fund will realize a gain in the amount of
the premium; however, such gain may be offset by a decline in the market value of the underlying
security, contract or currency, held by the Fund during the option period. If a call option is
exercised, a Fund will realize a gain or loss from the sale of the underlying security, contract or
currency, which will be increased or offset by the premium received. The obligation imposed upon
the writer of an option is terminated upon the expiration of the option, or such earlier time at
which a Fund effects a closing purchase transaction by purchasing an option (put or call as the
case may be) identical to that previously sold.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchasing Options. </I>A Fund may only purchase a put option on an underlying security, contract
or currency owned by the Fund in order to protect against an anticipated decline in the value of
the security, contract or currency held by the Fund; or purchase put options on underlying
securities, contracts or currencies against which it has written other put options. The premium
paid for the put option and any transaction costs would reduce any profit realized when the
security, contract or currency is delivered upon the exercise of the put option. Conversely, if
the underlying security, contract or currency does not decline in value, the option may expire
worthless and the premium paid for the protective put would be lost.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may purchase a call option for the purpose of acquiring the underlying security,
contract or currency for its portfolio, or on underlying securities, contracts or currencies
against which it has written other call options. The Fund is not required to own the underlying
security in order to purchase a call option. If the Fund does not own the underlying position, the
purchase of a call option would enable a Fund to acquire the security, contract or currency at the
exercise price of the call option plus the premium paid. So long as it holds a call option, rather
than the underlying security, contract or currency itself, the Fund is partially protected from any
unexpected increase in the market price of the underlying security, contract or currency. If the
market price does not exceed the exercise price, the Fund could purchase the security on the open
market and could allow the call option to expire, incurring a loss only to the extent of the
premium paid for the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Straddles/Spreads/Collars.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spread and straddle options transactions. In &#147;spread&#148; transactions, a Fund buys and writes a
put or buys and writes a call on the same underlying instrument with the options having different
exercise prices, expiration dates, or both. In &#147;straddles,&#148; a Fund purchases a put option and a
call option or writes a put option and a call option on the same instrument with the same
expiration date and typically the same exercise price. When a Fund engages in spread and straddle
transactions, it seeks to profit from differences in the option premiums paid and received and in
the market prices of the related options positions when they are closed out or sold. Because these
transactions require the Fund to buy and/or write more than one option simultaneously, the Fund&#146;s
ability to enter into such transactions and to liquidate its positions when necessary or deemed
advisable may be more limited than if the Fund were to buy or sell a single option. Similarly,
costs incurred by the Fund in connection with these transactions will in many cases be greater than
if the Fund were to buy or sell a single option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Collars. A Fund also may use option &#147;collars.&#148; A &#147;collar&#148; position combines a put
option purchased by the Fund (the right of the Fund to sell a specific security within a specified
period) with a call option that is written by the Fund (the right of the counterparty to buy the
same security) in a single instrument. The Fund&#146;s right to sell the security is typically set at a
price that is below the counterparty&#146;s right to buy the security. Thus, the combined position
&#147;collars&#148; the performance of the underlying security, providing protection from
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">depreciation below the price specified in the put option, and allowing for participation in
any appreciation up to the price specified by the call option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Warrants</B>. A warrant gives the holder the right to purchase securities from the issuer at a
specific price within a certain time frame and is similar to a call option. The main difference
between warrants and call options is that warrants are issued by the company that will issue the
underlying security, whereas options are not issued by the company. Young, unseasoned companies
often issue warrants to finance their operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights</B>. Rights are equity securities representing a preemptive right of stockholders to
purchase additional shares of a stock at the time of a new issuance, before the stock is offered to
the general public. A stockholder who purchases rights may be able to retain the same ownership
percentage after the new stock offering. A right usually enables the stockholder to purchase
common stock at a price below the initial offering price. A Fund that purchases a right takes the
risk that the right might expire worthless because the market value of the common stock falls below
the price fixed by the right.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Futures Contracts</B>. A &#147;Futures Contract&#148; is a two-party agreement to buy or sell a specified
amount of a specified security or currency (or delivery of a cash settlement price, in the case of
certain futures such as an index future or Eurodollar Future) for a specified price at a designated
date, time and place (collectively, Futures Contracts). A &#147;sale&#148; of a Futures Contract means the
acquisition of a contractual obligation to deliver the underlying instrument or asset called for by
the contract at a specified price on a specified date. A &#147;purchase&#148; of a Futures Contract means
the acquisition of a contractual obligation to acquire the underlying instrument or asset called
for by the contract at a specified price on a specified date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds will only enter into Futures Contracts that are traded (either domestically or
internationally) on futures exchanges and are standardized as to maturity date and underlying
financial instrument. Futures exchanges and trading thereon in the United States are regulated
under the Commodity Exchange Act and by the Commodity Futures Trading Commission (&#147;CFTC&#148;). Foreign
futures exchanges and trading thereon are not regulated by the CFTC and are not subject to the same
regulatory controls. Each Fund has claimed an exclusion from the definition of the term &#147;commodity
pool operator&#148; under the Commodity Exchange Act and, therefore, is not subject to registration or
regulation as a pool operator under the act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, in February&nbsp;2012, the Commodity Futures Trading Commission (&#147;CFTC&#148;) announced
regulatory amendments to the provisions that permitted the Funds to claim an exclusion from the
definition of commodity pool operator. As amended, the CFTC rules would subject a registered
investment company&#146;s investment adviser to regulation by the CFTC if the registered investment
company&#146;s investments in commodity futures, commodity options, or swaps exceed prescribed limits,
or if the registered investment company markets itself as trading in or otherwise providing
investment exposure to commodity interests or swaps markets. Upon the effectiveness of these
regulatory amendments, an investment adviser to a Fund that invests in commodity futures, commodity
options or swaps may become subject to CFTC regulation and may be required to comply with
disclosure and operations requirements of CFTC and self-regulatory organization regulations.
Compliance with these additional requirements would likely result in increased Fund expenses.
Alternatively, a Fund may need to revise its investment strategies with respect to its investments
in commodity futures, commodity options, or swaps in order to avoid being subject to CFTC
regulation, which could deprive the Fund of the investment benefits that the use of commodity
interests and related instruments may provide.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage fees are incurred when a Futures Contract is bought or sold, and margin deposits
must be maintained at all times when a Futures Contract is outstanding. &#147;Margin&#148; for a Futures
Contracts is the amount of funds that must be deposited by a Fund in order to initiate Futures
Contracts trading and maintain its open positions in Futures Contracts. A margin deposit made when
the Futures Contract is entered (&#147;initial margin&#148;) is intended to ensure the Fund&#146;s performance
under the Futures Contract. The margin required for a particular Futures Contract is set by the
exchange on which the Futures Contract is traded and may be significantly modified from time to
time by the exchange during the term of the Futures Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent payments, called &#147;variation margin,&#148; received from or paid to the futures
commission merchant through which a Fund enters into the Futures Contract will be made on a daily
basis as the futures price fluctuates making the Futures Contract more or less valuable, a process
known as marking-to-market. When the Futures
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contract is closed out, if the Fund has a loss equal to or greater than the margin amount, the
margin amount is paid to the futures commission merchant along with any amount in excess of the
margin amount; if the Fund has a loss of less than the margin amount, the difference is returned to
the Fund; or if the Fund has a gain, the margin amount is paid to the Fund and the futures
commission merchant pays the Fund any excess gain over the margin amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing out an open Futures Contract is affected by entering into an offsetting Futures
Contract for the same aggregate amount of the identical financial instrument or currency and the
same delivery date. There can be no assurance, however, that a Fund will be able to enter into an
offsetting transaction with respect to a particular Futures Contract at a particular time. If a
Fund is not able to enter into an offsetting transaction, it will continue to be required to
maintain the margin deposits on the Futures Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if a Fund were unable to liquidate a Futures Contract or an option on a Futures
Contract position due to the absence of a liquid secondary market or the imposition of price
limits, it could incur substantial losses. The Fund would continue to be subject to market risk
with respect to the position. In addition, except in the case of purchased options, the Fund would
continue to be required to make daily variation margin payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Types of Futures Contracts:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Futures. </I>A currency Futures Contract is a standardized, exchange-traded contract to
buy or sell a particular currency at a specified price at a future date (commonly three months or
more). Currency Futures Contracts may be highly volatile and thus result in substantial gains or
losses to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Index Futures</I>. A stock index Futures Contract is an exchange-traded contract that provides
for the delivery, at a designated date, time and place, of an amount of cash equal to a specified
dollar amount times the difference between the stock index value at the close of trading on the
date specified in the contract and the price agreed upon in the Futures Contract; no physical
delivery of stocks comprising the index is made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate Futures</I>. An interest-rate Futures Contract is an exchange-traded contact in
which the specified underlying security is either an interest-bearing fixed income security or an
inter-bank deposit. Two examples of common interest rate Futures Contracts are U.S. Treasury
futures and Eurodollar Futures Contracts. The specified security for U.S. Treasury futures is a
U.S. Treasury security. The specified security for Eurodollar futures is the London Interbank
Offered Rate (&#147;LIBOR&#148;) which is a daily reference rate based on the interest rates at which banks
offer to lend unsecured funds to other banks in the London wholesale money market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security Futures</I>. A security Futures Contract is an exchange-traded contract to purchase or
sell, in the future, a specified quantity of a security (other than a Treasury security, or a
narrow-based securities index) at a certain price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Forward Currency Contracts</B>. A forward currency contract is an over-the-counter contract
between two parties to buy or sell a particular currency at a specified price at a future date.
The parties may exchange currency at the maturity of the forward currency contract, or if the
parties agree prior to maturity, enter into a closing transaction involving the purchase or sale of
an offsetting amount of currency. Forward currency contracts are traded over-the-counter, and not
on organized commodities or securities exchanges.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may enter into forward currency contracts with respect to a specific purchase or sale
of a security, or with respect to its portfolio positions generally.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost to a Fund of engaging in forward currency contracts varies with factors such as the
currencies involved, the length of the contract period, interest rate differentials and the
prevailing market conditions. Because forward currency contracts are usually entered into on a
principal basis, no fees or commissions are involved. The use of forward currency contracts does
not eliminate fluctuations in the prices of the underlying securities a Fund owns or intends to
acquire, but it does establish a rate of exchange in advance. While forward currency contract
sales limit the risk of loss due to a decline in the value of the hedged currencies, they also
limit any potential gain that might result should the value of the currencies increase.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Investment Policies and Restrictions</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is subject to the following restrictions that are &#147;fundamental,&#148; which means that
they may not be changed without shareholder approval, as provided under the 1940 Act. This section
describes such investment restrictions and policies for each Fund. Capitalized terms not otherwise
defined herein are used as defined in the Fund&#146;s original prospectus, as amended. References in a
Fund&#146;s fundamental policies and restrictions to the &#147;Prospectus&#148; or &#147;above&#148; sections should be read
as references to the Fund&#146;s original prospectus, as amended.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Income Trust (IIM) </I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As to 75% of its total assets, invest more than 5% of the value of its total assets in the
securities of any one issuer. This limitation shall not apply to obligations issued or
guaranteed by the U.S. Government, its agencies or instrumentalities or to the investment of
25% of the Fund&#146;s total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money to the extent permitted by (i)&nbsp;the
Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Company Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief
applicable to the Fund from the provisions of the Investment Company Act, as amended from time
to time.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Bond Trust (IMC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer.
This limitation shall not apply to obligations issued or guaranteed by the U.S. Government,
its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money to the extent permitted by (i)&nbsp;the
Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Securities (IMS)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption order relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and sewer obligations, university and college revenue obligations, bridge authority and toll
road obligations and resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the Investment
Company Act, as amended from time to time, (ii)&nbsp;the rules and regulation promulgated by the
SEC under the Investment Company Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief applicable to the Fund from the provisions of the Investment Company Act, as
amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Trust (IMT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief applicable to the Fund from the provisions of the Act, as amended from time to
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>political subdivisions of governments, and obligations issued or guaranteed by the United States
Government, its agencies or instrumentalities. In addition, the Fund reserves the right to
invest 25% or more of its assets in any of the following types of Municipal Obligations,
provided that the percentage of the Fund&#146;s total assets in private activity bonds in any one
category does not exceed 25% of the Fund&#146;s total assets: health facility obligations, housing
obligations, single family mortgage revenue bonds, industrial revenue obligations (including
pollution control obligations), electric utility obligations, airport facility revenue
obligations, water and sewer obligations, university and college revenue obligations, bridge
authority and toll road obligations and resource recovery obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief
applicable to the Fund from the provisions of the Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the Investment
Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief
applicable to the Fund from the provisions of the Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by
the SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief
applicable to the Fund from the provisions of the Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief applicable to the Fund from the provisions of the Act, as amended from time to
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Income Opportunities Trust (OIA)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s
total assets.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or Administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the time).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, except insofar as the Fund may be deemed to
have issued a senior security by reason of: (a)&nbsp;entering into any repurchase agreement; (b)
purchasing any securities on a when-issued or delayed delivery basis; (c)&nbsp;purchasing or
selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with restrictions
described above; or (e)&nbsp;lending portfolio securities. In interpreting this
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of assets
and neither such arrangements nor the purchase or sale of futures are deemed to be the issuance
of a senior security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 25% of its total assets).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest over 10% of its total assets in restricted securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Income Opportunities Trust II (OIB)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s
total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commission, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the time).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, except insofar as the Fund may be deemed to
have issued a senior security by reason of: (a)&nbsp;entering into any repurchase agreement; (b)
purchasing any securities on a when-issued or delayed delivery basis; (c)&nbsp;purchasing or
selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with restrictions
described above; or (e)&nbsp;lending portfolio securities. In interpreting this restriction,
collateral arrangements with respect to the writing of options and collateral arrangements
with respect to initial margin for futures are not deemed to be pledges of assets and neither
such arrangements nor the purchase or sale of futures are deemed to be the issuance of a
senior security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 25% of its total assets).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest over 10% of its total assets in restricted securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Income Opportunities Trust III (OIC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s
total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commission, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the time).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, except insofar as the Fund may be deemed to
have issued a senior security by reason of: (a)&nbsp;entering into any repurchase agreement; (b)
purchasing any securities on a when-issued or delayed delivery basis; (c)&nbsp;purchasing or
selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with restrictions
described above; or (e)&nbsp;lending portfolio securities. In interpreting this restriction,
collateral arrangements with respect to the writing of options and collateral arrangements
with respect to initial margin for futures are not deemed to be pledges of assets and neither
such arrangements nor the purchase or sale of futures are deemed to be the issuance of a
senior security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 25% of its total assets).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest over 10% of its total assets in restricted securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Quality Municipal Income Trust (IQI)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">security will be considered a separate security; (b)&nbsp;a &#147;taxable security&#148; is any security the
interest on which is subject to federal income tax (which does not include &#147;private activity bonds&#148;
subject to the alternative minimum tax); and (c)&nbsp;all percentage limitations apply immediately after
a purchase or initial investment, and any subsequent change in any applicable percentage resulting
from market fluctuations or other changes in the amount of total or net assets does not require
elimination of any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue any senior securities (as defined in the 1940 Act) other than Preferred Shares of
beneficial interest (in accordance with the terms of this Prospectus and the 1940 Act), except
insofar as the Fund may be deemed to have issued a senior security by reason of: (a)&nbsp;entering
into any repurchase agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed
delivery basis; (c)&nbsp;purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money
in accordance with restriction 3 below; or (e)&nbsp;lending portfolio securities. For the purpose
of this restriction, collateral arrangements with respect to the writing of options and
collateral arrangements with respect to initial margin for futures are not deemed to be
pledges of assets and neither such arrangements nor the purchase or sale of futures are deemed
to be the issuance of a senior security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities, or write puts, calls or combinations of both,
except for options on futures contracts and options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money from a bank for temporary or emergency
purposes or for repurchase of its shares provided that immediately after such borrowing the
amount borrowed does not exceed 33 l/3% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred Shares).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities of other issuers except to the extent that, in
connection with the disposition of portfolio securities, the Fund may be deemed to be an
underwriter for purposes of certain federal securities laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of the market value of its total assets in securities of issuers in any
one industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the U. S. Government, its agencies or instrumentalities. In addition,
the Fund reserves the right to invest 25% or more of its assets in any of the following
Municipal Obligations, provided that the percentage of the Fund&#146;s total assets in private
activity bonds in any one category does not exceed 25% of the Fund&#146;s total assets: health
facility obligations, housing obligations, single-family mortgage revenue bonds, industrial
revenue obligations (including pollution control obligations), electric utility obligations,
airport facility revenue obligations, water and sewer obligations, university and college
revenue obligations, bridge authority and toll road obligations and resource recovery
obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase real estate or interests in real estate except that the Fund may purchase securities
secured by real estate or interests therein. The Fund is not prohibited from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in commodities or commodity contracts, except the Fund may purchase financial futures
contracts and related options and options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans except (a)&nbsp;by the purchase of debt securities in which the Fund may invest
consistent with its investment objective and policies, (b)&nbsp;by investment in repurchase
agreements, and (c)&nbsp;by lending its portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in companies for the purpose of exercising control or management.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 42 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or Administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase the securities of any other investment company, except in connection with a merger,
consolidation, reorganization or acquisition of assets, or by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets would be invested in
such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in securities of any one issuer, except
that this limitation shall not apply to obligations issued or guaranteed by the U.S.
Government, its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s total
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the U.S. Government,
its agencies or instrumentalities).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the U.S. Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in restriction 3 above. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Municipal Obligations,&#148; as used above, consist of municipal bonds, municipal notes and
municipal commercial paper, as well as lease obligations, including such obligations purchased on a
when-issued or delayed delivery basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Quality Municipal Investment Trust (IQT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax); and (c)&nbsp;all percentage
limitations apply immediately after a purchase or initial investment, and any subsequent change in
any applicable percentage resulting from market fluctuations or other changes in the amount of
total or net assets does not require elimination of any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue any senior securities (as defined in the 1940 Act) other than Preferred Shares of
beneficial interest (in accordance with the terms of this Prospectus and the 1940 Act), except
insofar as the Fund may be deemed to have issued a senior security by reason of: (a)&nbsp;entering
into any repurchase agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed
delivery basis; (c)&nbsp;purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money
in accordance with restriction 3 below; or (e)&nbsp;lending portfolio securities. For the
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 43 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purpose of this restriction, collateral arrangements with respect to the writing of options and
collateral arrangements with respect to initial margin for futures are not deemed to be pledges
of assets and neither such arrangements nor the purchase or sale of futures are deemed to be
the issuance of a senior security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities, or write puts, calls or combinations of both,
except for options on futures contracts and options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money from a bank for temporary or emergency
purposes or for repurchase of its shares provided that immediately after such borrowing the
amount borrowed does not exceed 33 l/3% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred Shares).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities of other issuers except to the extent that, in
connection with the disposition of portfolio securities, the Fund may be deemed to be an
underwriter for purposes of certain federal securities laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of the market value of its total assets in securities of issuers in any
one industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the U. S. Government, its agencies or instrumentalities. In addition,
the Fund reserves the right to invest 25% or more of its assets in any of the following
Municipal Obligations, provided that the percentage of the Fund&#146;s total assets in private
activity bonds in any one category does not exceed 25% of the Fund&#146;s total assets: health
facility obligations, housing obligations, single-family mortgage revenue bonds, industrial
revenue obligations (including pollution control obligations), electric utility obligations,
airport facility revenue obligations, water and sewer obligations, university and college
revenue obligations, bridge authority and toll road obligations and resource recovery
obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase real estate or interests in real estate except that the Fund may purchase securities
secured by real estate or interests therein. The Fund is not prohibited from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in commodities or commodity contracts, except the Fund may purchase financial futures
contracts and related options and options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans except (a)&nbsp;by the purchase of debt securities in which the Fund may invest
consistent with its investment objective and policies, (b)&nbsp;by investment in repurchase
agreements, and (c)&nbsp;by lending its portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in companies for the purpose of exercising control or management.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or Administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase the securities of any other investment company, except in connection with a merger,
consolidation, reorganization or acquisition of assets, or by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets would be invested in
such securities.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 44 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in securities of any one issuer, except
that this limitation shall not apply to obligations issued or guaranteed by the U.S.
Government, its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s total
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the U.S. Government,
its agencies or instrumentalities).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the U.S. Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in restriction 3 above. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Municipal Obligations,&#148; as used above, consist of municipal bonds, municipal notes and
municipal commercial paper, as well as lease obligations, including such obligations purchased on a
when-issued or delayed delivery basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Quality Municipal Securities (IQM)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax); and (c)&nbsp;all percentage
limitations apply immediately after a purchase or initial investment, and any subsequent change in
any applicable percentage resulting from market fluctuations or other changes in the amount of
total or net assets does not require elimination of any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer.
This limitation shall not apply to obligations issued or guaranteed by the U.S. Government,
its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the U.S. Government,
its agencies or instrumentalities).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the U. S. Government, its agencies or instrumentalities. In addition,
the Fund reserves the right to invest 25% or more of its assets in any of the following
Municipal Obligations, provided that the percentage of the Fund&#146;s total assets in private
activity bonds in any one category does not exceed 25% of the Fund&#146;s total assets: health
facility obligations, housing obligations, single-family mortgage revenue bonds, industrial
revenue obligations (including pollution control obligations), electric utility obligations,
airport facility revenue obligations, water and sewer obligations, university and college
revenue obligations, bridge authority and toll road obligations and resource recovery
obligations.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to obligation of the U.S. Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if to the knowledge of
the Fund, any officer or trustee of the Fund or any officer or director of the Adviser owns
more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such officers, trustees
and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding
securities of such issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money from a bank for temporary or emergency
purposes or for repurchase of its shares provided that immediately after such borrowing the
amount borrowed does not exceed 33 l/3% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred Shares).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities (as defined in the 1940 Act) other than Preferred Shares of
beneficial interest (in accordance with the terms of the 1940 Act), except insofar as the Fund
may be deemed to have issued a senior security by reason of: (a)&nbsp;entering into any repurchase
agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery basis; (c)
purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with
restrictions described above; or (e)&nbsp;lending portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities except: (a)&nbsp;by the purchase of debt securities in which the
Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment in
repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its total assets).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Municipal Obligations,&#148; as used above, consist of municipal bonds, municipal notes and
municipal commercial paper, as well as lease obligations, including such obligations purchased on a
when-issued or delayed delivery basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen California Value Municipal Income Trust (VCV)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry, however, as described above
under &#147;Principal Risks of Investing in the Fund- Market Segment Risk,&#148; the Fund may from time
to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to Strategic Transactions described in
Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing or a Strategic Transaction described in Appendix&nbsp;C to
this SAI. The Fund will not purchase portfolio securities during any period that such
borrowings exceed 5% of the total asset value of the Fund. Notwithstanding this investment
restriction, the Fund may enter into &#147;when-issued&#148; and &#147;delayed delivery&#148; transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with Strategic Transactions described in Appendix&nbsp;C to this SAI nor short-term
credits as may be necessary for the clearance of transactions is considered the purchase of a
security on margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with Strategic
Transactions described in Appendix&nbsp;C to this SAI.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 47 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, except that the Fund
may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940
Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that Strategic
Transactions described in Appendix&nbsp;C to this SAI, the Fund may engage in are considered to be
commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual
portfolio turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover
involves correspondingly greater brokerage commission and transaction expenses than a lower rate,
which expenses must be borne by the Fund and its Common Shareholders. High portfolio turnover may
also result in the realization of substantial net short-term capital gains, and any distributions
resulting from such gains will be taxable at ordinary income rates for federal income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), the Fund will not invest 25% or more of its assets in a single industry;
however, the Fund may from time to time invest 25% or more of its assets in a particular segment of
the municipal securities market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco California Municipal Income Trust (IIC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. For purposes of the restrictions: (a)&nbsp;an
&#147;issuer&#148; of a security is the entity whose assets and revenues are committed to the payment of
interest and principal on that particular security; (b)&nbsp;a &#147;taxable security&#148; is any security the
interest on which is subject to federal income tax (which does not include &#147;private activity bonds&#148;
subject to the alternative minimum tax); and (c)&nbsp;all percentage limitations apply immediately after
a purchase or initial investment, and any subsequent change in any applicable percentage resulting
from market fluctuations or other changes in the amount of total or net assets does not require
elimination of any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to municipal
obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government,
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 48 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its agencies or instrumentalities. In addition, the Fund reserves the right to invest 25% or
more of its assets in any of the following types of municipal obligations, provided that the
percentage of the Fund&#146;s total assets in private activity bonds in any one category does not
exceed 25% of the Fund&#146;s total assets: health facility obligations, housing obligations, single
family mortgage revenue bonds, industrial revenue obligations (including pollution control
obligations), electric utility obligations, airport facility revenue obligations, water and
sewer obligations, university and college revenue obligations, bridge authority and toll road
obligations and resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by
the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other
relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the 1940 Act,
as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief applicable to
the Fund from the provisions of the 1940 Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated
by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other
relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption
or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from
time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco California Quality Municipal Securities (IQC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy<I>. </I>For purposes of the restrictions: (a)&nbsp;an
&#147;issuer&#146;&#146; of a security is the entity whose assets and revenues are committed to the payment of
interest and principal on that particular security; (b)&nbsp;a &#145;&#145;taxable security&#148; is any security the
interest on which is subject to federal income tax (which does not include &#147;private activity bonds&#148;
subject to the alternative minimum tax); and (c)&nbsp;all percentage limitations apply immediately after
a purchase or initial investment, and any subsequent change in any applicable percentage resulting
from market fluctuations or other changes in the amount of total or net assets does not require
elimination of any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government,
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 49 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its agencies or instrumentalities. In addition, the Fund reserves the right to invest 25% or
more of its assets in any of the following types of Municipal Obligations, provided that the
percentage of the Fund&#146;s total assets in private activity bonds in any one category does not
exceed 25% of the Fund&#146;s total assets: health facility obligations, housing obligations, single
family mortgage revenue bonds, industrial revenue obligations (including pollution control
obligations), electric utility obligations, airport facility revenue obligations, water and
sewer obligations, university and college revenue obligations, bridge authority and toll road
obligations and resource recovery obligations. For purposes of this investment restriction,
&#147;Municipal Obligations&#148; consist of Municipal Bonds, Municipal Notes and Municipal Commercial
Paper, including such obligations purchased on a when-issued or delayed delivery basis.
&#147;Municipal Bonds&#148; and &#147;Municipal Notes&#148; are debt obligations of states, cities, counties,
municipalities and state and local governmental agencies which generally have maturities, at
the time of their issuance, of either one year or more (Bonds) or from six months to three
years (Notes). &#147;Municipal Commercial Paper,&#148; as presently constituted, although issued under
programs having a final maturity of more than one year, is generally short-term paper subject
to periodic rate changes and maturities of less than one year selected at the holder&#146;s option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if, to the knowledge
of the Fund, any officer or trustee of the Fund or any officer or director of the Adviser owns
more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such officers, trustees
and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding
securities of such issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the time, including the Preferred Shares).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 10. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 50 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the 1940 Act, other than preferred shares of beneficial
interest (in accordance with the terms of the 1940 Act), except insofar as the Fund may be
deemed to have issued a senior security by reason of: (a)&nbsp;entering into any repurchase
agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery basis; (c)
purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with
restrictions described above; or (e)&nbsp;lending portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its total assets).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco California Municipal Securities (ICS)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. For purposes of the restrictions: (a)&nbsp;an
&#147;issuer&#148; of a security is the entity whose assets and revenues are committed to the payment of
interest and principal on that particular security; (b)&nbsp;a &#147;taxable security&#148; is any security the
interest on which is subject to federal income tax (which does not include &#147;private activity bonds&#148;
subject to the alternative minimum tax); and (c)&nbsp;all percentage limitations apply immediately after
a purchase or initial investment, and any subsequent change in any applicable percentage resulting
from market fluctuations or other changes in the amount of total or net assets does not require
elimination of any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to municipal
obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of municipal obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 51 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption
or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from
time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the 1940 Act,
as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief applicable to
the Fund from the provisions of the 1940 Act, as amended from time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated
by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other
relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to
time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption
or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from
time to time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen High Income Trust II (VLT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than obligations
guaranteed by the United States Government or by its agencies or instrumentalities), if as a
result more than 5% of the Fund&#146;s total assets would then be invested in securities of a
single issuer or if as a result the Fund would hold more than 10% of the outstanding voting
securities of any single issuer, except that the Fund may purchase securities of other
investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as amended from time to
time, (ii)&nbsp;the rules and regulations promulgated by the Securities and Exchange Commission
under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from
the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in securities of issuers conducting their principal
business activities in the same industry; provided, that this limitation shall not apply with
respect to investments in U.S. Government securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, (including borrowing money or entering into reverse repurchase
agreements) in excess of 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of its total assets (including the
amount of senior securities issued but excluding any liabilities and indebtedness not
constituting senior securities) except that the Fund may issue senior securities which are
stocks (including preferred shares of beneficial interest) subject to the limitations set
forth in Section&nbsp;18 of the 1940 Act and except that the Fund may borrow up to an additional 5%
of its total assets for temporary purposes; or pledge its assets other than to secure such
issuance or in connection with hedging transactions, when-issued and delayed delivery
transactions and similar investment strategies. The Fund&#146;s obligations under interest rate
swaps are not treated as senior securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (i)&nbsp;to the extent the securities the
Fund may invest are considered to be loans; (ii)&nbsp;through loans of portfolio securities, (iii)
through the acquisition of securities subject to repurchase agreements and (iv)&nbsp;that the
Fund may lend money or property in connection with maintenance of the value of, or the Fund&#146;s
interest with respect to, the securities owned by the Fund.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 52 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging transactions nor short-term credits as may be necessary for the
clearance of transactions is considered the purchase of a security on margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described under Appendix&nbsp;C to this
SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to securities
owned by the Fund would be deemed to constitute such control or participation except that
the Fund may purchase securities of other investment companies to the extent permitted by (i)
the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy or sell oil, gas or other mineral leases, rights or royalty contracts, although the Fund
may purchase securities of issuers which deal in, represent interests in or are secured by
interests in such leases, rights or contracts, except to the extent that the Fund may invest
in equity interests generally, as described in the Fund&#146;s Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such securities (in which case the Fund may liquidate real estate acquired as a
result of a default on a mortgage), and except to the extent the hedging and risk management
transactions the Fund may engage in are considered to be commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco High Yield Investment Fund, Inc. (MSY)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes will not be considered a violation of the
restriction. Also, if the Fund receives from an issuer of securities held by the Fund subscription
rights to purchase securities of that issuer, and if the Fund exercises such subscription rights at
a time when the Fund&#146;s portfolio holdings of securities of that issuer would otherwise exceed the
limits set forth below, it will not constitute a violation if, prior to receipt of securities upon
exercise of such rights, and after announcement of such rights, the Fund has sold at least as many
securities of the same class and value as it would receive on exercise of such rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of fundamental policy:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not purchase any security (other than obligations of the U.S. government or its
agencies or instrumentalities) if as a result more than 25% of the Fund&#146;s total assets would
be invested in a particular industry; provided, however, that the foregoing restriction will
not be deemed to prohibit the Fund from purchasing the securities of any issuer pursuant to
the exercise of rights distributed to the Fund by the issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not make any investment for the purpose of exercising control or management.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not buy or sell commodities or commodity contracts or real estate or interests
in real estate, except that it may purchase and sell futures contracts on stock indices and
foreign currencies, securities which
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 53 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are secured by real estate or commodities, and securities of companies which invest or deal in
real estate or commodities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not make loans, except that the Fund may (i)&nbsp;buy and hold debt instruments in
accordance with its investment objectives and policies, (ii)&nbsp;enter into repurchase
agreements to the extent permitted under applicable law, and (iii)&nbsp;make loans of portfolio
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not act as an underwriter except to the extent that, in connection with the
disposition of portfolio securities, it may be deemed to be an underwriter under applicable
securities laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not issue senior securities or borrow money, except for (a)&nbsp;preferred stock and
other senior securities (including borrowing money, including on margin if margin securities
are owned, entering into reverse repurchase agreements and entering into similar transactions)
not in excess of 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of its total assets, and (b)&nbsp;borrowings up to
5% of its total assets (including the amount borrowed) for temporary or emergency purposes
(including for clearance of transactions, repurchase of its shares or payment of dividends),
without regard to the amount of senior securities outstanding under clause (a)&nbsp;above;
provided, however, that the Fund&#146;s obligations under when-issued and delayed delivery
transactions and similar transactions and reverse repurchase agreements are not treated as
senior securities if covering assets are appropriately segregated, and the use of hedging
transactions shall not be deemed to involve the issuance of a &#147;senior security&#148; or a
&#147;borrowing&#148;; for purposes of clauses (a)&nbsp;and (b)&nbsp;above, the term &#147;total assets&#148; shall be
calculated after giving effect to the net proceeds of senior securities issued by the Fund
reduced by any liabilities and indebtedness not constituting senior securities except for such
liabilities and indebtedness as are excluded from treatment as senior securities by this item
(6). The Fund&#146;s obligations under interest rate swaps are not treated as senior securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Municipal Opportunity Trust (VMO)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. With respect to the limitations on
borrowings, the percentage limitations apply at the time of purchase and on an ongoing basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than obligations
issued or guaranteed as to principal or interest by the United States Government or by its
agencies or instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would
then be invested in securities of a single issuer or if as a result the Fund would hold more
than 10% of the outstanding voting securities of any single issuer, except that the Fund may
purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act,
as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risk of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from time
to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5%
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 54 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of the total asset value of the Fund. Notwithstanding this investment restriction, the Fund
may enter into &#147;when issued&#148; and &#147;delayed delivery&#148; transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with hedging or risk
management transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that financial
futures and related options the Fund may invest in are considered to be commodities or
commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission and transaction expenses than a lower rate, which
expenses must be borne by the Fund and the Shareholders. High portfolio turnover may also result
in the realization of substantial net short-term capital gains, and any distributions resulting
from such gains will be taxable at ordinary income rates for federal income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), the Fund will not invest 25% or more of its assets in a single industry;
however, the Fund may from time to time invest 25% or more of its assets in a particular segment of
the municipal securities market.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 55 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Premium Income Trust (PIA)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s
total assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if, to the knowledge
of the Fund, any officer or trustee of the Fund or any officer or director of the Investment
Adviser owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such
officers, trustees and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5%
of the outstanding securities of such issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 56 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than 10% of the Fund&#146;s total assets would be invested in such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33<sup>1</sup>/<sub>3</sub>% of the value of its total assets (including the amount borrowed)
less its liabilities (not including any borrowings but including the fair market value at the
time of computation of any other senior securities which are outstanding at the time,
including the Preferred Shares).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, other than preferred shares of beneficial
interest (in accordance with the terms of the Prospectus and the Act), except insofar as the
Fund may be deemed to have issued a senior security by reason of: (a)&nbsp;entering into any
repurchase agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery
basis; (c)&nbsp;purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in
accordance with restrictions described above; or (e)&nbsp;lending portfolio securities. For the
purpose of this restriction, collateral arrangements with respect to the writing of options
and collateral arrangements with respect to initial margin for futures are not deemed to be
pledges of assets and neither such arrangements nor the purchase or sale of futures are deemed
to be the issuance of a senior security.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its total assets) .</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever any fundamental investment policy states a maximum percentage of Registrant&#146;s assets
which may be invested, it is intended that if the percentage limitation was adhered to at the time
the investment was made, a later change in percentage resulting from changing values or other
changes in total or net assets will not be considered a violation of such policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Select Sector Municipal Trust (VKL)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Sector Risk,&#148; the Fund may from time
to time invest more than 25% of its total assets in one or more particular segments or sectors
of the municipal securities market.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 57 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to Strategic Transactions described in
Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing or a Strategic Transaction described in Appendix&nbsp;C to
this SAI. The Fund will not purchase portfolio securities during any period that such
borrowings exceed 5% of the total asset value of the Fund. Notwithstanding this investment
restriction, the Fund may enter into &#147;when-issued&#148; and &#147;delayed delivery&#148; transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with Strategic Transactions described in Appendix&nbsp;C to this SAI nor short-term
credits as may be necessary for the clearance of transactions is considered the purchase of a
security on margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with Strategic
Transactions described in Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, except that the Fund
may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940
Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under
the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not invest in securities issued by other investment companies except as part of
a merger, reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC
under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from
the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that Strategic
Transactions described in Appendix&nbsp;C to this SAI that the Fund may engage in are considered to
be commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to comply with federal tax requirements for qualification as a &#147;regulated
investment company,&#148; the Fund&#146;s investments will be limited in a manner such that at the close of
each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are invested in
the securities of a single issuer, and (b)&nbsp;with regard to at least 50% of the Fund&#146;s total assets,
no more than 5% of its total assets are invested in the securities of a single issuer. These
tax-related limitations may be changed by the Board of Trustees to the extent necessary to comply
with changes to the applicable tax requirements.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 58 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission and transaction expenses than a lower rate, which
expenses must be borne by the Fund and its shareholders. High portfolio turnover may also result in
the realization of substantial net short-term capital gains, and any distributions resulting from
such gains will be taxable at ordinary income rates for federal income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), the Fund will not invest 25% or more of its assets in a single industry;
however, the Fund may from time to time invest 25% or more of its assets in a particular segment of
the municipal securities market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Trust for Value Municipals (VIM)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax-exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options within limits described in Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when-issued&#148; and
&#147;delayed delivery&#148; transactions as described above under the heading &#147;Principal Investment
Strategies of the Fund&#148; in this Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the municipal securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described in Appendix&nbsp;C to this SAI.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 59 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies, except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
municipal securities the Fund may invest in are considered to be interests in real estate,
commodities, or commodity contracts or to the extent the Fund exercises its rights under
agreements relating to such municipal securities (in which case the Fund may liquidate real
estate acquired as a result of a default on a mortgage), and except to the extent that
financial futures and related options the Fund may invest in are considered to be commodities
or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission and transaction expenses than a lower rate, which
expenses must be borne by the Fund and its shareholders. High portfolio turnover may also result in
the realization of substantial net short-term capital gains, and any distributions resulting from
such gains will be taxable at ordinary income rates for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U> If a percentage restriction on investment or use of assets set forth below is
adhered to at the time a transaction is effected, later changes in percentage resulting from
changing market values will not be considered a deviation from policy. With respect to the
limitations on borrowings, the percentage limitations apply at the time of purchase and on an
ongoing basis. The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when issued&#148; and
&#147;delayed delivery&#148; transactions.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 60 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions are considered the purchase of a security on
margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell futures or options, except in connection with hedging or risk management
transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that financial
futures and related options the Fund may invest in are considered to be commodities or
commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U></U> In addition, to comply with federal tax requirements for qualifications as a
&#147;regulated investment company,&#148; the Fund&#146;s investments will be limited in a manner such that at the
close of each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are
invested in the securities of a single issuer and (b)&nbsp;with regard to at least 50% of the Fund&#146;s
total assets, no more than 5% of its total assets are invested in the securities of a single
issuer. These tax-related limitations may be changed by the Trustees to the extent necessary to
comply with changes to applicable tax requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual
portfolio turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover
involves correspondingly greater brokerage commission and transaction expenses than a lower rate,
which expenses must be borne by the Fund and the shareholders. High portfolio turnover may also
result in the realization of substantial net short-term capital gains, and any distributions
resulting from such gains will be taxable at ordinary income rates for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), each Fund will not invest 25% or more of its assets in a single
industry; however, each Fund may from time to time invest 25% or more of its assets in a particular
segment of the municipal securities market.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 61 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco New York Quality Municipal Securities (IQN)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets
and revenues are committed to the payment of interest and principal on that particular security;
(b)&nbsp;a &#147;taxable security&#148; is any security the interest on which is subject to federal income tax
(which does not include &#147;private activity bonds&#148; subject to the alternative minimum tax); and (c)
all percentage limitations apply immediately after a purchase or initial investment, and any
subsequent change in any applicable percentage resulting from market fluctuations or other changes
in the amount of total or net assets does not require elimination of any security from the
portfolio. The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if, to the knowledge
of the Fund, any officer or trustee of the Fund or any officer or director of the Investment
Adviser owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such
officers, trustees and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5%
of the outstanding securities of such issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed
33<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">3</FONT>% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred Shares).</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 62 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 10. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the 1940 Act, other than preferred shares of beneficial
interest (in accordance with the terms of the 1940 Act), except insofar as the Fund may be
deemed to have issued a senior security by reason of: (a)&nbsp;entering into any repurchase
agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery basis; (c)
purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with
restrictions described above; or (e)&nbsp;lending portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its total assets).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Municipal Trust (VKQ)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. With respect to the limitations on
borrowings, the percentage limitations apply at the time of purchase and on an ongoing basis. The
Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax-exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options within limits described in Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 63 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issued&#148; and &#147;delayed delivery&#148; transactions as described above under the heading &#147;Principal
Investment Strategies of the Fund&#148; in this Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the municipal securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described in Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
municipal securities the Fund may invest in are considered to be interests in real estate,
commodities or commodity contracts or to the extent the Fund exercises its rights under
agreements relating to such municipal securities (in which case the Fund may liquidate real
estate acquired as a result of a default on a mortgage), and except to the extent that
financial futures and related options the Fund may invest in are considered to be commodities
or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission expenses than a lower rate, which expenses must be
borne by the Fund and its shareholders. High portfolio turnover may also result in the realization
of substantial net short-term capital gains, and any distributions resulting from such gains will
be taxable at ordinary income rates for federal income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), each Fund will not invest 25% or more of its assets in a single
industry; however, each Fund may from time to time invest 25% or more of its assets in a particular
segment of the municipal securities market.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 64 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. The Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to Strategic Transactions described in
Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing or a Strategic Transaction described in Appendix&nbsp;C to
this SAI. The Fund will not purchase portfolio securities during any period that such
borrowings exceed 5% of the total asset value of the Fund. Notwithstanding this investment
restriction, the Fund may enter into &#147;when-issued&#148; and &#147;delayed delivery&#148; transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with Strategic Transactions described in Appendix&nbsp;C to this SAI nor short-term
credits as may be necessary for the clearance of transactions is considered the purchase of a
security on margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with Strategic
Transactions described in Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, except that the Fund
may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940
Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under
the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that Strategic
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 65 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transactions described in Appendix&nbsp;C to this SAI that the Fund may engage in are considered to
be commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to comply with federal tax requirements for qualification as a &#147;regulated
investment company,&#148; the Fund&#146;s investments will be limited in a manner such that at the close of
each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are invested in
the securities of a single issuer and (b)&nbsp;with regard to at least 50% of the Fund&#146;s total assets,
no more than 5% of its total assets are invested in the securities of a single issuer. These
tax-related limitations may be changed by the Board of Trustees to the extent necessary to comply
with changes to applicable tax requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission and transaction expenses than a lower rate, which
expenses must be borne by the Fund and its Common Shareholders. High portfolio turnover may also
result in the realization of substantial net short-term capital gains, and any distributions
resulting from such gains will be taxable at ordinary income rates for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Ohio Quality Municipal Trust (VOQ)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. With respect to the limitations on
borrowings, the percentage limitations apply at the time of purchase and on an ongoing basis. The
Fund may not:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options within limits described in Appendix&nbsp;C to this SAI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when issued&#148; and
&#147;delayed delivery&#148; transactions as described above under the heading &#147;Principal Investment
Strategies of the Fund&#148; in this Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the municipal securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described in Appendix&nbsp;C to this SAI.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 66 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC
under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from
the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs,
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
municipal securities the Fund may invest in are considered to be interests in real estate,
commodities or commodity contracts or to the extent the Fund exercises its rights under
agreements relating to municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that financial
futures and related options the Fund may invest in are considered to be commodities or
commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to comply with federal tax requirements for qualification as a &#147;regulated
investment company,&#148; the Fund&#146;s investments will be limited in a manner such that, at the close of
each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are invested in
the securities of a single issuer, and (b)&nbsp;with regard to at least 50% of the Fund&#146;s total assets,
no more than 5% of its total assets are invested in the securities of a single issuer. These
tax-related limitations may be changed by the Trustees to the extent necessary to comply with
changes to applicable tax requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission expenses than a lower rate, which expenses must be
borne by the Fund and its shareholders. High portfolio turnover may also result in the realization
of substantial net short-term capital gains, and any distributions resulting from such gains will
be taxable at ordinary income rates for federal income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), each Fund will not invest 25% or more of its assets in a single
industry; however, each Fund may from time to time invest 25% or more of its assets in a particular
segment of the municipal securities market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s investment objective, its investment policy with respect to investing at least 80%
of its total assets in municipal securities and the following investment restrictions are
fundamental and cannot be changed without the approval of the holders of a majority of the Fund&#146;s
outstanding voting securities as defined in the 1940 Act. All other investment policies or
practices are considered by the Fund not to be fundamental and accordingly may be changed without
shareholder approval. If a percentage restriction on investment or use of assets set forth below is
adhered to at the time a transaction is effected, later changes in percentage resulting from
changing market values will not be considered a deviation from policy. The Fund may not:
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 67 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax-exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when-issued&#148; and
&#147;delayed delivery&#148; transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell futures or options, except in connection with hedging or risk management
transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 68 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may liquidate real estate acquired as a result of a default on a mortgage), and except to the
extent that financial futures and related options the Fund may invest in are considered to be
commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it will adjust its portfolio as it deems advisable in view of prevailing or
anticipated market conditions to accomplish the Fund&#146;s investment objective. For example, the Fund
may sell portfolio securities in anticipation of a movement in interest rates. Other than for tax
purposes, frequency of portfolio turnover will not be a limiting factor if the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual
portfolio turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover
involves correspondingly greater brokerage commission and transaction expenses than a lower rate,
which expenses must be borne by the Fund and the Shareholders. High portfolio turnover may also
result in the realization of substantial net short-term capital gains, and any distributions
resulting from such gains will be taxable at ordinary income rates for federal income tax purposes.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Portfolio Turnover</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portfolio turnover rates for each Fund are presented in Appendix&nbsp;D to this SAI.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Management of the Funds</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional discussion regarding management of your Fund, see your Fund&#146;s Proxy Statement.
Biographical information about the executive officers and Trustees of the Funds, as well as
information about Trustee qualifications and experience, remuneration of Trustees and Board
leadership structure, role in risk oversight, and committees and meetings can be found in your
Fund&#146;s Proxy Statement.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Code of Ethics. </B>Invesco, the Funds, Invesco Distributors and the Sub-Advisers each have
adopted a Code of Ethics under Rule&nbsp;17j-1 under the 1940 Act 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. Unless
specifically noted, each Sub-Adviser&#146;s Code of Ethics does not materially differ from Invesco Code
of Ethics discussed below. The Code of Ethics is intended to address conflicts of interest with
the Funds that may arise from personal trading, including personal trading in most of 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These Codes of Ethics can be reviewed and copied at the SEC&#146;s Public Reference Room in
Washington, D.C. Information on the operation of the Public Reference Room may be obtained by
calling the SEC at (202)&nbsp;551-8090. Copies of the Codes of Ethics may alternatively be obtained,
after paying a duplicating fee, by sending an electronic request to publicinfo@sec.gov or by
writing the SEC&#146;s Public Reference Section, Washington, D.C. 20549-0102. The Codes of Ethics are
also available, free of charge, on the EDGAR Database on the SEC&#146;s Web site at http://www.sec.gov.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proxy Voting Policies. </B>Invesco is comprised of two business divisions, Invesco Aim and
Invesco Institutional, each of which have adopted their own specific Proxy Voting Policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund has delegated responsibility for decisions regarding proxy voting for
securities held by each Fund to the following divisions of Invesco:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Proxy Voting Entity</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen California Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 69 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Proxy Voting Entity</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen High Income Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Municipal Opportunity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Investment Grade New York Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Investment Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco High Yield Investments Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Premium Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Select Sector Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Value Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco New York Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Massachusetts Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Ohio Quality Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Investment Grade New Jersey
Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco (the proxy voting entity) will vote such proxies in accordance with its proxy policies
and procedures, which have been reviewed and approved by the Board. Invesco&#146;s proxy policies and
procedures are incorporated into this SAI by reference to Appendix&nbsp;E to the Statement of Additional
Information for AIM Growth Series (Invesco Growth Series), filed via EDGAR on April&nbsp;26, 2012 as
part of Post-Effective Amendment No.&nbsp;97 to such registrant&#146;s Registration Statement. The accession
number for such Post-Effective Amendment is listed on page 2 of this SAI.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portions of such Post-Effective Amendment that are not specifically referenced above are
not incorporated into this SAI.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any material changes to the proxy policies and procedures will be submitted to the Board for
approval. The Board will be supplied with a summary quarterly report of each Fund&#146;s proxy voting
record. Information regarding how the Funds voted proxies related to their portfolio securities
during the twelve months ended June&nbsp;30, 2011, is available without charge at our Web site,
http://www.invesco.com/us. This information is also available at the SEC Web site,
http://www.sec.gov.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 70 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Ownership of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information about Trustee and officer security ownership in the Funds as well as
information about other significant holders of securities of the Funds, see the exhibit to your
Proxy Statement entitled, &#147;Ownership of the Funds.&#148; A shareholder who owns beneficially 25% or
more of the outstanding shares of a Fund is presumed to &#147;control&#148; that Fund. Such a shareholder&#146;s
vote could have a more significant effect on matters presented at a shareholders&#146; meeting than
votes of other shareholders.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Investment Advisory and Other Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Adviser</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco serves as the Funds&#146; investment adviser. The Adviser manages the investment
operations of the Funds 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 Funds&#146;
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 Funds and their
affiliations are shown in each Proxy Statement.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As investment adviser, Invesco supervises all aspects of the Funds&#146; operations and provides
investment advisory services to the Funds. Invesco obtains and evaluates economic, statistical and
financial information to formulate and implement investment programs for the Funds. Each Fund&#146;s
Investment Advisory Agreement (the &#147;Advisory Agreement&#148;) provides that, in fulfilling its
responsibilities, Invesco may engage the services of other investment managers with respect to the
Funds. The investment advisory services of Invesco are not exclusive and Invesco is free to render
investment advisory services to others, including other investment companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to an administrative services agreement with the Funds, the Adviser is also
responsible for furnishing to the Funds the services of persons believed to be competent to perform
supervisory and administrative services required by the Funds and that, in the judgment of the
Trustees, are necessary to conduct the business of the Funds effectively, as well as the offices,
equipment and other facilities necessary for their operations. Such functions include the
maintenance of the Funds&#146; accounts and records, and the preparation of all requisite corporate
documents such as tax returns and reports to the SEC and shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement provides that each Fund will pay or cause to be paid all expenses of
such Fund not assumed by Invesco, including, without limitation: brokerage commissions, taxes,
legal, accounting, auditing, or governmental fees, the cost of preparing share certificates,
custodian, transfer and shareholder service agent costs, expenses of issue, sale, redemption and
repurchase of shares, expenses of registering and qualifying shares for sale, expenses relating to
trustees and shareholder meetings, the cost of preparing and distributing reports and notices to
shareholders, the fees and other expenses incurred by the Funds in connection with membership in
investment company organizations and the cost of printing copies of prospectuses and statements of
additional information distributed to the Funds&#146; shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco, at its own expense, furnishes to the Funds office space and facilities. Invesco
furnishes to the Funds all personnel for managing the affairs of the Funds. Information about
advisory fees and any applicable fee waiver and/or expense reimbursement for your Fund can be found
in your Fund&#146;s Proxy Statement in the section entitled, &#147;APPROVAL OF MERGERS &#151; How do the
management, investment adviser and other service providers of the Funds compare?&#148; The management
fees paid during each Fund&#146;s last three completed fiscal years are found in Appendix&nbsp;E to this SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Sub-Advisers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco has entered into a Sub-Advisory Agreement with certain affiliates to serve as
sub-advisers to each Fund pursuant to which these affiliated sub-advisers may be appointed by
Invesco from time to time to provide discretionary investment management services, investment
advice, and/or order execution services to the Funds.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 71 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These affiliated sub-advisers, each of which is a registered investment adviser under the
Investment Advisers Act of 1940, as amended, are:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Asset Management Deutschland GmbH (Invesco Deutschland)<BR>
Invesco Asset Management Limited (Invesco Asset Management)<BR>
Invesco Asset Management (Japan) Limited (Invesco Japan)<BR>
Invesco Australia Limited (Invesco Australia)<BR>
Invesco Hong Kong Limited (Invesco Hong Kong)<BR>
Invesco Senior Secured Management, Inc. (Invesco Senior Secured)<BR>
Invesco Canada Ltd. (Invesco Canada); (each a &#147;Sub-Adviser&#148; and collectively, the &#147;Sub-Advisers&#148;).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and each Sub-Adviser are indirect wholly-owned subsidiaries of Invesco Ltd.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The only fees payable to the Sub-Advisers under the Sub-Advisory Agreement are for providing
discretionary investment management services. For such services, Invesco pays each Sub-Adviser a
fee, computed daily and paid monthly, equal to (i)&nbsp;40% of the monthly compensation that Invesco
receives from each Fund, multiplied by (ii)&nbsp;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 a 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Securities Lending Arrangements</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Fund engages in securities lending, Invesco will provide the Fund related investment
advisory and administrative services. The Advisory Agreement describes the administrative services
to be rendered by Invesco if a Fund engages in securities lending activities, as well as the
compensation Invesco may receive for such administrative services. Services to be provided
include: (a)&nbsp;overseeing participation in the securities lending program to ensure compliance with
all applicable regulatory and investment guidelines; (b)&nbsp;assisting the securities lending agent or
principal (the agent) in determining which specific securities are available for loan; (c)
monitoring the agent to ensure that securities loans are effected in accordance with Invesco&#146;s
instructions and with procedures adopted by the Board; (d)&nbsp;preparing appropriate periodic reports
for, and seeking appropriate approvals from, the Board with respect to securities lending
activities; (e)&nbsp;responding to agent inquiries; and (f)&nbsp;performing such other duties as may be
necessary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco&#146;s compensation for advisory services rendered in connection with securities lending is
included in the advisory fee schedule. As compensation for the related administrative services
Invesco will provide, a lending Fund will pay Invesco a fee equal to 25% of the net monthly
interest or fee income retained or paid to the Fund from such activities. Invesco currently waives
such fee, and has agreed to seek Board approval prior to its receipt of all or a portion of such
fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Service Agreements</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Administrative Services Agreement</B>. Invesco and each Fund have entered into a Master
Administrative Services Agreement (Administrative Services Agreement) 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, Invesco is entitled to receive from the Funds reimbursement of
its costs or such reasonable compensation as may be approved by the Board. Currently, Invesco is
reimbursed for the services of the Funds&#146; principal financial officer and her staff and any
expenses related to fund accounting services.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees paid for the last three fiscal years of each Fund are found in
Appendix&nbsp;F to this SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Service Providers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfer Agent</B>. Computershare Trust Company, N.A. (&#147;Computershare&#148;), P.O. Box 43078,
Providence, RI 02940-3078 is the transfer agent for each Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agency and Service Agreement (the &#147;TA Agreement&#148;) between each Fund and
Computershare provides that Computershare will perform certain services related to the servicing of
shareholders of the Funds. Other such services may be delegated or subcontracted to third party
intermediaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Custodian</B>. State Street Bank and Trust Company (the &#147;Custodian&#148;), 225 Franklin Street,
Boston, Massachusetts 02110, is custodian of all securities and cash of the Funds. The Bank of New
York Mellon, 2 Hanson Place, Brooklyn, New York 11217-1431, also serves as sub-custodian to
facilitate cash management.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian is authorized to establish separate accounts in foreign countries and to cause
foreign securities owned by the Funds 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&#146; depositories in a country. The Custodian is
responsible for monitoring eligible foreign securities depositories.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under its contract with each 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Independent Registered Public Accounting Firm</B>. The Funds&#146; independent registered public
accounting firm is responsible for auditing the financial statements of the Funds. The Audit
Committee of each Fund&#146;s Board has appointed, and the Board has ratified and approved,
PricewaterhouseCoopers LLP, 1201 Louisiana Street, Suite&nbsp;2900, Houston, Texas 77002, as the
independent registered public accounting firm to audit the financial statements of the Funds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Counsel to the Funds</B>. Stradley Ronon Stevens &#038; Young, LLP, 2600 One Commerce Square,
Philadelphia, Pennsylvania 19103 serves as counsel to IIM, IMC, IMS, IMT, OIA, OIB, OIC, IQI, IQT,
IQM, IIC, IQC, ICS, MSY, PIA and IQN. Skadden, Arps, Slate, Meagher &#038; Flom, LLP, 155 West Wacker
Drive, Chicago, Illinois 60606 serves as counsel to VCV, VLT, VMO, VKL, VIM, VTN, VKQ, VMV, VOQ and
VTJ.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Portfolio Managers</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix&nbsp;G to this SAI contains the following information regarding the portfolio managers
identified in your Fund&#146;s Proxy Statement:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The dollar range of the managers&#146; investments in each Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A description of the managers&#146; compensation structure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information regarding other accounts managed by the manager and potential
conflicts of interest that might arise from the management of multiple accounts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Trading Practices and Brokerage</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco has adopted compliance procedures that cover, among other items, brokerage allocation
and other trading practices.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 73 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Brokerage Transactions</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Placing trades generally involves acting on portfolio manager instructions to buy or sell a
specified amount of portfolio securities, including selecting one or more 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 six primary trading centers to place equity securities trades in their
regions. Invesco Advisers&#146; Americas desk, located in Atlanta, Houston and Toronto (the &#147;Americas
Desk&#148;), generally places trades of equity securities trading in North America, Canada and Latin
America; the Hong Kong desk of Invesco Hong Kong (the &#147;Hong Kong Desk&#148;) generally places trades of
equity securities in the Asia-Pacific markets, except Japan; the Japan trading desk of Invesco
Japan generally places trades of equity securities in the Japanese markets; the London trading desk
of Invesco Global Investment Funds Limited (the &#147;London Desk&#148;) generally places trades of equity
securities in European, Middle Eastern and African countries; the Australia desk, located in Sydney
and Melbourne, for the execution of orders of equity securities trading in the Australian and New
Zealand markets and the Taipei desk, located in Taipei, for the execution of orders of securities
trading in the Chinese market. Invesco, Invesco Canada, Invesco Australia, Invesco Japan, Invesco
Deutschland, Invesco Hong Kong and Invesco Asset Management use the global equity trading desk to
place equity trades. Other Sub-Advisers may use the global equity trading desk in the future. The
trading procedures for the global trading desks are similar in all material respects.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References in the language below to actions by Invesco or a Sub-Adviser (other than Invesco
Canada or Invesco Japan) making determinations or taking actions related to equity trading include
these entities&#146; delegation of these determinations/actions to the Americas Desk, the Hong Kong
Desk, and the London Desk. Even when trading is delegated by Invesco or the Sub-Advisers to the
various arms of the global equity trading desk, Invesco or a Sub-Adviser that delegates trading is
responsible for oversight of this trading activity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco or a Sub-Adviser makes decisions to buy and sell securities for each Fund, selects
broker-dealers (each, a &#147;Broker&#148;), effects the Funds&#146; investment portfolio transactions, allocates
brokerage fees in such transactions and, where applicable, negotiates commissions and spreads on
transactions. Invesco&#146;s and the Sub-Adviser&#146;s primary consideration in effecting a security
transaction is to obtain best execution, which is defined as prompt and efficient execution of the
transaction at the best obtainable price with payment of commissions, mark-ups or mark-downs which
are reasonable in relation to the value of the brokerage and research services provided by the
Broker. While Invesco or the Sub-Advisers seeks reasonably competitive commission rates, the Funds
may not pay the lowest commission or spread available. See &#147;Broker Selection&#148; below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the securities in which the Funds invest are traded in over-the-counter markets.
Portfolio transactions in such markets may be effected on a principal basis at net prices without
commissions, but which include compensation to the Broker in the form of a mark-up or mark-down, or
on an agency basis, which involves the payment of negotiated brokerage commissions to the Broker,
including electronic communication networks. Purchases of underwritten issues, which include
initial public offerings and secondary offerings, include a commission or concession paid by the
issuer (not the Funds) to the underwriter. Purchases of money market instruments may be made
directly from issuers without the payment of commissions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, Invesco and the Sub-Advisers did not negotiate commission rates on stock markets
outside the United States. In recent years many overseas stock markets have adopted a system of
negotiated rates; however, a number of markets maintain an established schedule of minimum
commission rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some cases, Invesco may decide to place trades on a &#147;blind principal bid&#148; basis, which
involves combining all trades for one or more portfolios into a single basket, and generating a
description of the characteristics of the basket for provision to potential executing brokers.
Based on the trade characteristics information provided by Invesco, these brokers submit bids for
executing all of the required trades at the market close price for a specific commission. Invesco
generally selects the broker with the lowest bid to execute these trades.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commissions during each Fund&#146;s last three fiscal years are found in Appendix&nbsp;H to
this SAI.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Commissions</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Funds pay or will pay brokerage commissions to Brokers affiliated with the Funds,
Invesco (or Invesco Advisors, Inc., former adviser to the Funds that merged into Invesco Advisers,
Inc. on December&nbsp;31, 2009), Invesco Distributors, the Sub-Advisers or any affiliates of such
entities.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may purchase or sell a security from or to certain other Invesco Funds or other
accounts (and may invest in the Affiliated Money Market Funds) provided the Funds follow 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Broker Selection</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco&#146;s or the Sub-Adviser&#146;s 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 securities for a Fund, Invesco or the Sub-Advisers consider the
full range and quality of a Broker&#146;s services, including the value of research and/or brokerage
services provided, execution capability, commission rate, and willingness to commit capital,
anonymity and responsiveness. Invesco&#146;s and the Sub-Adviser&#146;s primary consideration when selecting
a Broker to execute a portfolio transaction in fixed income securities for a Fund is the Broker&#146;s
ability to deliver or sell the relevant fixed income securities; however, Invesco and the
Sub-Advisers will also consider the various factors listed above. In each case, the determinative
factor is not the lowest commission or spread available but whether the transaction represents the
best qualitative execution for the Fund. Invesco and the Sub-Advisers will not select Brokers
based upon their promotion or sale of shares of funds advised by Invesco and/or the Sub-Advisers.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In choosing Brokers to execute portfolio transactions for the Funds, Invesco or the
Sub-Advisers may select Brokers that provide brokerage and/or research services (&#147;Soft Dollar
Products&#148;) to the Funds and/or the other accounts over which Invesco and its affiliates have
investment discretion. Section 28(e) of the Securities Exchange Act of 1934, as amended, provides
that Invesco or the Sub-Advisers, under certain circumstances, lawfully may cause an account to pay
a higher commission than the lowest available. Under Section&nbsp;28(e)(1), Invesco or the Sub-Advisers
must make a good faith determination that the commissions paid are &#147;reasonable in relation to the
value of the brokerage and research services provided ... viewed in terms of either that
particular transaction or &#091;Invesco&#146;s or the Sub-Advisers&#146;&#093; overall responsibilities with respect to
the accounts as to which &#091;it&#093; exercises investment discretion.&#148; The services provided by the Broker
also must lawfully and appropriately assist Invesco or the Sub-Adviser in the performance of its
investment decision-making responsibilities. Accordingly, a Fund may pay a Broker commissions
higher than those available from another Broker in recognition of the Broker&#146;s provision of Soft
Dollar Products to Invesco or the Sub-Advisers.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and the Sub-Advisers face a potential conflict of interest when they use client trades
to obtain Soft Dollar Products. This conflict exists because Invesco 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 Invesco&#146;s or the Sub-Adviser&#146;s expenses to the extent that Invesco or the
Sub-Advisers would have purchased such products had they not been provided by Brokers. Section
28(e) permits Invesco or the Sub-Advisers to use Soft Dollar Products for the benefit of any
account it manages. Certain Invesco-managed accounts (or accounts managed by the Sub-Advisers) may
generate soft dollars used to purchase Soft Dollar Products that ultimately benefit other Invesco
Advisers, Inc.-managed accounts (or Sub-Adviser-managed accounts), effectively cross subsidizing
the other Invesco-managed accounts (or the other Sub-Adviser-managed accounts) that benefit
directly from the product. Invesco or the Sub-Advisers may not use all of the Soft Dollar Products
provided by Brokers through which a Fund effects securities transactions in connection with
managing the Fund whose trades generated the soft dollars used to purchase such products.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco presently engages in the following instances of cross-subsidization:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller funds that do not generate significant soft dollar commissions may be cross-subsidized
by the larger equity Invesco funds in that the smaller equity funds receive the benefit of Soft
Dollar Products for which
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">they do not pay. Certain other accounts managed by Invesco or certain of its affiliates may
benefit from Soft Dollar Products services for which they do not pay.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco 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 Invesco or the Sub-Adviser concludes that the Broker supplying the product is
capable of providing best execution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
Invesco and the Sub-Adviser use soft dollars to purchase two types of Soft Dollar Products:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proprietary research created by the Broker executing the trade, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other products created by third parties that are supplied to Invesco or the
Sub-Adviser through the Broker executing the trade.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Invesco periodically rates the quality of proprietary research
produced by various Brokers. Based on the evaluation of the quality of information that Invesco
receives from each Broker, Invesco develops an estimate of each Broker&#146;s share of Invesco clients&#146;
commission dollars and attempts to direct trades to these firms to meet these estimates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and the Sub-Advisers also use soft dollars to acquire products from third parties that
are supplied to Invesco or the Sub-Advisers through Brokers executing the trades or other Brokers
who &#147;step in&#148; to a transaction and receive a portion of the brokerage commission for the trade.
Invesco or the Sub-Advisers may from time to time instruct the executing Broker to allocate or
&#147;step out&#148; a portion of a transaction to another Broker. The Broker to which Invesco or the
Sub-Advisers have &#147;stepped out&#148; 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 &#147;stepped out.&#148; Each Broker may receive a commission or brokerage fee
with respect to that portion of the transaction that it settles and completes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soft Dollar Products received from Brokers supplement Invesco&#146;s and or the Sub-Advisers&#146; own
research (and the research of certain of its affiliates), and may include the following types of
products and services:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Database Services &#151; 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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quotation/Trading/News Systems &#151; 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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Economic Data/Forecasting Tools &#151; various macro-economic forecasting tools,
such as economic data or currency and political forecasts for various countries or regions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quantitative/Technical Analysis &#151; software tools that assist in quantitative
and technical analysis of investment data.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fundamental/Industry Analysis &#151; industry specific fundamental investment
research.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other Specialized Tools &#151; other specialized products, such as consulting
analyses, access to industry experts, and distinct investment expertise such as forensic
accounting or custom built investment-analysis software.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Invesco or the Sub-Advisers determines that any service or product has a mixed use (i.e.,
it also serves functions that do not assist the investment decision-making or trading process),
Invesco or the Sub-Advisers will allocate the costs of such service or product accordingly in its
reasonable discretion. Invesco or the Sub-Advisers will allocate brokerage commissions to Brokers
only for the portion of the service or product that Invesco or the Sub-Advisers determines assists
it in the investment decision-making or trading process and will pay for the remaining value of the
product or service in cash.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outside research assistance is useful to Invesco or the Sub-Advisers because the Brokers used
by Invesco or the Sub-Advisers tend to provide more in-depth analysis of a broader universe of
securities and other matters than Invesco&#146;s or the Sub-Adviser&#146;s staff follows. In addition, such
services provide Invesco or the Sub-Advisers with a diverse perspective on financial markets. Some
Brokers may indicate that the provision of research services is dependent upon the generation of
certain specified levels of commissions and underwriting concessions by Invesco&#146;s or the
Sub-Adviser&#146;s clients, including the Funds. However, the Funds are not under any obligation to
deal with any Broker in the execution of transactions in portfolio securities. 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. Invesco and the
Sub-Advisers believe that because Broker research supplements rather than replaces Invesco&#146;s or the
Sub-Adviser&#146;s research, the receipt of such research tends to improve the quality of Invesco&#146;s or
the Sub-Adviser&#146;s investment advice. The advisory fee paid by the Funds is not reduced because
Invesco or the Sub-Advisers receives such services. To the extent the Funds&#146; portfolio
transactions are used to obtain Soft Dollar Products, the brokerage commissions obtained by the
Funds might exceed those that might otherwise have been paid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco or the Sub-Advisers may determine target levels of brokerage business with various
Brokers on behalf of its clients (including the Funds) over a certain time period. Invesco
determines target levels based upon the following factors, among others: (1)&nbsp;the execution services
provided by the Broker; and (2)&nbsp;the research services provided by the Broker. Portfolio
transactions may be effected through Brokers that recommend the Funds to their clients, or that act
as agent in the purchase of a Fund&#146;s shares for their clients, provided that Invesco or the
Sub-Advisers believes such Brokers provide best execution and such transactions are executed in
compliance with Invesco&#146;s policy against using directed brokerage to compensate Brokers for
promoting or selling Invesco Fund shares. Invesco 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Directed Brokerage (Research Services)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Directed brokerage (research services) paid by each Fund during its last fiscal year are
found in Appendix&nbsp;I to this SAI.<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Regular Brokers</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During their last fiscal year, the Funds did not acquire any securities of regular brokers or
dealers, as defined in Rule&nbsp;10b-1 under the 1940 Act.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Allocation of Portfolio Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and the Sub-Advisers manage numerous Invesco Funds and other accounts. Some of these
accounts may have investment objectives similar to the Funds. Occasionally, identical securities
will be appropriate for investment by one of the Funds and by another Fund or one or more other
accounts. However, the position of each account in the same security and the length of time that
each account may hold its investment in the same security may vary. Invesco and the Sub-Adviser
will also determine the timing and amount of purchases for an account based on its cash position.
If the purchase or sale of securities is consistent with the investment policies of the Fund(s) and
one or more other accounts, and is considered at or about the same time, Invesco or the Sub-Adviser
will allocate transactions in such securities among the Fund(s) and these accounts on a pro rata
basis based on order size or in such other manner believed by Invesco to be fair and equitable.
Invesco or the Sub-Adviser may combine transactions in accordance with applicable laws and
regulations to obtain the most favorable execution. Simultaneous transactions could, however,
adversely affect a Fund&#146;s ability to obtain or dispose of the full amount of a security which it
seeks to purchase or sell.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Tax Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of certain additional tax considerations of investing,
holding and disposing of Common Shares of the Funds (for purposes of this section, the &#147;Fund&#148;). It
is not intended to be a complete discussion of all such federal income tax consequences, nor does
it purport to deal with all categories of investors (including common shareholders with large
positions in the Fund). No attempt is made to present a detailed explanation of the tax treatment
of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a
substitute for careful tax planning.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This &#147;Tax Matters&#148; section is based on the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;) and applicable regulations in effect on the date of this Statement of Additional
Information. Future legislative, regulatory or administrative changes, including provisions of
current law that sunset and thereafter no longer apply, or court decisions may significantly change
the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions
may have a retroactive effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>This is for general information only and not tax advice. All investors should consult their
own tax advisors as to the federal, state, local and foreign tax provisions applicable to them.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxation of the Fund</B>. The Fund has elected and intends to qualify (or, if newly organized,
intends to elect and qualify) each year as a &#147;regulated investment company&#148; (sometimes referred to
as a regulated investment company, RIC or fund) under Subchapter M of the Code. If the Fund
qualifies, the Fund will not be subject to federal income tax on the portion of its investment
company taxable income (i.e., generally, taxable interest, dividends, net short-term capital gains
and other taxable ordinary income net of expenses without regard to the deduction for dividends
paid) and net capital gain (i.e., the excess of net long-term capital gains over net short-term
capital losses) that it distributes to shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualification as a regulated investment company</I>. In order to qualify for treatment as a
regulated investment company, the Fund must satisfy the following requirements:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Distribution Requirement &#151; the Fund must distribute at least 90% of its investment
company taxable income and 90% of its net tax-exempt income, if any, for the tax year
(certain distributions made by the Fund after the close of its tax year are considered
distributions attributable to the previous tax year for purposes of satisfying this
requirement).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Income Requirement &#151; the Fund must derive at least 90% of its gross income from
dividends, interest, certain payments with respect to securities loans, and gains from the
sale or other disposition of stock, securities or foreign currencies, or other income
(including, but not limited to, gains from options, futures or forward contracts) derived
from its business of investing in such stock, securities or currencies and net income
derived from qualified publicly traded partnerships (QPTPs).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Asset Diversification Test &#151; the Fund must satisfy the following asset diversification
test at the close of each quarter of the Fund&#146;s tax year: (1)&nbsp;at least 50% of the value of
the Fund&#146;s assets must consist of cash and cash items, U.S. Government securities,
securities of other regulated investment companies, and securities of other issuers (as to
which the Fund has not invested more than 5% of the value of the Fund&#146;s total assets in
securities of an issuer and as to which the Fund does not hold more than 10% of the
outstanding voting securities of the issuer); and (2)&nbsp;no more than 25% of the value of the
Fund&#146;s total assets may be invested in the securities of any one issuer (other than U.S.
Government securities and securities of other regulated investment companies) or of two or
more issuers which the Fund controls and which are engaged in the same or similar trades or
businesses, or, collectively, in the securities of QPTPs.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some circumstances, the character and timing of income realized by the Fund for purposes of
the Income Requirement or the identification of the issuer for purposes of the Asset
Diversification Test is uncertain under current law with respect to a particular investment, and an
adverse determination or future guidance by IRS with respect to such type of investment may
adversely affect the Fund&#146;s ability to satisfy these requirements. See &#147;Tax Treatment of Portfolio
Transactions&#148; with respect to the application of these requirements to certain types of
investments. In other circumstances, the Fund may be required to sell portfolio holdings in order
to meet the Income
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Requirement, Distribution Requirement, or Asset Diversification Test, which may have a
negative impact on the Fund&#146;s income and performance. In lieu of potential disqualification, the
Fund is permitted to pay a tax for certain failures to satisfy the Asset Diversification Test or
Income Requirement, which, in general, are limited to those due to reasonable cause and not willful
neglect, for taxable years of the Fund with respect to which the extended due date of the return is
after December&nbsp;22, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for any taxable year the Fund does not qualify as a regulated investment company, all of
its taxable income (including its net capital gain) would be subject to tax at regular corporate
rates without any deduction for dividends paid to shareholders, and the dividends would be taxable
to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of
the Fund&#146;s current and accumulated earnings and profits. Failure to qualify as a regulated
investment company thus would have a negative impact on the Fund&#146;s income and performance. Subject
to savings provisions for certain inadvertent failures to satisfy the Income Requirement or Asset
Diversification Test which, in general, are limited to those due to reasonable cause and not
willful neglect, it is possible that the Fund will not qualify as a regulated investment company in
any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary
sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the
qualification of the Fund as a regulated investment company if it determines such a course of
action to be beneficial to shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Portfolio turnover</I>. For investors that hold their Fund shares in a taxable account, a high
portfolio turnover rate (except in a money market fund that maintains a stable net asset value) may
result in higher taxes. This is because a Fund with a high turnover rate may accelerate the
recognition of capital gains and more of such gains are likely to be taxable as short-term rather
than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such
higher taxes would reduce the Fund&#146;s after-tax performance. See &#147;Taxation of Fund Distributions
(All Funds) &#151; Capital gain dividends&#148; below. For non-U.S. investors, any such acceleration of the
recognition of capital gains that results in more short-term and less long-term capital gains being
recognized by the Fund may cause such investors to be subject to increased U.S. withholding taxes.
See, &#147;Foreign Shareholders &#151; U.S. withholding tax at the source&#148; below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital loss carryovers</I>. The capital losses of the Fund, if any, do not flow through to
shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to
offset its capital gains without being required to pay taxes on or distribute to shareholders such
gains that are offset by the losses. Under the Regulated Investment Company Modernization Act of
2010 (RIC Mod Act), if the Fund has a &#147;net capital loss&#148; (that is, capital losses in excess of
capital gains) for a taxable year beginning after December&nbsp;22, 2010, the excess (if any) of the
Fund&#146;s net short-term capital losses over its net long-term capital gains is treated as a
short-term capital loss arising on the first day of the Fund&#146;s next taxable year, and the excess
(if any) of the Fund&#146;s net long-term capital losses over its net short-term capital gains is
treated as a long-term capital loss arising on the first day of the Fund&#146;s next taxable year. Any
such net capital losses of the Fund that are not used to offset capital gains may be carried
forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable
years. However, for any net capital losses realized in taxable years of the Fund beginning on or
before December&nbsp;22, 2010, the Fund is permitted to carry forward such capital losses for eight
years as a short-term capital loss. Under a transition rule, capital losses arising in a taxable
year beginning after December&nbsp;22, 2010 must be used before capital losses realized in a prior
taxable year. The amount of capital losses that can be carried forward and used in any single year
is subject to an annual limitation if there is a more than 50% &#147;change in ownership&#148; of the Fund.
An ownership change generally results when shareholders owning 5% or more of the Fund increase
their aggregate holdings by more than 50% over a three-year look-back period. An ownership change
could result in capital loss carryovers being used at a slower rate (or, in the case of those
realized in taxable years of the Fund beginning on or before December&nbsp;22, 2010, to expire), thereby
reducing the Fund&#146;s ability to offset capital gains with those losses. An increase in the amount
of taxable gains distributed to the Fund&#146;s shareholders could result from an ownership change. The
Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the
normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free
reorganization with another fund. Moreover, because of circumstances beyond the Fund&#146;s control,
there can be no assurance that the Fund will not experience, or has not already experienced, an
ownership change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deferral of late year losses</I>. The Fund may elect to treat part or all of any &#147;qualified late
year loss&#148; as if it had been incurred in the succeeding taxable year in determining the Fund&#146;s
taxable income, net capital gain, net short-term capital gain, and earnings and profits. The
effect of this election is to treat any such &#147;qualified late year
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">loss&#148; as if it had been incurred in the succeeding taxable year, which may change the timing,
amount, or characterization of Fund distributions (see, &#147;Taxation of Fund Distributions (All Funds)
&#151; Capital gain dividends&#148; below). A &#147;qualified late year loss&#148; includes:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any net capital loss, net long-term capital loss, or net short-term capital
loss incurred after October&nbsp;31 of the current taxable year (post-October losses), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the excess, if any, of (1)&nbsp;the sum of (a)&nbsp;specified losses incurred after
October&nbsp;31 of the current taxable year, and (b)&nbsp;other ordinary losses incurred after
December&nbsp;31 of the current taxable year, over (2)&nbsp;the sum of (a)&nbsp;specified gains
incurred after October&nbsp;31 of the current taxable year, and (b)&nbsp;other ordinary gains
incurred after December&nbsp;31 of the current taxable year.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms &#147;specified losses&#148; and &#147;specified gains&#148; mean ordinary losses and gains from the
sale, exchange, or other disposition of property (including the termination of a position with
respect to such property), foreign currency losses and gains, and losses and gains resulting from
holding stock in a passive foreign investment company (PFIC)&nbsp;for which a mark-to-market election is
in effect. The terms &#147;ordinary losses&#148; and &#147;ordinary gains&#148; mean other ordinary losses and gains
that are not described in the preceding sentence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Undistributed capital gains</I>. The Fund may retain or distribute to shareholders its net
capital gain for each taxable year. The Fund currently intends to distribute net capital gains.
If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the
extent of any available capital loss carryovers) at the highest corporate tax rate (currently 35%).
If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to
have shareholders treated as if each received a distribution of its pro rata share of such gain,
with the result that each shareholder will be required to report its pro rata share of such gain on
its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata
share of tax paid by the Fund on the gain and will increase the tax basis for its shares by an
amount equal to the deemed distribution less the tax credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Federal excise tax</I>. To avoid a 4% non-deductible excise tax, the Fund must distribute by
December&nbsp;31 of each year an amount equal to: (1)&nbsp;98% of its ordinary income for the calendar year,
(2)&nbsp;98.2% of capital gain net income (the excess of the gains from sales or exchanges of capital
assets over the losses from such sales or exchanges) for the one-year period ended on October&nbsp;31 of
such calendar year (or, at the election of a regulated investment company having a taxable year
ending November&nbsp;30 or December&nbsp;31, for its taxable year), and (3)&nbsp;any prior year undistributed
ordinary income and capital gain net income. Under the RIC Mod Act, the Fund may elect to defer to
the following year any net ordinary loss incurred for the portion of the calendar year which is
after the beginning of the fund&#146;s taxable year. Also, the Fund will defer any &#147;specified gain&#148; or
&#147;specified loss&#148; which would be properly taken into account for the portion of the calendar after
October&nbsp;31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as
arising on January 1 of the following calendar year. Generally, the Fund intends to make
sufficient distributions to avoid any material liability for federal income and excise tax but can
give no assurances that all or a portion of such liability will be avoided. In addition, under
certain circumstances temporary timing or permanent differences in the realization of income and
expense for book and tax purposes can result in the Fund having to pay an excise tax.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign income tax</I>. Investment income received by the Fund from sources within foreign
countries may be subject to foreign income tax withheld at the source, and the amount of tax
withheld generally will be treated as an expense of the Fund. The United States has entered into
tax treaties with many foreign countries that entitle the Fund to a reduced rate of, or exemption
from, tax on such income. Some countries require the filing of a tax reclaim to receive the benefit
of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the
control of the individual country. Other countries may subject capital gains realized by the Fund
on sale or disposition of securities of that country to taxation. It is impossible to determine the
effective rate of foreign tax in advance since the amount of the Fund&#146;s assets to be invested in
various countries is not known. Under certain circumstances, the Fund may elect to pass-through
foreign tax credits to shareholders, although it reserves the right not to do so.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxation of Fund Distributions (All Funds). </B>The Fund anticipates distributing substantially
all of its investment company taxable income and net capital gain for each taxable year.
Distributions by the Fund will be
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">treated in the manner described regardless of whether such distributions are paid in cash or
reinvested in additional shares of the Fund (or of another Fund).
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions of ordinary income</I>. The Fund receives income generally in the form of dividends
and/or interest on its investments. The Fund may also recognize ordinary income from other sources,
including, but not limited to, certain gains on foreign currency-related transactions. This income,
less expenses incurred in the operation of the Fund, constitutes the Fund&#146;s net investment income
from which dividends may be paid to you. If you are a taxable investor, distributions of net
investment income generally are taxable as ordinary income to the extent of the Fund&#146;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.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital gain dividends</I>. Taxes on distributions of capital gains are determined by how long the
Fund owned the investments that generated them, rather than how long a shareholder has owned his or
her shares. In general, the Fund will recognize long-term capital gain or loss on the sale or other
disposition of assets it has owned for more than one year, and short-term capital gain or loss on
investments it has owned for one year or less. Distributions of net capital gain (the excess of net
long-term capital gain over net short-term capital loss) that are properly reported by the Fund to
shareholders as capital gain dividends generally will be taxable to a shareholder receiving such
distributions as long-term capital gain. Long-term capital gain rates applicable to individuals are
taxed at the maximum rate of 15% or 25% (through 2012) depending on the nature of the capital gain.
Distributions of net short-term capital gains for a taxable year in excess of net long-term capital
losses for such taxable year generally will be taxable to a shareholder receiving such
distributions as ordinary income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Return of capital distributions</I>. Distributions by the Fund that are not paid from earnings and
profits will be treated as a return of capital to the extent of (and in reduction of) the
shareholder&#146;s tax basis in his shares; any excess will be treated as gain from the sale of his
shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the
shareholder&#146;s tax basis in his Fund shares (but not below zero), and will result in an increase in
the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder
for tax purposes on the later sale of such Fund shares. Where one or more distributions occur in
any taxable year, the available current and accumulated earnings and profits of the Fund will be
allocated, first, to the distributions made to the holders of any outstanding Preferred Shares of
the Fund, and only thereafter to distributions made to common shareholders of such Fund. As a
result, the holders of any outstanding Preferred Shares of the Fund may receive a disproportionate
share of the distributions treated as dividends, and the holders of the Common Shares may receive a
disproportionate share of the distributions treated as a return of capital.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>U.S. Government interest</I>. Income earned on certain U.S. Government obligations is exempt from
state and local personal income taxes if earned directly by you. States also grant tax-free status
to dividends paid to you from interest earned on direct obligations of the U.S. Government,
subject in some states to minimum investment or reporting requirements that must be met by the
Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements
collateralized by U.S. Government obligations, commercial paper and federal agency-backed
obligations (e.g., Government National Mortgage Association (GNMA)&nbsp;or Federal National Mortgage
Association (FNMA)&nbsp;obligations), generally does not qualify for tax-free treatment. The rules on
exclusion of this income are different for corporations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividends declared in December and paid in January</I>. Ordinarily, shareholders are required to
take distributions by the Fund into account in the year in which the distributions are made.
However, dividends declared in October, November or December of any year and payable to
shareholders of record on a specified date in such a month will be deemed to have been received by
the shareholders (and made by the Fund) on December&nbsp;31 of such calendar year if such dividends are
actually paid in January of the following year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Medicare tax</I>. The recently enacted Patient Protection and Affordable Care Act of 2010, as
amended by the Health Care and Education Affordability Reconciliation Act of 2010, will impose a
3.8% Medicare tax on net investment income earned by certain individuals, estates and trusts for
taxable years beginning after December&nbsp;31, 2012. &#147;Net investment income,&#148; for these purposes, means
investment income, including ordinary dividends and capital gain distributions received from the
Fund and net gains from redemptions or other taxable dispositions of Fund shares, reduced by the
deductions properly allocable to such income. In the case of an individual, the tax will
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be imposed on the lesser of (1)&nbsp;the shareholder&#146;s net investment income or (2)&nbsp;the amount by which
the shareholder&#146;s modified adjusted gross income exceeds $250,000 (if the shareholder is married
and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing
separately) or $200,000 (in any other case).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reporting to Shareholders. </I>Shareholders will be advised annually as to the U.S. federal
income tax consequences of distributions made (or deemed made) during the year in accordance with
the guidance that has been provided by the IRS. The IRS&#146;s position in a published revenue ruling
indicates that the Fund is required to report distributions paid with respect to its Common Shares
and its Preferred Shares as consisting of a portion of each type of income distributed by such
Fund. The portion of each type of income deemed received by the holders of each class of shares
will be equal to the portion of total Fund dividends received by such class. Thus, the Fund intends
to report dividends paid as exempt-interest dividends in a manner that allocates such dividends
between the holders of the Common Shares and the holders of Preferred Shares in proportion to the
total dividends paid to each such class during or with respect to the taxable year, or otherwise as
required by applicable law. Capital gain dividends and ordinary income dividends will similarly be
allocated between the two classes. To the extent permitted under applicable law, the Fund reserves
the right to make special allocations of income, consistent with the objectives of the Fund and any
requirements with respect to any Preferred Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances such as those described in &#147;Dividends and Distributions&#148; in the
prospectus, the Fund will not be allowed to declare a cash dividend or other distribution on its
Common Shares. This inability to declare distributions may prevent the Fund from distributing at
least an amount equal to the sum of 90% of the sum of its investment company taxable income
(determined without regard to the deduction for dividends paid) and its net tax-exempt interest,
and may therefore jeopardize the Fund&#146;s qualification for taxation as a RIC or cause the Fund to
incur a tax liability or a non-deductible 4% excise tax on the undistributed taxable income
(including net capital gain) (as described above), or both. Although the Fund may redeem Preferred
Shares in order to avoid the adverse consequences to the Fund and its shareholders of failing to
qualify as a RIC, there can be no assurance that any such redemption would achieve such objectives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxation of Fund Distributions (Tax-Free Funds)</B>. Each of the Tax-Free Funds intends to qualify
each year to pay exempt-interest dividends by satisfying the requirement that at the close of each
quarter of the Fund&#146;s taxable year at least 50% of the Fund&#146;s total assets consists of municipal
securities, which are exempt from federal income tax. For purposes of this discussion, the
&#147;Tax-Free Funds&#148; include all Funds, except the Invesco Van Kampen High Income Trust II and the
Invesco High Yield Investments Fund, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exempt-interest dividends</I>. Distributions from the Fund will constitute exempt-interest
dividends to the extent of the Fund&#146;s tax-exempt interest income (net of allocable expenses and
amortized bond premium). Exempt-interest dividends distributed to shareholders of the Fund are
excluded from gross income for federal income tax purposes. However, 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)&nbsp;in certain circumstances
and may have other collateral tax consequences as discussed below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions of ordinary income and capital gains</I>. 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. However, gain recognized
from the sale or other disposition of a tax-exempt security purchased after April&nbsp;30, 1993, will be
treated as ordinary income to the extent of the accrued market discount on such security.
Distributions by the Fund of ordinary income and capital gains will be taxable to shareholders as
discussed under &#147;Taxation of Fund Distributions (All Funds).&#148;
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Alternative minimum tax </I>&#151; <I>private activity bonds</I>. 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 and 20% for corporate taxpayers on the excess of the taxpayer&#146;s alternative minimum
taxable income (AMTI)&nbsp;over an exemption amount. Exempt-interest dividends derived from certain
&#147;private activity&#148; municipal securities issued after August&nbsp;7, 1986 generally will constitute an
item of tax preference includable in AMTI for both corporate and 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. In addition, exempt-interest dividends derived from all
municipal securities regardless of the date of issue must be included in adjusted current earnings
that are used in computing an additional
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">corporate preference item includable in AMTI. Certain small corporations are wholly exempt from the
AMT. Consistent with its stated investment objective, the fund intends to limit its investments in
private activity bonds subject to the AMT to no more than 20% of its total assets in any given
year.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect on taxation of social security benefits; denial of interest deduction; &#147;substantial
users</I>.&#148; 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
shareholder&#146;s gross income subject to federal income tax. Further, a shareholder of the Fund is
denied a deduction for interest on indebtedness incurred or continued to purchase or carry shares
of the Fund. Moreover, a shareholder who is (or is related to) a &#147;substantial user&#148; 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.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exemption from state tax</I>. 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&#146;s personal income taxes. Most states,
however, do not grant tax-free treatment to interest on state and municipal securities of other
states.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Failure of a Municipal Security to qualify to pay exempt-interest</I>. 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
shareholders amended Forms 1099 for a prior taxable year in order to report additional taxable
income. This in turn could require 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect of changes in tax rates and policies. </I>The value of the Fund&#146;s investments and its net
asset value may be adversely affected by changes in tax rates and policies. Because interest income
from municipal securities is normally not subject to regular federal income taxation, the
attractiveness of municipal securities in relation to other investment alternatives is affected by
changes in federal income tax rates or changes in the tax-exempt status of interest income from
municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can
significantly affect the demand for and supply, liquidity and marketability of municipal
securities. This could in turn affect the Fund&#146;s net asset value and ability to acquire and dispose
of municipal securities at desirable yield and price levels. Additionally, the Fund is not suitable
investments for individual retirement accounts, for other tax-exempt or tax-deferred accounts or
for investors who are not sensitive to the federal income tax consequences of their investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions paid by the Invesco Van Kampen California Value Municipal Income Trust, Invesco
California Municipal Income Trust, Invesco California Quality Municipal Securities, and Invesco
California Municipal Securities</I>. Shareholders of the Fund may exclude any exempt interest dividends
paid to you by the Fund from your California taxable income for purposes of the California personal
income tax if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund qualifies as a regulated investment company under the Code and at the close of
each quarter of its taxable year, at least 50&nbsp;percent of the value of its total assets
consists of obligations the interest on which is exempt from taxation by the State of
California when held by an individual;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dividends are derived from interest on obligations of the State of California and
its political subdivisions or qualifying obligations of U.S. territories and possessions
that are exempt from state taxation under federal law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dividends paid do not exceed the amount of interest (minus certain non-deductible
expenses) the Fund receives, during its taxable year, on obligations that, when held by an
individual, pay interest exempt from taxation by California; and
</TD>
</TR>
</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund properly identifies the dividends as California exempt interest dividends in a
written notice mailed to the investor.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any distributions of net short-term and long-term capital gain earned by the Fund and any
gain from the sale of shares of the Fund by a shareholder are included in a shareholder&#146;s taxable
income for purposes of the California personal income tax. Residents of California may be subject
to backup withholding at 7% on the proceeds from the sale of Fund shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from the Fund, including exempt-interest dividends, may be taxable to
shareholders that are subject to certain provisions of the California Corporation Tax Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions paid by the Invesco New York Quality Municipal Securities and the Invesco Van
Kampen Trust for Investment Grade New York Municipals</I>. Shareholders of the Fund may exclude any
exempt interest dividends paid to you by the Fund from your taxable income for purposes of the New
York state income taxes and the New York City income tax, if the dividends can be excluded from
your gross income for federal income tax purposes and if the dividends are attributable to interest
on:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obligations of the State of New York or its political subdivisions; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>qualifying obligations of possessions of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dividends from (or the value of) the Fund, including exempt interest dividends, may be taken into
account in determining the New York State and New York City income and franchise taxes on business
corporations, banking corporations and insurance companies when paid to (or held by) shareholders
subject to such taxes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sale or Redemption of Fund Shares</B>. A shareholder will recognize gain or loss on the sale or
redemption of shares of the Fund in an amount equal to the difference between the proceeds of the
sale or redemption and the shareholder&#146;s adjusted tax basis in the shares. If you owned your
shares as a capital asset, any gain or loss that you realize will be considered capital gain or
loss and will be long-term capital gain or loss if the shares were held for longer than one year.
Any redemption fees you incur on shares redeemed will decrease the amount of any capital gain (or
increase any capital loss) you realize on the sale. Capital losses in any year are deductible only
to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary
income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax basis information. </I>The Fund will be required to provide shareholders with cost basis
information on the redemption of any of the shareholder&#146;s shares in the Fund, subject to certain
exceptions for exempt recipients. This cost basis reporting requirement is effective for shares
purchased in the Fund on or after January&nbsp;1, 2012 where the cost basis of the shares is known by
the Fund and which are disposed of after that date. If you hold your Fund shares through a broker
(or other nominee), please contact that broker (nominee)&nbsp;with respect to the reporting of cost
basis and available elections for your account. For more information about the cost basis methods
offered by Invesco, please refer to the Tax Center located under the Accounts &#038; Services menu of
our website at http://www.Invesco.com/us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wash sale rule. </I>All or a portion of any loss so recognized may be deferred under the wash
sale rules if the shareholder purchases other shares of the Fund within 30&nbsp;days before or after the
sale or redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sales at a loss within six months of purchase</I>. Any capital loss arising from the sale or
redemption of shares held for six months or less will be treated as a long-term capital loss to the
extent of the amount of capital gain dividends received on such shares and any such loss will be
disallowed to the extent of any exempt-interest dividends that were received within the six-month
period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax shelter reporting</I>. Under Treasury regulations, if a shareholder recognizes a loss with
respect to the Fund&#146;s shares of $2&nbsp;million or more for an individual shareholder or $10&nbsp;million or
more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on
Form&nbsp;8886.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax Treatment of Portfolio Transactions</B>. Set forth below is a general description of the tax
treatment of certain types of securities, investment techniques and transactions that may apply to
a fund. This section should be
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">read in conjunction with the discussion under &#147;Investment Strategies and Risks&#148; for a detailed
description of the various types of securities and investment techniques that apply to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>In general</I>. In general, gain or loss recognized by a fund on the sale or other disposition of
portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term
or short-term depending, in general, upon the length of time a particular investment position is
maintained and, in some cases, upon the nature of the transaction. Property held for more than one
year generally will be eligible for long-term capital gain or loss treatment. The application of
certain rules described below may serve to alter the manner in which the holding period for a
security is determined or may otherwise affect the characterization as long-term or short-term, and
also the timing of the realization and/or character, of certain gains or losses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain fixed-income investments</I>. Gain recognized on the disposition of a debt obligation
purchased by a fund at a market discount (generally, at a price less than its principal amount)
will be treated as ordinary income to the extent of the portion of the market discount that accrued
during the period of time the fund held the debt obligation unless the fund made a current
inclusion election to accrue market discount into income as it accrues. If a fund purchases a debt
obligation (such as a zero coupon security or pay-in-kind security) that was originally issued at a
discount, the fund generally is required to include in gross income each year the portion of the
original issue discount that accrues during such year. Therefore, a fund&#146;s investment in such
securities may cause the fund to recognize income and make distributions to shareholders before it
receives any cash payments on the securities. To generate cash to satisfy those distribution
requirements, a fund may have to sell portfolio securities that it otherwise might have continued
to hold or to use cash flows from other sources such as the sale of fund shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in debt obligations that are at risk of or in default present tax issues for a
fund</I>. Tax rules are not entirely clear about issues such as whether and to what extent a fund
should recognize market discount on a debt obligation, when a fund may cease to accrue interest,
original issue discount or market discount, when and to what extent a fund may take deductions for
bad debts or worthless securities and how a fund should allocate payments received on obligations
in default between principal and income. These and other related issues will be addressed by a
fund in order to ensure that it distributes sufficient income to preserve its status as a regulated
investment company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options, futures, forward contracts, swap agreements and hedging transactions</I>. In general,
option premiums received by a fund are not immediately included in the income of the fund. Instead,
the premiums are recognized when the option contract expires, the option is exercised by the
holder, or the fund transfers or otherwise terminates the option (e.g., through a closing
transaction). If an option written by a fund is exercised and the fund sells or delivers the
underlying stock, the fund generally will recognize capital gain or loss equal to (a)&nbsp;sum of the
strike price and the option premium received by the fund minus (b)&nbsp;the fund&#146;s basis in the stock.
Such gain or loss generally will be short-term or long-term depending upon the holding period of
the underlying stock. If securities are purchased by a fund pursuant to the exercise of a put
option written by it, the fund generally will subtract the premium received from its cost basis in
the securities purchased. The gain or loss with respect to any termination of a fund&#146;s obligation
under an option other than through the exercise of the option and related sale or delivery of the
underlying stock generally will be short-term gain or loss depending on whether the premium income
received by the fund is greater or less than the amount paid by the fund (if any) in terminating
the transaction. Thus, for example, if an option written by a fund expires unexercised, the fund
generally will recognize short-term gain equal to the premium received.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax treatment of certain futures contracts entered into by a fund as well as listed
non-equity options written or purchased by the fund on U.S. exchanges (including options on futures
contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the
Code (section 1256 contracts). Gains or losses on section 1256 contracts generally are considered
60% long-term and 40% short-term capital gains or losses (60/40), although certain foreign currency
gains and losses from such contracts may be treated as ordinary in character. Also, any section
1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise
tax, on certain other dates as prescribed under the Code) are &#147;marked to market&#148; with the result
that unrealized gains or losses are treated as though they were realized and the resulting gain or
loss is treated as ordinary or 60/40 gain or loss, as applicable. Section&nbsp;1256 contracts do not
include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor,
commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the special rules described above in respect of options and futures
transactions, a fund&#146;s transactions in other derivative instruments (including options, forward
contracts and swap agreements) as well as its other hedging, short sale, or similar transactions,
may be subject to one or more special tax rules (including the constructive sale, notional
principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains
and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term,
accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause
adjustments in the holding periods of the fund&#146;s securities. These rules, therefore, could affect
the amount, timing and/or character of distributions to shareholders. Moreover, because the tax
rules applicable to derivative financial instruments are in some cases uncertain under current law,
an adverse determination or future guidance by the IRS with respect to these rules (which
determination or guidance could be retroactive) may affect whether a fund has made sufficient
distributions and otherwise satisfied the relevant requirements to maintain its qualification as a
regulated investment company and avoid a fund-level tax.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of a fund&#146;s investments in derivatives and foreign currency-denominated instruments,
and the fund&#146;s transactions in foreign currencies and hedging activities, may produce a difference
between its book income and its taxable income. If a fund&#146;s book income is less than the sum of its
taxable income and net tax-exempt income (if any), the fund could be required to make distributions
exceeding book income to qualify as a regulated investment company. If a fund&#146;s book income exceeds
the sum of its taxable income and net tax-exempt income (if any), the distribution of any such
excess will be treated as (i)&nbsp;a dividend to the extent of the fund&#146;s remaining earnings and profits
(including current earnings and profits arising from tax-exempt income, reduced by related
deductions), (ii)&nbsp;thereafter, as a return of capital to the extent of the recipient&#146;s basis in the
shares, and (iii)&nbsp;thereafter, as gain from the sale or exchange of a capital asset.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign currency transactions</I>. A fund&#146;s transactions in foreign currencies, foreign
currency-denominated debt obligations and certain foreign currency options, futures contracts and
forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent
such income or loss results from fluctuations in the value of the foreign currency concerned. This
treatment could increase or decrease a fund&#146;s ordinary income distributions to you, and may cause
some or all of the fund&#146;s previously distributed income to be classified as a return of capital. In
certain cases, a fund may make an election to treat such gain or loss as capital.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>PFIC investments</I>. A fund may invest in securities of foreign companies that may be classified
under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half
of its assets constitute investment-type assets or 75% or more of its gross income is
investment-type income. When investing in PFIC securities, a fund intends to mark-to-market these
securities under certain provisions of the Code and recognize any unrealized gains as ordinary
income at the end of the fund&#146;s fiscal and excise tax years. Deductions for losses are allowable
only to the extent of any current or previously recognized gains. These gains (reduced by allowable
losses) are treated as ordinary income that a fund is required to distribute, even though it has
not sold or received dividends from these securities. You should also be aware that the designation
of a foreign security as a PFIC security will cause its income dividends to fall outside of the
definition of qualified foreign corporation dividends. These dividends generally will not qualify
for the reduced rate of taxation on qualified dividends when distributed to you by a fund. Foreign
companies are not required to identify themselves as PFICs. Due to various complexities in
identifying PFICs, a fund can give no assurances that it will be able to identity portfolio
securities in foreign corporations that are PFICs in time for the fund to make a mark-to-market
election. If a fund is unable to identify an investment as a PFIC and thus does not make a
mark-to-market election, the fund may be subject to U.S. federal income tax on a portion of any
&#147;excess distribution&#148; or gain from the disposition of such shares even if such income is
distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature
of interest may be imposed on a fund in respect of deferred taxes arising from such distributions
or gains.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in non-U.S. Real Estate Investment Trusts (&#147;REITs&#148;)</I>. While non-U.S. REITs often
use complex acquisition structures that seek to minimize taxation in the source country, an
investment by a fund in a non-U.S. REIT may subject the fund, directly or indirectly, to corporate
taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real
estate acquired by the non-U.S. REIT is located. The fund&#146;s pro rata share of any such taxes will
reduce the fund&#146;s return on its investment. A fund&#146;s investment in a non-U.S. REIT may be
considered an investment in a PFIC, as discussed above in &#147;Tax Treatment of Portfolio Transactions
&#151; PFIC investments.&#148; Additionally, foreign withholding taxes on distributions from the non-U.S.
REIT may be reduced or eliminated under certain tax treaties, as discussed above in &#147;Taxation of
the Fund &#151; Foreign income
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">tax.&#148; Also, the fund in certain limited circumstances may be required to file an income tax
return in the source country and pay tax on any gain realized from its investment in the non-U.S.
REIT under rules similar to those in the United States which tax foreign persons on gain realized
from dispositions of interests in U.S. real estate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in U.S. REITs</I>. A U.S. REIT is not subject to federal income tax on the income and
gains it distributes to shareholders. Dividends paid by a U.S. REIT, other than capital gain
distributions, will be taxable as ordinary income up to the amount of the U.S. REIT&#146;s current and
accumulated earnings and profits. Capital gain dividends paid by a U.S. REIT to the fund will be
treated as long term capital gains by the fund and, in turn, may be distributed by the fund to its
shareholders as a capital gain distribution. Because of certain noncash expenses, such as property
depreciation, an equity U.S. REIT&#146;s cash flow may exceed its taxable income. The equity U.S. REIT,
and in turn a fund, may distribute this excess cash to shareholders in the form of a return of
capital distribution. However, if a U.S. REIT is operated in a manner that fails to qualify as a
REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable
income of the U.S. REIT would be subject to federal income tax at regular corporate rates without
any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders
as ordinary income (or possibly as qualified dividend income) to the extent of the U.S. REIT&#146;s
current and accumulated earnings and profits. Also, see &#147;Tax Treatment of Portfolio Transactions &#151;
Investment in taxable mortgage pools (excess inclusion income)&#148; and &#147;Foreign Shareholders &#151; U.S.
withholding tax at the source&#148; with respect to certain other tax aspects of investing in U.S.
REITs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment in taxable mortgage pools (excess inclusion income)</I>. Under a Notice issued by the
IRS, the Code and Treasury regulations to be issued, a portion of a fund&#146;s income from a U.S. REIT
that is attributable to the REIT&#146;s residual interest in a real estate mortgage investment conduits
(REMICs) or equity interests in a &#147;taxable mortgage pool&#148; (referred to in the Code as an excess
inclusion) will be subject to federal income tax in all events. The excess inclusion income of a
regulated investment company, such as a fund, will be allocated to shareholders of the regulated
investment company in proportion to the dividends received by such shareholders, with the same
consequences as if the shareholders held the related REMIC residual interest or, if applicable,
taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i)
cannot be offset by net operating losses (subject to a limited exception for certain thrift
institutions), (ii)&nbsp;will constitute unrelated business taxable income (UBTI)&nbsp;to entities (including
qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other
tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is
allocated excess inclusion income, and otherwise might not be required to file a tax return, to
file a tax return and pay tax on such income, and (iii)&nbsp;in the case of a foreign stockholder, will
not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during
any taxable year a &#147;disqualified organization&#148; (which generally includes certain cooperatives,
governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a
share in a regulated investment company, then the regulated investment company will be subject to a
tax equal to that portion of its excess inclusion income for the taxable year that is allocable to
the disqualified organization, multiplied by the highest federal income tax rate imposed on
corporations. The Notice imposes certain reporting requirements upon regulated investment companies
that have excess inclusion income. There can be no assurance that a fund will not allocate to
shareholders excess inclusion income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These rules are potentially applicable to a fund with respect to any income it receives from
the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely,
through an investment in a U.S. REIT. It is unlikely that these rules will apply to a fund that has
a non-REIT strategy.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in partnerships and qualified publicly traded partnerships (QPTP)</I>. For purposes of
the Income Requirement, income derived by a fund from a partnership that is not a QPTP will be
treated as qualifying income only to the extent such income is attributable to items of income of
the partnership that would be qualifying income if realized directly by the fund. For purposes of
testing whether the fund satisfies the Asset Diversification Test, the fund generally is treated as
owning a pro rata share of the underlying assets of a partnership. See &#147;Taxation of the Fund &#151;
Qualification as a regulated investment company.&#148; In contrast, different rules apply to a
partnership that is a QPTP. A QPTP is a partnership (a)&nbsp;the interests in which are traded on an
established securities market, (b)&nbsp;that is treated as a partnership for federal income tax
purposes, and (c)&nbsp;that derives less than 90% of its income from sources that satisfy the Income
Requirement (i.e., because it invests in commodities). All of the net income derived by a fund from
an interest in a QPTP will be treated as qualifying income but the fund may not invest more than
25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership
classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to
annually qualify as a QPTP might, in
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 87 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">turn, cause a fund to fail to qualify as a regulated investment company. Although, in general,
the passive loss rules of the Code do not apply to RICs, such rules do apply to a fund with respect
to items attributable to an interest in a QPTP. Fund investments in partnerships, including in
QPTPs, may result in the fund&#146;s being subject to state, local or foreign income, franchise or
withholding tax liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in commodities &#151; structured notes, corporate subsidiary and certain ETFs</I>. Gains
from the disposition of commodities, including precious metals, will neither be considered
qualifying income for purposes of satisfying the Income Requirement nor qualifying assets for
purposes of satisfying the Asset Diversification Test. See &#147;Taxation of the Fund &#151; Qualification
as a regulated investment company.&#148; Also, the IRS has issued a Revenue Ruling which holds that
income derived from commodity-linked swaps is not qualifying income for purposes of the Income
Requirement. However, in a subsequent Revenue Ruling, as well as in a number of follow-on private
letter rulings, the IRS provides that income from certain alternative investments which create
commodity exposure, such as certain commodity index-linked or structured notes or a corporate
subsidiary that invests in commodities, may be considered qualifying income under the Code.
However, as of the date of this Statement of Additional Information, the IRS has suspended the
issuance of any further private letter rulings pending a review of its position. Should the IRS
issue guidance that adversely affects the tax treatment of a fund&#146;s use of commodity-linked notes,
or a corporate subsidiary, the fund may no longer be able to utilize commodity index-linked notes
or a corporate subsidiary to gain commodity exposure. In addition, a fund may gain exposure to
commodities through investment in QPTPs such as an exchange traded fund or ETF that is classified
as a partnership and which invests in commodities. Accordingly, the extent to which a fund invests
in commodities or commodity-linked derivatives may be limited by the Income Requirement and the
Asset Diversification Test, which the fund must continue to satisfy to maintain its status as a
regulated investment company. A fund also may be limited in its ability to sell its investments in
commodities, commodity-linked derivatives, and certain ETFs or be forced to sell other investments
to generate income due to the Income Requirement. In lieu of potential disqualification, a fund is
permitted to pay a tax for certain failures to satisfy the Asset Diversification Test or Income
Requirement, which, in general, are limited to those due to reasonable cause and not willful
neglect, for taxable years of a fund with respect to which the extended due date of the return is
after December&nbsp;22, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities lending</I>. While securities are loaned out by a fund, the fund generally will
receive from the borrower amounts equal to any dividends or interest paid on the borrowed
securities. For federal income tax purposes, payments made &#147;in lieu of&#148; dividends are not
considered dividend income. These distributions will neither qualify for the reduced rate of
taxation for individuals on qualified dividends nor the 70% dividends received deduction for
corporations. Also, any foreign tax withheld on payments made &#147;in lieu of&#148; dividends or interest
will not qualify for the pass-through of foreign tax credits to shareholders. Additionally, in the
case of a fund with a strategy of investing in tax-exempt securities, any payments made &#147;in lieu
of&#148; tax-exempt interest will be considered taxable income to the fund, and thus, to the investors,
even though such interest may be tax-exempt when paid to the borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in convertible securities</I>. Convertible debt is ordinarily treated as a &#147;single
property&#148; consisting of a pure debt interest until conversion, after which the investment becomes
an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face
amount payable on retirement), the creditor-holder may amortize the premium over the life of the
bond. If the security is issued for cash at a price below its face amount, the creditor-holder
must accrue original issue discount in income over the life of the debt. The creditor-holder&#146;s
exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible
debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays
a return based on the performance of a specified market index, exchange currency, or commodity) is
often, but not always, treated as a contract to buy or sell the reference property rather than
debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily,
but not always, treated as equity rather than debt. Dividends received generally are qualified
dividend income and eligible for the corporate dividends received deduction. In general,
conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of
preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that
is redeemable by the issuing company might be required to be amortized under original issue
discount (OID)&nbsp;principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax Certification and Backup Withholding</B>. Tax certification and backup withholding tax laws
may require that you certify your tax information when you become an investor in the Fund. For
U.S. citizens and
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 88 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">resident aliens, this certification is made on IRS Form W-9. Under these laws, the Fund must
withhold a portion of your taxable distributions and sales proceeds unless you:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide your correct Social Security or taxpayer identification number,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certify that this number is correct,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certify that you are not subject to backup withholding, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certify that you are a U.S. person (including a U.S. resident alien).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also must withhold if the IRS instructs it to do so. When withholding is required,
the amount will be 28% of any distributions or proceeds paid. This rate will expire and the backup
withholding rate will be 31% for amounts paid after December&nbsp;31, 2012, unless Congress enacts tax
legislation providing otherwise. Backup withholding is not an additional tax. Any amounts
withheld may be credited against the shareholder&#146;s U.S. federal income tax liability, provided the
appropriate information is furnished to the IRS. Certain payees and payments are exempt from
backup withholding and information reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. investors have special U.S. tax certification requirements. See &#147;Foreign
Shareholders &#151; Tax certification and backup withholding.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Shareholders</B>. Shareholders who, as to the United States, are nonresident alien
individuals, foreign trusts or estates, foreign corporations, or foreign partnerships (foreign
shareholder), may be subject to U.S. withholding and estate tax and are subject to special U.S. tax
certification requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation of a foreign shareholder depends on whether the income from the Fund is &#147;effectively
connected&#148; with a U.S. trade or business carried on by such shareholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>U.S. withholding tax at the source</I>. If the income from the Fund is not effectively connected
with a U.S. trade or business carried on by a foreign shareholder, distributions to such
shareholder will be subject to U.S. withholding tax at the rate of 30% (or lower treaty rate) upon
the gross amount of the distribution, subject to certain exemptions including those for dividends
reported by the Fund to shareholders as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exempt-interest dividends paid by the Fund from its net interest income earned on
municipal securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital gain dividends paid by the Fund from its net long-term capital gains (other than
those from disposition of a U.S. real property interest), unless you are a nonresident
alien present in the United States for a period or periods aggregating 183&nbsp;days or more
during the calendar year; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to taxable years of the Fund beginning before January&nbsp;1, 2012 (unless such
sunset date is extended, possibly retroactively to January&nbsp;1, 2012, or made permanent),
interest-related dividends paid by the Fund from its qualified net interest income from
U.S. sources and short-term capital gains dividends. After such sunset date, short-term
capital gains are taxable to Non-U.S. investors as ordinary dividends subject to U.S.
withholding tax at a 30% or lower treaty rate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, the Fund does not intend to utilize the exemptions for interest-related dividends
paid and short-term capital gain dividends paid. Moreover, notwithstanding such exemptions from
U.S. withholding at the source, any dividends and distributions of income and capital gains,
including the proceeds from the sale of your Fund shares, will be subject to backup withholding at
a rate of 28% if you fail to properly certify that you are not a U.S. person. This rate will
expire and the backup withholding tax rate will be 31% for amounts paid after December&nbsp;31, 2012,
unless Congress enacts tax legislation providing otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income
resulting from an election to pass-through foreign tax credits to shareholders, but may not be able
to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as
having been paid by them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts reported by the Fund to shareholders as capital gain dividends (a)&nbsp;that are
attributable to certain capital gain dividends received from a qualified investment entity (QIE)
(generally defined as either (i)&nbsp;a U.S. REIT
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 89 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or (ii)&nbsp;a RIC classified as a &#147;U.S. real property holding corporation&#148; or which would be if
the exceptions for holding 5% or less of a class of publicly traded shares or an interest in a
domestically controlled QIE did not apply) or (b)&nbsp;that are realized by the Fund on the sale of a
&#147;U.S. real property interest&#148; (including gain realized on sale of shares in a QIE other than one
that is a domestically controlled), will not be exempt from U.S. federal income tax and may be
subject to U.S. withholding tax at the rate of 30% (or lower treaty rate) if the Fund by reason of
having a REIT strategy is classified as a QIE. If the Fund is so classified, foreign shareholders
owning more than 5% of the Fund&#146;s shares may be treated as realizing gain from the disposition of a
U.S. real property interest, causing Fund distributions to be subject to U.S. withholding tax at a
rate of 35%, and requiring the filing of a nonresident U.S. income tax return. In addition, if the
Fund is classified as a QIE, anti-avoidance rules apply to certain wash sale transactions. Namely,
if the Fund is a QIE and a foreign shareholder disposes of the Fund&#146;s shares prior to the Fund
paying a distribution attributable to the disposition of a U.S. real property interest and the
foreign shareholder later acquires an identical stock interest in a wash sale transaction, the
foreign shareholder may still be required to pay U.S. tax on the Fund&#146;s distribution. Also, the
sale of shares of the Fund, if classified as a &#147;U.S. real property holding corporation,&#148; could also
be considered a sale of a U.S. real property interest with any resulting gain from such sale being
subject to U.S. tax as income &#147;effectively connected with a U.S. trade or business.&#148; These rules
generally apply to dividends paid by the Fund before January&nbsp;1, 2012 (unless such sunset date is
extended, possibly retroactively to January&nbsp;1, 2012, or made permanent). After such sunset date,
Fund distributions from a U.S. REIT (whether or not domestically controlled) attributable to gain
from the disposition of a U.S. real property interest will continue to be subject to the
withholding rules described above provided the Fund is classified as a QIE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income effectively connected with a U.S. trade or business</I>. If the income from the Fund is
effectively connected with a U.S. trade or business carried on by a foreign shareholder, then
ordinary income dividends, capital gain dividends and any gains realized upon the sale or
redemption of shares of the Fund will be subject to U.S. federal income tax at the rates applicable
to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax
return.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax certification and backup withholding</I>. Foreign shareholders may have special U.S. tax
certification requirements to avoid backup withholding (at a rate of 28%, subject to increase to
31% as described above), and if applicable, to obtain the benefit of any income tax treaty between
the foreign shareholder&#146;s country of residence and the United States. To claim these tax benefits,
the foreign shareholder must provide a properly completed Form&nbsp;W- 8BEN (or other Form W-8, where
applicable, or their substitute forms) to establish his or her status as a non- U.S. investor, to
claim beneficial ownership over the assets in the account, and to claim, if applicable, a reduced
rate of or exemption from withholding tax under the applicable treaty. A Form W-8BEN provided
without a U.S. taxpayer identification number remains in effect for a period of three years
beginning on the date that it is signed and ending on the last day of the third succeeding calendar
year. However, non-U.S. investors must advise the Fund of any changes of circumstances that would
render the information given on the form incorrect, and must then provide a new W-8BEN to avoid the
prospective application of backup withholding. Forms W-8BEN with U.S. taxpayer identification
numbers remain valid indefinitely, or until the investor has a change of circumstances that renders
the form incorrect and necessitates a new form and tax certification. Certain payees and payments
are exempt from backup withholding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Account Tax Compliance Act. </I>Under the Foreign Account Tax Compliance Act, the relevant
withholding agent may be required to withhold 30% of: (a)&nbsp;income dividends paid after December&nbsp;31,
2013 and (b)&nbsp;certain capital gains distributions and the proceeds of a sale of shares paid after
December&nbsp;31, 2014 to (i)&nbsp;a foreign financial institution unless such foreign financial institution
agrees to verify, report and disclose certain of its U.S. accountholders and meets certain other
specified requirements or (ii)&nbsp;a non-financial foreign entity that is the beneficial owner of the
payment unless such entity certifies that it does not have any substantial U.S. owners or provides
the name, address and taxpayer identification number of each substantial U.S. owner and such entity
meets certain other specified requirements. These requirements are different from, and in addition
to, the U.S. tax certification rules described above. The scope of these requirements remains
unclear, and shareholders are urged to consult their tax advisors regarding the application of
these requirements to their own situation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Local Tax Considerations</B>. Rules of state and local taxation of ordinary income, qualified
dividend income and capital gain dividends may differ from the rules for U.S. federal income
taxation described above. Distributions may also be subject to additional state, local and foreign
taxes depending on each shareholder&#146;s particular situation.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 90 -<!-- /Folio -->
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Financial Statements and </B><B><I>Pro Forma </I></B><B>Financial Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s financial statements for the fiscal year ended February&nbsp;20, 2012 are incorporated
into this SAI by reference to the Fund&#146;s most recent Annual Report to Shareholders. The accession
numbers for these documents, along with the dates they were filed via EDGAR, are listed on page 2
of this SAI.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portions of such Annual Reports to Shareholders that are not specifically referenced above
are not incorporated into this SAI.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco Value Municipal Bond Trust, Invesco Value Municipal Securities, and Invesco Value Municipal<BR>
Trust into Invesco Value Municipal Income Trust</B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Value
Municipal Bond<BR> Trust
(&#147;IMC&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Value
Municipal<BR> Income Trust
(&#147;IIM&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Value
Municipal Securities<BR>
(&#147;IMS&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Value
Municipal Trust<BR>
(&#147;IMT&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,778,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">IIM</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,113,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,603,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 91 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Acquiring Fund for pre-merger periods will not be restated. All securities held by the Target
Funds comply with investment objectives, strategies and restrictions of the Acquiring Fund at
February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Fund and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61,626,757</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMS (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,510,631</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMT (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,271,617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIM (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">336,854,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIM (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">768,083,005</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Forma combined net assets have been adjusted for expenses expected to be incurred by the Target
Funds and the Acquiring Fund in connection with the mergers.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,114,076</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(125,032</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(875,456</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,459</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,043,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,362,736</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Advisory fees were adjusted to reflect the proposed increase in advisory fee rate from 0.27%
to 0.55% of average weekly managed assets for the Acquiring Fund based on pro forma combined
managed assets. In addition, upon closing of all of the Mergers, the Adviser has
contractually agreed for at least two years following the closing of all of the Mergers to
waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual
fund operating expenses (excluding certain items discussed below) to 0.46%. In determining
the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following
expenses are not taken into account, and could cause the total annual fund operating expenses
after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 92 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 2 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 3 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 93 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">92,272,104</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">92,272,104</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMS (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">105,987,970</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">105,987,970</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMT (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">396,913,641</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">396,913,641</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIM (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">493,626,653</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">493,626,653</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIM (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,088,800,368</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,088,800,368</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Merger Costs to be Paid by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>the Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMS (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IMT (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIM (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including IMC, IMS, and IMT had capital loss carryforwards
of approximately $816,183, $2,928,967, and $6,428,975, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, IIM, had a capital loss carryforward of approximately $8,099,679. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 94 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco Municipal Income Opportunities Trust II and Invesco Municipal Income Opportunities Trust III<BR>
into Invesco Municipal Income Opportunities Trust</B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income<BR> Opportunities
Trust II (&#147;OIB&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Municipal
Income Opportunities<BR>
Trust (&#147;OIA&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Municipal
Income<BR> Opportunities
Trust III (&#147;OIC&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIB</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,839,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OIA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,132,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIB (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">127,304,962</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,320,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIA (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,079,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIA (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,704,842</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 95 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">279,561</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(76,524</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(74,432</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28,726</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54,943</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(283,619</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Advisory fees were adjusted to reflect the proposed increase in advisory fee rate from 0.50%
to 0.55% of average weekly managed assets for the Acquiring Fund based on pro forma combined
managed assets. In addition, upon closing of all of the mergers, the Adviser has
contractually agreed for at least two years following the closing of all of the Mergers to
waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual
fund operating expenses (excluding certain items discussed below) to 0.67%. In determining
the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following
expenses are not taken into account, and could cause the total annual fund operating expenses
after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering two funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to investment
strategies of the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 96 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<tr style="font-size:6pt"><td>&nbsp;</td></tr>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Level 2 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>

<tr style="font-size:6pt"><td>&nbsp;</td></tr>

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">Level 3 &#151; &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIB (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">133,881,977</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">133,881,977</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76,435,853</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">76,435,853</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIA (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">146,205,354</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">146,205,354</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIA (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">356,523,184</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">356,523,184</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 97 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Merger Costs to be Paid by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>the Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIB (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIA (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including OIB, and OIC had capital loss carryforwards of
approximately $16,977,149 and $9,748,142, respectively. At February&nbsp;29, 2012, the Acquiring Fund
OIA had a capital loss carryforward of approximately $28,756,283. For additional information
regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>









<P align="center" style="font-size: 10pt"><!-- Folio -->- 98 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco Quality Municipal Investment Trust and Invesco Quality Municipal Securities into Invesco Quality<BR>
Municipal Income Trust</B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality
Municipal<BR> Investment
Trust (&#147;IQT&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Quality
Municipal Income Trust<BR>
(&#147;IQI&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Quality
Municipal<BR> Securities
(&#147;IQM&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies.
Each merger would be accomplished by a statutory merger of the applicable Target Fund with and into
the Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,584,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">IQI</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,092,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQT (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">202,475,282</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,425,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQI (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,271,421</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQI (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">738,071,892</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 99 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Forma combined net assets have been adjusted for expenses expected to be incurred by the
Acquiring Fund in connection with the mergers.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and have been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,318,714</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52,124</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,521,365</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,823</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,358,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,500,145</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
 <TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Advisory fees were adjusted to reflect the proposed increase
in advisory fee rate from 0.27% to 0.55% of average weekly managed
assets for the Acquiring Fund based on pro forma combined
managed assets. In addition, upon closing of all of the mergers, the Adviser has contractually
agreed, through at least two years from the closing date of the
mergers, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total
annual fund operating expenses (excluding certain items discussed below) to 0.50%. In
determining the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the
following expenses are not taken into account, and could cause the total annual fund operating
expenses after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering two funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuations Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities,
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 100 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other
market data. Securities with a demand feature exercisable within one to seven days are valued at
par. Debt securities are subject to interest rate and credit risks. In addition, all debt
securities involve some risk of default with respect to interest and principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 2 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 3 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQT (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">303,942,785</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">303,942,785</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">304,788,226</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">304,788,226</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQI (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">518,985,470</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">518,985,470</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQI (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,127,716,481</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,127,716,481</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 101 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Merger Costs to be Paid by the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQT (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQI (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February 29, 2012 the Target Funds, including IQT and IQM, had capital loss carryforwards of
approximately $18,149,887 and $16,658,564, respectively. At February&nbsp;29, 2012, the Acquiring Fund,
IQI, had a capital loss carryforward of approximately $41,102,394. For additional information
regarding capital loss limitations, please see the section entitled
Federal Income Tax Considerations of the Mergers
in the Proxy Statement/Prospectus filed on Form N-14 with the Securities and Exchange Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->- 102 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco California Municipal Income Trust, Invesco California Quality Municipal Securities, and Invesco<BR>
California Municipal Securities into Invesco Van Kampen California Value Municipal Income Trust</B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Invesco California
Municipal<BR> Income Trust
(&#147;IIC&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen
California Value<BR>
Municipal Income Trust (&#147;VCV&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco California
Quality<BR> Municipal
Securities (&#147;IQC&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco California
Municipal<BR> Securities
(&#147;ICS&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of the merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies.
Each merger would be accomplished by a statutory merger of the applicable Target Fund with and into
the Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,650,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">VCV</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,757,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ICS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,980,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 103 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">167,342,758</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,094,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ICS (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,673,929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VCV (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,012,026</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VCV (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642,123,466</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,945,199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(106,090</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(161,009</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39,127</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,413,758</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,231,090</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund
based on pro forma combined managed assets. Upon closing of all of the mergers, the Adviser
has contractually agreed for at least two years following the closing of the Mergers to waive
advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund
operating expenses (excluding certain items discussed below) to 0.52%. In determining the
Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following expenses
are not taken into account, and could cause the total annual fund operating expenses after fee
waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and maintenance fees;
(2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine items, including
litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred but did not
actually pay because of an expense offset arrangement. Correspondingly, the fee waiver and/or
expense reimbursements have been adjusted to reflect the contractual agreement by the Adviser.
Unless the Board of Trustees and the Adviser mutually agree to amend or continue the fee
waiver agreement, it will terminate two years after the closing of the mergers.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the merger, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuations Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 104 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 2 &#151; &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 3 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012 there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 105 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>Total</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">232,889,601</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">232,889,601</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">189,795,945</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">189,795,945</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ICS (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58,787,878</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58,787,878</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VCV (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">504,362,717</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">504,362,717</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VCV (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">985,836,141</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">985,836,141</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total Merger</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Costs to be Paid by the Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ICS (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VCV (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds<B>.</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including IIC, IQC, and ICS, had capital loss carryforwards
of approximately $2,291,975, $12,302,990, and $499,669, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, VCV, had a capital loss carryforward of approximately $71,798,228. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->- 106 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco High Yield Investment Fund Inc. into Invesco Van Kampen High Income Trust II</B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the merger had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Fund and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Fund and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Merger</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Merger</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of the
Target Fund into the Acquiring Fund pursuant to an agreement and Plan of Merger (the &#147;Plan&#148;) as of
the beginning of the period as indicated below in the table.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield
Investment<BR> Fund, Inc.
(&#147;MSY&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen
High Income Trust II<BR>
(&#147;VLT&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by the Acquiring Fund or its shareholders as a result of the
merger. The Target Fund and the Acquiring Fund are both registered closed-end management
investment companies. The merger would be accomplished by a statutory merger of the Target Fund
with and into the Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund
shareholders would have received if the merger were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,409,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">VLT</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Fund comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Fund and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,277,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,755,099</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,912,939</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Forma combined net assets have been adjusted for expenses expected to be incurred by the
Acquiring Fund in connection with the merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 107 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
merger had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the books
and records used in calculating daily net asset values of the Target Fund and Acquiring Fund and
has been prepared in accordance with accounting principles generally accepted in the United States
of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">193,392</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(296,139</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,250</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(51,577</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(266,632</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets including bank borrowings entered into to retire preferred
shares. Upon closing of the Merger, the Adviser has contractually agreed for at least two
years following the closing of the Merger to waive advisory fees and/or reimburse expenses to
the extent necessary to limit total annual fund operating expenses (excluding certain items
discussed below) to 1.07%. In determining the Adviser&#146;s obligation to waive advisory fees
and/or reimburse expenses, the following expenses are not taken into account, and could cause
the total annual fund operating expenses after fee waiver to exceed the limit reflected above:
(1)&nbsp;interest, facilities and maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)
extraordinary or non-routine items, including litigation expenses; and (5)&nbsp;expenses that the
Acquiring Fund has incurred but did not actually pay because of an expense offset arrangement.
Correspondingly, the fee waiver and/or expense reimbursements have been adjusted to reflect
the contractual agreement by the Adviser. Unless the Board of Trustees and the Adviser
mutually agree to amend or continue the fee waiver agreement, it will terminate two years
after the closing of the merger.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering one fund pursuant to the Master Administrative Services Agreement for the Target
Fund and the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to investment
strategies of the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the merger, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A security listed or traded on an exchange (except convertible bonds) is valued at its last sales
price or official closing price as of the close of the customary trading session on the exchange
where the security is principally traded, or lacking any sales or official closing price on a
particular day, the security may be valued at the closing bid price on that day. Securities traded
in the over-the-counter market are valued based on prices furnished by independent pricing services
or market makers. When such securities are valued by an independent pricing service they may be
considered fair valued. Futures contracts are valued at the final settlement price set by an
exchange on which they are principally traded. Listed options are valued at the mean between the
last bid and ask prices from the exchange on which they are principally traded. Options not listed
on an exchange are valued by an independent
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 108 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">source at the mean between the last bid and ask prices. For purposes of determining net asset
value per share, futures and option contracts generally are valued 15 minutes after the close of
the customary trading session of the New York Stock Exchange (&#147;NYSE&#148;).
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investments in open-end and closed-end registered investment companies that do not trade on an
exchange are valued at the end of day net asset value per share. Investments in open-end and
closed-end registered investment companies that trade on an exchange are valued at the last sales
price or official closing price as of the close of the customary trading session on the exchange
where the security is principally traded.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Debt obligations (including convertible bonds) and unlisted equities are fair valued using an
evaluated quote provided by an independent pricing service. Evaluated quotes provided by the
pricing service may be determined without exclusive reliance on quoted prices, and may reflect
appropriate factors such as institution-size trading in similar groups of securities, developments
related to specific securities, dividend rate, yield, quality, type of issue, coupon rate,
maturity, individual trading characteristics and other market data. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and/or principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts
using the applicable exchange rates as of the close of the NYSE. If market quotations are
available and reliable for foreign exchange traded equity securities, the securities will be valued
at the market quotations. Because trading hours for certain foreign securities end before the
close of the NYSE, closing market quotations may become unreliable. If between the time trading
ends on a particular security and the close of the customary trading session on the NYSE, events
occur that are significant and make the closing price unreliable, the Trust may fair value the
security. If the event is likely to have affected the closing price of the security, the security
will be valued at fair value in good faith using procedures approved by the Board of Trustees.
Adjustments to closing prices to reflect fair value may also be based on a screening process of an
independent pricing service to indicate the degree of certainty, based on historical data, that the
closing price in the principal market where a foreign security trade is not the current value as of
the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price
is not reflective of current value will be priced at the indication of fair value from the
independent pricing service. Multiple factors may be considered by the independent pricing service
in determining adjustments to reflect fair value and may include information relating to sector
indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities
may have additional risks including exchange rate changes, potential for sharply devalued
currencies and high inflation, political and economic upheaval, the relative lack of issuer
information, relatively low market liquidity and the potential lack of strict financial and
accounting controls and standards.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market prices are not provided by any of the above methods may be valued based
upon quotes furnished by independent sources. The last bid price may be used to value equity
securities. The mean between the last bid and asked prices is used to value debt obligations,
including Corporate Loans.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the supervision of the Trust&#146;s officers
following procedures approved by the Board of Trustees. Issuer specific events, market trends,
bid/ask quotes of brokers and information providers and other market data may be reviewed in the
course of making a good faith determination of a security&#146;s fair value.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 109 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 2 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 3 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Equity Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">4,472,775</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">433,875</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">4,906,650</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY (Target Fund) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">93,874,047</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,015</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">93,881,062</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY (Target Fund) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Foreign Currency Contracts*</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(80,533</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(80,533</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>MSY (Target Fund)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>4,472,775</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>94,227,389</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>7,015</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>98,707,179</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Equity Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">2,418,131</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">355,777</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">2,773,908</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">73,681,275</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,600</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">73,687,875</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Foreign Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,997,805</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7,997,805</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Foreign Currency Contracts*</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(63,567</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(63,567</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VLT (Acquiring Fund)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>2,418,131</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>81,971,290</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>6,600</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>84,396,021</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VLT (Pro Forma Combined)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>6,890,906</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>176,198,679</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>13,615</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>$</B></TD>
    <TD align="right" valign="top"><B>183,103,200</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Unrealized appreciation (depreciation).</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for the Target Fund and the Acquiring Fund are set forth in
the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 110 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Merger Costs to be Paid by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>the Funds</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">190,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Fund and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed merger. The
Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012 the Target Fund, MSY had a capital loss carryforward of approximately
$20,413,038. At February&nbsp;29, 2012 the Acquiring Fund, VLT had a capital loss carryforward of
approximately $32,142,797. For additional information regarding capital loss limitations, please
see the section entitled Federal Income Tax Considerations of the Merger in the Proxy
Statement/Prospectus filed on Form N-14 with the Securities and Exchange Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 111 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector Municipal Trust, and Invesco Van Kampen<BR>
Trust for Value Municipals into Invesco Van Kampen Municipal Opportunity Trust</B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes
only and does not purport to be indicative of the financial condition that actually would have
resulted if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good
faith based on information regarding the Target Funds and the Acquiring Fund, each as identified
below, for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial
information should be read in conjunction with the historical financial statements of the Target
Funds and Acquiring Fund, which are available in their respective annual and semi-annual
shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Premium Income Trust<BR>
(&#147;PIA&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen<BR>
Municipal Opportunity<BR>
Trust (&#147;VMO&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Van Kampen
Select Sector Municipal <BR>
Trust (&#147;VKL&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Van Kampen
Trust for Value
Municipals<BR> (&#147;VIM&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PIA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,629,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,488,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">VMO</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VIM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,670,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 112 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PIA (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">150,776,682</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKL (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,469,377</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VIM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,210,808</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMO(Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480,291,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMO (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">959,748,108</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">523,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(97,639</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,174,440</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(38,290</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,258,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,428,591</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets. Upon closing of all of the mergers, the Adviser has contractually
agreed, through at least two years from the closing date of the
mergers, to waive advisory fees and/or reimburse expenses to the extent necessary to limit total
annual fund operating expenses (excluding certain items discussed below) to 0.89%. In
determining the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the
following expenses are not taken into account, and could cause the total annual fund operating
expenses after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 113 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 2 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 3 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 114 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PIA (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">251,237,032</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">251,237,032</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKL (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">318,886,580</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">318,886,580</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VIM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">219,743,307</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">219,743,307</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMO (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">822,193,743</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">822,193,743</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMO (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,612,060,662</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,612,060,662</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Merger Costs to be Paid by the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PIA (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKL (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VIM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMO (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds<B>.</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including PIA, VKL, and VIM, had capital loss carryforwards
of approximately $26,648,849, $33,274,131, and $21,435,223, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, VMO, had a capital loss carryforward of approximately $85,677,970. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the Securities and Exchange
Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 115 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco New York Quality Municipal Securities into Invesco Van Kampen Trust for Investment Grade New<BR>
York Municipals </B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the merger had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Fund and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Fund and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Merger</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Merger</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of the
Target Fund into the Acquiring Fund pursuant to an agreement and Plan of Merger (the &#147;Plan&#148;) as of
the beginning of the period as indicated below in the table.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Invesco New York
Quality<BR> Municipal
Securities (&#147;IQN&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen
Trust for Investment<BR>
Grade New York
Municipals (&#147;VTN&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by the Acquiring Fund or its shareholders as a result of the
merger. The Target Fund and the Acquiring Fund are both registered closed-end management
investment companies. The merger would be accomplished by a statutory merger of the Target Fund
with and into the Acquiring Fund in exchange for shares of the Acquiring Fund. The table below
shows the Acquiring Fund shares that Target Fund shareholders would have received if the merger
were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,247,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">VTN</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Fund comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Fund and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQN (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">66,265,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,814,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,080,596</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 116 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
merger had taken place on March&nbsp;2, 2011. The pro forma information has been derived from the books
and records used in
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">calculating daily net asset values of the Target Fund and Acquiring Fund and have been prepared in
accordance with accounting principles generally accepted in the United States of America which
requires management to make estimates and assumptions that affect this information. Actual results
could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">348,799</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(55,803</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(170,717</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,808</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,358,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(943,634</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund
based on pro forma combined managed assets. Upon closing of the merger, the Adviser has
contractually agreed, through at least two years from the closing
date of the merger, to waive advisory fees and/or reimburse expenses to the extent necessary
to limit total annual fund operating expenses (excluding certain items discussed below) to
0.69%. In determining the Adviser&#146;s obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the total annual
fund operating expenses after fee waiver to exceed the limit reflected above: (1)&nbsp;interest,
facilities and maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or
non-routine items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has
incurred but did not actually pay because of an expense offset arrangement. Correspondingly,
the fee waiver and/or expense reimbursements have been adjusted to reflect the contractual
agreement by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend
or continue the fee waiver agreement, it will terminate two years after the closing of the
merger.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering one fund pursuant to the Master Administrative Services Agreement for the Target
Fund and the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>





<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the merger, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuations Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 117 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 2 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 3 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQN (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">89,991,149</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">89,991,149</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">384,870,041</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">384,870,041</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">474,861,190</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">474,861,190</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for the Target Fund and the Acquiring Fund are set forth in
the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 118 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Merger Costs to be Paid by the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQN (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Fund and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed merger. The
Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012 the Target Fund, IQN, had a capital loss carryforward of approximately
$683,607. At February&nbsp;29, 2012, the Acquiring Fund, VTN, had a capital loss carryforward of
approximately $27,163,307. For additional information regarding capital loss limitations, please
see the section entitled Federal Income Tax Considerations of the
Merger in the Proxy Statement/Prospectus filed on
Form N-14 with the Securities and Exchange Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->- 119 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco Van Kampen Massachusetts Value Municipal Income Trust, Invesco Van Kampen Ohio Quality<BR>
Municipal Trust, and Invesco Van Kampen Trust for Investment Grade New Jersey Municipals into<BR>
Invesco Van Kampen Municipal Trust</B></U>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Massachusetts Value <BR>
Municipal Income Trust
(&#147;VMV&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen<BR>
Municipal Trust<BR>
(&#147;VKQ&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Van Kampen
Ohio Quality Municipal
Trust<BR> (&#147;VOQ&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Invesco Van Kampen
Trust for Investment
Grade<BR> New Jersey
Municipals (&#147;VTJ&#148;)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Pro Forma</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders would
have received if the merger were to have taken place on February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,565,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">VKQ</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,545,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,332,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 120 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMV (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36,508,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,158,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,337,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,183,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">790,188,305</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase (decrease)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in expense</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(140,653</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,666,462</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,696</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(587,919</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716,695</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets. Correspondingly, fee waivers and/or expense reimbursements
have been adjusted to reflect such agreements.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based investment strategies of the Acquiring Fund.</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 121 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on
transferability or disposition; trading in similar securities by the same issuer or comparable
companies; relevant political, economic or issuer specific news; and other relevant factors under
the circumstances.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 1 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 2 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Level 3 &#151;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMV (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">60,051,351</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">60,051,351</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">151,209,363</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">151,209,363</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">167,177,069</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">167,177,069</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">892,390,655</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">892,390,655</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,270,828,438</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,270,828,438</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 122 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Merger Costs to be Paid by the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMV (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds<B>.</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including VMV, VOQ, and VTJ, had capital loss carryforwards
of approximately $6,262,814, $7,165,379, and $6,711,297, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, VKQ, had a capital loss carryforward of approximately $88,181,515. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the Securities and Exchange
Commission.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 123 -<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SPECIAL STATE-SPECIFIC INVESTMENT CONSIDERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Risk Considerations Regarding California Municipal Securities. </B>Funds that invest in
California municipal securities are susceptible to political, economic, regulatory or other factors
affecting issuers of California municipal securities. The following information constitutes only a
brief summary of a number of the complex factors which may impact issuers of California municipal
securities and does not purport to be a complete or exhaustive description of all adverse
conditions to which issuers of California municipal securities may be subject. Such information is
derived from official statements utilized in connection with the issuance of California municipal
securities, as well as from other publicly available documents. Such information has not been
independently verified by the Funds and the Funds assume no responsibility for the completeness or
accuracy of such information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the State that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the State. Additionally, many factors, including national, economic, social and
environmental policies and conditions, which are not within the control of such issuers, could have
an adverse impact on the financial condition of such issuers. The creditworthiness of obligations
issued by local California issuers may be unrelated to the creditworthiness of obligations issued
by the State, and there is no obligation on the part of the State to make payments on such local
obligations. There may be specific factors that are applicable in connection with investment in the
obligations of particular issuers located within California, and it is possible the Fund will
invest in obligations of particular issuers as to which such specific factors are applicable. The
information set forth below is intended only as a general summary and not as a discussion of any
specific factors that may affect any particular issuer of California municipal securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook</I>. California&#146;s economy, the largest among the 50 states and one
of the largest in the world, has major components in high technology, trade, entertainment,
agriculture, manufacturing, tourism, construction and services. Beginning in the first quarter of
2008 and ending in the second half of 2009, California, as the rest of the nation, experienced the
most significant economic downturn since the Great Depression of the 1930s, marked in California by
high unemployment, steep contraction in housing construction and home values, a drop in statewide
assessed valuation of property for the first time on record, a year-over-year decline in personal
income in the State for the first time in 60&nbsp;years, and a sharp drop in taxable sales. The
continuing weakness in the State economy has caused State tax revenues to decline precipitously,
resulting in large budget gaps and cash shortfalls. The State is slowly emerging from the
recession, but economic growth is modest and the level of unemployment is still very high.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California is by far the most populous state in the nation, with its April&nbsp;2010 population
representing over 12&nbsp;percent of the total United States population.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unemployment rate in the State reached a high of 12.5&nbsp;percent in late 2010. The rate
improved thereafter, falling to 11.7&nbsp;percent in May&nbsp;2011, but rising to 12.0&nbsp;percent for July&nbsp;2011.
The U.S. unemployment rate for July&nbsp;2011 was 9.1&nbsp;percent. Personal income increased in the State
for the sixth consecutive quarter in the first quarter of 2011. After falling for six consecutive
quarters, taxable sales grew in the third and fourth quarters of 2009 and continued to improve
through the first quarter of 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California&#146;s housing sector began a meager recovery during 2009 and the early months of 2010.
Existing home sales stabilized around the half-million unit rate and the median sales price rose by
10% in 2010. Unsold inventory trended downward in 2009, as did the number of days needed to sell a
home. However, the housing market indicators worsened during the middle of 2010 after the
expiration of the federal home buyers tax credit. Housing market indicators again appeared to
stabilize during the early months of 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Made-in-California exports grew by 19% in 2010 and 13% during the first half of 2011, led by
strong growth in computer and electronic products, machinery and manufactured commodities.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>The economic downturn of the last few years adversely affected the
State&#146;s budget situation. To exacerbate the problem, as California entered the recession, annual
revenues generally were less than annual expenses, resulting in a structural budget deficit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s revenue estimates utilized in connection with the 2011 Budget Act assumed slow but
positive economic growth, and the 2011 Budget Act projected that most of California&#146;s major revenue
sources will grow in fiscal 2011-12. The 2011 Budget Act also takes into account the end of
federal stimulus funds which provided $4.2&nbsp;billion to the State to offset General Fund costs in
fiscal year 2010-11, and the expiration on June&nbsp;30, 2011 of temporary surcharges on personal income
taxes, sales taxes and vehicle license fees which provided $7.1&nbsp;billion in the last fiscal year.
The 2011 Budget act closed a projected $26.6&nbsp;billion budget gap for the two fiscal years 2010-11
and 2011-12 and made substantial progress in addressing the State&#146;s long&#151;term structural budget
deficit. Despite eliminating a significant portion of the structural deficit in the 2011 Budget
Act, the State continues to face major long-term challenges and must address the remaining
structural budget deficit and the consequences of budget balancing actions taken in the past.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>The State&#146;s fiscal year begins on July 1st and ends on June&nbsp;30th of the
following year. Under the State Constitution, money may be drawn from the Treasury only through an
appropriation made by law. The primary source of the annual expenditure is the annual Budget Act
as approved by the Legislature and signed by the Governor. Appropriations also may be included in
legislation other than the Budget Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Balanced Budget Amendment (&#147;Proposition 58&#148;) requires the State to enact a balanced
budget, establishes a special reserve in the General Fund, restricts future borrowings to cover
budget deficits, and provides for mid-year budget adjustments in the event that the budget falls
out of balance. The Legislature may not pass a budget bill in which General Fund expenditures
exceed estimated General Fund revenues and fund balances at the time of passage and as set forth in
the budget bill. As a result of the requirements of Proposition 58, the State would, in some
cases, have to take more immediate actions to correct budgetary shortfalls. These restrictions
apply to general obligation bonds, revenue bonds and certain other forms of long-term borrowings,
but do not apply to certain short-term and inter-fund borrowings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to Proposition 58, a number of other laws and constitutional amendments have been
enacted over the years, often through voter initiatives, which have made it more difficult to raise
State taxes, have restricted the use of State General Fund or special fund revenues, or have
otherwise limited the Legislature and Governor&#146;s discretion in enacting budgets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current State budget. </I>The 2011-12 budget was approved on June&nbsp;30, 2011. The 2011 Budget Act
was projected to end fiscal year 2011-12 with a $543&nbsp;million reserve, however, it also included
tiered &#147;trigger cuts&#148; to take effect if revenues for 2011-12 were forecast to be less than the
amount assumed in the budget package by $1&nbsp;billion or more.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The California Legislative Analyst&#146;s Office (&#147;LAO&#148;), in its November&nbsp;2011 California Fiscal
Outlook, estimates that 2011-12 will end with a $3&nbsp;billion General Fund deficit. The outlook
assumes lower projected revenues, the implementation of $2&nbsp;billion in trigger cuts to various state
programs and the expected inability of the State to achieve about $1.2&nbsp;billion of other budget
actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the State of California</I>. The State Treasurer is responsible for the sale of
most debt obligations of the State and its various authorities and agencies. Current State debt
obligations include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Obligation Bonds</I>. General obligation bond acts provide that debt service on general
obligation bonds shall be appropriated annually from the General Fund and all debt service on
general obligation bonds is paid from the General Fund. Under the State Constitution, debt service
on general obligation bonds is the second charge to the General Fund after the application of
moneys in the General Fund to the support of the public school system and public institutions of
higher education. As of August&nbsp;1, 2011, the State had outstanding $71.1&nbsp;billion aggregate
principal amount of long-term general obligation bonds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Commercial Paper Notes Program</I>. Voter-approved general obligation indebtedness may, in some
cases, be issued as commercial paper notes. Commercial paper notes may be renewed or refunded by
the issuance of long-
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">term bonds. Pursuant to the terms of the bank credit agreement presently in effect, the
general obligation commercial paper program may have up to $1.57&nbsp;billion in aggregate principal
amount outstanding at any time. The issuance of general obligation bonds on September&nbsp;28, 2011
provided funds which, together with certain additional funds, have retired all of the $1.29&nbsp;billion
aggregate principal amount of general obligation commercial paper notes which had been outstanding.
The State plans to terminate its existing bank credit agreement and restructure the commercial
paper notes program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lease-Revenue Obligations</I>. The State builds and acquires facilities through the use of lease
revenue borrowing, in addition to general obligation bonds. Under these arrangements, the State
Public Works Board, another State or local agency or a joint powers authority issues bonds to pay
for the construction of facilities, such as office buildings, university buildings or correctional
institutions. These facilities are leased to a State agency, the California State University, the
Judicial Council or the University of California under a long-term lease that provides the source
of payment of the debt service on the lease-purchase bonds. The State had approximately $9.4
billion in lease-revenue obligations outstanding as of August&nbsp;1, 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash Flow Borrowings</I>. As part of its cash management program, the State has regularly issued
short-term obligations to meet cash flow needs. The State has issued revenue anticipation notes
(&#147;RANs&#148;) in all but one fiscal year since the mid-1980&#146;s to partially fund timing differences
between receipts and disbursements. By law, RANs must mature prior to the end of the fiscal year
of issuance. If additional external cash flow borrowings are required, the State has issued
revenue anticipation warrants (&#147;RAWs&#148;), which can mature in a subsequent fiscal year. RANs and
RAWs are both payable from any &#147;Unapplied Money&#148; in the General Fund on their maturity date,
subject to the prior application of such money in the General Fund to pay priority payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other issuers of California municipal obligations</I>. There are a number of State agencies,
instrumentalities, and political subdivisions of the State that issue municipal obligations, some
of which may be conduit revenue obligations payable from payments from private borrowers. These
entities are subject to various economic risks and uncertainties, and the credit quality of the
securities issued may vary considerably from the credit quality of the obligations backed by the
full faith and credit of the State. The State of California has no obligation with respect to any
obligations or securities of a county or any of the other participating entities, although under
existing legal precedents, the State may be obligated to ensure that school districts have
sufficient funds to operate. State agencies and authorities had approximately $59&nbsp;billion
aggregate principal amount of revenue bonds and notes which are non-recourse to the General Fund
outstanding as of June&nbsp;30, 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings</I>. The State&#146;s general obligation bonds are currently rated A- (with a stable
outlook) by S&#038;P and A1 by Moody&#146;s (with a stable outlook) (ratings confirmed as of December&nbsp;8,
2011). There can be no assurance that such ratings will be maintained in the future. It should be
noted that the creditworthiness of obligations issued by local California issuers may be unrelated
to the creditworthiness of obligations issued by the State of California, and that there is no
obligation on the part of the State to make payment on such local obligations in the event of
default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a party to numerous legal proceedings, many of which normally
occur in governmental operations. In addition, the State is involved in certain other legal
proceedings (described in the State&#146;s recent financial statements) that, if decided against the
State might require the State to make significant future expenditures or substantially impair
future revenue sources. Because of the prospective nature of these proceedings, it is not presently
possible to predict the outcome of such litigation, estimate the potential impact on the ability of
the State to pay debt service costs on its obligations, or determine what impact, if any, such
proceedings may have on the Tax-Free California Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. Substantially all of California is within an active geologic region
subject to major seismic activity. Northern California, in 1989, and Southern California, in 1994,
experienced major earthquakes causing billions of dollars in damages. The State&#146;s and any other
municipal issuers&#146; outstanding obligations could be affected by an interruption of revenues because
of damaged facilities, or, consequently, income tax deductions for casualty losses or property tax
assessment reductions due to earthquakes. Compensatory financial assistance could be constrained
by the inability of (i)&nbsp;an issuer to have obtained earthquake insurance coverage; (ii)&nbsp;an insurer
to perform on its contracts of insurance in the event of widespread losses; or (iii)&nbsp;the federal or
State government to appropriate sufficient funds within their respective budget limitations<B>.</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tax-Free California Fund is susceptible to political, economic or regulatory factors
affecting issuers of California municipal obligations. These include the possible adverse effects
of certain California constitutional amendments, legislative measures, voter initiatives and other
matters. The information provided is only a brief summary of the complex factors affecting the
financial situation in California and is derived from sources that are generally available to
investors and are believed to be accurate. It is based in part on information obtained from
various State and local agencies in California or contained in Official Statements for various
California municipal obligations. No independent verification has been made of the accuracy or
completeness of any of the preceding information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding Massachusetts Municipal Securities. </B>A Fund that
invests in Massachusetts (referred to herein as the &#147;Commonwealth&#148; or &#147;Massachusetts&#148;) municipal
securities are susceptible to political, economic, regulatory or other factors affecting issuers of
Massachusetts municipal securities. The following information constitutes only a brief summary of a
number of the complex factors which may impact issuers of Massachusetts municipal securities and
does not purport to be a complete or exhaustive description of all adverse conditions to which
issuers of Massachusetts municipal securities may be subject. Such information is derived from
official statements utilized in connection with the issuance of Massachusetts municipal securities,
as well as from other publicly available documents. Such information has not been independently
verified by the Fund and the Fund assumes no responsibility for the completeness or accuracy of
such information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the Commonwealth that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the Commonwealth. Additionally, many factors, including national, economic,
social and environmental policies and conditions, which are not within the control of such issuers,
could have an adverse impact on the financial condition of such issuers. The creditworthiness of
obligations issued by local Massachusetts issuers may be unrelated to the creditworthiness of
obligations issued by the Commonwealth, and there is no obligation on the part of the Commonwealth
to make payments on such local obligations. There may be specific factors that are applicable in
connection with investment in the obligations of particular issuers located within Massachusetts,
and it is possible the Fund will invest in obligations of particular issuers as to which such
specific factors are applicable. The information set forth below is intended only as a general
summary and not as a discussion of any specific factors that may affect any particular issuer of
Massachusetts municipal securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook. </I>Massachusetts is a densely populated state with a
well-educated population and comparatively high income levels<I>. </I>The Commonwealth&#146;s economy remains
diversified, but its strongest component is its knowledge-based technology and service sectors.
The four largest sectors of the economy, real estate and rental and leasing, professional and
technical services, finance and insurance, and health care and social assistance, contributed 47.2%
of the 2010 Massachusetts gross domestic product.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following significant declines in 2002 and 2003, total non-agricultural employment in the
Commonwealth eventually increased 0.5% in 2005 and continued to increase through 2008. Employment
declined 3.3% in 2009 and grew 0.2% in 2010. Since the beginning of the recession in December&nbsp;2007
there has been a net loss of approximately 46,000 jobs in Massachusetts. The job losses were not
spread evenly across all sectors. The construction and manufacturing sectors were the hardest hit
with losses of 26.2% and 21.6%, respectively. However, the education and health sector and the
leisure and hospitality sector have seen growth of 7.2% and 8.6%, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Commonwealth&#146;s economy has outperformed the nation&#146;s economy as a whole during and
following the most recent recession. Home prices in Massachusetts have fallen by less than in the
U.S. as a whole. The Commonwealth&#146;s unemployment rate rose from 5.2% in July&nbsp;2008 to a high of
9.5% in February&nbsp;2011, but has since declined, and in November&nbsp;2011 was 7.0%. This decline is
greater than in the nation as a whole, where unemployment rose from 5.8% in July&nbsp;2008 to a high of
10.1% in October&nbsp;2009, and declined to 8.6% in November&nbsp;2011.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal government spending contributes significantly to the Massachusetts economy. In fiscal
2010, Massachusetts received almost $82.5&nbsp;billion, a 1.7% decrease from 2009, and ranked ninth
among the states in per capita distribution of federal funds, with total spending of $12,593 per
person, excluding loans and insurance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>The Commonwealth collects a variety of taxes and receives revenues
from other non-tax sources, including the federal government and various fees, fines, court
revenues, assessments, reimbursements, interest earnings and transfers from its non-budgeted funds.
Total primary government revenues increased by $2.7&nbsp;billion in fiscal year 2011 or 5.4% over
fiscal year 2010. Tax revenues increased by $2.0&nbsp;billion, or 10.7%, primarily as the result of the
growth in individual income tax.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The major components of state tax revenue are the income tax, the sales and use tax, and the
corporations and other business and excise taxes which were projected to account for approximately
55.2%, 24.8%, and 11.3%, respectively, of total tax revenues in fiscal 2011. Dedicated portions of
the Commonwealth&#146;s sales tax revenues are pledged to provide financial support for the
Massachusetts Bay Transportation Authority and the Massachusetts School Building Authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal revenues consist of taxes on real and personal property, distributions from the
Commonwealth under a variety of programs and formulas, local receipts (including motor vehicle
excise taxes, local options taxes, fines, licenses and permits, charges for utility and other
services and investment income) and appropriations from other available funds (including general
and dedicated reserve funds). Following the enactment in 1980 of the tax limitation initiative
petition commonly known as Proposition 2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, local governments have become increasingly reliant on
distribution of revenues from the Commonwealth to support local programs and services, although the
amount of aid received varies significantly among municipalities. As a result of comprehensive
education reform legislation enacted in June&nbsp;1993, a large portion of local aid general revenue
sharing funds is earmarked for public education and distributed through a formula designed to
provide more aid to the Commonwealth&#146;s poorer communities. There are also several specific local
aid programs, such as public libraries, police education incentives, and property tax abatement for
certain elderly or disabled residents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses of the primary government increased by $1.2&nbsp;billion in fiscal year 2011, or
2.3% over fiscal year 2010. This included a $1.45&nbsp;billion increase in Medicaid spending and a
decline of $1.05&nbsp;billion in unemployment insurance compensation expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of fiscal year 2011 the liabilities of the primary government exceeded assets by
almost $18.5&nbsp;billion, a reduction of $137&nbsp;million from the fiscal year 2010 deficit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2011 budgeted fund total revenues and other financing sources exceeded fiscal 2011
budgeted fund total expenditures and other uses by $998&nbsp;million, and fiscal 2011 ended with a
budgeted fund balance of $1.901&nbsp;billion. Of that amount, $1.379&nbsp;billion was reserved in the
Stabilization Fund, $400&nbsp;million was reserved for continuing appropriations and debt service and
$122&nbsp;million was undesignated. The Stabilization Fund balance at the end of fiscal 2011 represents
a $709&nbsp;million increase from the close of fiscal 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>The House of Representatives generally approves its version of the budget in
late April, and the Senate generally approves its version in late May. The differences are then
reconciled by legislatively conference committee in June, so that a final version can be enacted by
Legislature and sent to the Governor for his approval prior to the start of the new fiscal year on
July 1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current Commonwealth budget. </I>Total spending in the final fiscal 2012 budget amounts to
approximately $30.6&nbsp;billion. The current budget assumes tax revenues of $21.010&nbsp;billion, enhanced
tax enforcement initiatives (an additional $61.5&nbsp;million) and the impact of a two-day sales tax
holiday held on August&nbsp;13-14, 2011 (reduction of $20.6&nbsp;million).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;16, 1991, the Governor approved legislation containing pension reforms, including
increasing the retirement ages, eliminating early retirement subsidies and increasing the period
for average earnings from the highest three years to the highest five years for all new state
employees who join a retirement system on or
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">after April&nbsp;2, 2012. The legislation is expected to generate savings of more than $3&nbsp;billion
to the Commonwealth and $2&nbsp;billion for municipalities over the next 30&nbsp;years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the Commonwealth of Massachusetts. </I>The Commonwealth incorporates the periodic
use of commercial paper borrowing to meet cash flow needs for both capital and operating
expenditures. The Commonwealth periodically makes several cash flow borrowings for operating
purposes. All commercial paper of the Commonwealth issued for operating purposes in a fiscal year
is required by state finance law to be paid not later than June&nbsp;30 of such year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Commonwealth is authorized to issue three types of long-term debt directly &#151; general
obligation debt, special obligation debt, and federal grant anticipation notes. General obligation
debt is secured by a pledge of the full faith and credit of the Commonwealth. Special obligation
debt may be secured either with a pledge of receipts credited to the Commonwealth Transportation
Fund or with a pledge of receipts credited to the Convention Center Fund. Federal grant
anticipation notes are secured by a pledge of federal highway construction reimbursements. As of
June&nbsp;30, 2011, the amount of Commonwealth long-term debt was approximately $20.9&nbsp;billion,
consisting of approximately $18.5&nbsp;billion of general obligation debt, $1.6&nbsp;billion of special
obligation debt, and $767&nbsp;million of federal grant anticipation notes. Based on the United States
census resident population estimate for Massachusetts for 2011, the per capita amount of such debt
as of the end of fiscal year 2011 was approximately $3,720.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the long-term liabilities described above, the Commonwealth is also authorized
to pledge its credit in aid of and provide contractual support for certain independent authorities
and political subdivisions within the Commonwealth. These Commonwealth liabilities are classified
as general obligation contract assistance liabilities, budgetary contractual assistance liabilities
or contingent liabilities. General obligation contract assistance liabilities arise from statutory
requirements for payments by the Commonwealth to the Massachusetts Water Pollution Abatement Trust,
the Massachusetts Department of Transportation and the Massachusetts Development Finance Agency
that are used by such entities to pay a portion of the debt service on certain of their outstanding
bonds. Such liabilities constitute a pledge of the Commonwealth&#146;s credit for which a two-thirds
vote of the Legislature is required. Budgetary contractual assistance liabilities arise from
statutory requirements for payments by the Commonwealth under certain capital leases. Such
liabilities do not constitute a pledge of the Commonwealth&#146;s credit. Contingent liabilities relate
to debt obligations of independent authorities and agencies of the Commonwealth that are expected
to be paid without Commonwealth assistance, but for which the Commonwealth has some kind of
liability if expected payment sources do not materialize.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts statutes limit the Commonwealth&#146;s ability to issue direct debt. The direct debt
limit for fiscal year 2011 was approximately $18.0&nbsp;billion. Outstanding debt subject to the limit
at fiscal year end was approximately $16.3&nbsp;billion. The limit increases by 5% each year. Pursuant
to legislation enacted over the years, certain outstanding Commonwealth debt obligations are not
counted in computing the amount of bonds subject to the limit. The limit for fiscal year 2012 is
approximately $18.9&nbsp;billion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation enacted in 1999 also provides that no more than 10% of the appropriations in any
fiscal year may be expended for payment of interest and principal on general obligation debt of the
Commonwealth. Debt service relating to bonds that are excluded from the debt limit on direct debt
is not included in the limit on debt service appropriations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the 2009 fiscal year, the Commonwealth announced an administrative policy that sets the
annual borrowing limit at a level designed to keep debt service at a maximum of 8% of budgeted
revenues. The debt management policy also limits future annual growth in the bond cap to not more
than $125&nbsp;million through fiscal 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings. </I>The State&#146;s general obligation bonds are rated AA&#043; by S&#038;P and Aa1 by Moody&#146;s
(ratings confirmed as of March&nbsp;1, 2012). There can be no assurance that such ratings will be
maintained in the future. It should be noted that the creditworthiness of obligations issued by
local Massachusetts issuers may be unrelated to the creditworthiness of obligations issued by the
Commonwealth, and that there is no obligation on the part of the State to make payment on such
local obligations in the event of default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The Commonwealth is a defendant in numerous legal proceedings pertaining
to matters
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">incidental to the performance of routine governmental operations. Such litigation includes,
but is not limited to, claims asserted against the Commonwealth arising from alleged torts, alleged
breaches of contracts, condemnation proceedings and other alleged violations of law. For those
cases in which it is probable that a loss will be incurred and the amount of potential judgment can
be reasonably be estimated or a settlement or judgment has been reached but not paid, the Attorney
General estimates fiscal year 2012 liability at $20&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Fund is susceptible to political, economic or regulatory factors
affecting issuers of Massachusetts municipal obligations. The information provided is only a brief
summary of the complex factors affecting the financial situation in Massachusetts and is derived
from sources that are generally available to investors and are believed to be accurate. It is
based in part on information obtained from various State agencies in Massachusetts or contained in
Official Statements for various Massachusetts municipal obligations. No independent verification
has been made of the accuracy or completeness of any of the preceding information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding New Jersey Municipal Securities. </B>A Fund that
invests in New Jersey (referred to herein as the &#147;State&#148; or &#147;New Jersey&#148;) municipal securities is
susceptible to political, economic, regulatory or other factors affecting issuers of New Jersey
municipal securities. The following information constitutes only a brief summary of a number of
the complex factors which may impact issuers of New Jersey municipal securities and does not
purport to be a complete or exhaustive description of all adverse conditions to which issuers of
New Jersey municipal securities may be subject. Such information is derived from official
statements utilized in connection with the issuance of New Jersey municipal securities, as well as
from other publicly available documents. Such information has not been independently verified by
the Fund and the Fund assumes no responsibility for the completeness or accuracy of such
information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the State that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the State. Additionally, many factors, including national, economic, social
and environmental policies and conditions, which are not within the control of such issuers, could
have an adverse impact on the financial condition of such issuers. The creditworthiness of
obligations issued by local New Jersey issuers may be unrelated to the creditworthiness of
obligations issued by the State, and there is no obligation on the part of the State to make
payments on such local obligations. There may be specific factors that are applicable in connection
with investment in the obligations of particular issuers located within New Jersey, and it is
possible the Fund will invest in obligations of particular issuers as to which such specific
factors are applicable. The information set forth below is intended only as a general summary and
not as a discussion of any specific factors that may affect any particular issuer of New Jersey
municipal securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook. </I>New Jersey is the eleventh largest state in population and
the fifth smallest in land area. According to the United States Bureau of the Census, the
population of New Jersey was 8,414,350 in 2000 and 8,791,894 in 2010. With an average of 1,196
persons per square mile, it is the most densely populated of all the states. Centrally located in
the Northeast, New Jersey is near many major cities such as New York, Boston, Washington D.C., and
Philadelphia. The State&#146;s favorable location is bolstered by an extensive highway system, as well
as other major land, air, and water transportation systems and facilities. The Port of
Newark-Elizabeth Marine Terminal is the East Coast&#146;s largest seaport and handles about one-third of
the nation&#146;s ocean going trade. Various commercial and industrial businesses have headquarters or
regional offices within New Jersey&#146;s borders, including substantial construction, pharmaceutical,
manufacturing, chemical, financial and service industries. Since 1978, casino gambling in Atlantic
City has been an important State tourist attraction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey has a diversified economic base, consisting of a variety of manufacturing,
constructions and service industries, supplemented by rural areas with selective commercial
agriculture. The construction, manufacturing and mining sectors experienced the largest job losses
over the recession. Since the beginning of 2010, the greatest employment increases have been in
the other services, education and health services, and professional and business services sectors.
Layoffs of government employees due to the State&#146;s persistent budget issues and the re-entry of
formerly discouraged jobseekers into the job market have contributed to the State&#146;s high
unemployment which still exceeded the national average by .7% as of January&nbsp;2012.
</DIV>






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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s economic indicators (not seasonally adjusted), showed that total private dwelling
units authorized by building permits in January&nbsp;2012, were 950, up from 922 the prior year, the
unemployment rate for January, 2012 was 9.0%, which is down from 9.4% the prior year and non-farm
payroll employment in January, 2012 was approximately 3,807,300, up from approximately 3,756,300
the prior year. Real per capital personal income in New Jersey was approximately $45,233 in the
third quarter of 2011, up from $45, 232 in the third quarter of 2009. New Jersey unemployment
still exceeds the national average as of January&nbsp;2012 by .7%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>The primary government&#146;s assets and deferred outflows for fiscal
year 2011 <I>total </I>$36.9&nbsp;billion, an increase of $925.5&nbsp;million from the prior fiscal year. As of
June&nbsp;30, 2011, liabilities exceed assets and deferred outflows by $34.2&nbsp;billion. The State&#146;s
unrestricted net assets, which represent net assets that have no statutory commitments and are
available for discretionary use, totaled a negative $45.1&nbsp;billion. The negative balance was
primarily a result of under funding the annual pension costs to the State&#146;s retirement system and
the State&#146;s recognition of other postemployment benefits. Financing activities that have
contributed to the State &#145;s negative unrestricted net asst amount include liabilities from pension
bonds, the funding of a portion of local elementary and high school construction, and the
securitization of a major portion of annual tobacco master settlement agreement receipts, with no
corresponding assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The economic slowdown caused a falloff in State revenues. During fiscal 2011 the State
implemented tax increases, expenditure reductions (including layoffs of State employees),
expenditure deferrals, and draw-downs of reserves, as well as using federal stimulus money. The
State and its political subdivisions also face increasing financial pressure from costs relating to
pensions and other post-employment benefits for government employees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>The State Constitution has a balanced budget measure which provides that no
money shall be drawn from the State Treasury but for appropriations made by law and that no law
appropriating money for any state purpose shall be enacted if the appropriations contained therein,
together with all prior appropriations made for the same fiscal period, shall exceed the total
amount of revenue on hand and anticipated to be available to meet such appropriations during such
fiscal period, as certified by the Governor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the State Constitution has a debt limitation clause which provides that the State
Legislature shall not, in any manner, create in any fiscal year a debt or liability of the State,
which, together with any previous debts or liabilities, shall exceed at any time 1% of the total
amount appropriated by the general appropriation law for such year, unless the same shall be
authorized by a law for some single object or work distinctly specified therein, or shall have been
approved by the voters. The debt limitation clause was amended in 2008 and currently prohibits the
State Legislature from enacting any law that creates or authorizes the creation of a debt or
liability of an autonomous State corporate entity, which debt or liability has a pledge of an
annual appropriation as the means to pay the principal of and interest on such debt or liability,
unless approved by the voters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current State budget. </I>Total budgeted revenues for fiscal 2012 are $29.6&nbsp;billion, which is
approximately 4% above fiscal 2011 levels. Total budgeted appropriations for fiscal 2012 are $29.7
billion, which is approximately 1.2% above fiscal 2011 levels.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the State of New Jersey. </I>For the year ended June&nbsp;20, 2011, New Jersey&#146;s
long-term debt obligations increased 12.3%, to $65.1&nbsp;billion, which includes a net increase in
bonded debt of $7.1&nbsp;billion. During the fiscal year, the State issued $4.9&nbsp;billion in bonds. New
money issuances represented $1.6&nbsp;billion, primarily for transportation and education system
improvements, while $3.3&nbsp;billion represented five refunding transactions that provided the State
with $30.9&nbsp;million in net present value savings. During fiscal year 2011, the State paid $2.4
billion in debt service on its long-term obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-bonded portions of the State&#146;s long-term debt total $27.0&nbsp;billion. This amount represents
a $6.0&nbsp;billion increase from the prior fiscal year and is mainly attributable to increases in net
pension obligations as well as the State&#146;s other postemployment benefits obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey&#146;s debt burden has increased substantially in the past decade and is high by any
number of measurements, which may reduce financial flexibility in the future. New Jersey now has
the fourth highest per capita debt burden among the states.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings. Bond ratings. </I>The State&#146;s general obligation bonds are rated AA- by S&#038;P and
Aa3 by Moody&#146;s (ratings confirmed as of March&nbsp;1, 2012. There can be no assurance that such ratings
will be maintained in the future. It should be noted that the creditworthiness of obligations
issued by local New Jersey issuers may be unrelated to the creditworthiness of obligations issued
by the State of New Jersey, and that there is no obligation on the part of the State to make
payment on such local obligations in the event of default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other issuers of New Jersey municipal obligations. </I>The New Jersey Local Bond Law (N.J.S.A.
Section&nbsp;40A:2-1 et seq.) (&#147;Local Bond Law&#148;) governs the issuance of bonds and notes by local units
(including counties). The statute provides that (i)&nbsp;the power and obligation of a local unit to
pay any and all bonds and notes issued by it pursuant to the Local Bond Law shall be unlimited,
(ii)&nbsp;the county or municipality shall levy ad valorem taxes upon all taxable property therein for
the payment of the principal of and interest on such bonds and notes, without limitation as to rate
or amount, (iii)&nbsp;no local unit shall authorize obligations for any improvement or purpose having a
period of usefulness of less than five years, and (iv)&nbsp;after issuance, all obligations shall be
conclusively presumed to be fully authorized and issued under all of the laws of the State, and any
person shall be estopped from questioning their sale, execution or delivery by the local unit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No bond ordinance will be finally adopted if it appears from the supplemental debt statement
required by the Local Bond Law that the percentage of net debt as stated therein exceeds 2%, in the
case of a county, or 3 <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>%, in the case of a municipality. The Local Bond Law sets forth certain
exceptions to the foregoing debt limitation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A local government may seek a waiver from the Local Finance Board from the debt limitation for
a bond ordinance authorizing obligations solely for the exceptions set forth in the Local Bond Law.
Approval of bond and note financing in excess of the debt limit in certain instances require the
applicant to justify and demonstrate the existence of extraordinary conditions. The Local Finance
Board is a functional area within the Division of Local Government Services. It is statutorily
responsible for promulgating rules and regulations on the fiscal obligations, fiscal reporting and
overseeing the fiscal condition of all New Jersey municipalities, counties, local authorities and
special districts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2010, New Jersey enacted a property tax cap that placed a 2% limit on annual property-tax
increases, which may put additional financial pressure local governments. Costs associated with
debt service are not subject to the property tax cap.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a party to numerous legal proceedings, many of which normally
occur in governmental operations. In addition, the State is involved in certain other legal
proceedings (described in the State&#146;s recent financial statements) that, if decided against the
State might require the State to make significant future expenditures or substantially impair
future revenue sources. Because of the prospective nature of these proceedings, it is not presently
possible to predict the outcome of such litigation, estimate the potential impact on the ability of
the State to pay debt service costs on its obligations, or determine what impact, if any, such
proceedings may have on the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Fund is susceptible to political, economic or regulatory factors
affecting issuers of New Jersey municipal obligations. The information provided is only a brief
summary of the complex factors affecting the financial situation in New Jersey and is derived from
sources that are generally available to investors and are believed to be accurate. It is based in
part on information obtained from various State agencies in New Jersey or contained in Official
Statements for various New Jersey municipal obligations. No independent verification has been made
of the accuracy or completeness of any of the preceding information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding New York Municipal Securities</B>. Funds that invest
in New York municipal securities are susceptible to political, economic, regulatory or other
factors affecting issuers of New York municipal securities. The following information constitutes
only a brief summary of a number of the complex factors which may impact issuers of New York
municipal securities and does not purport to be a complete or exhaustive description of all adverse
conditions to which issuers of New York municipal securities may be subject. Such information is
derived from official statements utilized in connection with the issuance of New York municipal
securities, as well as from other publicly available documents. Such information has not been
independently verified by the Funds, and the Funds assume no responsibility for the completeness or
accuracy of such information.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the budget, receipts
and disbursements of the State of New York (&#147;New York&#148; or the &#147;State&#148;) that would ordinarily be
included in various public documents issued thereby, such as an official statement prepared in
connection with the issuance of general obligation bonds of the State. Such an official statement,
together with any updates or supplements thereto, may generally be obtained upon request to the
Division of Budget of the State of New York (&#147;DOB&#148;) of the State. There may be specific factors
that are applicable in connection with investment in the obligations of particular issuers located
within New York, and it is possible a Fund will invest in obligations of particular issuers as to
which such specific factors are applicable. However, the information set forth below is intended
only as a general summary and not as a discussion of any specific factors that may affect any
particular issuer of New York municipal securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook</I>. New York is the third most populous state in the nation and
has a relatively high level of personal wealth. The State&#146;s economy is diverse, with a
comparatively large share of the nation&#146;s financial activities, information, education, and health
services employment, and a very small share of the nation&#146;s farming and mining activity. The
State&#146;s location and its air transport facilities and natural harbors have made it an important
link in international commerce. Travel and tourism constitute an important part of the economy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2010, economic conditions began to improve for both the nation and New York State.
Private sector employment slowly started to increase, although gains were partially offset by
rising job losses in government. While the State as a whole outperformed the nation, the recovery
in the State was still slow by historical standards, and not all regions of the State benefitted
equally. At the beginning of 2011, the recovery continued to be weak, with consumers buffeted by
rising energy prices and renewed declines in home values.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although job growth resumed in 2010, unemployment rates remain high. During the recession,
the unemployment rate more than doubled for the nation (rising from 4.4% in May&nbsp;2007 to 10.1% in
October&nbsp;2009) and for New York State (rising from 4.3% in March&nbsp;2007 to 8.9% in September&nbsp;2009).
By December&nbsp;2010 the rate had only eased to 9.4% for the nation and 8.2% for New York.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal income rebounded in 2010 following declines in 2009. Nationally, personal income
increased by 3%, while New York&#146;s gain of 4.1% was the second-highest growth rate among all the
states. Wages, the largest component of personal income, increased in New York in 2010 after
falling by 7.2% in 2009. The rebound in personal income and wages reflects Wall Street&#146;s continued
recovery from the financial crisis. During 2010, the broker/dealer operations of New York Stock
Exchange member firms earned $27.6&nbsp;billion, second only to the record profits of $61.4&nbsp;billion
earned in 2009 (during the previous two years, the industry had combined losses of $53.8&nbsp;billion).
The rapid return to profitability was driven by government bailouts, the Federal Reserve&#146;s low
interest rate polices and other government actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the securities industry accounted for less than 3% of all jobs in the State it
comprised 12.5% of all wages in 2010 and accounted for more than one-third of the statewide
increase in total wages in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General government results</I>. An operating surplus of $1.5&nbsp;billion is reported in the New York
State General Fund for fiscal year ended March&nbsp;31, 2011. This results in an accumulated General
Fund deficit of $2&nbsp;billion. The State completed its fiscal year ended March&nbsp;31, 2011, with a
combined Governmental Funds operating surplus of $1.9&nbsp;billion as compared to a combined
Governmental Funds operating surplus for the preceding fiscal year of $123&nbsp;million. The combined
operating surplus of $1.9&nbsp;billion included an operating surplus in the General Fund of $1.5&nbsp;billion
as well as in the Federal Special Reserve Fund of $2&nbsp;million, in the General Debt Service Fund of
$276&nbsp;million and in the Other Governmental Funds of $94&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s financial position as shown in its Governmental Funds Balance Sheet as of March
31, 2011, includes a fund balance of $5.8&nbsp;billion comprised of $34&nbsp;billion of assets available to
liquidate liabilities of $28.2&nbsp;billion. The Governmental Funds fund balance includes a $2&nbsp;billion
accumulated deficit in the General Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>New York&#146;s budget process begins with the Governor&#146;s submission of the
Executive Budget to the Legislature each January, in preparation for the start of the fiscal year
on April 1. New York&#146;s Constitution requires the Governor to submit an Executive Budget that is
balanced on a cash basis in the General Fund&#151; the Fund that receives the majority of State taxes,
and all income not earmarked for a particular program or
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">activity. In acting on the bills submitted by the Governor, the Legislature has certain
powers to alter the recommended appropriations and proposed changes to existing law. Once the
appropriation bills and other bills become law, the Division of Budget of the State of New York
(&#147;DOB&#148;) revises the State Financial Plan to reflect the Legislature&#146;s actions, and begins the
process of implementing the budget.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State budgetary outlook. </I>The DOB currently projects that the State will end the 2011-12
fiscal year with a General Fund balance of $1.7&nbsp;billion, which consists of $1.0&nbsp;billion in the Tax
Stabilization Reserve, $275&nbsp;million in the Rainy Day Reserve, $275&nbsp;million in the Contingency
Reserve Fund, and $13&nbsp;million in undesignated fund balance. The estimated closing balance reflects
the assumption that the estimated current year shortfall of $350&nbsp;million is closed through
administrative or legislative actions or both..
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Fund disbursements, including transfers to other funds, are expected to total $56.8
billion in 2011-12, an increase of $1.4&nbsp;billion (2.4%) over preliminary 2010-11 results. General
Fund spending is projected to grow at an average annual rate of 12.8% from 2010-11 through 2013-14.
State Operating Funds disbursements for 2011-12 are estimated to total $86.9&nbsp;billion, and
increase of $2.4&nbsp;billion (2.9%) over preliminary 2010-11 results. For both the General Fund and
State Operating Funds, spending growth is driven by Medicaid, education, pension costs, employee
and retiree health benefits, social services programs and debt service.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the most recent State annual report, it was noted that the enacted 2011-12 budget made
significant progress in addressing the State&#146;s structural deficit primarily through spending
reductions and without relying heavily on non-recurring or temporary revenue. The State also needs
to do a better job of monitoring its debt levels. Debt service is one of the fastest growing
categories of the budget and much of this debt has been issued by public authorities without voter
approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The budget gap for 2012-13, which the Governor must address in his Executive Budget due on
February&nbsp;1, 2012, is now projected at $3.25&nbsp;billion. In the General Fund, the projected budget
gaps total approximately $3.25&nbsp;billion in 2012-13, $3.3&nbsp;billion in 2013-14 and $4.8&nbsp;billion in
2013-14.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Debt and other financing activities. </I>The State has obtained long-term financing in the form
of voter-approved general obligation debt (&#147;voter-approved debt&#148;) and other obligations that are
authorized by legislation but not approved by the voters (&#147;non-voter&#151;approved debt&#148;), including
lease-purchase contractual obligations where the State&#146;s legal obligation to make payments is
subject to and paid from annual appropriations made by the Legislature or from assignment of
revenue in the case of Tobacco Settlement Revenue Bonds. The indebtedness of the State may be
classified as State-supported debt and State-related debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-supported debt. </I>State-supported debt includes general obligation debt, to which the
full faith and credit of the State has been pledged, and lease-purchase and contractual obligations
of public authorities and municipalities, where the State&#146;s legal obligation to make payments to
those public authorities and municipalities is subject to and paid from annual appropriations made
by the Legislature. These include the State Personal Income Tax (&#147;PIT&#148;) Revenue Bond Program and
the New York Local Government Assistance Program bonds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Reform Act of 2000 (the &#147;Act&#148;) imposes statutory limitations which restrict the
issuance of State-supported debt to capital purposes only and establishes a maximum term of 30
years for such debt. The Act also imposed phased-in caps that ultimately limit the amount of new
State-supported debt (issued on or after April&nbsp;1, 2000) to 4% of State personal income, and new
State-supported debt service (on debt issued on and after April&nbsp;1, 2000) to 5% of total
governmental funds receipts. For the fiscal year ended March&nbsp;31, 2011, the cumulative debt
outstanding and debt service caps were 4.00% and 4.32%, respectively. The Act does not apply to
debt which is not considered State-supported and therefore does not encompass State-guaranteed
debt, moral obligation debt, and contingent-contractual obligations financing such as the bonds
issued by the Tobacco Settlement Financing Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General obligation debt</I>. General obligation debt is debt to which the full faith and credit
of the State has been pledged. Under New York&#146;s Constitution, the State may not, with limited
exceptions for emergencies, undertake long-term general obligation borrowing (i.e., borrowing for
more than one year) unless the borrowing is authorized in a specific amount for a single work or
purpose by the Legislature and approved by the voters. Under the State Constitution, the State may
undertake short-term general obligation borrowings without voter approval (i)
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in anticipation of the receipt of taxes and revenues, by issuing general obligation tax and
revenue anticipation notes, and (ii)&nbsp;in anticipation of the receipt of proceeds from the sale of
duly authorized but unissued general obligation bonds, by issuing bond anticipation notes. General
obligation debt is currently authorized for transportation, environment and housing purposes. The
State had $3.625&nbsp;billion in general obligation bonds outstanding at 2011 fiscal year-end. During
the year the State issued $500&nbsp;million in general obligation bonds. The total amount of general
obligation bonded debt authorized but not yet issued at 2010&#151;2011&nbsp;year-end was $1.7&nbsp;billion. At
March&nbsp;31, 2011 the State had $56.1&nbsp;billion in bonds, notes and other financing agreements
outstanding compared with $55.3&nbsp;billion last year, an increase of $842&nbsp;million. New York has never
defaulted on any of its general obligation debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-supported lease-purchase and contractual-obligation financings. </I>Prior to the
commencement of the State PIT Revenue issuances in 2002, public authorities or municipalities
issued other long-term, lease-purchase and contractual-obligation debt. This type of debt, where
debt service is payable from monies received from the State and is subject to annual State
appropriation, not general obligations of the State. Under this financing structure bonds were
issued to finance various capital programs, including those which finance the State&#146;s highway and
bridge projects, State University of New York and City University of New York educational
facilities, health and mental hygiene facilities, prison construction and rehabilitation, economic
development projects, State buildings and housing programs, and equipment acquisitions. Debt
service payable to certain public authorities from State appropriations for such lease-purchase and
contractual obligation financings may be paid from general resources of the State or from dedicated
tax and other sources (i.e., State personal income taxes, motor vehicle and motor fuel
related-taxes, dormitory facility rentals, and patient charges). Although these financing
arrangements involve a contractual agreement by the State to make payments to a public authority,
municipality or other entity, the State&#146;s obligation to make such payments is expressly made
subject to appropriation by the Legislature and the actual availability of money to the State for
making the payments. New York has never defaulted on any of its obligations under lease purchase
or contractual obligation financing arrangements. As of March&nbsp;31, 2011, the State had long-term
debt obligations of $40.4&nbsp;billion under lease/purchase and other financing arrangements (nonvoter
approved), a decrease from $40.7&nbsp;billion for fiscal 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-related debt. </I>State-related debt is a broader measure of State debt that includes the
State-supported debt referenced above, as well as State-guaranteed debt (to which the full faith
and credit of the State has been pledged), moral obligation financings and certain
contingent-contractual obligation financings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Contingent contractual-obligation financing. </I>New York may also enter into statutorily
authorized contingent contractual-obligation via a service contracts obligating it to pay debt
service on bonds, subject to annual appropriation, in the event there are shortfalls in revenues
from other non-State resources pledged, or otherwise available, to pay the debt service on the
bonds. New York has never been required to make any payments under this financing arrangement, but
the bankruptcy of certain hospitals in the secured hospitals program may require the State to make
payments in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Moral obligation financings. </I>Moral obligation financing generally involves the issuance of
debt by a public authority to finance a revenue-producing project or other activity. The debt is
secured by project revenues and includes statutory provisions requiring the State, subject to
appropriation by the Legislature, to make up any deficiencies which may occur in the issuer&#146;s debt
service reserve fund. There has never been a payment default on any moral obligation debt of any
public authority. The DOB does not expect the State to increase statutory authorizations for moral
obligation bond programs. The State has not been called upon to make any payments pursuant to any
moral obligations since the 1986-87 fiscal year and no such requirements are anticipated during the
2011-12 fiscal year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-guaranteed financings. </I>Pursuant to specific constitutional authorization, New York may
also directly guarantee certain public authority obligations. Payments of debt service on
State-guaranteed bonds and notes are legally enforceable obligations of the State. The only
current authorization provides for the State guarantee of the repayment of certain borrowings for
designated projects of the New York State Job Development Authority. The State has never been
called upon to make any direct payments pursuant to any such guarantees and does not anticipate
that it will be called upon to make any payments pursuant to the State guarantee in the 2011-12
fiscal year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Public authorities. </I>Public authorities refer to certain public benefit corporations, created
pursuant to State
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">law. Public authorities are not subject to the constitutional restrictions on the incurrence
of debt that apply to the State itself and may issue bonds and notes within the amounts and
restrictions set forth in legislative authorization. The State&#146;s access to the public credit
markets could be impaired and the market price of its outstanding debt may be materially and
adversely affected if any of its public authorities were to default on their respective
obligations, particularly those using State-supported or State-related debt. As of December&nbsp;31,
2010, there were 17 public authorities that had outstanding debt of $100&nbsp;million or more, and the
aggregate outstanding debt, including refunding bonds, of these State public authorities was
approximately $161&nbsp;billion, only a portion of which constitutes State-supported or State-related
debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>New York City (the &#147;City&#148;). </I>The fiscal demands on New York may be affected by the fiscal
condition of the City, which relies in part on State aid to balance its budget and meet its cash
requirements. It is also possible that the State&#146;s finances may be affected by the ability of the
City, and certain entities issuing debt for the benefit of the City, to market securities
successfully in the public credit markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Localities. </I>Certain localities outside the City have experienced financial problems and
have requested and received additional State assistance during the last several State fiscal years.
Between 2004 and July&nbsp;2010, the New York Legislature authorized 21 bond issuances to finance local
government operating deficits. Like the State, local governments must respond to changing
political, economic and financial influences over which they have little or no control. Such
changes may adversely affect the financial condition of certain local governments. For example,
the State or federal government may reduce (or in some cases eliminate) funding of some local
programs or disallow certain claims which, in turn, may require local governments to fund these
expenditures from their own resources. It is also possible that localities or local public
authorities may suffer serious financial difficulties that could jeopardize local access to the
public credit markets, which may adversely affect the marketability of notes and bonds issued by
localities within the State. Localities may also face unanticipated problems resulting from
certain pending litigation, judicial decisions and long-range economic trends. Other large-scale
potential problems, such as declining urban populations, increasing expenditures, and the loss of
skilled manufacturing jobs, may also adversely affect localities and necessitate State assistance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings</I>. The State&#146;s general obligation bonds are rated AA (with a stable outlook) by
S&#038;P and Aa2 (with a stable outlook) by Moody&#146;s (ratings confirmed as of December&nbsp;12, 2011 and
December&nbsp;8, 2011, respectively). There can be no assurance that such ratings will be maintained in
the future. It should be noted that the creditworthiness of obligations issued by local New York
issuers may be unrelated to the creditworthiness of obligations issued by the State of New York,
and that there is no obligation on the part of the State to make payment on such local obligations
in the event of default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risk management</I>. New York State does not insure its buildings or their contents against
theft, fire or other risks and does not insure its automobiles against the possibility of bodily
injury and property damages. The State does, however, have fidelity insurance on State employees.
Workers&#146; compensation coverage is provided on a self-insurance basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a defendant in numerous legal proceedings pertaining to
matters incidental to the performance of routine governmental operations. Such litigation
includes, but is not limited to, claims asserted against the State arising from alleged torts,
alleged breaches of contracts, condemnation proceedings and other alleged violations of State and
federal laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in the State&#146;s outstanding litigation are a number of cases challenging the legality
or the adequacy of a variety of significant social welfare programs primarily involving the State&#146;s
Medicaid and mental health programs. Adverse judgments in these matters generally could result in
injunctive relief coupled with prospective changes in patient care that could require substantial
increased financing of the litigated programs in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to pending and threatened litigation, the State has reported liabilities of $538
million for awarded and anticipated unfavorable judgments. In addition, the State is party to
other claims and litigation that its legal counsel has advised may result in possible adverse court
decisions with estimated potential losses of approximately $379&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Tax-Free New York Fund is susceptible to political, economic or
regulatory
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">factors affecting issuers of New York municipal obligations. The information provided is only
a brief summary of the complex factors affecting the financial situation in New York and is derived
from sources that are generally available to investors and are believed to be accurate. It is
based in part on information obtained from various State agencies in New York or contained in
Official Statements for various New York municipal obligations. No independent verification has
been made of the accuracy or completeness of any of the preceding information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding Ohio Municipal Securities. </B>A Fund that invests in
Ohio (referred to herein as the &#147;State&#148; or New Jersey&#148;) municipal securities is susceptible to
political, economic, regulatory or other factors affecting issuers of Ohio municipal securities.
The following information constitutes only a brief summary of a number of the complex factors which
may impact issuers of Ohio municipal securities and does not purport to be a complete or exhaustive
description of all adverse conditions to which issuers of Ohio municipal securities may be subject.
Such information is derived from official statements utilized in connection with the issuance of
Ohio municipal securities, as well as from other publicly available documents. Such information
has not been independently verified by the Fund and the Fund assumes no responsibility for the
completeness or accuracy of such information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the State that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the State. Additionally, many factors, including national, economic, social
and environmental policies and conditions, which are not within the control of such issuers, could
have an adverse impact on the financial condition of such issuers. The creditworthiness of
obligations issued by local Ohio issuers may be unrelated to the creditworthiness of obligations
issued by the State, and there is no obligation on the part of the State to make payments on such
local obligations. There may be specific factors that are applicable in connection with investment
in the obligations of particular issuers located within Ohio, and it is possible the Fund will
invest in obligations of particular issuers as to which such specific factors are applicable. The
information set forth below is intended only as a general summary and not as a discussion of any
specific factors that may affect any particular issuer of Ohio municipal securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook</I>. Although manufacturing (including auto-related manufacturing)
in Ohio remains an integral part of the State&#146;s economy, the greatest growth in recent years has
been in the non-manufacturing sectors. In 2009, Ohio&#146;s economic output as measured by gross state
product totaled $462.0&nbsp;billion, 3.30% of the national gross product and eighth largest among the
states. Ohio ranks fifth within the manufacturing sector as a whole ($73.2&nbsp;billion) and third in
durable goods ($42.0&nbsp;billion). Ohio is the seventh largest exporting state with 2009 merchandise
exports totaling $34.1&nbsp;billion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s overall unemployment rate is commonly somewhat higher than the national figure.
For example, the reported average monthly State unemployment rates for 2007, 2008, 2009, and 2010
were 5.6%, 6.6%, 10.2%, and 10.1%, respectively, compared to national rates of 4.6%, 5.8%, 9.3%,
and 9.6% , respectively. In 2011 the State&#146;s monthly rates fluctuated above and below the national
rates, and in December&nbsp;2011, the State unemployment rate was 8.1% compared to the national rate of
8.5%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll employment in Ohio increased in 2004 through 2006 and decreased in 2007 through 2010.
Employment is shifting toward the service industry, with manufacturing employment decreasing. The
&#147;non-manufacturing&#148; sector employs approximately 88% of all non-farm payroll workers in the State.
While diversifying more into the service and other non-manufacturing areas, the Ohio economy
continues to rely in part on durable goods manufacturing largely concentrated in motor vehicles and
machinery, including electrical machinery. As a result, general economic activity, as in many
other industrially developed states, tends to be more cyclical than in some other states and in the
nation as a whole. Agriculture is an important segment of the economy, with over half the State&#146;s
area devoted to farming and a significant portion of total employment in agribusiness.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio is the seventh most populous state. The Census count for 2010 was 11,536,504, up from
11,353,140 in 2000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>Most State operations are financed through the General Revenue
Fund (&#147;GRF&#148;). Personal income and sales-use taxes are the major sources of GRF tax revenue.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ohio Office of Budget and Management (&#147;OBM&#148;) continually monitors and analyzes revenues
and expenditures developments (including pending litigation) affecting both, and prepares a
financial report summarizing its analysis at the end of each month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2010-11 biennial appropriations Act (the &#147;2010-11 Act&#148;) was approved on July&nbsp;17, 2009.
All necessary debt service and lease-rental payments related to State obligations for the entire
2010-11 biennium were fully appropriated for the three week interim period and under the final
2010-11 Act. Reflecting the final implementation of the restructuring of State taxes commenced in
2006-07 and a conservative underlying economic forecast, the 2010-11 Act provided for total GRF
biennial appropriations of approximately $50.5&nbsp;billion (a 3.8% decrease from the 2008-09 biennial
expenditures) and total GRF biennial revenues of approximately $51.1&nbsp;billion (a 4.2% decrease from
the 2008-09 biennial revenues). Appropriations for major program categories compared to 2008-09
actual spending reflected increases of 3.4% for Medicaid (excluding American Recovery and
Reinvestment Act of 2009 (&#147;ARRA&#148;) funding) and 0.7% for corrections and youth services; and
decreases of 13.8% for mental health and development disabilities, 8.3% for higher education, and
5.15% for elementary and secondary education. The 2010-11 Act also included the restructuring of
$736&nbsp;million of fiscal years 2010 and 2011 GRF fund debt service into fiscal years 2012 through
2025.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal year 2011, net assets of the State&#146;s primary government increased by $2.6
billion and ended fiscal year 2011 with a balance of $22.8&nbsp;billion. Net assets of the State&#146;s
component units increased by $1.4&nbsp;billion and ended fiscal year 2011 with a balance of $13.8
billion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the General Fund&#146;s fund balance was approximately $2.2&nbsp;billion. The
General Fund&#146;s fund balance increased by $606.9&nbsp;million (exclusive of a $3.8&nbsp;million increase in
inventories) or 37.6% during fiscal year 2011. The General Fund includes the State&#146;s GRF as well
as other funds, such as the budget stabilization fund and certain reimbursement-supported funds
used for activities administered by State agencies and departments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>Consistent with the Ohio Constitution provision that no State appropriation
may be made for a period longer than two years, the State operates on the basis of a fiscal
biennium for its appropriations and expenditures, and is effectively precluded by law from ending
its July 1 to June&nbsp;30 fiscal year or fiscal biennium in a deficit position. Most State operations
are financed through the GRF, for which the personal income and sales use taxes are the major
sources.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current State budget. </I>The 2012-13 biennial appropriations Act (the &#147;2012-13 Act&#148;) was
approved on June&nbsp;30, 2011. To address the use of non-recurring funding sources in the 2010-11
biennium including amounts received under ARRA, the 2012-13 Act includes targeted spending cuts
across most State agencies and major new Medicaid reform and cost containment measures. Reflecting
tax law changes and a conservative underlying economic forecast, the 2012-13 Act provides for total
GRF biennial appropriations of approximately $55.78&nbsp;billion (an 11% increase from 2010-11 GRF
biennial expenditures) and total GRF biennial estimated revenues of approximately $56.07&nbsp;billion (a
6% increase from 2010-11 GRF revenues). GRF appropriations include a 30% increase for Medicaid
(due in part to the absence of ARRA funding in the current biennium) and 3% for elementary an
secondary educations; decreases of 9% for higher education and 8% for mental health and
developmental disabilities; and flat funding for corrections and youth services. The 2012-13 Act
also reflects the restructuring of $440&nbsp;million of fiscal year 2012 general revenue fund debt
service into fiscal years 2013 through 2025.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Major new sources of revenues or expenditure savings reflected in the 2012-13 Act include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transfer of the States liquor sales system to JobsOhio, a nonprofit
corporation created to promote economic development, job creation and
retention, job training and the recruitment of business to the State. In
consideration of this transfer, the 2012-13 Act reflects that the State
anticipates receiving a $500&nbsp;million one-time payment from JobsOhio in fiscal
year 2012. With that transfer, the State will forgo annual deposits to the GRF
from net liquor profits (those deposits totaled $153.0&nbsp;million in fiscal year
2011). In 2011, a complaint was filed claiming the law authorizing the
creation of JobsOhio, as amended by the 2012-13 Act, is an improper special act
conferring corporate powers and that the State may not lend its aid and credit
to JobsOhio. The</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>court granted the State&#146;s motions to dismiss the complaint based on lack of
standing. On December&nbsp;23, 2011, plaintiffs appealed the trial court&#146;s
ruling and the parties are awaiting a decision from the Court of Appeals.</TD>
</TR>
<TR style="font-size: 6pt">
<TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sale of a State-owned prison facility to private operators.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reducing local government fund allocations by $111&nbsp;million in fiscal year
2012 and $340&nbsp;million in fiscal year 2013.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reducing public library fund allocations resulting in expenditure reductions
of $52.3&nbsp;million in fiscal year 2012 and $102.8&nbsp;million in fiscal year 2013.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accelerated phase-out of reimbursement payments to local governments and
school districts in connection with the elimination of the tangible personal
property tax resulting in an increased share of the Commercial Activity Tax
being deposited into the GRF (estimated at $293.5&nbsp;million in fiscal year 2012
and $597.7&nbsp;million in fiscal year 2013).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accelerated phase-out of reimbursement payments to local governments and
school districts for electric power generation deregulation and the entire
natural gas deregulation resulting in a larger share of the kilowatt-hour tax
and natural gas consumption tax being relocated to the GRF (estimated at $141.6
million in fiscal year 2012 and $147.4&nbsp;million in fiscal year 2013).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$235&nbsp;million from transfers to the GRF of unclaimed funds and from other
non-GRF funds and $12&nbsp;million from a tax amnesty program.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the State of Ohio. </I>The incurrence or assumption of debt by the State without a
popular vote is, with limited exceptions, prohibited by the State Constitution. The State may
incur debt to cover casual deficits or to address failures in revenues or to meet expenses not
otherwise provided for, but limited in amount to $750,000. The Constitution expressly precludes
the State from assuming the debts of any county, city, town or township, or of any corporation.
(An exception in both cases is for debts incurred to repel invasion, suppress insurrection, or
defend the State in war.) The Constitution provides that &#147;Except the debts above specified . . .
no debt whatever shall hereafter be created by, or on behalf of the state.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By 19 constitutional amendments approved from 1921 to present, Ohio voters have authorized the
incurrence of State general obligation debt and the pledge of taxes or excises to its payment, all
related to the financing of capital facilities, except for four that funded bonuses for veterans,
one that funded coal technology research and development, and one for research and development
activities. Currently, tax supported general obligation debt of the State is authorized to be
incurred for the following purposes: highways, local infrastructure, coal development, natural
resources, higher education, common schools, conservation, research and development, site
development, and veterans compensation. Although supported by the general obligation pledge,
highway debt is also backed by a pledge of and has always been paid from the State&#146;s motor fuel
taxes and other highway user receipts that are constitutionally restricted in use to highway
related purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 1999 constitutional amendment provides an annual debt service &#147;cap&#148; applicable to future
issuances of State direct obligations payable from the GRF or net State lottery proceeds.
Generally, new obligations may not be issued if future fiscal year debt service on those new and
the then outstanding bonds of those categories would exceed 5% of the total estimated GRF revenues
plus net State lottery proceeds during the fiscal year of issuance. Application of the cap may be
waived in a particular instance by a three-fifths vote of each house of the Ohio General Assembly
and may be changed by future constitutional amendments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to its issuance of highway bonds, the State has financed selected highway
infrastructure projects by issuing bonds and entering into agreements that call for debt service
payments to be made from federal transportation funds allocated to the State, subject to biennial
appropriations by the General Assembly. The highest annual State payment under those agreements in
the current or any future fiscal year is $173.1&nbsp;million in fiscal year
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2012. In the event of any insufficiency in the anticipated federal allocations to make
payments on State bonds, the payments are to be made from any lawfully available moneys
appropriated to Ohio Department of Transportation for the purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State agencies also have participated in buildings and equipment, information systems and
non-highway transportation projects that have local as well as State use and benefit, in connection
with which the State has entered into lease-purchase agreements with terms ranging from 7 to 20
years. Certificates of Participation (COPs) have been issued in connection with those agreements
that represent fractionalized interests in and are payable from the State&#146;s anticipated lease
payments. The maximum annual payment from GRF appropriations under those existing agreements is
$30.5 in fiscal year 2013 and the total GRF-supported principal amount outstanding is $186.4
million. Payments by the State are subject to biennial appropriations by the General Assembly with
the lease terms subject to renewal if appropriations are made. The approval of the OBM Director
and either the General Assembly or the state controlling board is required if COPs are to be
publicly-offered in connection with those agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A statewide economic development program assists the financing of facilities and equipment for
industry, commerce, research and distribution, including technology innovation, by providing loans
and loan guarantees. The law authorizes the issuance of State bonds and notes secured by a pledge
of portions of the State profits from liquor sales. The General Assembly has authorized the
issuance of these obligations with a maximum of $630&nbsp;million to be outstanding at any one time, of
which not more than $84&nbsp;million may be issued for eligible advanced energy projects and not more
than $100&nbsp;million may be issued for eligible logistics and distribution projects. The aggregate
amount from the net liquor profit to be used in any fiscal year to pay debt service on these bonds
may not exceed $63&nbsp;million. Pursuant to constitutional authority, the State has issued $250
million of bonds or notes for revitalization purposes that are also payable from a separate,
subordinate pledge of State liquor profits. The maximum annual debt service on all State bonds
payable from State liquor profits is $51.1&nbsp;million in fiscal year 2016.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain State agencies issue revenue bonds that are payable from revenues from or relating to
revenue producing facilities, such as those issued by the Ohio Turnpike Commission. By judicial
interpretation, such revenue bonds do not constitute &#147;debt&#148; under the constitutional provisions
described above. The Constitution authorizes State bonds for certain housing purposes (issued by
the Ohio Housing Finance Agency) to which tax moneys may not be obligated or pledged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the State had $7.87&nbsp;billion in general obligation bonds outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other issuers of Ohio municipal obligations. </I>Legislation was enacted in 1996 to address
school districts in financial straits. It is similar to similar legislation adopted in 1979 for
municipal &#147;fiscal emergencies&#148; and &#147;fiscal watch,&#148; but is particularly tailored to certain school
districts and their then existing or potential fiscal problems. There are currently eight school
districts in fiscal emergency status and five in fiscal watch status. New legislation created a
third, more preliminary, category of &#147;fiscal caution.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For those municipalities that have faced significant financial problems, there are statutory
procedures for a commission composed of State and local officials, and private sector members
experienced in business and finance appointed by the Governor to monitor the fiscal affairs of the
municipality. The municipality is required to develop a financial plan, subject to the approval of
the commission, to eliminate deficits and cure any defaults. As of March&nbsp;2012, twenty-three
municipalities, including one county and two townships, are in &#147;fiscal emergency&#148; status, three
municipalities are in &#147;fiscal watch&#148; status and three in &#147;fiscal caution&#148; status.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At present the State itself does not levy ad valorem taxes on real or tangible personal
property. Those taxes are levied by political subdivisions and local taxing districts. The
Constitution has since 1934 limited the amount of the aggregate levy of ad valorem property taxes
on particular property, without a vote of the electors or municipal charter provision, to 1% of
true value in money, and statutes limit the amount of that aggregate levy without a vote or charter
provision to 10 mills per $1 of assessed valuation &#151; commonly referred to in the context of Ohio
local government finance as the &#147;ten-mill limitation.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings. </I>The State&#146;s general obligation bonds are rated AA&#043; by S&#038;P and Aa1 by Moody&#146;s
(ratings confirmed as of March&nbsp;1, 2012. There can be no assurance that such ratings will be
maintained in the future. It
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">should be noted that the creditworthiness of obligations issued by local Ohio issuers may be
unrelated to the creditworthiness of obligations issued by the State of Ohio, and that there is no
obligation on the part of the State to make payment on such local obligations in the event of
default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a party to numerous legal proceedings, many of which normally
occur in governmental operations. In addition, the State is involved in certain other legal
proceedings affecting the Department of Commerce, the Department of Transportation, and the Bureau
of Workers&#146; Compensation. (described in the State&#146;s recent financial statements). As of June&nbsp;30,
2011, $26.8&nbsp;million remains payable to the defendant in the Department of Transportation case and
has been recorded as a liability in the State&#146;s financial statements. Because of the prospective
nature of the other proceedings, it is not presently possible to predict the outcome of such
litigation, estimate the potential impact on the State&#146;s financial position, or determine what
impact, if any, such proceedings may have on the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Fund is susceptible to political, economic or regulatory factors
affecting issuers of Ohio municipal obligations. The information provided is only a brief summary
of the complex factors affecting the financial situation in Ohio and is derived from sources that
are generally available to investors and are believed to be accurate. It is based in part on
information obtained from various State agencies in Ohio or contained in Official Statements for
various Ohio municipal obligations. No independent verification has been made of the accuracy or
completeness of any of the preceding information.
</DIV>







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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX B</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RATINGS OF DEBT SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a description of the factors underlying the debt ratings of Moody&#146;s, S&#038;P and
Fitch.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Moody&#146;s Long-Term Debt Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Aaa: </B>Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk. Aa:
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. A:
Obligations rated A are considered upper-medium grade and are subject to low credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Baa: </B>Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade
and as such may possess certain speculative characteristics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ba: </B>Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B: </B>Obligations rated B are considered speculative and are subject to high credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Caa: </B>Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ca: </B>Obligations rated Ca are highly speculative and are likely in, or very near, default, with some
prospect of recovery of principal and interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>C: </B>Obligations rated C are the lowest rated class of bonds and are typically in default, with
little prospect for recovery of principal or interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: Moody&#146;s applies numerical modifiers 1, 2, and 3 in 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.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Moody&#146;s Short-Term Prime Rating System</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>P-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>P-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>P-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NP (Not Prime)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating
categories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: In addition, in certain countries the prime rating may be modified by the issuer&#146;s or
guarantor&#146;s senior unsecured long-term debt rating.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Moody&#146;s MIG/VMIG US Short-Term Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In municipal debt issuance, there are three rating categories for short-term obligations that are
considered investment grade. These ratings are designated as Moody&#146;s Investment Grade (&#147;MIG&#148;) and
are divided into three levels &#151; MIG 1 through MIG 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, those short-term obligations that are of speculative quality are designated SG, or
speculative grade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of variable rate demand obligations (&#147;VRDOs&#148;), a two-component rating is assigned. The
first element represents Moody&#146;s evaluation of the degree of risk associated with scheduled
principal and interest payments. The second element represents Moody&#146;s evaluation of the degree of
risk associated with the demand feature, using the MIG rating scale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The short-term rating assigned to the demand feature of VRDOs is designated as VMIG. When either
the long- or short-term aspect of a VRDO is not rated, that piece is designated NR, e.g., Aaa/NR or
NR/VMIG 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MIG ratings expire at note maturity. By contrast, VMIG rating expirations will be a function of
each issue&#146;s specific structural or credit features.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gradations of investment quality are indicated by rating symbols, with each symbol representing a
group in which the quality characteristics are broadly the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MIG 1/VMIG 1</B>: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MIG 2/VMIG 2</B>: This designation denotes strong credit quality. Margins of protection are
ample although not as large as in the preceding group.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MIG 3/VMIG 3</B>: 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SG</B>: This designation denotes speculative-grade credit quality. Debt instruments in this
category may lack sufficient margins of protection.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Long-Term Issue Credit Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issue credit ratings are based, in varying degrees, on Standard &#038; Poor&#146;s analysis of the following
considerations:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Likelihood of payment &#151; capacity and willingness of the obligor to meet its
financial commitment on an obligation in accordance with the terms of the obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nature of and provisions of the obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Protection afforded by, and relative position of, the obligation in the event
of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other
laws affecting creditors&#146; rights.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issue ratings are an assessment of default risk, but may incorporate an assessment of relative
seniority or ultimate recovery in the event of default. Junior obligations are typically rated
lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such
differentiation may apply when an entity has both senior and subordinated obligations, secured and
unsecured obligations, or operating company and holding company obligations.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AAA</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;AAA&#146; has the highest rating assigned by Standard &#038; Poor&#146;s. The obligor&#146;s
capacity to meet its financial commitment on the obligation is extremely strong.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AA</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;AA&#146; differs from the highest-rated obligations only to a small degree. The
obligor&#146;s capacity to meet its financial commitment on the obligation is very strong.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;A&#146; is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher-rated categories. However, the
obligor&#146;s capacity to meet its financial commitment on the obligation is still strong.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BBB</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;BBB&#146; exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor
to meet its financial commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BB, B, CCC, CC and C</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Obligations rated &#145;BB&#146;, &#145;B&#146;, &#145;CCC&#146;, &#145;CC&#146;, and &#145;C&#146; are regarded as having significant speculative
characteristics. &#145;BB&#146; indicates the least degree of speculation and &#145;C&#146; the highest. While such
obligations will likely have some quality and protective characteristics, these may be outweighed
by large uncertainties or major exposures to adverse conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BB</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;BB&#146; 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&#146;s inadequate capacity to meet its financial commitment
on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;B&#146; is more vulnerable to nonpayment than obligations rated &#145;BB&#146;, but the
obligor currently has the capacity to meet its financial commitment on the obligation. Adverse
business, financial, or economic conditions will likely impair the obligor&#146;s capacity or
willingness to meet its financial commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CCC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;CCC&#146; is currently vulnerable to nonpayment, and is dependent upon favorable
business, financial, and economic conditions for the obligor to meet its financial commitment 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 commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;CC&#146; is currently highly vulnerable to nonpayment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>C</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A &#145;C&#146; rating is assigned to obligations that are currently highly vulnerable to nonpayment,
obligations that have payment arrearages allowed by the terms of the documents, or obligations of
an issuer that is the subject of a bankruptcy petition or similar action which have not experienced
a payment default. Among others, the &#145;C&#146; rating may be assigned to subordinated debt, preferred
stock or other obligations on which cash payments have been suspended in accordance with the
instrument&#146;s terms or when preferred stock is the subject of a distressed exchange
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by
other instruments having a total value that is less than par.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>D</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;D&#146; is in payment default. The &#145;D&#146; rating category is used when payments on an
obligation, including a regulatory capital instrument, are not made on the date due even if the
applicable grace period has not expired, unless Standard &#038; Poor&#146;s believes that such payments will
be made during such grace period. The &#145;D&#146; rating also will be used upon the filing of bankruptcy
petition or the taking of similar action if payments on an obligation are jeopardized. An
obligation&#146;s rating is lowered to &#145;D&#146; upon completion of distressed exchange offer, whereby some or
all of the issue is either repurchased for an amount of cash or replaced by other instruments
having a total value that is less than par.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Plus (&#043;) or minus (-)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ratings from &#145;AA&#146; to &#145;CCC&#146; may be modified by the addition of a plus (&#043;) or minus (-) sign to
show relative standing within the major rating categories.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This indicates that no rating has been requested, that there is insufficient information on which
to base a rating, or that Standard &#038; Poor&#146;s does not rate a particular obligation as a matter of
policy.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Short-Term Issue Credit Ratings</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;A-1&#146; is rated in the highest category by Standard &#038; Poor&#146;s. The
obligor&#146;s capacity to meet its financial commitment on the obligation is strong. Within this
category, certain obligations are designated with a plus sign (&#043;). This indicates that the
obligor&#146;s capacity to meet its financial commitment on these obligations is extremely strong.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;A-2&#146; is somewhat more susceptible to the adverse effects of changes
in circumstances and economic conditions than obligations in higher rating categories. However,
the obligor&#146;s capacity to meet its financial commitment on the obligation is satisfactory.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;A-3&#146; exhibits adequate protection parameters. However, adverse
economic conditions or changing circumstances are more likely to lead a weakened capacity of the
obligor to meet its financial commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B&#146; is regarded as having significant speculative characteristics.
Ratings of &#145;B-1&#146;, &#145;B-2&#146;, and &#145;B-3&#146; may be assigned to indicate finer distinctions within the &#145;B&#146;
category. The obligor currently has the capacity to meet its financial commitment on the
obligation; however, it faces major ongoing uncertainties which could lead to the obligor&#146;s
inadequate capacity to meet its financial commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B-1&#146; is regarded as having significant speculative characteristics,
but the obligor has a relatively stronger capacity to meet its financial commitments over the
short-term compared to other speculative-grade obligors.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B-2&#146; is regarded as having significant speculative characteristics,
and the obligor has an average speculative-grade capacity to meet its financial commitments over
the short-term compared to other speculative-grade obligors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B-3&#146; is regarded as having significant speculative characteristics,
and the obligor has a relatively weaker capacity to meet its financial commitments over the
short-term compared to other speculative-grade obligors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>C</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;C&#146; is currently vulnerable to nonpayment and is dependent upon
favorable business, financial, and economic conditions for the obligor to meet its financial
commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>D</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;D&#146; is in payment default. The &#145;D&#146; rating category is used when
payments on an obligation, including a regulatory capital instrument, are not made on the date due
even if the applicable grace period has not expired, unless Standard &#038; Poor&#146;s believes that such
payments will be made during such grace period. The &#145;D&#146; rating also will be used upon the filing
of a bankruptcy petition or the taking of similar action if payments on an obligation are
jeopardized.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Municipal Short-Term Note Ratings Definitions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Standard &#038; Poor&#146;s U.S. municipal note rating reflects Standard &#038; Poor&#146;s opinion about the
liquidity factors and market access risks unique to the notes. Notes due in three years or less
will likely receive a note rating. Notes with an original maturity of more than three years will
most likely receive a long-term debt rating. In determining which type of rating, if any, to
assign, Standard &#038; Poor&#146;s analysis will review the following considerations:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amortization schedule &#151; the larger final maturity relative to other
maturities, the more likely it will be treated as a note; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Source of payment &#151; the more dependent the issue is on the market for its
refinancing, the more likely it will be treated as a note.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note rating symbols are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SP-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Strong capacity to pay principal and interest. An issue determined to possess a very strong
capacity to pay debt service is given a plus (&#043;) designation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SP-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial
and economic changes over the term of the notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SP-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Speculative capacity to pay principal and interest.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Dual Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Standard &#038; Poor&#146;s assigns &#147;dual&#148; ratings to all debt issues that have a put option or demand
feature as part of their structure. The first rating addresses the likelihood of repayment of
principal and interest as due, and the second rating addresses only the demand feature. The
long-term rating symbols are used for bonds to denote the long-term maturity and the short-term
rating symbols for the put option (for example, &#145;AAA/A-1&#043;&#146;). With U.S. municipal short-term demand
debt, note rating symbols are used with the short-term issue credit rating symbols (for example,
&#145;SP-1&#043;/A-1&#043;&#146;)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ratings and other credit related opinions of Standard &#038; Poor&#146;s and its affiliates are
statements of opinion as of the date they are expressed and not statements of fact or
recommendations to purchase, hold or sell any securities or make any investment decisions.
Standard &#038; Poor&#146;s assumes no obligation to update any information following publication. Users of
ratings and credit related opinions should not rely on them in making any investment decision.
Standard &#038; Poor&#146;s opinions and analysis do not address the suitability of any security. Standard &#038;
Poor&#146;s Financial Services LLC does not act as a fiduciary or an investment advisor. While Standard
&#038; Poor&#146;s has obtained information from sources it believes to be reliable, Standard &#038; Poor&#146;s does
not perform an audit and undertakes no duty of due diligence or independent verification of any
information it receives. Ratings and credit related opinions may be changed, suspended, or
withdrawn at any time.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Fitch Credit Rating Scales</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fitch Ratings&#146; credit ratings provide an opinion on the relative ability of an entity to meet
financial commitments, such as interest, preferred dividends, repayment of principal, insurance
claims or counterparty obligations. Credit ratings are used by investors as indications of the
likelihood of receiving the money owed to them in accordance with the terms on which they invested.
The agency&#146;s credit ratings cover the global spectrum of corporate, sovereign (including
supranational and sub-national), financial, bank, insurance, municipal and other public finance
entities and the securities or other obligations they issue, as well as structured finance
securities backed by receivables or other financial assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms &#147;investment grade&#148; and &#147;speculative grade&#148; have established themselves over time as
shorthand to describe the categories &#145;AAA&#146; to &#145;BBB&#146; (investment grade) and &#145;BB&#146; to &#145;D&#146; (speculative
grade). The terms &#147;investment grade&#148; and &#147;speculative grade&#148; are market conventions, and do not
imply any recommendation or endorsement of a specific security for investment purposes.
&#147;Investment grade&#148; categories indicate relatively low to moderate credit risk, while ratings in the
&#147;speculative&#148; categories either signal a higher level of credit risk or that a default has already
occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A designation of &#147;Not Rated&#148; or &#147;NR&#148; is used to denote securities not rated by Fitch where Fitch
has rated some, but not all, securities comprising an issuance capital structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit ratings express risk in relative rank order, which is to say they are ordinal measures of
credit risk and are not predictive of a specific frequency of default or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fitch Ratings&#146; credit ratings do not directly address any risk other than credit risk. In
particular, ratings do not deal with the risk of a market value loss on a rated security due to
changes in interest rates, liquidity and other market considerations. However, in terms of payment
obligation on the rated liability, market risk may be considered to the extent that it influences
the ability of an issuer to pay upon a commitment. Ratings nonetheless do not reflect market risk
to the extent that they influence the size or other conditionality of the obligation to pay upon a
commitment (for example, in the case of index-linked bonds).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the default components of ratings assigned to individual obligations or instruments, the agency
typically rates to the likelihood of non-payment or default in accordance with the terms of that
instrument&#146;s documentation. In limited cases, Fitch Ratings may include additional considerations
(i.e. rate to a higher or lower standard than that implied in the obligation&#146;s documentation). In
such cases, the agency will make clear the assumptions underlying the agency&#146;s opinion in the
accompanying rating commentary.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Fitch Long-Term Rating Scales</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Issuer Credit Rating Scales</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rated entities in a number of sectors, including financial and non-financial corporations,
sovereigns and insurance companies, are generally assigned Issuer Default Ratings (&#147;IDRs&#148;). IDRs
opine on an entity&#146;s relative vulnerability to default on financial obligations. The &#147;threshold&#148;
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, although the agency
recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In aggregate, IDRs provide an ordinal ranking of issuers based on the agency&#146;s view of their
relative vulnerability to default, rather than a prediction of a specific percentage likelihood of
default. For historical information on the default experience of Fitch-rated issuers, please
consult the transition and default performance studies available from the Fitch Ratings website.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AAA: Highest credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;AAA&#146; ratings denote the lowest expectation of default risk. They are assigned only in cases of
exceptionally strong capacity for payment of financial commitments. This capacity is highly
unlikely to be adversely affected by foreseeable events.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AA: Very high credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;AA&#146; ratings denote expectations of very low default risk. They indicate very strong capacity for
payment of financial commitments. This capacity is not significantly vulnerable to foreseeable
events.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A: High credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;A&#146; ratings denote expectations of low default risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse
business or economic conditions than is the case for higher ratings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BBB: Good credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;BBB&#146; ratings indicate that expectations of default risk are currently low. The capacity for
payment of financial commitments is considered adequate but adverse business or economic conditions
are more likely to impair this capacity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BB: Speculative.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;BB&#146; ratings indicate an elevated vulnerability to default risk, particularly in the event of
adverse changes in business or economic conditions over time; however, business or financial
flexibility exists which supports the servicing of financial commitments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B: Highly speculative.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;B&#146; ratings indicate that material default risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for continued payment is
vulnerable to deterioration in the business and economic environment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CCC: Substantial credit risk.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is a real possibility.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CC: Very high levels of credit risk.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default of some kind appears probable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>C: Exceptionally high levels of credit risk</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative
of a &#145;C&#146; category rating for an issuer include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuer has entered into a grace or cure period following non-payment of a
material financial obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuer has entered into a temporary negotiated waiver or standstill
agreement following a payment default on a material financial obligation; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fitch Ratings otherwise believes a condition of &#145;RD&#146; or &#145;D&#146; to be imminent or
inevitable, including through the formal announcement of a coercive debt exchange.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RD: Restricted default.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;RD&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has experienced an uncured payment
default on a bond, loan or other material financial obligation but which has not entered into
bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure,
and which has not otherwise ceased business. This would include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the selective payment default on a specific class or currency of debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execution of a coercive debt exchange on one or more material financial
obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>D: Default.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;D&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-up procedure, or which has
otherwise ceased business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default ratings are not assigned prospectively to entities or their obligations; within this
context, non-payment on an instrument that contains a deferral feature or grace period will
generally not be considered a default until after the expiration of the deferral or grace period,
unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a coercive
debt exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Imminent&#148; default typically refers to the occasion where a payment default has been intimated by
the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a
scheduled payment, but (as is typical) has a grace period during which it may cure the payment
default. Another alternative would be where an issuer has formally announced a coercive debt
exchange, but the date of the exchange still lies several days or weeks in the immediate future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In all cases, the assignment of a default rating reflects the agency&#146;s opinion as to the most
appropriate rating category consistent with the rest of its universe of ratings, and may differ
from the definition of default under the terms of an issuer&#146;s financial obligations or local
commercial practice.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The modifiers &#147;&#043;&#148; or &#147;-&#148; may be appended to a rating to denote relative status within major rating
categories. Such suffixes are not added to the &#145;AAA&#146; Long-Term IDR category, or to Long-Term IDR
categories below &#145;B&#146;.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Fitch Short-Term Rating Scales</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to
default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term
Ratings are assigned to obligations whose initial maturity is viewed as &#147;short term&#148; based on
market convention. Typically, this means up to 13&nbsp;months for corporate, sovereign, and structured
obligations, and up to 36&nbsp;months for obligations in U.S. public finance markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>F1: Highest short-term credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an
added &#147;&#043;&#148; to denote any exceptionally strong credit feature.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>F2: Good short-term credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good intrinsic capacity for timely payment of financial commitments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>F3: Fair short-term credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The intrinsic capacity for timely payment of financial commitments is adequate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B: Speculative short-term credit quality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near
term adverse changes in financial and economic conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>C: High short-term default risk.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is a real possibility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RD: Restricted default.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>D: Default.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates a broad-based default event for an entity, or the default of a short-term obligation.
</DIV>







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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>APPENDIX C</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>STRATEGIC TRANSACTIONS; OPTIONS AND FUTURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This appendix provides additional information about the investment policies and restrictions
for some of the Funds. Capitalized terms not otherwise defined herein are used as defined in the
Fund&#146;s original prospectus, as amended. References herein to the &#147;Prospectus&#148; should be read as
references to the Fund&#146;s original prospectus, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen California Value Municipal Income Trust (VCV), Invesco Van Kampen Select
Sector Municipal Trust (VKL)&nbsp;and Invesco Van Kampen Massachusetts Value Municipal Income Trust
(VMV)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Strategic Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase and sell exchange-listed and over-the-counter put and call options on
securities, financial futures, fixed-income indices and other financial instruments, purchase and
sell financial futures contracts and enter into various interest rate transactions such as swaps,
caps, floors or collars. Collectively, all the above are referred to as &#147;Strategic Transactions.&#148;
Strategic Transactions may be used to attempt to protect against possible changes in the market
value of securities held in or to be purchased for the Fund&#146;s portfolio resulting from securities
markets fluctuations, to protect the Fund&#146;s unrealized gains in the value of its portfolio
securities, to facilitate the sale of such securities for investment purposes, to manage the
effective maturity or duration of the Fund&#146;s portfolio, or to establish a position in the
derivatives markets as a temporary substitute for purchasing or selling particular securities.
Strategic Transactions, other than Strategic Transactions involving financial futures and options
thereon, may also be used to enhance potential gain. Any or all of these investment techniques may
be used at any time and there is no particular strategy that dictates the use of one technique
rather than another, as use of any Strategic Transaction is a function of numerous variables
including market conditions. The ability of the Fund to utilize these Strategic Transactions
successfully will depend on the Adviser&#146;s ability to predict pertinent market movements, which
cannot be assured. The Fund will comply with applicable regulatory requirements when implementing
these strategies, techniques and instruments. Strategic Transactions involving financial futures
and options thereon will be purchased, sold or entered into only for bona fide hedging, risk
management or portfolio management purposes and not for speculative purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Transactions have risks associated with them including possible default by the other
party to the transaction, illiquidity and, to the extent the Adviser&#146;s view as to certain market
movements is incorrect, the risk that the use of such Strategic Transactions could result in losses
greater than if they had not been used. Use of put and call options may result in losses to the
Fund, force the sale of portfolio securities at inopportune times or for prices other than at
current market values, limit the amount of appreciation the Fund can realize on its investments or
cause the Fund to hold a security it might otherwise sell. The use of options and futures
transactions entails certain other risks. In particular, the variable degree of correlation
between price movements of futures contracts and price movements in the related portfolio position
of the Fund creates the possibility that losses on the hedging instrument may be greater than gains
in the value of the Fund&#146;s position. In addition, futures and options markets may not be liquid in
all circumstances and certain over-the-counter options may have no markets. As a result, in certain
markets, the Fund might not be able to close out a transaction without incurring substantial
losses, if at all. Although the contemplated use of these futures contracts and options thereon
should tend to minimize the risk of loss due to a decline in the value of the hedged position, at
the same time they tend to limit any potential gain which might result from an increase in value of
such position. Finally, the daily variation margin requirements for futures contracts and the sale
of options thereon would create a greater ongoing potential financial risk than would purchases of
options, where the exposure is limited to the cost of the initial premium. Losses resulting from
the use of Strategic Transactions would reduce net asset value, and possibly income, and such
losses can be greater than if the Strategic Transactions had not been utilized. Income earned or
gains realized or deemed to be earned or realized, if any, by the Fund from engaging in Strategic
Transactions generally will be taxable income of the Fund. Such income will be allocated to both
the Common Shares and the Preferred Shares on a pro rata basis. The Strategic Transactions that the
Fund may use and some of their risks are described more fully below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may, but is not required to, utilize various other investment strategies as described
below to hedge various market risks (such as interest rates), to manage the effective maturity or
duration of securities or
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">portfolios or to enhance potential gain. Such strategies are generally accepted by modern
portfolio managers and are regularly utilized by many mutual funds and other institutional
investors. Techniques and instruments may change over time as new instruments and strategies are
developed or regulatory changes occur.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Strategic Transactions</I>. In the course of pursuing these investment strategies, the Fund may
purchase and sell exchange-listed and over-the-counter put and call options on securities,
financial futures, interest rate indices and other financial instruments, purchase and sell
financial futures contracts and enter into various interest rate transactions such as swaps, caps,
floors or collars (collectively, all the above are called &#147;Strategic Transactions&#148;). Presently,
options on municipal securities are traded exclusively over-the-counter, although if options on
municipal securities were to be listed for trading on a national securities exchange the Fund might
trade in such exchange-listed options. Strategic Transactions may be used to attempt to protect
against possible changes in the market value of securities held in or to be purchased for the
Fund&#146;s portfolio resulting from securities markets fluctuations, to protect the Fund&#146;s unrealized
gains in the value of its portfolio securities, to facilitate the sale of such securities for
investment purposes, to manage the effective maturity or duration of the Fund&#146;s portfolio, or to
establish a position as a temporary substitute for purchasing or selling particular securities.
Some Strategic Transactions may also be used to enhance potential gain although no more than 5% of
the Fund&#146;s assets will be committed to Strategic Transactions entered into for non-hedging or risk
management purposes. Any or all of these investment techniques may be used at any time and there
is no particular strategy that dictates the use of one technique rather than another, as the use of
any Strategic Transaction is a function of numerous variables including market conditions. The
ability of the Fund to utilize these Strategic Transactions successfully will depend on the
Adviser&#146;s ability to predict pertinent market movements, which cannot be assured. The Fund will
comply with applicable regulatory requirements when implementing these strategies, techniques and
instruments. Strategic Transactions involving financial futures and options thereon will be
purchased, sold or entered into only for bona fide hedging, risk management or portfolio management
purposes and not for speculative purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Transactions have risks associated with them including possible default by the other
party to the transaction, illiquidity and, to the extent the Adviser&#146;s view as to certain market
movements is incorrect, the risk that the use of such Strategic Transactions could result in losses
greater than if they had not been used. Use of put and call options may result in losses to the
Fund, force the sale of portfolio securities at inopportune times or for prices other than current
market values, limit the amount of appreciation the Fund can realize on its investments or cause
the Fund to hold a security it might otherwise sell. The use of options and futures transactions
entails certain other risks. In particular, the variable degree of correlation between price
movements of futures contracts and price movements in the related portfolio position of the Fund
creates the possibility that losses on the hedging instrument may be greater than gains in the
value of the Fund&#146;s position. In addition, futures and options markets may not be liquid in all
circumstances and certain over-the-counter options may have no markets. As a result, in certain
markets, the Fund might not be able to close out a transaction without incurring substantial
losses, if at all. Although the contemplated use of these futures contracts and options thereon
should tend to minimize the risk of loss due to a decline in the value of the hedged position, at
the same time they tend to limit any potential gain which might result from an increase in value of
such position. Finally, the daily variation margin requirements for futures contracts and the sale
of options thereon would create a greater ongoing potential financial risk than would purchases of
options, where the exposure is limited to the cost of the initial premium. Losses resulting from
the use of Strategic Transactions would reduce net asset value, and possibly income, and such
losses can be greater than if the Strategic Transactions had not been utilized. Income earned or
gains realized or deemed to be earned or realized, if any, by the Fund from engaging in Strategic
Transactions generally will be taxable income of the Fund. Such income will be allocated to both
the Common Shares and the Preferred Shares on a pro rata basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Characteristics of Options</I>. Put options and call options typically have similar
structural characteristics and operational mechanics regardless of the underlying instrument on
which they are purchased or sold. Thus, the following general discussion relates to each of the
particular types of options discussed in greater detail below. In addition, many Strategic
Transactions involving options require segregation of Fund assets in special accounts, as described
below under &#147;Use of Segregated and Other Special Accounts.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A put option gives the purchaser of the option, upon payment of a premium, the right to sell,
and the writer the obligation to buy, the underlying security, commodity, index or other instrument
at the exercise price. For instance, the Fund&#146;s purchase of a put option on a security might be
designed to protect its holdings in the underlying instrument (or, in some cases, a similar
instrument) against a substantial decline in the market value by
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">giving the Fund the right to sell such instrument at the option exercise price. A call option,
upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the
obligation to sell, the underlying instrument at the exercise price. The Fund&#146;s purchase of a call
option on a security, financial future, index or other instrument might be intended to protect the
Fund against an increase in the price of the underlying instrument that it intends to purchase in
the future by fixing the price at which it may purchase such instrument. An American style put or
call option may be exercised at any time during the option period while a European style put or
call option may be exercised only upon expiration or during a fixed period prior thereto. The Fund
is authorized to purchase and sell exchange listed options and over-the-counter options (&#147;OTC
options&#148;). Exchange listed options are issued by a regulated intermediary such as the Options
Clearing Corporation (&#147;OCC&#148;), which guarantees the performance of the obligations of the parties to
such options. The discussion below uses the OCC as a paradigm, but is also applicable to other
financial intermediaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With certain exceptions, OCC issued and exchange listed options generally settle by physical
delivery of the underlying security, although in the future cash settlement may become available.
Index options and Eurodollar instruments are cash settled for the net amount, if any, to the extent
the option is &#147;in-the-money&#148; (i.e., where the value of the underlying instrument exceeds in the
case of a call option, or is less than, in the case of a put option, the exercise price of the
option) at the time the option is exercised. Frequently, rather than taking or making delivery of
the underlying instrument through the process of exercising the option, listed options are closed
by entering into offsetting purchase or sale transactions that do not result in ownership of the
new option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s ability to close out its position as a purchaser or seller of an OCC or exchange
listed put or call option is dependent, in part, upon the liquidity of the option market. Among
the possible reasons for the absence of a liquid option market on an exchange are: (i)&nbsp;insufficient
trading interest in certain options; (ii)&nbsp;restrictions on transactions imposed by an exchange;
(iii)&nbsp;trading halts, suspensions or other restrictions imposed with respect to the particular
classes or series of options or underlying securities including reaching daily price limits; (iv)
interruption of the normal operations of the OCC or an exchange; (v)&nbsp;inadequacy of the facilities
of an exchange or OCC to handle current trading volume; or (vi)&nbsp;a decision by one or more exchanges
to discontinue the trading of options (or a particular class or series of options), in which event
the relevant market for that option on that exchange would cease to exist, although outstanding
options on that exchange would generally continue to be exercisable in accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The hours of trading for listed options may not coincide with the hours during which the
underlying financial instruments are traded. To the extent that the option markets close before
the markets for the underlying financial instruments, significant price movements can take place in
the underlying markets that cannot be reflected in the option markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTC options are purchased from or sold to securities dealers, financial institutions or other
parties (&#147;Counterparties&#148;) through direct bilateral agreements with the Counterparty. In contrast
to exchange listed options, which generally have standardized terms and performance mechanics, all
the terms of an OTC option, including such terms as method of settlement, term, exercise price,
premium, guaranties and security, are set by negotiation of the parties. The Fund will only enter
into OTC options that have a buy-back provision permitting the Fund to require the Counterparty to
buy back the option at a formula price within seven days. The Fund expects generally to enter into
OTC options that have cash settlement provisions, although it is not required to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the parties provide for it, there is no central clearing or guaranty function in an OTC
option. As a result, if the Counterparty fails to make or take delivery of the security or other
instrument underlying an OTC option it has entered into with the Fund or fails to make a cash
settlement payment due in accordance with the terms of the option, the Fund will lose any premium
it paid for the option as well as any anticipated benefit of the transaction. Accordingly, the
Adviser must access the creditworthiness of each such Counterparty or any guarantor or credit
enhancement of the Counterparty&#146;s credit to determine the likelihood that the terms of the OTC
option will be satisfied. The Fund will engage in OTC option transactions only with United States
government securities dealers recognized by the Federal Reserve Bank in New York as &#147;primary
dealers&#148;, broker-dealers, domestic or foreign banks or other financial institutions which have
received a short-term credit rating of A-l from S&#038;P or P-l from Moody&#146;s Investor Services
(&#147;Moody&#146;s&#148;) or any equivalent rating from any other nationally recognized statistical rating
organization (&#147;NRSRO&#148;). The staff of the Securities and Exchange Commission currently takes the
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">position that assets used as cover or segregated in connection with the amount of the Fund&#146;s
obligation pursuant to certain OTC options are illiquid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund sells a call option, the premium that it receives may serve as a partial hedge, to
the extent of the option premium, against a decrease in the value of the underlying securities or
instruments in its portfolio or will increase the Fund&#146;s income. The sale of put options can also
provide income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase and sell call options on municipal securities and other financial
instruments that the adviser believes have a high degree of correlation to the municipal securities
which the Fund may purchase, including U.S. Treasury and agency securities, mortgage-backed
securities and Eurodollar instruments that are traded on U.S. securities exchanges and in the
over-the-counter markets and related futures on such securities. All calls sold by the Fund must
be &#147;covered&#148; or must meet the asset segregation requirements described below as long as the call is
outstanding (i.e., the Fund must own the securities or futures contract subject to the call). Even
though the Fund will receive the option premium to help protect it against loss, a call sold by the
Fund exposes the Fund during the term of the option to possible loss of opportunity to realize
appreciation in the market price of the underlying security and may require the Fund to hold a
security which it might otherwise have sold.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase and sell put options that relate to municipal securities and other
financial instruments that the Adviser believes have a high degree of correlation to the municipal
securities which the Fund may purchase, including U.S. Government Securities, mortgage-backed
securities, and Eurodollar instruments (whether or not it holds the above securities in its
portfolio) or futures on such securities. The Fund will not sell put options if, as a result, more
than 50% of the Fund&#146;s assets would be required to be segregated to cover its potential obligations
under its hedging, duration management, risk management, and other Strategic Transactions other
than those with respect to futures and options thereon. In selling put options, there is a risk
that the Fund may be required to buy the underlying security at a disadvantageous price above the
market price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Characteristics of Futures</I>. The Fund may purchase and sell financial futures
contracts or purchase put and call options on such futures as a hedge against anticipated interest
rate movements for duration management and for risk management purposes. Futures are generally
bought and sold on the commodities exchanges where they are listed with payment of initial and
variation margin as described below. The sale of a futures contract creates a firm obligation by
the Fund, as seller, to deliver the specific type of financial instrument called for in the
contract at a specific future time for a specified price (or, with respect to index futures and
Eurodollar instruments, the net cash amount). Options on futures contracts are similar to options
on securities except that an option on a futures contract gives the purchaser the right in return
for the premium paid to assume a position in a futures contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s use of financial futures and options thereon will in all cases be consistent with
applicable regulatory requirements and in particular the rules and regulations of the Commodity
Futures Trading Commission and will be entered into for bona fide hedging (including duration
management), risk management or other portfolio management purposes. Typically, maintaining a
futures contract or selling an option thereon requires the Fund to deposit with a financial
intermediary as security for its obligations an amount of cash or other specified assets (initial
margin) which initially is typically 1% to 5% of the face amount of the contract (but may be higher
in some circumstances). Additional cash or assets (variation margin) may be required to be
deposited thereafter on a daily basis as the mark to market value of the contract fluctuates. The
purchase of options on financial futures involves payment of a premium for the option without any
further obligation on the part of the Fund. If the Fund exercises an option on a futures contract
it will be obligated to post initial margin (and potential subsequent variation margin) for the
resulting futures position just as it would for any position. Futures contracts and options
thereon are generally settled by entering into an offsetting transaction but there can be no
assurance that the position will be offset prior to settlement and that delivery will not occur.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not enter into a futures contract or related option (except for closing
transactions) for other than bona fide hedging purposes if, immediately thereafter, the sum of the
amount of its initial margin and premiums on open futures contracts and options thereon would
exceed 5% of the Fund&#146;s net assets (taken at current value); however, in the case of an option that
is in-the-money at the time of the purchase, the in-the-money amount may be excluded in calculating
the 5% limitation. Certain state securities laws to which the Fund may be subject may
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">further restrict the Fund&#146;s ability to engage in transactions in futures contracts and related
options. The segregation requirements with respect to futures and options thereon are described
below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities Indices and Other Financial Indices</I>. The Fund also may purchase and
sell call and put options on securities indices and other financial indices, including indices
based upon municipal securities to the extent that an active market exists or develops, and, in so
doing can achieve many of the same objectives it would achieve through the sale or purchase of
options on individual securities or other instruments. Options on securities indices and other
financial indices are similar to options on a security or other instrument except that, rather than
settling by physical delivery of the underlying instrument, they settle by cash settlement, i.e.,
an option on an index gives the holder the right to receive, upon exercise of the option, an amount
of cash if the closing level of the index upon which the option is based exceeds, in the case of a
call, or is less than, in the case of a put, the exercise price of the option (except if, in the
case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess
of the closing price of the index over the exercise price of the option, which also may be
multiplied by a formula value. The seller of the option is obligated, in return for the premium
received, to make delivery of this amount. The gain or loss on an option on an index depends on
price movements in the instruments making up the market, market segment, industry or other
composite on which the underlying index is based, rather than price movements in individual
securities, as is the case with respect to options on securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Combined Transactions</I>. The Fund may enter into multiple transactions, including multiple
options transactions, multiple futures transactions and any combination of futures and options
transactions (&#147;component&#148; transactions), instead of a single Strategic Transaction, as part of a
single or combined strategy when, in the opinion of the Adviser, it is in the best interests of the
Fund to do so. A combined transaction will usually contain elements of risk that are present in
each of its component transactions. Although combined transactions are normally entered into based
on the Adviser&#146;s judgment that the combined strategies will reduce risk or otherwise more
effectively achieve the desired portfolio management goal, it is possible that the combination will
instead increase such risks or hinder achievement of the portfolio management objective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Swaps, Caps, Floors and Collars</I>. Among the Strategic Transactions into which the Fund may
enter are interest rate and index swaps and the purchase or sale of related caps, floors and
collars. The Fund expects to enter into these transactions primarily to preserve a return or
spread on a particular investment or portion of its portfolio, to protect against currency
fluctuations, as a duration management technique or to protect against any increase in the price of
securities the Fund anticipates purchasing at a later date. The Fund intends to use these
transactions as hedges and not as speculative investments and will not sell interest rate caps or
floors where it does not own securities or other instruments providing the income stream the Fund
may be obligated to pay. Interest rate swaps involve the exchange by the Fund with another party
of their respective commitments to pay or receive interest, e.g., an exchange of floating rate
payments for fixed rate payments with respect to a notional amount of principal. An index swap is
an agreement to swap cash flows on a notional amount based on changes in the values of the
reference indices. The purchase of a cap entitles the purchaser to receive payments on a notional
principal amount from the party selling such cap to the extent that a specified index exceeds a
predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive
payments on a notional principal amount from the party selling such floor to the extent that a
specified index falls below a predetermined interest rate or amount. A collar is a combination of
a cap and a floor that preserves a certain return within a predetermined range of interest rates or
values.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into swaps, caps, floors or collars on either an asset-based or
liability-based basis, depending on whether it is hedging its assets or its liabilities, and will
usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash
settlement on the payment date or dates specified in the instrument, with the Fund receiving or
paying, as the case may be, only the net amount of the two payments. Inasmuch as these swaps,
caps, floors and collars are entered into for good faith hedging purposes, the Adviser and the Fund
believe such obligations do not constitute senior securities under the 1940 Act and, accordingly,
will not treat them as being subject to its borrowing restrictions. The Fund will not enter into
any swap, cap, floor or collar transaction unless, at the time of entering into such transaction,
the unsecured long-term debt of the Counterparty, combined with any credit enhancements, is rated
at least A by S&#038;P or Moody&#146;s or has an equivalent rating from an NRSRO or is determined to be of
equivalent credit quality by the Adviser. If there is a default by the Counterparty, the Fund will
have contractual remedies pursuant to the agreements related to the transaction. The swap market
has grown substantially in recent years with a large number of banks and investment banking firms
acting both as principals
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and as agents utilizing standardized swap documentation. As a result, the swap market has become
relatively liquid. Caps, floors and collars are more recent innovations for which standardized
documentation has not yet been fully developed and, accordingly, they are less liquid than swaps.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eurodollar Instruments</I>. The Fund may make investments in Eurodollar instruments. Eurodollar
instruments are U.S. dollar-denominated futures contracts or options thereon which are linked to
the London Interbank Offered Rate (&#147;LIBOR&#148;). Eurodollar futures contracts enable purchasers to
obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings.
The Fund might use Eurodollar futures contracts and options thereon to hedge against changes in
LIBOR, to which many interest rate swaps and fixed income instruments are linked.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of Segregated and Other Special Accounts</I>. Many Strategic Transactions, in addition to
other requirements, require that the Fund segregate liquid high grade assets with its custodian to
the extent Fund obligations are not otherwise &#147;covered&#148; through ownership of the underlying
security or financial instrument. In general, either the full amount of any obligation by the Fund
to pay or deliver securities or assets must be covered at all times by the securities or
instruments required to be delivered, or an amount of cash or liquid high grade securities at least
equal to the current amount of the obligation must be segregated with the Fund&#146;s custodian. The
segregated assets cannot be sold or transferred unless equivalent assets are substituted in their
place or it is no longer necessary to segregate them. For example, a call option written by the
Fund will require the Fund to hold the securities subject to the call (or securities convertible
into the underlying securities without additional consideration) or to segregate liquid high grade
assets sufficient to purchase and deliver the securities if the call is exercised. A call option
sold by the Fund on an index will require the Fund to own portfolio securities which correlate with
the index or to segregate liquid high grade assets equal to the excess of the index value over the
exercise price on a current basis. A put option written by the Fund requires the Fund to segregate
liquid, high grade assets equal to the exercise price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTC options entered into by the Fund, including those on securities, financial instruments or
indices, OCC issued and exchange listed index options, swaps, caps, floors and collars will
generally provide for cash settlement. As a result, with respect to these instruments the Fund
will only segregate an amount of assets equal to its accrued net obligations, as there is no
requirement for payment or delivery of amounts in excess of the net amount. These amounts
generally will equal 100% of the exercise price in the case of a put, or the in-the-money amount in
the case of a call. In addition, when the Fund sells a call option on an index at a time when the
in-the-money amount exceeds the exercise price, the Fund will segregate, until the option expires
or is closed out, cash or cash equivalents equal in value to such excess. OCC issued and exchange
listed options sold by the Fund other than those above generally settle with physical delivery, and
the Fund will segregate an amount of assets equal to the full value of the option. OTC options
settling with physical delivery, if any, will be treated the same as other options settling with
physical delivery.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a futures contract or an option thereon, the Fund must deposit initial margin
and possible daily variation margin in addition to segregating assets sufficient to meet its
obligation to purchase or provide securities or to pay the amount owed at the expiration of an
index-based futures contract. Such assets may consist of cash, cash equivalents, liquid debt or
other acceptable assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to swaps entered into on a net basis, the Fund will accrue the net amount of the
excess, if any, of its obligations over its entitlements with respect to each swap on a daily basis
and will segregate an amount of cash or liquid high grade securities having a value equal to the
accrued excess. Caps, floors and collars require segregation of assets with a value equal to the
Fund&#146;s net obligation, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Transactions may be covered by other means when consistent with applicable
regulatory policies. The Fund may also enter into offsetting transactions so that its combined
position, coupled with any segregated assets, equals its net outstanding obligation in related
options and Strategic Transactions. For example, the Fund could purchase a put option if the
strike price of that option is the same or higher than the strike price of a put option sold by the
Fund. Moreover, instead of segregating assets if the Fund held a futures or forward contract, it
could purchase a put option on the same futures or forward contract with a strike price as high or
higher than the price of the contract held. Other Strategic Transactions may also be offset in
combinations. If the offsetting transaction
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">terminates at the time of or after the primary transaction, no segregation is required; but if it
terminates prior to such time, assets equal to any remaining obligation would need to be
segregated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s activities involving Strategic Transactions may be limited by the requirements of
Subchapter M of the Internal Revenue Code for qualification as a regulated investment company.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen High Income Trust II (VLT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment Practices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Fund&#146;s investment objective and policies, the Fund may: purchase and
sell options on fixed-income securities and on indices based on fixed-income securities to the
extent a market in any such indices exists or develops and engage in interest rate and other
hedging transactions. These investment practices entail risks. The Adviser may use some or all of
the following hedging and risk management practices when their use appears appropriate. Although
the Adviser believes that these investment practices may further the Fund&#146;s investment objective,
no assurance can be given that these investment practices will achieve this result. If the Fund
issues Senior Securities and seeks to obtain a rating of the Senior Securities, the rating service
issuing such rating may, as a condition thereof, impose asset coverage or other requirements
compliance with which may restrict the Fund&#146;s ability to engage in these investment practices. The
Fund anticipates the imposition of some such restrictions in connection with obtaining a rating of
the Preferred Shares. The Fund cannot predict what, if any, additional requirements may be imposed
by such rating service in connection with its rating of any Senior Securities other than the
anticipated requirements in connection with seeking a rating of the Preferred Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities Options Transactions</I>. The Fund may invest in options on fixed-income securities.
Such options may be traded over-the- counter or on a national securities exchange. In general, the
Fund may purchase and sell (write)&nbsp;options on up to 25% of its assets. The SEC requires that
obligations of investment companies such as the Fund, in connection with option sale positions,
must comply with certain segregation or coverage requirements which are more fully described below.
No limitation exists on the amount of the Fund&#146;s assets which can be used to comply with such
segregation or cover requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call option gives the purchaser the right to buy, and obligates the writer to sell, the
underlying security at the agreed upon exercise (or &#147;strike&#148;) price during the option period. A put
option gives the purchaser the right to sell, and obligates the writer to buy, the underlying
security at the strike price during the option period. Purchasers of options pay an amount, known
as a premium, to the option writer in exchange for the right under the option contract. Option
contracts may be written with terms which would permit the holder of the option to purchase or sell
the underlying security only upon the expiration date of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase put and call options in hedging transactions to protect against a
decline in the market value of the securities in the Fund&#146;s portfolio (e.g., by the purchase of a
put option) and to protect against an increase in the cost of fixed-income securities that the Fund
may seek to purchase in the future (e.g., by the purchase of a call option). In the event the Fund
purchases put and call options, paying premiums therefor, and price movements in the underlying
securities are such that exercise of the options would not be profitable for the Fund, then to the
extent such underlying securities correlate in value to the Fund&#146;s portfolio securities, losses of
the premiums paid may be offset by an increase in the value of the Fund&#146;s portfolio securities (in
the case of a purchase of put options) or by a decrease in the cost of acquisition of securities by
the Fund (in the case of a purchase of call options).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may also sell put and call options as a means of increasing the yield on the Fund&#146;s
portfolio and as a means of providing limited protection against decreases in market value of the
Fund&#146;s portfolio. When the Fund sells an option, if the underlying securities do not increase (in
the case of a call option) or decrease (in the case of a put option) to a price level that would
make the exercise of the option profitable to the holder of the option, the option generally will
expire without being exercised and the Fund will realize as profit the premium received for such
option. When a call option of which the Fund is the writer is exercised, the Fund will be required
to sell the underlying securities to the option holder at the strike price; therefore the Fund will
not participate in any increase in the price of such securities above the strike price. When a put
option of which the Fund is the writer is exercised, the
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fund will be required to purchase the underlying securities at the strike price, which may be
in excess of the market value of such securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over-the-counter options (&#147;OTC options&#148;) differ from exchange-traded options in several
respects. They are transacted directly with dealers and not with a clearing corporation, and a risk
exists of non-performance by the dealer. OTC options are available for a greater variety of
securities and for a wider range of expiration dates and exercise prices than are available for
exchange-traded options. Because OTC options are not traded on an exchange, pricing is done
normally by reference to information from a market maker, which information is monitored carefully
by the Adviser and verified in appropriate cases.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally the Fund&#146;s policy, in order to avoid the exercise of an option sold by it, will be
to cancel its obligation under the option by entering into a closing purchase transaction, if
available, unless selling (in the case of a call option) or to purchasing (in the case of a put
option) the underlying securities is determined to be in the Fund&#146;s interest. A closing purchase
transaction consists of the Fund purchasing an option having the same terms as the option sold by
the Fund and has the effect of cancelling the Fund&#146;s position as a seller. The premium which the
Fund will pay in executing a closing purchase transaction may be higher (or lower) than the premium
received when the option was sold, depending in large part upon the relative price of the
underlying security at the time of each transaction. To the extent options sold by the Fund are
exercised and the Fund either delivers portfolio securities to the holder of a call option or
liquidates securities in its portfolio as a source of funds to purchase securities put to the Fund,
the Fund&#146;s portfolio turnover rate will increase, which would cause the Fund to incur additional
brokerage expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the option period the Fund, as a covered call writer, gives up the potential
appreciation above the exercise price should the underlying security rise in value, and the Fund,
as a secured put writer, retains the risk of loss should the underlying security decline in value.
For the covered call writer, substantial appreciation in the value of the underlying security would
result in the security being &#147;called away&#148; at the strike price of the option which may be
substantially below the fair market value of such security. For the secured put writer, substantial
depreciation in the value of the underlying security would result in the security being &#147;put to&#148;
the writer at the strike price of the option which may be substantially in excess of the fair
market value of such security. If a covered call option or a secured put option expires
unexercised, the writer realizes a gain, and the buyer a loss, in the amount of the premium.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that an active market exists or develops, whether on a national securities
exchange or over-the-counter, in options on indices based upon fixed-income securities, the Fund
may purchase and sell options on such indices, subject to the limitation that the Fund may purchase
and sell options on up to 25% of its assets. Through the writing or purchase of index options the
Fund can achieve many of the same objectives as through the use of options on individual
securities. Options on securities indices are similar to options on securities except that, rather
than the right to take or make delivery of a security at a specified price, an option on a
securities index gives the holder the right to receive, upon exercise of the option, an amount of
cash if the closing level of the securities index upon which the option is based is greater than,
in the case of a call, or less than, in the case of a put, the strike price of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price movements in securities which the Fund owns or intends to purchase will not correlate
perfectly with movements in the level of an index and, therefore, the Fund bears the risk of a loss
on an index option which is not offset completely by movements in the price of such securities.
Because index options are settled in cash, a call writer cannot determine the amount of its
settlement obligations in advance and, unlike call writing on specific securities, cannot provide
in advance for, or cover, its potential settlement obligations by acquiring and holding the
underlying securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate and Other Hedging Transactions</I>. In order to seek to protect the value of its
portfolio securities against declines resulting from changes in interest rates or other market
changes, the Fund may enter into various hedging transactions, such as financial futures contracts
and related options contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into various interest rate hedging transactions using financial instruments
with a high degree of correlation to the securities which the Fund may purchase for its portfolio,
including interest rate futures contracts in such financial instruments and interest rate related
indices, put and call options on such futures contracts
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and on such financial instruments. The Fund expects to enter into these transactions to &#147;lock
in&#148; a return or spread on a particular investment or portion of its portfolio, to protect against
any increase in the price of securities the Fund anticipates purchasing at a later date, or for
other risk management strategies. Financial futures and options contracts and the risks attendant
to the Fund&#146;s use thereof are described more completely below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not engage in the foregoing transactions for speculative purposes, but only as a
means to hedge risks associated with management of the Fund&#146;s portfolio. Typically, investment in
these contracts requires the Fund to deposit with the applicable exchange or other specified
financial intermediary as a good faith deposit for its obligations, known as &#147;initial margin,&#148; an
amount of cash or specified debt securities which initially is 1%-15% of the face amount of the
contract and which thereafter fluctuates on a periodic basis as the value of the contract
fluctuates. Thereafter, the Fund must make additional deposits equal to any net losses due to
unfavorable price movements of the contract and will be credited with an amount equal to any net
gains due to favorable price movements. These additional deposits or credits are calculated and
required daily and are known as &#147;variation margin.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC generally requires that when an investment company, such as the Fund, effects
transactions of the foregoing nature, such a fund either must segregate cash or high quality,
readily marketable portfolio securities with its custodian in the amount of its obligations under
the foregoing transactions or must cover such obligations by maintaining positions in portfolio
securities, futures contracts or options that would serve to satisfy or offset the risk of such
obligations. When effecting transactions of the foregoing nature, the Fund will comply with such
segregation or cover requirements. No limitation exists as to the percentage of the Fund&#146;s assets
which may be segregated in connection with such transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not enter into a futures contract or related option if, immediately after such
investment, the sum of the amount of its initial margin deposits and premiums on open contracts and
options would exceed 5% of the Fund&#146;s total assets at current value. The Fund, however, may invest
more than such amount in the future if it obtains authority to do so from the appropriate
regulatory agencies without rendering the Fund a commodity pool operator or adversely affecting its
status as an investment company for federal securities law or income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the foregoing transactions present certain risks. In particular, the variable degree of
correlation between price movements of futures contracts and price movements in the security being
hedged creates the possibility that losses on the hedge may be greater than gains in the value of
the Fund&#146;s securities. In addition, these instruments may not be liquid in all circumstances and
are closed out generally by entering into offsetting transactions rather than by disposing of the
obligations. As a result, in volatile markets, the Fund may not be able to close out a transaction
without incurring losses. Although the contemplated use of those contracts should tend to reduce
the risk of loss due to a decline in the value of the hedged security, at the same time the use of
these contracts could tend to limit any potential gain which might result from an increase in the
value of such security. Finally, the daily deposit requirements for futures contracts create an
ongoing greater potential financial risk than do option purchase transactions, where the exposure
is limited to the cost of the premium for the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful use of futures contracts and options thereon by the Fund is subject to the ability
of the Adviser to predict correctly movements in the direction of interest rates and other factors
affecting markets for securities. If the Adviser&#146;s expectations are not met, the Fund would be in a
worse position than if a hedging strategy had not been pursued. For example, if the Fund has hedged
against the possibility of an increase in interest rates which would adversely affect the price of
securities in its portfolio and the price of such securities increases instead, the Fund will lose
part or all of the benefit of the increased value of its securities because it will have offsetting
losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash
to meet daily variation margin requirements, it may have to sell securities to meet such
requirements. Such sales of securities may, but will not necessarily, be at increased prices which
reflect the rising market. The Fund may have to sell securities at a time when it is
disadvantageous to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to engaging in transactions utilizing options on futures contracts, the Fund may
purchase put and call options on securities and, as developed from time to time, on interest
indices and other instruments. Purchasing options may increase investment flexibility and improve
total return, but also risks loss of the option
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">premium if an asset the Fund has the option to buy declines in value or if an asset the Fund
has the option to sell increases in value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also may enter into various other hedging transactions, such as interest rate swaps
and the purchase or sale of interest rate caps and floors. The Fund expects to enter into these
transactions primarily to preserve a return or spread on a particular investment or portion of its
portfolio or to protect against any increase in the price of securities the Fund anticipates
purchasing at a later date. The Fund intends to use these transactions as a hedge and not as a
speculative investment. The Fund will not sell interest rate caps or floors that it does not own.
Interest rate swaps involve the exchange by the Fund with another party of their respective
commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate
payments. The purchase of an interest rate cap entitles the purchaser, to the extent that a
specified index exceeds a predetermined interest rate, to receive payments of interest on a
notional principal amount from the party selling such interest rate cap. The purchase of an
interest rate floor entitles the purchaser, to the extent that a specified index falls below a
predetermined interest rate, to receive payments of interest on a notional principal amount from
the party selling such interest rate floor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into interest rate swaps, caps and floors on either an asset-based or
liability- based basis, depending on whether it is hedging its assets or its liabilities, and will
enter usually into interest rate swaps on a net basis, i.e., the two payment streams are netted
out, with the Fund receiving or paying, as the case may be, only the net amount of the two
payments. Inasmuch as these hedging transactions are entered into for good faith risk management
purposes, the Adviser and the Fund believe such obligations do not constitute senior securities
and, accordingly, will not treat them as being subject to its investment restrictions on borrowing.
The net amount of the excess, if any, of the Fund&#146;s obligations over its entitlements with respect
to each interest rate swap will be accrued on a daily basis and an amount of cash or liquid
securities having an aggregate net asset value at least equal to the accrued excess will be
maintained in a segregated account by the Fund&#146;s custodian. The creditworthiness of firms with
which the Fund enters into interest rate swaps, caps or floors will be monitored on an ongoing
basis by the Adviser pursuant to procedures adopted and reviewed, on an ongoing basis, by the Board
of Trustees of the Fund. If a default occurs by the other party to such transaction, the Fund will
have contractual remedies pursuant to the agreements related to the transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New options and futures contracts and other financial products, and various combinations
thereof, continue to be developed and the Fund may invest in any such options, contracts and
products as may be developed to the extent consistent with its investment objective and the
regulatory requirements applicable to investment companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Options and Futures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. The Fund may engage in futures and options transactions in accordance with its
investment objective and policies. The Fund intends to engage in such transactions if it appears
advantageous to the Adviser to do so in order to pursue its investment objective, to hedge against
the effects of market conditions and to stabilize the value of its assets. The use of futures and
options, and the possible benefits and attendant risks are discussed below, along with information
concerning certain other investment policies and techniques.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Futures Contracts</I>. The Fund may enter into financial futures contracts for the
future delivery of a financial instrument, such as a security, or the cash value of a securities
index. This investment technique is designed primarily to hedge (i.e., protect) against anticipated
future changes in market conditions which otherwise might adversely affect the value of securities
which the Fund holds or intends to purchase. A &#147;sale&#148; of a futures contract means the undertaking
of a contractual obligation to deliver the securities, or the cash value of an index, called for by
the contract at a specified price during a specified delivery period. A &#147;purchase&#148; of a futures
contract means the undertaking of a contractual obligation to acquire the securities, or cash value
of an index, at a specified price during a specified delivery period. At the time of delivery in
the case of fixed income securities pursuant to the contract, adjustments are made to recognize
differences in value arising from the delivery of securities with a different interest rate than
that specified in the contract. In some cases, securities called for by a futures contract may not
have been issued at the time the contract was written.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although some financial futures contracts by their terms call for the actual delivery or
acquisition of securities, in most cases the contractual commitment is closed out before delivery
without having to make or take delivery of the security. The offsetting of a contractual obligation
is accomplished by purchasing (or selling, as the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">case may be) on a commodities exchange an identical futures contract calling for delivery in
the same period. Such a transaction cancels the obligation to make or take delivery of the
securities. All transactions in the futures market are made, offset or fulfilled through a clearing
house associated with the exchange on which the contracts are traded. The Fund will incur brokerage
fees when it purchases or sells contracts, and will be required to maintain margin deposits.
Futures contracts entail risks. If the Adviser&#146;s judgment about the general direction of securities
markets or interest rates is wrong, the Fund&#146;s overall performance may be poorer than if the Fund
had not entered into such contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be an imperfect correlation between movements in prices of futures contracts and
portfolio securities being hedged. In addition, the market prices of futures contracts may be
affected by certain factors. If participants in the futures market elect to close out their
contracts through offsetting transactions rather than meet margin requirements, distortions in the
normal relationship between the securities and futures markets could result. Price distortions
could also result if investors in futures contracts decide to make or take delivery of underlying
securities rather than engage in closing transactions due to the resultant reduction in the
liquidity of the futures market. In addition, because from the point of view of speculators, the
margin requirements in the futures market may be less onerous than margin requirements in the cash
market, increased participation by speculators in the futures market could cause temporary price
distortions. Due to the possibility of price distortions in the futures market and because of the
imperfect correlation between movements in the prices of securities and movements in the prices of
futures contracts, a correct forecast of market trends by the Adviser may still not result in a
successful hedging transaction. If this should occur, the Fund could lose money on the financial
futures contracts and also on the value of its portfolio securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Financial Futures Contracts</I>. The Fund may purchase and write call and put options
on financial futures contracts. An option on a futures contract gives the purchaser the right, in
return for the premium paid, to assume a position in a futures contract at a specified exercise
price at any time during the period of the option. Upon exercise, the writer of the option delivers
the futures contract to the holder at the exercise price. The Fund would be required to deposit
with its custodian initial margin and maintenance margin with respect to put and call options on
futures contracts written by it. Options on futures contracts involve risks similar to those risks
relating to transactions in financial futures contracts described above. Also, an option purchased
by the Fund may expire worthless, in which case the Fund would lose the premium paid therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities</I>. The Fund may write covered call options so long as it owns securities
which are acceptable for escrow purposes and may write secured put options, which means that so
long as the Fund is obligated as a writer of a put option, it will invest an amount, not less than
the exercise price of the put option, in eligible securities. A call option gives the purchaser the
right to buy, and the writer the obligation to sell, the underlying security at the exercise price
during the option period. A put option gives the purchaser the right to sell, and the writer the
obligation to buy, the underlying security at the exercise price during the option period. The
premium received for writing an option will reflect, among other things, the current market price
of the underlying security, the relationship of the exercise price to the market price, the price
volatility of the underlying security, the option period, supply and demand and interest rates. The
Fund may write or purchase spread options, which are options for which the exercise price may be a
fixed dollar spread or yield spread between the security underlying the option and another security
that is used as a benchmark. The exercise price of an option may be below, equal to or above the
current market value of the underlying security at the time the option is written. The buyer of a
put who also owns the related security is protected by ownership of a put option against any
decline in that security&#146;s price below the exercise price, less the amount paid for the option. At
times the Fund may wish to establish a position in a security upon which call options are
available. By purchasing a call option on such security the Fund would be able to fix the cost of
acquiring the security, this being the cost of the call plus the exercise price of the option. This
procedure also provides some protection from an unexpected downturn in the market, because the Fund
is only at risk for the amount of the premium paid for the call option which it can, if it chooses,
permit to expire.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities Indices</I>. The Fund also may purchase and write call and put options on
securities indices. Through the writing or purchase of index options, the Fund can achieve many of
the same objectives as through the use of options on individual securities. Options on securities
indices are similar to options on a security except that, rather than the right to take or make
delivery of a security at a specified price, an option on a securities index gives the holder the
right to receive, upon exercise of the option, an amount of cash if the closing level of the
securities index upon which the option is based is greater than, in the case of a call, or less
than, in the case of a put,
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the exercise price of the option. This amount of cash is equal to the difference between the
closing price of the index and the exercise price of the option. The writer of the option is
obligated, in return for the premium received, to make delivery of this amount. Unlike options on
securities (which require, upon exercise, delivery of the underlying security), all settlements of
options on securities indices, upon exercise thereof, are in cash, and the gain or loss on an
option on an index depends on price movements in the market generally (or in a particular industry
or segment of the market on which the underlying index base) rather than price movements in
individual securities, as is the case with respect to options on securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund writes an option on a securities index, it will be required to deposit with its
custodian eligible securities equal in value to 100% of the exercise price in the case of a put, or
the contract&#146;s value in the case of a call. In addition, where the Fund writes a call option on a
securities index at a time when the contract value exceeds the exercise price, the Fund will
segregate, until the option expires or is closed out, cash or cash equivalents equal in value to
such excess.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options on futures contracts and index options involve risks similar to those risks relating
to transactions in financial futures described above. Also, an option purchased by the Fund may
expire worthless, in which case the Fund would lose the premium paid therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Over-the-Counter Options</I>. As previously indicated in this Prospectus (see &#147;Investment
Practices&#151;Securities Options Transactions&#148;), the Fund may deal in OTC options. The Fund
understands the position of the staff of the SEC to be that purchased OTC options and the assets
used as &#147;cover&#148; for written OTC options are illiquid securities. The Fund and the Adviser disagree
with this position and have found the dealers with which they engage in OTC options transactions
generally agreeable to and capable of entering into closing transactions. As also indicated in
this Prospectus, the Fund has adopted procedures for engaging in OTC options for the purpose of
reducing any potential adverse impact of such transactions upon the liquidity of the Fund&#146;s
portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of these procedures the Fund will only engage in OTC options transactions with primary
dealers that have been specifically approved by the Board of Trustees of the Fund. The Fund and its
Adviser believe that the approved dealers should be agreeable and able to enter into closing
transactions if necessary and, therefore, present minimal credit risks to the Fund. The Fund
anticipates entering into written agreements with those dealers to whom the Fund may sell OTC
options, pursuant to which the Fund would have the absolute right to repurchase the OTC options
from such dealers at any time at a price determined pursuant to a formula set forth in certain no
action letters published by the SEC staff. The Fund will not engage in OTC options transactions if
the amount invested by the Fund in OTC options plus, with respect to OTC options written by the
Fund, the amounts required to be treated as illiquid pursuant to the terms of such letters (and the
value of the assets used as cover with respect to OTC option sales which are not within the scope
of such letters), plus the amount invested by the Fund in illiquid securities, would exceed 20% of
the Fund&#146;s total assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Restrictions</I>. To the extent required to comply with applicable SEC releases and
staff positions, when purchasing a futures contract or writing a put option, the Fund will
maintain, in a segregated account, cash or liquid high-grade securities equal to the value of such
contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required to comply with Commodity Futures Trading Commission Regulations and
avoid &#147;commodity pool operator&#148; status, the Fund will not enter into a futures contract or purchase
an option thereon if immediately thereafter the initial margin deposits for futures contracts held
by the Fund plus premiums paid by it for open options on futures would exceed 5% of the Fund&#146;s
total assets. The Fund will not engage in transactions in financial futures contracts or options
thereon for speculation, but only to attempt to hedge against changes in market conditions
affecting the values of securities which the Fund holds or intends to purchase. When futures
contracts or options thereon are purchased to protect against a price increase on securities
intended to be purchased later, it is anticipated that at least 75% of such intended purchases will
be completed. When other futures contracts or options thereon are purchased, the underlying value
of such contracts will at all times not exceed the sum of: (1)&nbsp;accrued profit on such contracts
held by the broker; (2)&nbsp;cash or high quality money market instruments set aside in an identifiable
manner; and (3)&nbsp;cash proceeds from investments due in 30&nbsp;days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting and Tax Considerations</I>. When the Fund writes an option, an amount equal to the
premium received by it is included in the Fund&#146;s Statement of Assets and Liabilities as a
liability. The amount of the liability
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">is subsequently marked to market to reflect the current market value of the option written.
When the Fund purchases an option, the premium paid by the Fund is recorded as an asset and is
subsequently adjusted to the current market value of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a regulated futures contract purchased or sold by the Fund, an amount equal to
the initial margin deposit is recorded as an asset. The amount of the asset is subsequently
adjusted to reflect changes in the amount of the deposit as well as changes in the value of the
contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain listed options and futures contracts are considered &#147;section 1256 contracts&#148; for
federal income tax purposes. In general, gain or loss realized by the Fund on section 1256
contracts will be considered 60% long term and 40% short term capital gain or loss. Also, section
1256 contracts held by the Fund at the end of each taxable year (and at October&nbsp;31 for purposes of
calculating the excise tax) will be &#147;marked to market&#148;, that is, treated for federal income tax
purposes as though sold for fair market value on the last business day of such taxable year. The
Fund can elect to exempt its section 1256 contracts which are part of a &#147;mixed straddle&#148; (as
described below) from the application of section 1256.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss realized by the Fund upon the expiration or sale of certain over-the-counter put
and call options held by the Fund will be either long term or short term capital gain or loss
depending upon the Fund&#146;s holding period with respect to such option. However, gain or loss
realized upon the expiration or closing out of such options that are written by the Fund will be
treated as short term capital gain or loss. In general, if the Fund exercises an option, or an
option that the Fund has written is exercised, gain or loss on the option will not be separately
recognized, but the premium received or paid will be included in the calculation of gain or loss
upon disposition of the property underlying the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any security, option or futures contract, delayed delivery transaction, or other position
entered into or held by the Fund in conjunction with any other position held by the Fund may
constitute a &#147;straddle&#148; for federal income tax purposes. A straddle of which at least one, but not
all, of the positions are section 1256 contracts will constitute a &#147;mixed straddle&#148;. In general,
straddles are subject to certain rules that may affect the character and timing of the Fund&#146;s gains
and losses with respect to straddle positions by requiring, among other things, that loss realized
on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an
offsetting position until such position is disposed of; that the Fund&#146;s holding period in certain
straddle positions not begin until the straddle is terminated (possibly resulting in gain being
treated as short term capital gain rather than long term capital gain); and that losses recognized
with respect to certain straddle positions, that would otherwise constitute short term capital
losses, be treated as long term capital losses. Different elections are available to the Fund which
may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Municipal Trust (VKQ), Invesco Van Kampen Trust for Value Municipals (VIM)
and Invesco Van Kampen Ohio Quality Municipal Trust (VOQ) </I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Options and Futures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. The Fund may engage in futures and options transactions in accordance with its
investment objective and policies. The Fund intends to engage in such transactions if it appears
advantageous to the Adviser to do so in order to pursue its investment objective, to hedge against
the effects of market conditions and to stabilize the value of its assets. The use of futures and
options, and the possible benefits and attendant risks are discussed below, along with information
concerning certain other investment policies and techniques.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the investment objective and policies described above, the Fund may engage
in interest rate and other hedging and risk management transactions; and purchase and sell options
on municipal securities and on indices based on municipal securities. These investment practices
entail risks. The Adviser may use some or all of the following hedging and risk management
practices when their use appears appropriate. Although the Adviser believes that these investment
practices may further the Fund&#146;s investment objective, no assurance can be given that these
investment practices will achieve this result.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities Options Transactions</I>. The Fund may invest in options on municipal securities. Such
options are traded over-the-counter, although if options on municipal securities were to be listed
for trading on a national securities exchange the Fund may trade in exchange-listed options. In
general, the Fund may purchase and sell (write)&nbsp;options on up to 20% of its assets. The Securities
and Exchange Commission (the &#147;SEC&#148;) requires that obligations of investment companies such as the
Fund, in connection with options sale positions, must comply with certain segregation or cover
requirements which are more fully described below. There is no limitation on the amount of the
Fund&#146;s assets which can be used to comply with such segregation or cover requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call option gives the purchaser the right to buy, and the writer the obligation to sell, the
underlying security at the agreed upon exercise (or &#147;strike&#148;) price during the option period. A put
option gives the purchaser the right to sell, and the writer the obligation to buy, the underlying
security at the strike price during the option period. Purchasers of options pay an amount, known
as a premium, to the option writer in exchange for the right under the option contract. Option
contracts may be written with terms which would permit the holder of the option to purchase or sell
the underlying security only upon the expiration date of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase put and call options in hedging transactions to protect against a
decline in the market value of municipal securities in the Fund&#146;s portfolio (<I>e.g., </I>by the purchase
of a put option) and to protect against an increase in the cost of fixed income securities that the
Fund may seek to purchase in the future (<I>e.g., </I>by the purchase of a call option). In the event the
Fund purchases put and call options, paying premiums therefor, and price movements in the
underlying securities are such that exercise of the options would not be profitable for the Fund,
to the extent such underlying securities correlate in value to the Fund&#146;s portfolio securities,
losses of the premiums paid may be offset by an increase in the value of the Fund&#146;s portfolio
securities (in the case of a purchase of put options) or by a decrease in the cost of acquisition
of securities by the Fund (in the case of a purchase of call options).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may also sell put and call options as a means of increasing the yield on the Fund&#146;s
portfolio and also as a means of providing limited protection against decreases in market value of
the Fund&#146;s portfolio. When the Fund sells an option, if the underlying securities do not increase
(in the case of a call option) or decrease (in the case of a put option) to a price level that
would make the exercise of the option profitable to the holder of the option, the option generally
will expire without being exercised and the Fund will realize as profit the premium received for
such option. When a call option of which the Fund is the writer is exercised, the option holder
purchases the underlying security at the strike price and the Fund does not participate in any
increase in the price of such securities above the strike price. When a put option of which the
Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at
the strike price, which may be in excess of the market value of such securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over-the-counter options (&#147;OTC options&#148;) differ from exchange-traded options in several
respects. They are transacted directly with dealers and not with a clearing corporation, and there
is a risk of non-performance by the dealer. OTC options are available for a greater variety of
securities and for a wider range of expiration dates and exercise prices than for exchange-traded
options. Because OTC options are not traded on an exchange, pricing is normally done by reference
to information from a market maker, which information is carefully monitored by the Adviser and
verified in appropriate cases. The Fund may be required to treat certain of its OTC options
transactions as illiquid securities as described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It will generally be the Fund&#146;s policy, in order to avoid the exercise of an option sold by
it, to cancel its obligation under the option by entering into a closing purchase transaction, if
available, unless it is determined to be in the Fund&#146;s interest to sell (in the case of a call
option) or to purchase (in the case of a put option) the underlying securities. A closing purchase
transaction consists of the Fund purchasing an option having the same terms as the option sold by
the Fund and has the effect of cancelling the Fund&#146;s position as a seller. The premium which the
Fund will pay in executing a closing purchase transaction may be higher than the premium received
when the option was sold, depending in large part upon the relative price of the underlying
security at the time of each transaction. To the extent options sold by the Fund are exercised and
the Fund either delivers portfolio securities to the holder of a call option or liquidates
securities in its portfolio as a source of funds to purchase securities put to the Fund, the Fund&#146;s
portfolio turnover rate will increase, which would cause the Fund to incur additional brokerage
expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the option period the Fund, as a covered call writer, gives up the potential
appreciation above the exercise price should the underlying security rise in value, and the Fund,
as a secured put writer, retains the risk of
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">loss should the underlying security decline in value. For the covered call writer, substantial
appreciation in the value of the underlying security would result in the security being &#147;called
away&#148; at the strike price of the option which may be substantially below the fair market value of
such security. For the secured put writer, substantial depreciation in the value of the underlying
security would result in the security being &#147;put to&#148; the writer at the strike price of the option
which may be substantially in excess of the fair market value of such security. If a covered call
option or a secured put option expires unexercised, the writer realizes a gain, and the buyer a
loss, in the amount of the premium.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that an active market exists or develops, whether on a national securities
exchange or over-the-counter, in options on indices based upon municipal securities, the
Fund may purchase and sell options on such indices, subject to the limitation that the Fund may
purchase and sell options on up to 20% of its assets. Through the writing or purchase of index
options the Fund can achieve many of the same objectives as through the use of options on
individual securities. Options on securities indices are similar to options on securities except
that, rather than the right to take or make delivery of a security at a specified price, an option
on a securities index gives the holder the right to receive, upon exercise of the option, an amount
of cash if the closing level of the securities index upon which the option is based is greater
than, in the case of a call, or less than, in the case of a put, the strike price of the option.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price movements in securities which the Fund owns or intends to purchase will not correlate
perfectly with movements in the level of an index and, therefore, the Fund bears the risk of a loss
on an index option which is not completely offset by movements in the price of such securities.
Because index options are settled in cash, a call writer cannot determine the amount of its
settlement obligations in advance and, unlike call writing on specific securities, cannot provide
in advance for, or cover, its potential settlement obligations by acquiring and holding the
underlying securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income earned or deemed to be earned, if any, by the Fund from transactions in securities
options will be taxable income of the Fund. Under a revenue ruling issued by the Service, the Fund
is required to allocate net capital gains and other taxable income, if any, among Common Shares and
Preferred Shares on a pro rata basis for the year in which such net capital gains or other taxable
income is realized. For a further discussion of certain characteristics of options and risks
associated with options transaction, see below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate and Other Hedging Transactions</I>. In order to seek to protect the value of its
portfolio securities against declines resulting from changes in interest rates or other market
changes, the Fund may enter into various hedging transactions, such as financial futures contracts
and related options contracts.
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into various interest rate hedging transactions using financial instruments
with a high degree of correlation to the municipal securities which the Fund may purchase for its
portfolio, including interest rate futures contracts in such financial instruments (<I>e.g., </I>futures
contracts on U.S. Treasury securities) and interest rate related indices <I>(e.g., </I>municipal bond
indices), put and call options on such futures contracts and on such financial instruments. The
Fund expects to enter into these transactions to &#147;lock in&#148; a return or spread on a particular
investment or portion of its portfolio, to protect against any increase in the price of securities
the Fund anticipates purchasing at a later date, or for other risk management strategies such as
managing the effective dollar weighted average duration of the Fund&#146;s portfolio. Financial futures
and options contracts and the risks attendant to the Fund&#146;s use thereof are more completely
described below. The successful utilization of hedging and risk management transactions requires
skills different from those needed in the selection of the Fund&#146;s portfolio securities. The Fund
believes that the Adviser possesses the skills necessary for the successful utilization of hedging
and risk management transactions.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not engage in the foregoing transactions for speculative purposes, but only as a
means to hedge risks associated with management of the Fund&#146;s portfolio. Typically, investments in
futures contracts and sales of futures options contracts require the Fund to deposit in a custodial
account a good faith deposit, known as &#147;initial margin,&#148; in connection with its obligations in an
amount of cash or specified debt securities which generally is equal to 1%-15% of the face amount
of the contract, which initial margin requirement may be revised periodically by the applicable
exchange as the volatility of the contract fluctuates. Thereafter, the Fund must make additional
deposits with the applicable financial intermediary equal to any net losses due to unfavorable
price movements of
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the contract, and will be credited with an amount equal to any net gains due to favorable
price movements. These additional deposits or credits are calculated and required daily and are
known as &#147;variation margin.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC generally requires that when investment companies, such as the Fund, effect
transactions of the foregoing nature, such funds must either segregate cash or high quality,
readily marketable portfolio securities with its custodian or financial intermediary in the amount
of its obligations under the foregoing transactions, or cover such obligations by maintaining
positions in portfolio securities, futures contracts or options that would serve to satisfy or
offset the risk of such obligations. When effecting transactions of the foregoing nature, the Fund
will comply with such segregation or cover requirements. There is no limitation as to the
percentage of the Fund&#146;s assets which may be segregated with respect to such transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not enter into a futures contract or related option, if, immediately after such
investment, the sum of the amount of its initial margin deposits and premiums on open contracts and
options would exceed 5<I>% </I>of the Fund&#146;s total assets at current value. The Fund may, however, invest
more than such amount in the future if it obtains authority to do so from the appropriate
regulatory agencies without rendering the Fund a commodity pool operator or adversely affecting its
status as an investment company for federal securities law or income tax purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the foregoing transactions present certain risks. In particular, the variable degree of
correlation between price movements of futures contracts and price movements in the securities
being hedged creates the possibility that losses on the hedge may be greater than gains in the
value of the Fund&#146;s securities. In addition, these instruments may not be liquid in all
circumstances and generally are closed out by entering into offsetting transactions rather than by
delivery or cash settlement at maturity. As a result, in volatile markets, the Fund may not be able
to close out a transaction without incurring losses. Although the contemplated use of those
contracts should tend to reduce the risk of loss due to a decline in the value of the hedged
security, at the same time the use of these contracts could tend to limit any potential gain which
might result from an increase in the value of such security. Finally, the daily deposit
requirements for futures contracts and sales of futures options contracts create an ongoing greater
potential financial risk than do option purchase transactions, where the exposure is limited to the
cost of the premium for the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful use of futures contracts and options thereon by the Fund is subject to the ability
of the Adviser to predict correctly movements in the direction of interest rates and other factors
affecting markets for securities. If the Adviser&#146;s expectations are not met, the Fund would be in a
worse position than if a hedging strategy had not been pursued. For example, if the Fund has hedged
against the possibility of an increase in interest rates which would adversely affect the price of
securities in its portfolio and the price of such securities increases instead, the Fund will lose
part or all of the benefit of the increased value of its securities because it will have offsetting
losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash
to meet daily variation margin requirements, it may have to sell securities to meet such
requirements. Such sales of securities may be, but will not necessarily be, at increased prices
which reflect the rising market. The Fund may have to sell securities at a time when it is
disadvantageous to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to engaging in transactions utilizing options on futures contracts, the Fund may
purchase put and call options on securities and, as developed from time to time, on interest
indices and other instruments. Purchasing options may increase investment flexibility and improve
total return, but also risks loss of the option premium if an asset the Fund has the option to buy
declines in value or if an asset the Fund has the option to sell increases in value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable regulatory authority, the Fund also may enter into
various other hedging transactions, such as interest rate swaps and the purchase or sale of
interest rate caps and floors. The Fund expects to enter into these transactions primarily to
preserve a return or spread on a particular investment or portion of its portfolio or to protect
against any increase in the price of securities the Fund anticipates purchasing at a later date.
The Fund intends to use these transactions as a hedge and not as a speculative investment. The Fund
will not sell interest rate caps or floors that it does not own. Interest rate swaps involve the
exchange by the Fund with another party of their respective commitments to pay or receive interest,
<I>e.g., </I>an exchange of floating rate payments for fixed rate payments. The purchase of an interest
rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined
interest rate, to receive payments of interest on a notional principal amount (the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reference amount with respect to which interest obligations are determined, although no actual
exchange of principal occurs) from the party selling such interest rate cap. The purchase of an
interest rate floor entitles the purchaser, to the extent that a specified index falls below a
predetermined interest rate, to receive payments of interest on a notional principal amount from
the party selling such interest rate floor. The Fund will not enter into swaps, caps or floors if,
on a net basis, the aggregate notional principal amount with respect to such agreements exceeds the
net assets of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inasmuch as these hedging transactions are entered into for good-faith risk management
purposes, the Adviser and the Fund believe such obligations do not constitute senior securities.
The staff of the SEC is presently considering its position with respect to swaps, caps and floors
as senior securities. Pending a determination by the staff, the Fund will either treat swaps, caps
and floors as being subject to its senior securities restrictions or will refrain from engaging in
swaps, caps and floors. Once the staff has expressed a position with respect to swaps, caps and
floors, the Fund intends to engage in swaps, caps and floors, if at all, in a manner consistent
with such position. The Fund will usually enter into interest rate swaps on a net basis, <I>i.e.,</I>
where the two parties make net payments with the Fund receiving or paying, as the case may be, only
the net amount of the two payments. The net amount of the excess, if any, of the Fund&#146;s obligations
over its entitlements with respect to each interest rate swap will be accrued and an amount of cash
or liquid securities having an aggregate net asset value at least equal to the accrued excess will
be designated on the Fund&#146;s books. If the Fund enters into a swap on other than a net basis, the
Fund will designate on the Fund&#146;s books the full amount of the Fund&#146;s obligations under each such
swap. The Fund may enter into swaps, caps and floors with member banks of the Federal Reserve
System, members of the New York Stock Exchange or other entities determined by the Adviser,
pursuant to procedures adopted and reviewed on an ongoing basis by the Board of Trustees, to be
creditworthy. If a default occurs by the other party to such transaction, the Fund will have
contractual remedies pursuant to the agreements related to the transaction but such remedies may be
subject to bankruptcy and insolvency laws which could affect the Fund&#146;s rights as a creditor. The
swap market has grown substantially in recent years with a large number of banks and financial
services firms acting both as principals and as agents utilizing standardized swap documentation.
As a result, the swap market has become relatively liquid. Caps and floors are more recent
innovations and they are less liquid than swaps. There can be no assurance, however, that the Fund
will be able to enter into interest rate swaps or to purchase interest rate caps or floors at
prices or on terms the Adviser believes are advantageous to the Fund. In addition, although the
terms of interest rate swaps, caps and floors may provide for termination, there can be no
assurance that the Fund will be able to terminate an interest rate swap or to sell or offset
interest rate caps or floors that it has purchased. Payments received on transactions in swaps,
caps or floors will generally constitute taxable income or gains to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New options and futures contracts and other financial products, and various combinations
thereof, continue to be developed and the Fund may invest in any such options, contracts and
products as may be developed to the extent consistent with its investment objective and the
regulatory requirements applicable to investment companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income earned or deemed to be earned, if any, by the Fund from its hedging activities, will be
taxable income of the Fund. Such income will be allocated to both the Common Shares and the
Preferred Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Futures Contracts</I>. The Fund may enter into financial futures contracts for the
future delivery of a financial instrument, such as a security, or the cash value of a securities
index. This investment technique is designed primarily to hedge (i.e., protect) against anticipated
future changes in market conditions which otherwise might adversely affect the value of securities
which the Fund holds or intends to purchase. A &#147;sale&#148; of a futures contract means the undertaking
of a contractual obligation to deliver the securities, or the cash value of an index, called for by
the contract at a specified price during a specified delivery period. A &#147;purchase&#148; of a futures
contract means the undertaking of a contractual obligation to acquire the securities, or cash value
of an index, at a specified price during a specified delivery period. At the time of delivery, in
the case of fixed income securities pursuant to the contract, adjustments are made to recognize
differences in value arising from the delivery of securities with a different interest rate than
that specified in the contract. In some cases, securities called for by a futures contract may not
have been issued at the time the contract was written.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although some financial futures contracts by their terms call for the actual delivery or
acquisition of securities, in most cases the contractual commitment is closed out before delivery
without having to make or take delivery of the security. The offsetting of a contractual obligation
is accomplished by purchasing (or selling, as the case may be) on a commodities exchange an
identical futures contract calling for delivery in the same period. Such a
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transaction cancels the obligation to make or take delivery of the securities. All
transactions in the futures market are made, offset or fulfilled through a clearing house
associated with the exchange on which the contracts are traded. The Fund will incur brokerage fees
when it purchases or sells contracts, and will be required to maintain margin deposits. Futures
contracts entail risk. If the Adviser&#146;s judgment about the general direction of securities markets
or interest rates is wrong, the Fund&#146;s overall performance may be poorer than if the Fund had not
entered into such contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be an imperfect correlation between movements in prices of futures contracts and
portfolio securities being hedged. In addition, the market prices of futures contracts may be
affected by certain factors. If participants in the futures market elect to close out their
contracts through offsetting transactions rather than meet margin requirements, distortions in the
normal relationship between the securities and futures markets could result. Price distortions
could also result if investors in futures contracts decide to make or take delivery of underlying
securities rather than engage in closing transactions due to the resultant reduction in the
liquidity of the futures market. In addition, because from the point of view of speculators, the
margin requirements in the futures market may be less onerous than margin requirements in the cash
market, increased participation by speculators in the futures market could cause temporary price
distortions. Due to the possibility of price distortions in the futures market and because of the
imperfect correlation between movements in the prices of securities and movements in the prices of
futures contracts, a correct forecast of market trends by the Adviser may still not result in a
successful hedging transaction. If this should occur, the Fund could lose money on the financial
futures contracts and also on the value of its portfolio securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Financial Futures Contracts</I>. The Fund may purchase and write call and put options
on financial futures contracts. An option on a futures contract gives the purchaser the right, in
return for the premium paid, to assume a position in a futures contract at a specified exercise
price at any time during the period specified in the terms of the option. Upon exercise, the writer
of the option delivers the futures contract to the holder at the exercise price. The Fund would be
required to deposit with its custodian initial margin and maintenance margin with respect to put
and call options on futures contracts written by it. Options on futures contracts involve risks
similar to those risks relating to transactions in financial futures contracts described above.
Also, an option purchased by the Fund may expire worthless, in which case the Fund would lose the
premium paid therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities</I>. The Fund may write covered call options so long as it owns securities
which are acceptable for escrow purposes and may write secured put options, which means that so
long as the Fund is obligated as a writer of a put option, it will invest an amount, not less than
the exercise price of the put option, in eligible securities. A call option gives the purchaser the
right to buy, and the writer the obligation to sell, the underlying security at the exercise price
during the period specified in the terms of the option. A put option gives the purchaser the right
to sell, and the writer the obligation to buy, the underlying security at the exercise price during
the period specified in the terms of the option. The premium received for writing an option will
reflect, among other things, the current market price of the underlying security, the relationship
of the exercise price to the market price, the price volatility of the underlying security, the
option period, supply and demand and interest rates. The Fund may write or purchase spread options,
which are options for which the exercise price may be a fixed dollar spread or yield spread between
the security underlying the option and another security that is used as a benchmark. The exercise
price of an option may be below, equal to or above the current market value of the underlying
security at the time the option is written. The buyer of a put who also owns the related security
is protected by ownership of a put option against any decline in that security&#146;s price below the
exercise price, less the amount paid for the option. At times the Fund may wish to establish a
position in a security upon which call options are available. By purchasing a call option on such
security the Fund would be able to fix the cost of acquiring the security, this being the cost of
the call plus the exercise price of the option. This procedure also provides some protection from
an unexpected downturn in the market, because the Fund is only at risk for the amount of the
premium paid for the call option which it can, if it chooses, permit to expire.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities Indices</I>. The Fund also may purchase and write call and put options on
securities indices. Through the writing or purchase of index options, the Fund can achieve many of
the same objectives as through the use of options on individual securities. Options on securities
indices are similar to options on a security except that, rather than the right to take or make
delivery of a security at a specified price, an option on a securities index gives the holder the
right to receive, upon exercise of the option, an amount of cash if the closing level of the
securities index upon which the option is based is greater than, in the case of a call, or less
than, in the case of a put,
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the exercise price of the option. This amount of cash is equal to the difference between the
closing price of the index and the exercise price of the option. The writer of the option is
obligated, in return for the premium received, to make delivery of this amount. Unlike options on
securities (which require, upon exercise, delivery of the underlying security), settlements of
options on securities indices, upon exercise thereof, are in cash, and the gain or loss on an
option on an index depends on price movements in the market generally (or in a particular industry
or segment of the market on which the underlying index base) rather than price movements in
individual securities, as is the case with respect to options on securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund writes an option on a securities index, it will be required to deposit with its
custodian eligible securities equal in value to 100% of the exercise price in the case of a put, or
the contract&#146;s value in the case of a call. In addition, where the Fund writes a call option on a
securities index at a time when the contract value exceeds the exercise price, the Fund will
segregate, until the option expires or is closed out, cash or cash equivalents equal in value to
such excess.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options on securities and index options involve risks similar to those risks relating to
transactions in financial futures described above. Also, an option purchased by the Fund may expire
worthless, in which case the Fund would lose the premium paid therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Over-the-Counter Options</I>. As previously indicated in this Prospectus (see &#147;Investment
Practices&#151;Securities Options Transactions&#148;), the Fund may deal in OTC options. The Fund
understands the position of the staff of the SEC to be that purchased OTC options and the assets
used as &#147;cover&#148; for written OTC options arc illiquid securities. The Fund and the Adviser disagree
with this position and have found the dealers with which they engage in OTC options transactions
generally agreeable to and capable of entering into closing transactions. The Fund has adopted
procedures for engaging in OTC options for the purpose of reducing any potential adverse impact of
such transactions upon the liquidity of the Fund&#146;s portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of these procedures the Fund will only engage in OTC options transactions with respect
to U.S. government securities with primary dealers that have been specifically approved by the
Board of Trustees of the Fund. The Fund will engage in OTC options transactions with respect to
municipal securities only with dealers that have been specifically approved by the Board of
Trustees. The Fund and its Adviser believe that the approved dealers should be agreeable and able
to enter into closing transactions as necessary and, therefore, present minimal credit risks to the
Fund. The Fund anticipates entering into written agreements with those dealers to whom the Fund may
sell OTC options, pursuant to which the Fund would have the absolute right to repurchase the OTC
options from such dealers at any time at a price with respect to U.S. government securities
determined pursuant to a formula set forth in certain no action letters published by the SEC staff.
The Fund will not engage in OTC options transactions if the amount invested by the Fund in OTC
options, plus, with respect to OTC options written by the Fund, the amounts required to be treated
as illiquid pursuant to the terms of such letters (and the value of the assets used as cover with
respect to OTC option sales which are not within the scope of such letters), plus the amount
invested by the Fund in illiquid securities, would exceed 15% of the Fund&#146;s total assets. OTC
options on securities other than U.S. government securities, including options on municipal
securities, may not be within the scope of such letters and, accordingly, the amount invested by
the Fund in OTC options on such other securities and the value of the assets used as cover with
respect to OTC option sales regarding such non-U.S. government securities will be treated as
illiquid and subject to the 15% limitation on the Fund&#146;s assets which may be invested in illiquid
securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Restrictions</I>. To the extent required to comply with applicable SEC releases and
staff positions, when purchasing a futures contract or writing a put option, the Fund will
designate on the Fund&#146;s books cash or liquid high-grade securities equal to the value of such
contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required to comply with Commodity Futures Trading Commission Regulations and
avoid &#147;commodity pool operator&#148; status, the Fund will not enter into a futures contract or purchase
an option thereon if immediately thereafter the initial margin deposits for futures contracts held
by the Fund plus premiums paid by it for open options on futures would exceed 5% of the Fund&#146;s
total assets. The Fund will not engage in transactions in financial futures contracts or options
thereon for speculation, but only to attempt to hedge against changes in market conditions
affecting the values of securities which the Fund holds or intends to purchase. When futures
contracts or options thereon are purchased to protect against a price increase on securities
intended to be purchased later, it is anticipated that at least 75% of such intended purchases will
be completed. When other futures contracts or options
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereon are purchased, the underlying value of such contracts will at all times not exceed the
sum of: (1)&nbsp;accrued profit on such contracts held by the broker; (2)&nbsp;cash or high quality money
market instruments set aside in an identifiable manner; and (3)&nbsp;cash proceeds from investments due
in 30&nbsp;days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting and Tax Considerations</I>. When the Fund writes an option, an amount equal to the
premium received by it is included in the Fund&#146;s Statement of Assets and Liabilities as a
liability. The amount of the liability is subsequently marked to market to reflect the current
market value of the option written. When the Fund purchases an option, the premium paid by the Fund
is recorded as an asset and is subsequently adjusted to the current market value of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a regulated futures contract purchased or sold by the Fund, an amount equal to
the initial margin deposit is recorded as an asset. The amount of the asset is subsequently
adjusted to reflect changes in the amount of the deposit as well as changes in the value of the
contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain listed options and futures contracts are considered &#147;section 1256 contracts&#148; for
Federal income tax purposes. In general, gain or loss realized by the Fund on section 1256
contracts will be considered 60% long term and 40% short term capital gain or loss. Also, section
1256 contracts held by the Fund at the end of each taxable year (and at October&nbsp;31 for purposes of
calculating the excise tax) will be &#147;marked to market&#148;, that is, treated for Federal income tax
purposes as though sold for fair market value on the last business day of such taxable year. The
Fund can elect to exempt its section 1256 contracts which are part of a &#147;mixed straddle&#148; (as
described below) from the application of section 1256.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss realized by the Fund upon the expiration or sale of certain over-the-counter put
and call options held by the Fund will be either long term or short term capital gain or loss
depending upon the Fund&#146;s holding period with respect to such option. However, gain or loss
realized upon the expiration or closing out of such options that are written by the Fund will be
treated as short term capital gain or loss. In general, if the Fund exercises an option, or an
option that the Fund has written is exercised, gain or loss on the option will not be separately
recognized, but the premium received or paid will be included in the calculation of gain or loss
upon disposition of the property underlying the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any security, option or futures contract, delayed delivery transaction, or other position
entered into or held by the Fund in conjunction with any other position held by the Fund may
constitute a &#147;straddle&#148; for Federal income tax purposes. A straddle of which at least one, but not
all, the positions are section 1256 contracts will constitute a &#147;mixed straddle&#148;. In general,
straddles are subject to certain rules that may affect the character and timing of the Fund&#146;s gains
and losses with respect to straddle positions by requiring, among other things, that loss realized
on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an
offsetting position until such position is disposed of; that the Fund&#146;s holding period in certain
straddle positions not begin until the straddle is terminated (possibly resulting in gain being
treated as short term capital gain rather than long term capital gain); and that losses recognized
with respect to certain straddle positions, that would otherwise constitute short term capital
losses, be treated as long term capital losses. Different elections are available to the Fund which
may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-20<!-- /Folio -->
</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX D</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PORTFOLIO TURNOVER</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended in 2010, blended portfolio turnover rates of the predecessor funds
and the Funds are presented in the tables below. For the fiscal year or period ended 2011 and the
fiscal year ended 2012, the portfolio turnover rates for each Fund are presented in the tables
below. Variations in turnover rate may be due to a fluctuating volume of shareholder purchase and
redemption orders, market conditions and/or changes in the predecessor fund&#146;s adviser&#146;s or
Invesco&#146;s investment outlook.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income
Opportunities Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was
October&nbsp;31; the current fiscal year end is the last day of February.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Four months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen California Value
Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Opportunity
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment
Grade New York Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Bond Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Quality Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Select Sector
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Value
Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from October&nbsp;31 to the last day of February effective February&nbsp;28,
2011.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Four months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco New York Quality Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Massachusetts Value
Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Ohio Quality Municipal
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment
Grade New Jersey Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was May
31; the current fiscal year end is the last day of February.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nine months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>May 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Premium Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was
December&nbsp;31; the current fiscal year end is the last day of February.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Two months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen High Income Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">135</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield Investments Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">109</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was March&nbsp;31;
the current fiscal year end is the last day of February.</div>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Eleven months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>4</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from May&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from December&nbsp;31 to the last day of February effective February&nbsp;28,
2011.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from March&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX E</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MANAGEMENT FEES</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the last three fiscal years ended February&nbsp;28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> or 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>, the
management (MGMT)&nbsp;fees payable by the Fund, the amounts waived by the Adviser and the net fees paid
by the Fund were as follows:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 28, 2010</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net MGMT</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income
Opportunities Trust
II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">598,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">598,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">605,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">605,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">553,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">553,714</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period November&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended October&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable
by each Fund, the amounts waived by the Adviser and the net fees paid by each Fund were as follows:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Four months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,260,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,260,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">400,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">400,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,259,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2,593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,257,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,185,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,185,054</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,328,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,328,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,367,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,495</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,361,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,292,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,292,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
California Value
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,527,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(160,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,367,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(27,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">774,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,574,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(268,891</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,305,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,359,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(429,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Municipal
Opportunity Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,230,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(260,730</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,970,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,355,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(64,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,291,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,318,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(454,127</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,864,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,006,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(728,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,278,185</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from October&nbsp;31 to the last day of February effective February&nbsp;28,
2011.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->E-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Four months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Trust for
Investment Grade
New York Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,986,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(94,910</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,891,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">635,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">635,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,009,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(219,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,790,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,845,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(335,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,509,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,579,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(383,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,196,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,464,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(110,359</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,353,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,647,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(588,085</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,059,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,236,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(770,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,466,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value
Municipal Bond
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,492</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value
Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">256,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">256,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">81,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">81,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">256,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(7,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">249,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">241,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">241,317</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,025,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,447</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,012,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality
Municipal
Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">773,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,479</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">770,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737,734</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality
Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">777,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,987</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">775,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">730,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">730,183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">563,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">563,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California
Quality Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">439,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">439,192</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California
Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Select Sector
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,660,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(81,874</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,578,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,407</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,688,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(187,132</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,501,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,555,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(282,800</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,272,702</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Trust for Value
Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,141,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,027</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,129,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,175,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(124,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,051,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,115,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(202,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">912,839</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->E-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Four months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco New York
Quality Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Massachusetts Value
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(118,369</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100,909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(136,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Ohio Quality
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(135,863</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(131,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">626,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">704,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(192,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Trust for
Investment Grade
New Jersey
Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">877,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(79,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">797,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(128,339</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">741,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(150,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676,917</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period June&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended May&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable by each
Fund, the amounts waived by the Adviser and the net fees paid by each Fund were as follows:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Nine months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>May 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>May 31, 2009</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income
Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">656,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">656,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">495,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">495,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">629,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">629,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">609,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">609,305</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Premium Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">949,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">949,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917,039</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from October&nbsp;31 to the last
day of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->E-3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended February&nbsp;29, 2012, the period January&nbsp;1, 2011 through February
28, 2011, and the fiscal years ended December&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable
by each Fund, the amounts waived by the Adviser and the net fees paid by each Fund were as follows:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Two months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
High Income Trust
II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">590,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1,489</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">588,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">99,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">99,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">597,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(21,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">568,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(40,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">527,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield
Investments Fund,
Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58,038</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48,506</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">482,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,464</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period April&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended March&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable by
the Fund, the amounts waived by the Adviser and the net fees paid by the Fund were as follows:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Eleven months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>March 31, 2009</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>MGMT</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income
Opportunities Trust
III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">339,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3,896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">335,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">312,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">312,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">320,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">320,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">336,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">336,190</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from December&nbsp;31 to February&nbsp;28,
2011.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for this Fund changed from March&nbsp;31 to the last day
of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

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




<P align="center" style="font-size: 10pt"><!-- Folio -->E-4<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX F</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ADMINISTRATIVE SERVICES FEES</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund paid the Adviser the following amounts for administrative services for the last three
fiscal years ended February&nbsp;28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> or 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">88,594</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period November&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended October&nbsp;31, 2010 and 2009, the Funds paid the Adviser the
following amounts for administrative services:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Four months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">121,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">266,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">351,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen California Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Opportunity Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New York Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Bond Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,045</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Select Sector Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Value Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,648</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco New York Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,402</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Massachusetts Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Ohio Quality Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New Jersey Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,614</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from October&nbsp;31 to the last day of February effective February&nbsp;28,
2011.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->F-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period June&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended May&nbsp;31, 2010 and 2009, the Funds paid the Adviser the following
amounts for administrative services:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nine months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>May 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>May 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">100,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">97,489</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Premium Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,408</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended February&nbsp;29, 2012, the period January&nbsp;1, 2011 through February&nbsp;28,
2011, and the fiscal years ended December&nbsp;31, 2010 and 2009, the Funds paid the Adviser the
following amounts for administrative services:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Two months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen High Income Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,493</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield Investments Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period April&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended March&nbsp;31, 2010 and 2009, the Funds paid the Adviser the following
amounts for administrative services:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Eleven months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">46,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53,791</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from May&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from December&nbsp;31 to February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for this Fund changed
from March&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->F-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX G</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PORTFOLIO MANAGERS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Portfolio Manager Fund Holdings and Information on Other Managed Accounts</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco&#146;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 &#147;Investments&#148; chart reflects the
portfolio managers&#146; investments in the Funds that they manage. Accounts are grouped into three
categories: (i)&nbsp;investments made directly in the Fund, (ii)&nbsp;investments made in an Invesco pooled
investment vehicle with the same or similar objectives and strategies as the Fund, and (iii)&nbsp;any
investments made in any Invesco Fund or Invesco pooled investment vehicle. The &#147;Assets Managed&#148;
chart reflects information regarding accounts other than the Funds for which each portfolio manager
has day-to-day management responsibilities. Accounts are grouped into three categories: (i)&nbsp;other
registered investment companies, (ii)&nbsp;other pooled investment vehicles and (iii)&nbsp;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 broken out. In addition,
any assets denominated in foreign currencies have been converted into U.S. Dollars using the
exchange rates as of the applicable date.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Investments</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The following information is as of February&nbsp;29, 2012:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Investments in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of all Investments in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investments in each</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Invesco pooled investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds and Invesco pooled investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Income Trust (IIM)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Municipal Income Opportunities Trust (OIA)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Quality Municipal Income Trust (IQI)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen California Value Municipal Income Trust (VCV)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Investments in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of all Investments in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investments in each</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Invesco pooled investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds and Invesco pooled investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen High Income Trust II (VLT)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Municipal Opportunity Trust (VMO)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1-$10,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Municipal Trust (VKQ)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1-$10,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Bond Trust (IMC)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Securities (IMS)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Trust (IMT)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Investments in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of all Investments in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investments in each</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Invesco pooled investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds and Invesco pooled investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Municipal Income Opportunities Trust II (OIB)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Municipal Income Opportunities Trust III (OIC)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Quality Municipal Investment Trust (IQT)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Quality Municipal Securities (IQM)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco California Municipal Income Trust (IIC)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco California Quality Municipal Securities (IQC)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco California Municipal Securities (ICS)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Investments in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of all Investments in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investments in each</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Invesco pooled investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds and Invesco pooled investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco High Yield Investments Fund, Inc. (MSY)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$500,001-$1,000,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Municipal Premium Income Trust (PIA)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Select Sector Municipal Trust (VKL)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,000-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Trust for Value Municipals (VIM)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco New York Quality Municipal Securities (IQN)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Ohio Quality Municipal Trust (VOQ)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100-001-$500,000</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-4<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of Investments in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Dollar Range of all Investments in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Investments in each</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Invesco pooled investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Funds and Invesco pooled investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>vehicles</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This column reflects investments in a Fund&#146;s shares beneficially owned by a portfolio
manager (as determined in accordance with Rule&nbsp;16a-1(a) (2)&nbsp;under the Securities Exchange Act
of 1934, as amended). Beneficial ownership includes ownership by a portfolio manager&#146;s
immediate family members sharing the same household.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This column reflects portfolio managers&#146; investments made either directly or through a
deferred compensation or a similar plan in Invesco pooled investment vehicles with the same or
similar objectives and strategies as the Fund as of the most recent fiscal year end of the
Fund.</TD>
</TR>
<TR><TD><FONT size="1">

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Assets Managed</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The following information is as of February&nbsp;29, 2012:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Companies Managed (assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Value Municipal Income Trust (IIM)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,150.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,150.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,150.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Municipal Income Opportunities Trust (OIA)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,171.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,171.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,171.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Quality Municipal Income Trust (IQI)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,118.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,118.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,118.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-5<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Companies Managed (assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Van Kampen California Value Municipal Income Trust (VCV)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,147.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,147.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,629.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,147.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco Van Kampen High Income Trust II (VLT)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,634.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,908.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,885.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Municipal Opportunity Trust (VMO)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,832.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,832.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,832.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,254.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,254.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,954.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,254.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Municipal Trust (VKQ)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Value Municipal Bond Trust (IMC)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,549.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,549.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,549.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Value Municipal Securities (IMS)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,514.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,514.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,514.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-6<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Companies Managed (assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Value Municipal Trust (IMT)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Municipal Income Opportunities Trust II (OIB)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,184.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,184.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,184.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Municipal Income Opportunities Trust III (OIC)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,239.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,239.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,239.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Quality Municipal Investment Trust (IQT)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,332.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,332.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,332.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Quality Municipal Securities (IQM)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,335.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,335.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,335.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco California Municipal Income Trust (IIC)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,408.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,408.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,890.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,408.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco California Quality Municipal Securities (IQC)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,456.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,456.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,938.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,456.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-7<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Companies Managed (assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco California Municipal Securities (ICS)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,587.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,587.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,070.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,587.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco High Yield Investments Fund, Inc. (MSY)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,620.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,894.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,871.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco Municipal Premium Income Trust (PIA)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,391.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,391.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,391.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Select Sector Municipal Trust (VKL)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,322.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,322.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,322.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Trust for Value Municipals (VIM)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,424.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,424.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,424.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco New York Quality Municipal Securities (IQN)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,548.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,548.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,031.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,548.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,580.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,580.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,062.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-8<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Companies Managed (assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,580.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Ohio Quality Municipal Trust (VOQ)</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,497.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,497.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,979.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,497.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="17" align="center"><B>Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ)</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,472.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,472.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,954.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,472.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Potential Conflicts of Interest</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The management of multiple Funds and/or other accounts may result
in a portfolio manager devoting unequal time and attention to the
management of each 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>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a portfolio manager identifies a limited investment opportunity
which may be suitable for more than one Fund or other account, a
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>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 a
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)
involved.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->G-9<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#216;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Finally, 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 align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser, each Sub-Adviser, and the Funds 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.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Description of Compensation Structure</I></B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>For the Adviser and each affiliated Sub-Adviser</I>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 bonus opportunity and an equity 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&#146;s compensation
consists of the following three elements:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Base Salary. </I>Each portfolio manager is paid a base salary. In setting the base salary, the
Adviser and each Sub-Adviser&#146;s intention is to be competitive in light of the particular portfolio
manager&#146;s experience and responsibilities.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Bonus. </I>The portfolio managers are eligible, along with other employees of the Adviser
and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation
Committee of Invesco Ltd. reviews and approves the amount of the bonus pool available for the
Adviser and each of the Sub-Adviser&#146;s investment centers. The Compensation Committee considers
investment performance and financial results in its review. 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>i.e. </I>investment performance) and non-quantitative factors (which may
include, but are not limited to, individual performance, risk management and teamwork).
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each portfolio manager&#146;s compensation is linked to the pre-tax investment performance of the
Funds/accounts managed by the portfolio manager as described in the table below.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Sub-Adviser</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Performance time period</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco<SUP style="FONT-size: 85%; vertical-align: text-top"> 2</SUP><BR>Invesco Australia<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP><BR>Invesco Deutschland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-, Three- and Five-year performance against Fund peer group.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Advisors- Invesco Real Estate<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP><BR>Invesco Senior Secured<SUP style="FONT-size: 85%; vertical-align: text-top">2, 4</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Canada<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-year performance against Fund peer group.<BR><BR>
Three- and Five-year performance against entire universe of Canadian funds.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Hong Kong<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP><BR>Invesco Asset Management
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-, Three- and Five-year performance against Fund peer group.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Japan<SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-, Three- and Five-year performance against the appropriate Micropol benchmark.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Rolling time periods based on calendar year-end.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Portfolio managers may be granted an annual deferral award that vests on a pro-rata
basis over a four year period and final payments are based on the performance of eligible
Funds selected by the portfolio manager at the time the award is granted.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->G-10<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Portfolio managers for Invesco Global Real Estate Fund, Invesco Real Estate Fund,
Invesco Global Real Estate Income Fund and Invesco V.I. Global Real Estate Fund base their
bonus on new operating profits of the U.S. Real Estate Division of Invesco.</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Invesco Senior Secured&#146;s bonus is based on annual measures of equity return and
standard tests of collateralization performance.</TD>
</TR>
<TR><TD><FONT size="1">

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Portfolio managers for Invesco Pacific Growth Fund&#146;s compensation is based on the
one-, three- and five-year performance against the appropriate Micropol benchmark.
Furthermore, for the portfolio manager(s) formerly managing the predecessor fund to Invesco
Pacific Growth Fund, they also have a ten-year performance measure.</TD>
</TR>
<TR><TD><FONT size="1">

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity-Based Compensation. </I>Portfolio managers may be granted an annual deferral award that
allows them to select receipt of shares of certain Invesco Funds with a vesting period as well as
common shares and/or restricted shares of Invesco Ltd. stock from pools determined from time to
time by the Compensation Committee of Invesco Ltd.&#146;s Board of Directors. Awards of equity-based
compensation typically vest over time, so as to create incentives to retain key talent.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio managers also participate in benefit plans and programs available generally to all
employees.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->G-11<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX H</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BROKERAGE COMMISSIONS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the last three fiscal years ended February&nbsp;28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> or 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>, the
Fund paid the following commissions to brokers:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period November&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended October&nbsp;31, 2010 and 2009, the Fund paid the following commissions to brokers:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Four months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>October 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>October 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen California Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Opportunity Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New York Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Bond Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Select Sector Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Value Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco New York Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Massachusetts Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Ohio Quality Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New Jersey Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from October&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->H-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period June&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended May&nbsp;31, 2010 and 2009, the Funds paid the following commissions to brokers:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nine months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>May 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>May 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Premium Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">42,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended February&nbsp;29, 2012, the period January&nbsp;1, 2011 through February&nbsp;28,
2011, and the fiscal years ended December&nbsp;31, 2010 and 2009, the
Funds paid the following commissions to brokers:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Two months ended February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen High Income Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield Investments Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period April&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended March&nbsp;31, 2010 and 2009, the
management fees payable by the Fund, the Fund paid the following commissions to brokers:
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Eleven months ended February</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from May&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

<TR><TD><FONT size="1">

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from December&nbsp;31 to the last day of February effective February&nbsp;28,
2011.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for this Fund changed
from March&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>
<TR><TD><FONT size="1">

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


<P align="center" style="font-size: 10pt"><!-- Folio -->H-2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX I</B>
</DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DIRECTED BROKERAGE (RESEARCH SERVICES)</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->I-1<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART C</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OTHER INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15. Indemnification.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Declaration of Trust</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Subject to the exceptions and limitations contained in paragraph (b)&nbsp;below: (i)&nbsp;every person
who is or has been a Trustee or officer of the Trust shall be indemnified by the Trust to the
fullest extent permitted by law against all liability and against all expenses reasonably incurred
or paid by him in connection with any claim, action, suit or proceeding in which he becomes
involved as a party or otherwise by virtue of his being or having been a Trustee or officer and
against amounts paid or incurred by him in the settlement thereof; (ii)&nbsp;the words &#147;claim,&#148;
&#147;action,&#148; &#147;suit,&#148; or &#147;proceeding&#148; shall apply to all claims, actions, suits or proceedings (civil,
criminal, administrative or other, including appeals), actual or threatened; and the words
&#147;liability&#148; and &#147;expenses&#148; shall include, without limitation, attorneys&#146; fees, costs, judgments,
amounts paid in settlement, fines, penalties and other liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;No indemnification shall be provided hereunder to a Trustee or officer: (i)&nbsp;against any
liability to the Trust or its Shareholders by reason of a final adjudication by the court or other
body before which the proceeding was brought that he engaged in willful misfeasance, bad faith,
gross negligence or reckless disregard of the duties involved in the conduct of his office; (ii)
with respect to any matter as to which he shall have been finally adjudicated not to have acted in
good faith in the reasonable belief that his action was in the best interest of the Trust; (iii)&nbsp;in
the event of a settlement or other disposition not involving a final adjudication as provided in
paragraph (b)(i) or (b)(ii) resulting in a payment by a Trustee or officer, unless there has been
either a determination that such Trustee or officer did not engage in willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the conduct of his officer
by the court or other body approving the settlement or other disposition or a reasonable
determination, based upon a review of readily available facts (as opposed to a full trail-type
inquiry) that he did not engage in such conduct: (A)&nbsp;by vote of a majority of the Disinterested
Trustees acting on the matter (provided that majority of the Disinterested Trustees then in office
act on the matter); or (B)&nbsp;by written opinion of independent legal counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The rights of indemnification herein provided may be insured against by policies maintained by
the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer
may now or hereafter be entitled, shall continue as to a Person who has ceased to be such Trustee
or officer and shall inure to the benefit of the heirs, executors, administrators, and assigns of
such Person. Nothing contained herein shall affect any rights to indemnification to which personnel
of the Trust other than Trustees and officers may be entitled by contract or otherwise under law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Expenses of preparation and presentation of a defense to any claim, action, suit, or proceeding
of the character described in paragraph (a)&nbsp;of this Section&nbsp;5.3 shall be advanced by the Trust
prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient
to repay such amount if it is ultimately determined that he is not entitled to
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indemnification under this Section&nbsp;5.3, provided that either (i)&nbsp;such undertaking is secured by a
surety bond or some other appropriate security or the Trust shall be insured against losses arising
out of any such advances; or (ii)&nbsp;a majority of the Disinterested Trustees acting on the matter
(provided that a majority of the Disinterested Trustees then in office act on the matter) or an
independent legal counsel in a written opinion shall determine, based upon a review of readily
available facts (as opposed to a full trail-type inquiry), that there is reason to believe that the
recipient ultimately will be found entitled to indemnification. As used in this Section&nbsp;5.3, a
&#147;Disinterested Trustee&#148; is one (i)&nbsp;who is not an &#147;Interested Person&#148; of the Trust (including anyone
who has been exempted from being an &#147;Interested Person&#148; by any rule, regulation or order of the
Commission), and (ii)&nbsp;against whom none of such actions, suits or other proceedings or another
action, suit or other proceeding on the same or similar grounds is then or had been pending.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Item&nbsp;16. Exhibits.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of the charter of the Registrant as now in effect;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Declaration of Trust dated February&nbsp;15, 1989 is incorporated into this filing
by reference to the Registrant&#146;s Form N-14 Pre-Effective Amendment No.&nbsp;1 filed on May
5, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to the Declaration of Trust dated December&nbsp;29, 1995 is incorporated
into this filing by reference to the Registrant&#146;s Form N-14 Pre-Effective Amendment No.
1 (333-123443) filed on May&nbsp;5, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to the Declaration of Trust dated March&nbsp;7, 1997 is incorporated into
this filing by reference to the Registrant&#146;s Form N-14 Pre-Effective Amendment No.&nbsp;1
(333-123443) filed on May&nbsp;5, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to the Declaration of Trust dated August&nbsp;6, 1998 is incorporated into
this filing by reference to the Registrant&#146;s Form N-14 Pre-Effective Amendment No.&nbsp;1
(333-123443) filed on May&nbsp;5, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to the Declaration of Trust dated July&nbsp;11, 2003 is incorporated into
this filing by reference to the Registrant&#146;s Form N-14 Pre-Effective Amendment No.&nbsp;1
(333-123443) filed on May&nbsp;5, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to the Declaration of Trust dated June&nbsp;15, 2004 is incorporated into
this filing by reference to the Registrant&#146;s Form N-14 Pre-Effective Amendment No.&nbsp;1
(333-123443) filed on May&nbsp;5, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to the Declaration of Trust dated October&nbsp;3, 2007 is filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to the Declaration of Trust dated May&nbsp;19, 2010 is incorporated into
this filing by reference to Registrant&#146;s Form NSAR-A filed on August&nbsp;27, 2010.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of the existing bylaws or corresponding instrument of the Registrant;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Bylaws dated December&nbsp;31, 2007 is filed herewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of any voting trust agreement affecting more than 5&nbsp;percent of any class of equity
securities of the Registrant;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of the agreement of acquisition, reorganization, merger, liquidation and any
amendments to it;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Agreement and Plan of Redomestication by and among the Registrant is
attached to the Proxy Statement Prospectus contained in this Registration Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Agreement and Plan of Merger by and among the Registrant is attached to
the Proxy Statement Prospectus contained in this Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of all instruments defining the rights of holders of the securities being registered
including, where applicable, the relevant portion of the articles of incorporation or by-laws
of the Registrant;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Articles IV and IX of the Restated and Amended Declaration of Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Articles II, VIII and IX of the Amended and Restated Bylaws.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of all investment advisory contracts relating to the management of the assets of the
Registrant;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Master Investment Advisory Agreement, dated June&nbsp;1, 2010, between the
Registrant and Invesco Advisers, Inc. is incorporated into this filing by reference to
Registrant&#146;s Form NSAR-A filed on August&nbsp;27, 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Master Intergroup Sub-Advisory Contract for Mutual Funds, dated May&nbsp;1, 2008
between Invesco Advisers, Inc., on behalf of Registrant, and each of Invesco Asset
Management Deutschland GmbH, Invesco Asset Management Ltd., Invesco Asset Management
(Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior
Secured Management, Inc. and Invesco Trimark Ltd. is incorporated into this filing by
reference to Registrant&#146;s Form NSAR-A filed on August&nbsp;27, 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of each underwriting or distribution contract between the Registrant and a principal
underwriter, and specimens or copies of all agreements between principal underwriters and
dealers;
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of all bonus, profit sharing, pension, or other similar contracts or arrangements
wholly or partly for the benefit of trustees or officers of the Registrant in their capacity
as such. Furnish a reasonably detailed description of any plan that is not set forth in a
formal document;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of AIM Funds Retirement Plan for Eligible Directors/Trustees, as approved
by the Board of Directors/Trustees on December&nbsp;31, 2010 is incorporated into this
filing by reference to Post-Effective Amendment No.&nbsp;116 to AIM Investment Funds
(Invesco Investment Funds)&#146;s registration statement filed on September&nbsp;23, 2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Invesco Funds Trustee Deferred Compensation Agreement as approved by
the Board of Directors/Trustees on December&nbsp;31, 2010 is incorporated into this filing
by reference to Post-Effective Amendment No.&nbsp;116 to AIM Investment Funds (Invesco
Investment Funds)&#146;s registration statement filed on September&nbsp;23, 2011.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of all custodian agreements and depository contracts under Section 17(f) of the
Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;) for securities and similar
investments of the Registrant, including the schedule of remuneration;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended and Restated Master Custodian Contract, dated June&nbsp;1, 2010, between
Registrant and State Street Bank and Trust Company is incorporated into this filing by
reference to Post-Effective Amendment No.&nbsp;97 to AIM Investment Funds (Invesco
Investment Funds)&#146;s registration statement filed on July&nbsp;16, 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of any plan entered into by Registrant pursuant to Rule&nbsp;12b-1 under the 1940 Act and
any agreements with any person relating to implementation of the plan, and copies of any plan
entered into by the Registrant pursuant to Rule&nbsp;18f-3 under the 1940 Act, any agreement with
any person relating to implementation of the plan, any amendment to the plan, and a copy of
the portion of the minutes of the meeting of the Registrant&#146;s trustees describing any action
taken to revoke the plan;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An opinion and consent of counsel as to the legality of the securities being registered,
indicating whether they will, when sold, be legally issued, fully paid and nonassessable;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Stradley Ronon Stevens &#038; Young, LLP is filed herewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Stradley Ronon Stevens &#038; Young, LLP will be filed by amendment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An opinion, and consent to their use, of counsel or, in lieu of an opinion, a copy of the
revenue ruling from the Internal Revenue Service, supporting the tax matters and</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consequences to shareholders discussed in the prospectus;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Stradley Ronon Stevens &#038; Young, LLP, supporting the tax matters and
consequences to shareholders will be filed by amendment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of all material contracts of the Registrant not made in the ordinary course of
business which are to be performed in whole or in part on or after the date of filing the
registration statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Memorandum of Agreement, regarding expense limitations, dated July&nbsp;18, 2011,
between Registrant (on behalf of certain Funds) and Invesco Advisers, Inc. is
incorporated into this filing by reference to Post-Effective Amendment No.&nbsp;116 to AIM
Investment Funds (Invesco Investment Funds)&#146;s registration statement filed on September
23, 2011.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of any other opinions, appraisals, or rulings, and consents to their use, relied on in
preparing the registration statement and required by Section&nbsp;7 of the 1933 Act;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Pricewaterhouse Coopers LLP, the Registrant&#146;s independent registered
public accountant, is filed herewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All financial statements omitted pursuant to Item&nbsp;14(a)(1);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Manually signed copies of any power of attorney pursuant to which the name of any person has
been signed to the registration statement; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Powers of Attorney for Colin Meadows, David C. Arch, Jerry D. Choate, Wayne W.
Whalen, Linda Hutton Heagy, Rodney F. Dammeyer, R. Craig Kennedy, Howard J Kerr, Jack
E. Nelson, Suzanne H. Woolsey, Hugo F. Sonnenschein is incorporated herein by reference
to the Initial Registration Statement on Form N-14, filed on April&nbsp;5, 2012.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any additional exhibits which the Registrant may wish to file.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Proxy Cards relating to Special Meeting of Shareholders are filed herewith.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;17. Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant agrees that prior to any public reoffering of the securities
registered through the use of a prospectus which is a part of this registration statement by
any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of
the Securities Act &#091;17 CRF 203.145C&#093;, the reoffering prospectus will contain
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the information called for by the applicable registration form for reofferings by persons
who may be deemed underwriters, in addition to the information called for by the other items
of the applicable form.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant agrees that every prospectus that is filled under paragraph (1)
above will be filed as a part of an amendment to the registration statement and will not be
used until the amendment is effective, and that, in determining any liability under the 1933
Act, each post-effective amendment shall be deemed to be a new registration statement for the
securities offered therein, and the offering of the securities at that time shall be deemed to
be the initial bona fide offering of them.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant undertakes to file an opinion of counsel supporting the tax
matters and consequences to shareholders discussed will be filed by Post-Effective Amendment.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has
duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned,
thereto duly authorized, in the City of Houston, State of Texas, on the 15th day of May, 2012.
</DIV>



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>

    <TD align="left" valign="top" colspan="3" nowrap><B>Registrant:&nbsp;&nbsp;Invesco Van Kampen High Income Trust II</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                           /s/ Colin A. Meadows
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD colspan="3" align="left">Colin Meadows, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on
Form N-14 has been signed below by the following persons in the capacities and on the dates
indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>SIGNATURES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>TITLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DATE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Colin Meadows
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Colin Meadows)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee &#038; President&nbsp;<BR>
(Principal
Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David C. Arch*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(David C. Arch)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jerry D. Choate*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(<u>Jerry D. Choate</u>)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Wayne M. Whalen*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Wayne M. Whalen)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee &#038; Chair&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Linda Hutton Heagy*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Linda Hutton Heagy)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Rodney F. Dammeyer*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Rodney F. Dammeyer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ R. Craig Kennedy*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(R. Craig Kennedy)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>SIGNATURES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>TITLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DATE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
     <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Howard J Kerr *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Howard J Kerr)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jack E. Nelson*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Jack E. Nelson)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Suzanne H. Woolsey*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Suzanne H. Woolsey)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
     <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Hugo F. Sonnenschein*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Hugo F. Sonnenschein)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Sheri Morris
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Sheri Morris)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#038; Treasurer<BR>
(Principal Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;15, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Philip A. Taylor
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip A. Taylor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Philip A. Taylor, pursuant to powers of attorney dated November&nbsp;30, 2011, incorporated herein
by reference to the Initial Registration Statement on Form N-14, filed on April&nbsp;5, 2012.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">EXHIBIT NO.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">EXHIBIT</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1(g)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Declaration of Trust dated October&nbsp;3, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws dated December&nbsp;31, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Stradley Ronon Stevens &#038; Young, LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Pricewaterhouse Coopers LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">17(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Proxy Cards</TD>
</TR>
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</DIV>



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<DOCUMENT>
<TYPE>EX-99.1.G
<SEQUENCE>2
<FILENAME>h86299p2exv99w1wg.htm
<DESCRIPTION>EX-99.1.G
<TEXT>
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<TITLE>exv99w1wg</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EX-99.1.g
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF AMENDMENT<BR>
TO THE DECLARATION OF TRUST<BR>
OF<BR>
VAN KAMPEN HIGH INCOME TRUST II (THE &#147;TRUST)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Declaration of Trust amended by this document was originally filed with the Secretary
of the Commonwealth of Massachusetts on February&nbsp;15, 1989.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pursuant to this Certificate of Amendment, the principal place of business of the Trust
shall be changed to 522 Fifth Avenue, New York, New York 10036. To effect the aforesaid amendment,
Article&nbsp;1, Section&nbsp;1.1, of the Declaration of Trust of the Trust, relating to the principal office
of the Trust, is amended to ready as follows after paragraph number 3 below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pursuant to this Certificate of Amendment, the address of the resident agent of the Trust
in the Commonwealth of Massachusetts shall be changed to 155 Federal Street, Suite&nbsp;700, Boston,
Massachusetts 02110. To effect the aforesaid amendment, Article&nbsp;1, Section&nbsp;1.1, of the Declaration
of Trust of the Trust, relating to the resident agent of the Trust, is amended to read as follows
after this paragraph number 3 below:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#147;ARTICLE 1<BR>
<U>NAME, PRINCIPAL OFFICE, RESIDENT AGENT AND DEFINITIONS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1 Name, Principal Office and Resident Agent. The name of the trust created hereby
is the &#147;Van Kampen High Income Trust II&#148; (the &#147;Trust&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The post office address of the principal office of the Trust is 522 Fifth Avenue, New York,
New York 10036. The name of the resident agent of the Trust in the Commonwealth of Massachusetts
is CT Corporation System, a Delaware corporation, and the post office address of the resident agent
is 155 Federal Street, Suite&nbsp;700, Boston, Massachusetts 02110.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Such amendment shall become effective as of the close of business on October&nbsp;3, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The amendment herein provided for was authorized in accordance with law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has signed these presents all on October&nbsp;3, 2007.
</DIV>
<DIV align="center">
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    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Wayne W. Whalen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Wayne W. Whalen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As Trustee, and not Individually</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>


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<DOCUMENT>
<TYPE>EX-99.2.A
<SEQUENCE>3
<FILENAME>h86299p2exv99w2wa.htm
<DESCRIPTION>EX-99.2.A
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EX-99.2.a
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VAN KAMPEN HIGH INCOME TRUST II<BR>
(Formerly, Van Kampen Merritt Limited Term High Income Trust)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED AND RESTATED BY-LAWS<BR>
Dated December&nbsp;31, 2007</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These amended and restated By-Laws (the &#147;By-Laws&#148;) are made and adopted pursuant to Section&nbsp;3.8 of
the Declaration of Trust establishing VAN KAMPEN HIGH INCOME TRUST II,(formerly, Van Kampen Merritt
Limited Term High Income Trust), as from time to time amended (hereinafter called the
Declaration&#148;). All words and terms capitalized in these amended and restated By-Laws shall have the
meaning or meanings set forth for such words or terms in the Declaration.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B><BR>
<U><B>Shareholder Meetings</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.1. <U>Chairman</U>. The Chairman, if any, shall act as chairman at all meetings of the
Shareholders; in his absence, the Trustee or Trustees present at each meeting may elect a temporary
chairman for the meeting, who may be one of themselves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.2. <U>Proxies; Voting</U>. Shareholders may vote either in person or by duly executed
proxy and each full share represented at the meeting shall have one vote, all as provided in
Article&nbsp;10 of the Declaration. No proxy shall be valid after eleven (11)&nbsp;months from the date of
its execution, unless a longer period is expressly stated in such proxy. The placing of a
shareholder&#146;s name on a proxy pursuant to telephone or electronically transmitted instructions
obtained pursuant to procedures reasonably designed to verify that such instructions have been
authorized by such shareholder shall constitute execution of such proxy by or on behalf of such
shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.3. <U>Closing of Transfer Books and Fixing Record Dates</U>. For the purpose of
determining the Shareholders who are entitled to notice of or to vote or act at any meeting,
including any adjournment thereof, or who are entitled to participate in any dividends, or for any
other proper purpose, the Trustees may from time to time close the transfer bonds or fix a record
date in the manner provided in Section&nbsp;10.3 of the declaration. If the Trustees do not prior to any
meeting of Shareholders so fix a record date or close the transfer books, then the date of mailing
notice of the meeting or the date upon which the dividend resolution is adopted, as the case may
be, shall be the record date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.4. <U>Inspectors of Election</U>. In advance of any meeting of Shareholders, the
Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If
Inspectors of Election are not so appointed, the Chairman, if any, of any meeting of Shareholders
may, and on the request of any Shareholder or his proxy shall, appoint Inspectors of Election of
the meeting. The number of Inspectors shall be either one or three. If appointed at the meeting on
the request of one or more Shareholders or proxies, a majority of Shares present shall determine
whether one or three Inspectors
are to be appointed, but failure to allow such determination by the Shareholders shall not affect
the validity of the appointment of Inspectors of Election. In case any person appointed as
Inspector fails to appear or fails or refuses to act, the vacancy may be filled
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by
the person acting as chairman. The Inspectors of Election shall determine the number of Shares
outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity,
validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine
all challenges and questions in any way arising in connection with right to vote, shall count and
tabulate all votes or consents, determine the results, and do such other acts as may be proper to
conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of
Election, the decision, act or certificate of a majority is effective in all respects as the
decision, act or certificate of all. On request of the Chairman, if any, of the meeting, or of any
Shareholder or his proxy, the Inspectors of Election shall make a report in writing of any
challenge or question or matter determined by them and shall execute a certificate of any facts
found by them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.5. <U>Records at Shareholder Meetings</U>. At each meeting of the Shareholders there
shall be open for inspection the minutes of the last previous Meeting of Shareholders of the Trust
and a list of the Shareholders of the Trust, certified to be true and correct by the Secretary or
other proper agent of the Trust, as of the record date of the meeting or the date of closing of
transfer books, as the case may be. Such list of Shareholders shall contain the name of each
Shareholder in alphabetical order and the address of Shares owned by such Shareholder. Shareholders
shall have such other
rights and procedures of inspection of the books and records of the Trust as are granted to
shareholders of a Massachusetts business corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B><BR>
<U><B>Trustees</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.1. <U>Trustees Meeting</U>. The Trustees shall hold an annual meeting for the election
of officers and the transactions of other business which may come before such meeting. Neither the
business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be
stated in the notice or waiver of notice of such meeting, and no notice need be given of action
proposed to be taken by unanimous written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.2. <U>Chairman; Records</U>. The Chairman, if any, shall act as chairman at all meetings
of the Trustees; in his absence the Trustees present shall elect one of their number to act as
temporary chairman. The results of all actions taken at a meeting of the Trustees, or by unanimous
written consent of the Trustees, shall be recorded by the secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.3. <U>Tenure of Trustees</U>. Each Trustee shall retire on or before December&nbsp;31 of the
year such Trustee reaches the age of seventy-two (72)&nbsp;years; provided, however, the term of such
Trustee may be extended for up to three additional one-year terms (i.e., one-year extensions until
December&nbsp;31 of the next year, but not beyond December&nbsp;31 of the year such Trustee reaches the age
of seventy-five (75)&nbsp;years), upon the affirmative vote of a majority of the Trustees then in
office.
</DIV>







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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B><BR>
<U><B>Officers</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.1. <U>Officers of the Trust</U>. The officers of the Trust shall consist of a Chairman,
if any, a President, a Secretary, a Treasurer and such other officers or assistant officers,
including Vice Presidents, as may be elected by the Trustees. Any two or more of the offices may be
held by the same person, except that the same person may not be both President and Secretary. The
Trustees may designate the order in which the other Vice Presidents may act. The Chairman, if any,
shall be a Trustee, but no other officer of the Trust need be a Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.2. <U>Election and Tenure</U>. At the initial organization meeting and thereafter at
each annual meeting of the Trustees, the Trustees shall elect the Chairman, if any, President,
Secretary, Treasurer and such other officers as the Trustees shall deem necessary or appropriate in
order to carry out the business of the Trust. Such officers shall hold office until the next annual
meeting of the Trustees and until their successors
have been duly elected and qualified. The Trustees may fill any vacancy in office or add any
additional officers at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.3. <U>Removal of Officers</U>. Any officer may be removed at any time, with or without
cause, by action of a majority of the Trustees. This provision shall not prevent the making of a
contract of employment for a definite term with any officer and shall have no effect upon any cause
of action which any officer may have as a result of removal in breach of a contract of employment.
Any officer may resign at any time by notice in writing signed by such officer and delivered or
mailed to the Chairman, if any, President, or Secretary, and such resignation shall take effect
immediately upon receipt by the Chairman, if any, President, or Secretary, or at a later date
according to the terms of such notice in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.4. <U>Bonds and Surety</U>. Any officer may be required by the Trustees to be bonded for
the faithful performance of his duties in such amount and with such sureties as the Trustee may
determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.5. <U>Chairman, President, and Vice President</U>. The Chairman, if any, shall, if
present, preside at all meetings of the Shareholders and of the Trustees and shall exercise and
perform such other powers and duties as may be from time to time assigned to him by the Trustees.
Subject to such supervisory powers, if any, as may be given by the Trustees to the Chairman, if
any, the President shall be the chief executive officer of the Trust and, subject to the control of
the Trustees, shall have general supervision, direction and control of the business of the Trust
and of its employees and shall exercise such general powers of management as are usually vested in
the office of President of a corporation. Subject to direction of the Trustees, the Chairman, if
any,and the President shall each have power in the name and on behalf of the Trust or any of its Series
to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration
statements, applications, requests, filings and other instruments in writing, and to employ and
discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the
Chairman, if any, and the President shall each have full authority and power, on behalf of all of
the Trustees, to attend and to act to vote, on behalf of the Trust at any meetings of business
organizations in which the Trust
holds an interest, or to confer such powers upon any other persons, by executing any proxies duly
authorizing such persons. The Chairman, if any, and the President shall have such further
authorities and duties as the Trustees shall from time to time determine. In the absence or
disability of the President, the Vice Presidents in order of their rank as fixed by the Trustees
or, if more than one and not ranked, the Vice
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">President designated by the Trustees, shall perform all of the duties of the President, and when so
acting shall have all the powers of and be subject to all of the restrictions upon the President.
Subject to the direction of the Trustees, and of the President, each Vice President shall have the
power in the name and on behalf of the Trust to execute
any and all instruments in writing, and, in addition, shall have such other duties and powers as
shall be designated from time to time by the Trustees or by the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.6. <U>Secretary</U>. The Secretary shall keep the minutes of all meetings of, and record
all votes of, Shareholders, Trustees and the Executive Committee, if any. He shall be custodian of
the seal of the Trust, if any, and he (and any person so authorized by the Trustees) shall affix
the seal or, if permitted, facsimile thereof, to any instrument executed by the Trust which would
be sealed by a Massachusetts business corporation
executing the same or a similar instrument and shall attest the seal and the signature or
signatures of the officer or officers executing any other duties commonly incident to such office
in a Massachusetts business corporation, and shall have such other authorities and duties as the
Trustees shall from time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.7. <U>Treasurer</U>. Except as otherwise directed by the Trustees, the Treasurer shall
have the general supervision of the monies, funds, securities, notes receivable and other valuable
papers and documents of the Trust, and shall have and exercise under the supervision of the
Trustees and of the President all powers and duties normally incident to his office. He may endorse
for deposit or collection all notes, checks and
other instruments payable to the Trust or to its order. He shall deposit all funds of the Trust in
such depositories as the Trustee shall designate. He shall be responsible for such disbursement of
the funds of the Trust as may be ordered by the Trustees or the President. He shall keep accurate
account of the books of the Trust&#146;s transactions which shall be the property of the Trust, and
which together with all other property of the Trust
in his possession, shall be subject at all times to the inspection and control of the Trustees.
Unless the Trustees shall otherwise determine, the Treasurer shall be the principal accounting
officer of the Trust and shall also be the principal financial officer of the Trust. He shall have
such other duties and authorities as the Trustees shall from time to time determine.
Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser,
administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds
of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.8. <U>Other Officers and Duties</U>. The Trustees may elect such other officers and
assistant officers as they shall from time to time determine to be necessary or desirable in order
to conduct the business of the Trust. Assistant officers shall act generally in
the absence of the officer whom they assist and shall assist that officer in the duties of his
office. Each officer, employee and agent of the Trust shall have such other duties and authority as
may be conferred upon him by the Trustees or delegated to him by the President.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B><BR>
<U><B>Miscellaneous</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.1. <U>Depositories</U>. In accordance with Section&nbsp;8.1 of the Declaration, the funds of
the Trust shall be deposited in such depositories as the Trustees shall designate and shall be
drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents
(including the adviser, administrator or manager), as the Trustees may from time to time authorize.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.2. <U>Signatures</U>. All contracts and other instruments shall be executed on behalf of
the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or
By-Laws or as the Trustees may from time to time by resolution provide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.3. <U>Seal</U>. The seal of the Trust, if any, may be affixed to any instrument, and the
seal and its attestation may be lithographed, engraved or otherwise printed on any document with
the same force and effect as if it had been imprinted and affixed manually
in the same manner and with the same force and effect as if done by a Massachusetts business
corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B><BR>
<U><B>Stock Transfers</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;5.1. <U>Transfer Agents, Registrars and the Like</U>. As provided .in Section&nbsp;4.3 of the
Declaration, the Trustees shall have authority to employ and compensate such transfer agents and
registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or
desirable. In addition, the Trustees shall have power to employ and compensate such dividend
disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem
necessary or desirable. Any of such agents shall have such power and authority as is delegated to
any of them by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;5.2. <U>Transfer of Shares</U>. The Shares of the Trust shall be transferable on the books
of the Trust only upon delivery to the Trustees or a transfer agent of the Trust of proper
documentation as provided in Section&nbsp;6.6 of the Declaration. The Trust, or its transfer agents,
shall be authorized to refuse any transfer unless and until presentation of such evidence as may be
reasonably required to show that the requested transfer
is proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;5.3. <U>Registered Shareholders</U>. The Trust may deem and treat the holder of record of
any Shares the absolute owner thereof for all purposes and shall not be required to take any notice
of any right or claim of right of any other person.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B><BR>
<U><B>Amendment of By-Laws</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.1. <U>Amendment and Repeal of By-Laws</U>. In accordance with Section&nbsp;3.8 of the
Declaration, the Trustees shall have the power to alter, amend or repeal the By-Laws or adopt new
By-Laws at any time; provided, however, that By-Laws adopted by the Shareholders may, if such
By-Laws so state, be altered, amended or repealed only by the Shareholders and not the Trustees.
Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a
majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with
the Declaration, and any apparent inconsistency shall be construed in favor of the related
provisions in the Declaration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust establishing the Van Kampen High Income Trust II (formerly, Van
Kampen Merritt Limited Term High Income Trust), dated as of February&nbsp;15, 1989, a copy of which,
together with all amendments thereto, is on file in the office of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Secretary of the Commonwealth of Massachusetts, provides that the name Van Kampen High
Income Trust II refers to the Trustees under the Declaration collectively as Trustees, but not as
individuals or personally; and no Trustee, Shareholder, officer, employee or agent of the Van
Kampen High Income Trust II shall be held to any personal liability, nor shall resort be had to
their private property for the satisfaction of any obligation or claim or otherwise in connection
with the affairs of said Van Kampen High Income Trust II but the Trust Property only shall be
liable.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11.A
<SEQUENCE>4
<FILENAME>h86299p2exv99w11wa.htm
<DESCRIPTION>EX-99.11.A
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w11wa</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EX-99.11.a
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF COUNSEL</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the use of our name and to the reference to our firm under the caption
&#147;Federal Income Tax Considerations of the Merger&#148; in the Joint Proxy Statement/Prospectus included
in Pre-Effective Amendment No.&nbsp;1 to the Registration Statement under the Securities Act of 1933, as
amended, on Form N-14 for Invesco Van Kampen High Income Trust II (File No.&nbsp;333-180591).
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                    /s/ Stradley Ronon Stevens &#038; Young, LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Stradley Ronon Stevens &#038; Young, LLP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Philadelphia, Pennsylvania<BR>
May&nbsp;15, 2012

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.14.A
<SEQUENCE>5
<FILENAME>h86299p2exv99w14wa.htm
<DESCRIPTION>EX-99.14.A
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w14wa</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EX-99.14(a)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on
Form N-14 (File No.&nbsp;333-180591) of :
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our report dated April&nbsp;23, 2012, relating to the financial statements and
financial highlights which appear in the February&nbsp;29, 2012 Annual Report to
Shareholders of Invesco Van Kampen High Income Trust II, which is incorporated by reference into
the Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our report dated April&nbsp;23, 2012, relating to the financial statements and
financial highlights which appear in the February&nbsp;29, 2012 Annual Report to
Shareholders of Invesco High Yield Investments Fund, Inc., which is incorporated by reference
into the Registration Statement;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the references to us under the headings &#147;Information on the Funds&#146;
Independent Registered Public Accounting Firm&#148; in the statements of additional information
which are incorporated by reference into the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/PricewaterhouseCoopers LLP<BR>
PricewaterhouseCoopers LLP<BR>
Houston, Texas<BR>
May&nbsp;14, 2012

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17.A
<SEQUENCE>6
<FILENAME>h86299p2exv99w17wa.htm
<DESCRIPTION>EX-99.17.A
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w17wa</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h86299p2h8629906.gif" alt="(FULL PAGE GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! VOTE THIS PROXY CARD TODAY! EASY VOTING OPTIONS: VOTE
ON THE INTERNET Log on to: www.proxy-direct.com Follow the on-screen instructions available 24
hours VOTE BY TELEPHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours
VOTE BY MAIL Vote, sign and date your Proxy Card and return it in the postage-paid envelope Please
detach at perforation before mailing. INVESCO HIGH YIELD INVESTMENTS FUND, INC. (the &#147;Fund&#148;) PROXY
SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS (the &#147;Board&#148;) PROXY FOR THE JOINT ANNUAL MEETING OF
SHAREHOLDERS TO BE HELD JULY 17, 2012 COMMON SHARES The undersigned holder of Common Shares of the
Fund hereby appoints Philip A. Taylor, John M. Zerr, Peter A. Davidson, Stephen R. Rimes, and Sheri
Morris, and any one of them separately, proxies with full power of substitution in each, and hereby
authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the
Joint Annual Meeting of Shareholders on July&nbsp;17, 2012, at 2:00 p.m., Eastern Time, and at any
adjournment or postponement thereof, all of the Common Shares of the Fund which the undersigned
would be entitled to vote if personally present. IF THIS PROXY IS SIGNED AND RETURNED WITH NO
CHOICE INDICATED, THE SHARES WILL BE VOTED &#147;FOR&#148; THE APPROVAL OF EACH PROPOSAL, &#147;FOR ALL&#148; OF THE
NOMINEES, AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE
THE MEETING. VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503
NOTE: PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD. When signing as executor,
administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as
such. If a corporation, limited liability company, or partnership, please sign in full entity name
and indicate the signer&#146;s position with the entity. Signature 2012 Date PLEASE VOTE VIA INTERNET OR
TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</TD>
</TR>
</TABLE>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h86299p2h8629907.gif" alt="(FULL PAGE GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT VOTE THIS PROXY CARD TODAY! Important Notice Regarding the
Availability of Proxy Materials for the Joint Annual Meeting of Shareholders to Be Held on July&nbsp;17,
2012. The Proxy Statement for this meeting is available at: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; Please detach at perforation
before mailing. This proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR&#148;
each proposal and &#147;FOR ALL&#148; of the nominees. TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK.
Example: FOR AGAINST ABSTAIN Proposal 1: Approval of an Agreement and Plan of Redomestication that
provides for the reorganization of the Fund as a Delaware statutory trust. Proposal 2(a): Approval
of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Van
Kampen High Income Trust II. FOR ALL WITHHOLD ALL FOR ALL EXCEPT Proposal 3: Election of Directors
&#151; The Board recommends a vote FOR ALL of the nominees listed: 01. James T. Bunch 03. Rodney F.
Dammeyer 05. Martin L. Flanagan 02. Bruce L. Crockett 04. Jack M. Fields 06. Carl Frischling
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL
EXCEPT&#148; and write each nominee&#146;s number on the line provided below. PROXIES ARE AUTHORIZED TO VOTE,
IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN
ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY
ADJOURNMENT OR POSTPONEMENT OF THE MEETING. PLEASE SIGN AND DATE ON THE REVERSE SIDE</TD>
</TR>
</TABLE>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h86299p2h8629908.gif" alt="(FULL PAGE GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! VOTE THIS PROXY CARD TODAY! EASY VOTING OPTIONS: VOTE ON THE
INTERNET Log on to: www.proxy-direct.com Follow the on-screen instructions available 24 hours VOTE
BY TELEPHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours VOTE BY MAIL
Vote, sign and date your Proxy Card and return it in the postage-paid envelope Please detach at
perforation before mailing. INVESCO VAN KAMPEN HIGH INCOME TRUST II (the &#147;Fund&#148;) PROXY SOLICITED ON
BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;) PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO
BE HELD JULY 17, 2012 COMMON SHARES The undersigned holder of Common Shares of the Fund hereby
appoints Philip A. Taylor, John M. Zerr, Peter A. Davidson, Stephen R. Rimes, and Sheri Morris, and
any one of them separately, proxies with full power of substitution in each, and hereby authorizes
them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual
Meeting of Shareholders on July&nbsp;17, 2012, at 2:00 p.m., Eastern Time, and at any adjournment or
postponement thereof, all of the Common Shares of the Fund which the undersigned would be entitled
to vote if personally present. IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE
SHARES WILL BE VOTED &#147;FOR&#148; THE APPROVAL OF EACH PROPOSAL, &#147;FOR ALL&#148; OF THE NOMINEES, AND IN THE
DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING. VOTE
VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503 NOTE: PLEASE SIGN
EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD. When signing as executor, administrator, attorney,
trustee or guardian or as custodian for a minor, please give full title as such. If a corporation,
limited liability company, or partnership, please sign in full entity name and indicate the
signer&#146;s position with the entity. Signature 2012 Date PLEASE VOTE VIA INTERNET OR TELEPHONE OR
MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</TD>
</TR>
</TABLE>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h86299p2h8629909.gif" alt="(FULL PAGE GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT VOTE THIS PROXY CARD TODAY! Important Notice Regarding the
Availability of Proxy Materials for the Joint Annual Meeting of Shareholders to Be Held on July&nbsp;17,
2012. The Proxy Statement for this meeting is available at: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; Please detach at perforation
before mailing. This proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR&#148;
each proposal and &#147;FOR ALL&#148; of the nominees. TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK.
Example: FOR AGAINST ABSTAIN Proposal 1: Approval of an Agreement and Plan of Redomestication that
provides for the reorganization of the Fund as a Delaware statutory trust. Proposal 2(b): Approval
of an Agreement and Plan of Merger that provides for Invesco High Yield Investments Fund, Inc. to
merge with and into the Fund. FOR ALL WITHHOLD ALL FOR ALL EXCEPT Proposal 4: Election of Trustees
&#151; The Board recommends a vote FOR ALL of the nominees listed: 01. Wayne W. Whalen 02. Linda Hutton
Heagy INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR
ALL EXCEPT&#148; and write each nominee&#146;s number on the line provided below. PROXIES ARE AUTHORIZED TO
VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN
ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY
ADJOURNMENT OR POSTPONEMENT OF THE MEETING. PLEASE SIGN AND DATE ON THE REVERSE SIDE</TD>
</TR>
</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</DOCUMENT>
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<SEQUENCE>8
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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>13
<FILENAME>filename13.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>cover</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="h86299p2h8629905.gif" alt="()">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PO Box 4333<br>
Houston, TX 77210-4333<br>
11 Greenway Plaza, Suite&nbsp;2500<br>
Houston, TX 77046<br><br>
713 626 1919<br>
www.invesco.com
</TD>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;15, 2012
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>VIA EDGAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Invesco Van Kampen High Income Trust II<br>
CIK No.&nbsp;0000846671, File No.&nbsp;333-180591</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of Invesco Van Kampen High Income Trust II (the &#147;Trust&#148;), attached herewith for filing
pursuant to the provisions of the Securities Act of 1933, as amended, is the electronic version of
the Trust&#146;s Pre-Effective Amendment No.&nbsp;1 (the &#147;Amendment&#148;) to its registration statement on Form
N-14 (the &#147;Registration Statement&#148;) containing a joint proxy statement/prospectus filed to register
the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Common shares of beneficial interest of the Trust that will be issued to the
holders of common stock of Invesco High Yield Investments Fund, Inc.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Amendment is being filed to update certain financial information and to make certain changes,
including responding to disclosure comments from the staff of the Securities and Exchange
Commission. We anticipate requesting that the Registration Statement
be declared effective by June 1, 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please send copies of all correspondence with respect to the Registration Statement to my attention
or contact me at 713.214.1968.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>/S/ Stephen R. Rimes</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Stephen R. Rimes<BR>
Counsel

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
