<SEC-DOCUMENT>0000950123-12-009266.txt : 20120830
<SEC-HEADER>0000950123-12-009266.hdr.sgml : 20120830
<ACCEPTANCE-DATETIME>20120619172332
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER: 0000950123-12-009266
CONFORMED SUBMISSION TYPE: PRE 14A
PUBLIC DOCUMENT COUNT: 7
CONFORMED PERIOD OF REPORT: 20120717
FILED AS OF DATE: 20120619
DATE AS OF CHANGE: 20120719
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Invesco California Municipal Income Trust
CENTRAL INDEX KEY: 0000894146
IRS NUMBER: 133701273
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: PRE 14A
SEC ACT: 1934 Act
SEC FILE NUMBER: 811-07344
FILM NUMBER: 12915852
BUSINESS ADDRESS:
STREET 1: 1555 PEACHTREE STREET, N.E.
STREET 2: SUITE 1800
CITY: ATLANTA
STATE: 2Q
ZIP: 30309
BUSINESS PHONE: 404-439-3217
MAIL ADDRESS:
STREET 1: 1555 PEACHTREE STREET, N.E.
STREET 2: SUITE 1800
CITY: ATLANTA
STATE: 2Q
ZIP: 30309
FORMER COMPANY:
FORMER CONFORMED NAME: Invesco California Insured Municipal Income Trust
DATE OF NAME CHANGE: 20100601
FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST
DATE OF NAME CHANGE: 20090827
FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY CA INSURED MUNICIPAL INCOME TRUST
DATE OF NAME CHANGE: 20090827
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Invesco Van Kampen California Value Municipal Income Trust
CENTRAL INDEX KEY: 0000895531
IRS NUMBER: 367017425
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: PRE 14A
SEC ACT: 1934 Act
SEC FILE NUMBER: 811-07404
FILM NUMBER: 12915850
BUSINESS ADDRESS:
STREET 1: 1555 PEACHTREE STREET, N.E.
STREET 2: SUITE 1800
CITY: ATLANTA
STATE: 2Q
ZIP: 30309
BUSINESS PHONE: 404-439-3217
MAIL ADDRESS:
STREET 1: 1555 PEACHTREE STREET, N.E.
STREET 2: SUITE 1800
CITY: ATLANTA
STATE: 2Q
ZIP: 30309
FORMER COMPANY:
FORMER CONFORMED NAME: VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
DATE OF NAME CHANGE: 19981006
FORMER COMPANY:
FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL CALIFORNIA VALUE MUNIC INC TRUST
DATE OF NAME CHANGE: 19960102
FORMER COMPANY:
FORMER CONFORMED NAME: VAN KAMPEN MERRITT CALIFORNIA VALUE MUNICIPAL INCOME TRUST
DATE OF NAME CHANGE: 19930328
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Invesco California Quality Municipal Securities
CENTRAL INDEX KEY: 0000898618
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: PRE 14A
SEC ACT: 1934 Act
SEC FILE NUMBER: 811-07564
FILM NUMBER: 12915851
BUSINESS ADDRESS:
STREET 1: 1555 PEACHTREE STREET, N.E.
STREET 2: SUITE 1800
CITY: ATLANTA
STATE: 2Q
ZIP: 30309
BUSINESS PHONE: 404-439-3217
MAIL ADDRESS:
STREET 1: 1555 PEACHTREE STREET, N.E.
STREET 2: SUITE 1800
CITY: ATLANTA
STATE: 2Q
ZIP: 30309
FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY CALIFORNIA QUALITY MUNICIPAL SECURITIES
DATE OF NAME CHANGE: 20090827
FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY CALIFORNIA QUALITY MUNICIPAL SECU
DATE OF NAME CHANGE: 20011220
FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER CALIFORNIA QUALITY MUNICIPAL SECU
DATE OF NAME CHANGE: 19981221
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>h86668ppre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>pre14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A INFORMATION</B>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section 14(a) of the<BR>
Securities Exchange Act of 1934<BR>
(Amendment No. )</B>
</DIV>
<DIV align="Left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT style="font-family: Wingdings">þ</FONT><BR>
Filed by a Party other than the Registrant <FONT style="font-family: Wingdings">o</FONT>
</DIV>
<DIV align="Left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:
</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"><FONT style="font-family: Wingdings">þ</FONT></TD>
<TD width="1%"> </TD>
<TD>Preliminary Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">o</FONT></TD>
<TD width="1%"> </TD>
<TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">o</FONT></TD>
<TD width="1%"> </TD>
<TD>Definitive Proxy Statement</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">o</FONT></TD>
<TD width="1%"> </TD>
<TD>Definitive Additional Materials</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">o</FONT></TD>
<TD width="1%"> </TD>
<TD>Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12</TD>
</TR>
</TABLE>
</DIV>
<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>Invesco Van Kampen California Value Municipal Income Trust<BR>
Invesco California Municipal Income Trust<BR>
<FONT style="border-bottom: 1px solid #000000">Invesco California Quality Municipal Securities</FONT></B>
</DIV>
<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):
</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"><FONT style="font-family: Wingdings">þ</FONT></TD>
<TD width="1%"> </TD>
<TD>No fee required.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">o</FONT></TD>
<TD width="1%"> </TD>
<TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</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="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">1.</TD>
<TD width="1%"> </TD>
<TD>Title of each class of securities to which transaction applies:</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">2.</TD>
<TD width="1%"> </TD>
<TD>Aggregate number of securities to which transaction applies:</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">3.</TD>
<TD width="1%"> </TD>
<TD>Per unit price or other underlying value of transaction computed pursuant to
Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and
state how it was determined):</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">4.</TD>
<TD width="1%"> </TD>
<TD>Proposed maximum aggregate value of transaction:</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">5.</TD>
<TD width="1%"> </TD>
<TD>Total fee paid:</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"><FONT style="font-family: Wingdings">o</FONT></TD>
<TD width="1%"> </TD>
<TD>Fee paid previously with preliminary proxy materials.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">o</FONT></TD>
<TD width="1%"> </TD>
<TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by
registration statement number, or the Form or Schedule and the date
of its filing.</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="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">1)</TD>
<TD width="1%"> </TD>
<TD>Amount Previously Paid:</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"> </TD>
<TD width="1%"> </TD>
<TD><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px"> </DIV></TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">2)</TD>
<TD width="1%"> </TD>
<TD>Form, Schedule or Registration Statement No.:</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"> </TD>
<TD width="1%"> </TD>
<TD><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px"> </DIV></TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">3)</TD>
<TD width="1%"> </TD>
<TD>Filing Party:</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"> </TD>
<TD width="1%"> </TD>
<TD><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px"> </DIV></TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left">4)</TD>
<TD width="1%"> </TD>
<TD>Date Filed:</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="4%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"> </TD>
<TD width="1%"> </TD>
<TD><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px"> </DIV></TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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 California Value Municipal Income Trust<BR>
Invesco California Municipal Income Trust<BR>
Invesco California Quality Municipal Securities</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>1555 Peachtree Street, N.E.</B><BR>
<B>Atlanta, GA 30309<BR>
(800) 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 17, 2012</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Notice is hereby given to holders of preferred shares of beneficial interest designated as
Variable Rate Muni Term Preferred Shares (“VMTP Shares”) of Invesco California Municipal Income
Trust (“IIC”), Invesco California Quality Municipal Securities (“IQC”) and Invesco Van Kampen
California Value Municipal Income Trust (the “Acquiring Fund” or “VCV”) that the Funds will hold a
joint annual meeting of shareholders (the “Meeting”) 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 IIC and IQC,
and at 2:00 p.m. Eastern time for the Acquiring Fund. At the Meeting, holders of VMTP Shares
(“VMTP Shareholders”) will be asked to vote on the following proposals:
</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%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">1)</TD>
<TD width="1%"> </TD>
<TD>For IIC, IQC and the Acquiring 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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">2)</TD>
<TD width="1%"> </TD>
<TD>Approval of the merger of each of IIC, IQC and Invesco California Municipal Securities
(“ICS”) into the Acquiring Fund, which shall require the following shareholder actions:</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="6%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(a)</TD>
<TD width="1%"> </TD>
<TD>For IIC and IQC, approval of an Agreement and Plan of Merger that provides for such Fund
to merge with and into the Acquiring Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="6%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(b)</TD>
<TD width="1%"> </TD>
<TD>For the Acquiring Fund, approval of the following sub-proposals:</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="9%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(i)</TD>
<TD width="1%"> </TD>
<TD>Approval of an Agreement and Plan of Merger that provides for IIC to merge with and
into the Acquiring Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="9%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(ii)</TD>
<TD width="1%"> </TD>
<TD>Approval of an Agreement and Plan of Merger that provides for IQC to merge with and
into the Acquiring Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="9%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(iii)</TD>
<TD width="1%"> </TD>
<TD>Approval of an Agreement and Plan of Merger that provides for ICS to merge with
and into the Acquiring Fund.</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%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">3)</TD>
<TD width="1%"> </TD>
<TD>For IIC and IQC, the election of six Trustees to its Board of Trustees.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">4)</TD>
<TD width="1%"> </TD>
<TD>For the Acquiring Fund, the election of three Trustees to its Board of Trustees.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund may also transact such other business as may properly come before the Meeting or any
adjournment or postponement thereof. IIC, IQC and ICS collectively are referred to as the “Target
Funds.” The Target Funds and the Acquiring Fund collectively are referred to as the “Funds” and
each is referred to individually as a “Fund.” ICS does not have outstanding VMTP Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> VMTP Shareholders of record as of the close of business on May 25, 2012, are entitled to
notice of, and to vote at, the Meeting or any adjournment or postponement thereof. Holders of the
Funds’ common shares of beneficial interest, whose voting instructions are being separately
solicited, will also vote on certain matters at the Meeting.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Board of Trustees of each Fund requests that you vote your shares by either (i)
completing the enclosed proxy card and returning it in the enclosed postage paid return envelope,
or (ii) 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"> Each Target Fund’s governing documents provide that shareholders do not have dissenters’
appraisal rights, and each Target Fund does not believe that its shareholders are entitled to
appraisal rights in connection with its merger.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <B>Each Fund’s Board unanimously recommends that you cast your vote “FOR” the above proposals and
“FOR ALL” the Trustee nominees as described in the Joint Proxy Statement.</B>
</DIV>
<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
<TD width="0%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="35%"> </TD>
<TD width="64%"> </TD>
</TR>
<TR>
<TD valign="top" align="left"> </TD>
<TD colspan="3" align="left">For IIC and IQC:<BR> </TD>
<TD> </TD>
</TR><TR><TD> </TD></TR><TR>
<TD align="left"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000">Mr. Philip Taylor<BR>
President and Principal Executive Officer<BR>
</TD>
<TD> </TD>
</TR><TR>
<TD align="left"> </TD>
<TD colspan="3" align="left"><br>June [_], 2012<BR></TD>
<TD> </TD>
</TR><TR>
<TD align="left"> </TD>
<TD colspan="3" align="left"> </TD>
<TD> </TD>
</TR>
<TR>
<TD colspan="5"> </TD>
</TR>
<TR>
<TD valign="top" align="left"> </TD>
<TD colspan="3" align="left">For the Acquiring Fund,<BR>
by order of the Board of Trustees:<BR> </TD>
<TD> </TD>
</TR><TR><TD> </TD></TR><TR>
<TD align="left"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000">
John M. Zerr<BR>
Senior Vice President, Secretary and<BR>
Chief Legal Officer<BR>
</TD>
<TD> </TD>
</TR><TR>
<TD align="left"> </TD>
<TD colspan="3" align="left"><br>June [_], 2012<BR></TD>
<TD> </TD>
</TR><TR>
<TD align="left"> </TD>
<TD colspan="3" align="left"> </TD>
<TD> </TD>
</TR>
</TABLE>
<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 --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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 California Value Municipal Income Trust<BR>
Invesco California Municipal Income Trust<BR>
Invesco California Quality Municipal Securities</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>1555 Peachtree Street, N.E.</B><BR>
<B>Atlanta, GA 30309<BR>
(800) 341-2929</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOINT PROXY STATEMENT<BR>
June [_], 2012</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Introduction</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> This Joint Proxy Statement (the “Proxy Statement”) contains information that holders of
preferred shares of beneficial interest designated as Variable Rate Muni Term Preferred Shares
(“VMTP Shares”) of Invesco California Municipal Income Trust (“IIC”), Invesco California Quality
Municipal Securities (“IQC”) and Invesco Van Kampen California Value Municipal Income Trust (the
“Acquiring Fund” or “VCV”) should know before voting on the proposals that are described herein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> A joint annual meeting of the shareholders of the Funds (the “Meeting”) 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 IIC and IQC, and at 2:00 p.m. Eastern time for the Acquiring Fund. The
following describes the proposals to be voted on by holders of VMTP Shares (“VMTP Shareholders”) at
the Meeting:
</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%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">1)</TD>
<TD width="1%"> </TD>
<TD>For IIC, IQC and the Acquiring 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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">2)</TD>
<TD width="1%"> </TD>
<TD>Approval of the merger of each of IIC, IQC and Invesco California Municipal Securities
(“ICS”) into the Acquiring Fund, which shall require the following shareholder actions:</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="6%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(a)</TD>
<TD width="1%"> </TD>
<TD>For IIC and IQC, approval of an Agreement and Plan of Merger that provides for such
Target Fund to merge with and into the Acquiring Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="6%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(b)</TD>
<TD width="1%"> </TD>
<TD>For the Acquiring Fund, approval of the following sub-proposals:</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="9%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(i)</TD>
<TD width="1%"> </TD>
<TD>Approval of an Agreement and Plan of Merger that provides for IIC to merge with and
into the Acquiring Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="9%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(ii)</TD>
<TD width="1%"> </TD>
<TD>Approval of an Agreement and Plan of Merger that provides for IQC to merge with and
into the Acquiring Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="9%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(iii)</TD>
<TD width="1%"> </TD>
<TD>Approval of an Agreement and Plan of Merger that provides for ICS to merge with
and into the Acquiring Fund.</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%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">3)</TD>
<TD width="1%"> </TD>
<TD>For IIC and IQC, the election of six Trustees to its Board of Trustees.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">4)</TD>
<TD width="1%"> </TD>
<TD>For the Acquiring Fund, the election of three Trustees to its Board of Trustees.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund may also transact such other business as may properly come before the Meeting or any
adjournment or postponement thereof. IIC, IQC and ICS collectively are referred to as the “Target
Funds.” The Target Funds and the Acquiring Fund collectively are referred to as the “Funds” and
each is referred to individually as a “Fund.” ICS does not have outstanding VMTP Shares.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The redomestications contemplated by Proposal 1 are referred to herein each individually as a
“Redomestication” and together as the “Redomestications.” The mergers contemplated by Proposal 2
are referred to herein each individually as a “Merger” and together as the “Mergers.”
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Boards of Trustees of the Funds (the “Boards”) have fixed the close of business on May 25,
2012, as the record date (“Record Date”) 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). Holders of the common shares of beneficial interest (“Common Shares”) of the Funds, whose
voting instructions are being separately solicited, will also vote on certain matters at the
Meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> This Proxy Statement, the enclosed Notice of Joint Annual Meeting of Shareholders, and the
enclosed proxy card will be mailed on or about June [30], 2012, to all VMTP Shareholders eligible
to vote at the Meeting. Each Fund is a closed-end management investment company registered under
the Investment Company Act of 1940, as amended (the “1940 Act”). The Common Shares of each Fund
are listed on the New York Stock Exchange and the Common Shares of the Acquiring Fund are also
listed on the Chicago Stock Exchange (collectively with the New York Stock Exchange, the
“Exchanges”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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" style="font-size: 10pt; margin-top: 6pt"> 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. Additional information about
each Fund is available in the annual and semi-annual reports to shareholders of such Fund. Each
Fund’s most recent annual report to shareholders, which contains audited financial statements for
the Funds’ most recently completed fiscal year, and each Fund’s most recent semi-annual report to
shareholders have been previously mailed to shareholders and are available on the Funds’ website at
www.invesco.com/us. These documents are on file with the U.S. Securities and Exchange Commission
(the “SEC”). Copies of all of these documents are also available upon request without charge by
writing to the Funds at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046, or by calling (800)
341-2929.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> You also may view or obtain these documents from the SEC’s Public Reference Room, which is
located at 100 F Street, N.E., Washington, D.C. 20549, or from the SEC’s website at www.sec.gov.
Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC
at (202) 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’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: 6pt"> The VMTP Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any state securities laws and, unless so registered, may not be offered or
sold except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws. Accordingly, VMTP Shares
to be issued in a Merger are not offered for sale hereby, and may not be transferred or resold
except in compliance with the Securities Act. No person has been authorized to give any
information or make any representations not contained herein and, if so given or made, such
information or representation must not be relied upon as having been authorized.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="80%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">1</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Has my Fund’s Board of Trustees approved the Redomestication?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Will VMTP
Shares issued in connection with a Redomestication be the same as my current VMTP Shares?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">2</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">2</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">How do the
laws governing each Fund pre- and post-Redomestication compare?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">3</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">How do the
governing documents of each Fund pre- and post-Redomestication compare?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">3</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">4</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">What is the Tax Treatment of the VMTP Shares of the DE Fund?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">5</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">When are the Redomestications expected to occur?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">5</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">5</TD>
<TD> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 2: APPROVAL OF MERGERS</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">5</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">5</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Has my Fund’s Board of Trustees approved the Merger(s)?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">6</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Will VMTP
Shares issued in connection with the Mergers be the same as my current VMTP Shares?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">6</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">What are the reasons for the proposed Mergers?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">7</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">What effect will a Merger have on me as a VMTP Shareholder?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">7</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">How do the Funds’ investment objectives and principal investment strategies compare?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">8</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">How do the Funds’ principal risks compare?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">8</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">How do the Funds’ expenses compare?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">9</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">9</TD>
<TD> </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 Funds?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">11</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">11</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Will there be any tax consequences resulting from the Mergers?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">11</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">When are the Mergers expected to occur?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">12</TD>
<TD> </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 a Merger?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">12</TD>
<TD> </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 Mergers?</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">12</TD>
<TD> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE MERGERS</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">12</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Principal Investment Strategies</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">12</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">16</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Portfolio Managers</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">24</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Trading of VMTP Shares</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">25</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Capital Structures of the Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">25</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Description of Securities to be Issued</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">25</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Portfolio Turnover</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">28</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Terms and Conditions of the Mergers</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">29</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Additional Information About the Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">29</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">30</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">State Income Tax Matters Associated with Investment in the Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">33</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Board Considerations in Approving the Mergers</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">33</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Federal Income Tax Considerations of the Mergers</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">36</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Tax Treatment of the VMTP Shares of the Acquiring Fund</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">38</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Where to Find More Information</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">39</TD>
<TD> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">PROPOSAL 3: ELECTION OF TRUSTEES BY THE TARGET FUNDS</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">39</TD>
<TD> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">43</TD>
<TD> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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="88%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
<TD> </TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">VOTING INFORMATION</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">45</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">How to Vote Your Shares</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">45</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">46</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">About the Proxy Statement and the Meeting</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">46</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Quorum Requirement and Adjournment</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">46</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Votes Necessary to Approve the Proposals</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">47</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Proxy Solicitation</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">48</TD>
<TD> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">OTHER MATTERS</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">48</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Share Ownership by Large Shareholders, Management and Trustees</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">48</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Annual Meetings of the Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">48</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Shareholder Proposals</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">48</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Shareholder Communications</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">48</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Section 16(a) Beneficial Ownership Reporting Compliance</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">49</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:30px; text-indent:-15px">Other Meeting Matters</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">49</TD>
<TD> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:15px; text-indent:-15px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">WHERE TO FIND ADDITIONAL INFORMATION</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">49</TD>
<TD> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </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> </TD>
<TD> </TD>
<TD nowrap align="right">A-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT B Comparison of State Laws</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">B-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT C Comparison of Governing Documents</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">C-1</TD>
<TD> </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> </TD>
<TD> </TD>
<TD nowrap align="right">D-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT E Executive Officers of the Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">E-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT F Information Regarding the Trustees of the Target Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">F-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT G Board Leadership Structure for the Target Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">G-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT H Remuneration of Trustees for the Target Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">H-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT I Independent Auditor Information</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">I-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT J Information Regarding the Trustees of the Acquiring Fund</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">J-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT K Acquiring Fund Board Leadership Structure, Role in Risk
Oversight and Committees and Meetings</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">K-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT L Remuneration of Trustees for the Acquiring Fund</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">L-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT M Outstanding Shares of the Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">M-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT N Ownership of the Funds</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">N-1</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT O Statement of Preferences of VMTP Shares of the Acquiring
Fund</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="right">O-1</TD>
<TD> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <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>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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" style="font-size: 10pt; margin-top: 6pt"> Shareholders of IIC, IQC and the Acquiring Fund are being asked to approve an Agreement and
Plan of Redomestication (a “Plan of Redomestication”) providing for the reorganization of each Fund
as a Delaware statutory trust (referred to herein as a “DE Fund”). (Common Shareholders of ICS are
also being asked via a separate proxy statement to approve a Plan of Redomestication providing for
the reorganization of ICS as a Delaware statutory trust.) Each Fund is currently a Massachusetts
business trust. Each Fund’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’s current structure, after which Fund shareholders will own
shares of the Delaware statutory trust and the Massachusetts business trust will be liquidated and
terminated. The Redomestication is only a change to your Fund’s legal form of organization and
there will be no change to the Fund’s investments, management, fee levels, or federal income tax
status as a result of the Redomestication.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund’s Redomestication may proceed even if other Redomestications are not approved by
shareholders or are for any other reason not completed. A form of the Plan of Redomestication is
available in Exhibit A.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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" style="font-size: 10pt; margin-top: 12pt"><B>Has my Fund’s Board of Trustees approved the Redomestication?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Yes. Each Fund’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 “FOR” Proposal 1.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will VMTP Shares issued in connection with a Redomestication be the same as my current VMTP
Shares?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Yes. In connection with each Redomestication, the applicable DE Fund will issue VMTP Shares
with terms that are substantially identical to the terms of IIC’s, IQC’s and the Acquiring Fund’s
currently outstanding VMTP Shares. Important information regarding the VMTP Shares to be issued in
connection with each Redomestication is set forth below.
</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"> </TD>
<TD width="2%" nowrap align="left">(1)</TD>
<TD width="1%"> </TD>
<TD>It is a condition of closing of each Redomestication that the Fund will have
satisfied all of its obligations set forth in certain documents related to the VMTP
Shares immediately prior to the Redomestication and that the DE Fund will satisfy all
of the obligations of the corresponding documents related to the VMTP Shares to be
issued by the DE Fund immediately after the Redomestication.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(2)</TD>
<TD width="1%"> </TD>
<TD>Certain representations and warranties made by each Fund to the initial
purchaser of VMTP Shares will be true with respect to the DE Fund immediately after the
closing of the Redomestication.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(3)</TD>
<TD width="1%"> </TD>
<TD>The terms of the Declaration of Trust of a DE Fund are substantially identical
to those terms agreed upon by the initial purchaser of VMTP Shares of the Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(4)</TD>
<TD width="1%"> </TD>
<TD>The terms of the bylaws of a DE Fund are substantially identical to those terms
agreed upon by the initial purchaser of VMTP Shares of the Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(5)</TD>
<TD width="1%"> </TD>
<TD>The terms of the VMTP Shares issued by a DE Fund, as set forth in the Statement
of Preferences of VMTP Shares of the DE Fund, are substantially identical to those
terms agreed upon by the initial purchaser of VMTP Shares of the Fund.</TD>
</TR>
</TABLE>
</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"> </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="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(6)</TD>
<TD width="1%"> </TD>
<TD>In the Redomestication, VMTP Shareholders of a Fund will receive VMTP Shares of
the DE Fund and no VMTP Shares of the DE Fund will be issued to persons who are not
holders of VMTP Shares of a Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(7)</TD>
<TD width="1%"> </TD>
<TD>It is a condition of closing of each Redomestication that upon closing of such
Redomestication the VMTP Shares of the DE Fund be rated at least AA-/Aa3 by each rating
agency that is rating, at the request of the DE Fund, such VMTP Shares.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(8)</TD>
<TD width="1%"> </TD>
<TD>The Redomestications are scheduled to occur on or prior to December 31, 2012.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> A form of the Statement of Preferences of VMTP Shares of the Acquiring Fund is attached hereto
as Exhibit O. The Statement of Preferences of VMTP Shares of the DE Fund for each of IIC, IQC and
the Acquiring Fund will be identical in all material respects. The description of VMTP Shares of
the DE Funds included herein is subject to and qualified in its entirety by reference to the more
detailed description of the VMTP Shares set forth in such form of Statement of Preferences.
</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"> 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
“Adviser”). 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,
which sometimes necessitates the Funds bearing the cost to engage counsel to advise on the
interpretation of such law.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Redomestications are also a necessary step for the completion of the Mergers 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 Mergers described in Proposal 2 are not approved.
</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" style="font-size: 10pt; margin-top: 6pt"> A Redomestication will have no direct economic effect on Fund shareholders’ investments, other
than the cost savings described herein. 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 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. Each Fund’s new governing documents
will be similar to its current governing documents, but will contain certain material differences.
These changes are intended to benefit shareholders by streamlining and promoting the efficient
administration and operation of the Funds. However, as a result of these changes, shareholders
will have fewer rights to vote on certain matters affecting the Fund and, therefore, less control
over the operations of the Fund. These changes to shareholder voting rights, and the benefits that
management believes will result from these changes, are described below.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each of IIC, IQC and the Acquiring Fund will distribute to VMTP Shareholders all accrued but
unpaid dividends on the VMTP Shares through the closing date for its Redomestication. Dividends
will begin accruing on the VMTP Shares issued by the DE Fund as of the closing date for the
Redomestication at the same rate that was in effect immediately prior to the Redomestication.
Agreements of each of IIC, IQC and the Acquiring Fund related to the VMTP Shares, including the
purchase agreement, the redemption and paying agent agreement and the registration rights
agreement, will be assigned to the corresponding DE Fund.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->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"> In addition, each Fund’s capital structure will be substantially the same as its current
capital structure. The Common Shares of each Fund will continue to have equal rights to the
payment of dividends and the distribution of assets upon liquidation, and, for the Acquiring Fund,
IIC and IQC, may not declare distributions on Common Shares unless all accrued dividends on such
Fund’s preferred shares have been paid, and unless asset coverage with respect to such Fund’s VMTP
Shares would be at least 200% after giving effect to the distributions. In addition, under the
terms of such Fund’s VMTP Shares, the Fund will continue to be required to maintain minimum asset
coverage of 225%.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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’s current
agreements) and to elect the trustees of the Delaware statutory trust (which, as noted above, will
be the same as the Fund’s current Trustees) after shareholder approval of the Redomestication but
prior to the closing of the Redomestication.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the laws governing each Fund pre- and post-Redomestication compare?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> After the Redomestications, each Fund will be a Delaware statutory trust governed by the
Delaware Statutory Trust Act (“DE Statute”). The DE Statute is similar in many respects to the
laws governing the Fund’s current structure, a Massachusetts business trust, but they differ in
certain respects. Both the Massachusetts business trust law (“MA Statute”) and the DE Statute
permit a trust’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’s governing
instruments. However, 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 the governing documents of each Fund contain an
express disclaimer of liability of shareholders, certain Massachusetts judicial decisions have
determined that shareholders of a Massachusetts business trust may, in certain circumstances, be
assessed or held personally liable as partners for the obligations of a Massachusetts business
trust. Therefore, the Funds believe that shareholders will benefit from the express statutory
protections of the DE Statute. The DE Statute authorizes the trustees to take various actions
without requiring shareholder approval if permitted by a Fund’s governing instruments. For
example, trustees of a Delaware statutory trust may have the power to amend the trust’s governing
instrument, merge or consolidate a Fund with another entity, and to change the Delaware statutory
trust’s domicile, in each case without a shareholder vote. 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 DE Statute and the MA Statute is included in Exhibit B.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the governing documents of each Fund pre- and post-Redomestication compare?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The governing documents of each Fund before and after its Redomestication will be similar, but
will contain certain material differences. In general, these changes to each Fund’s new governing
documents are intended to benefit shareholders by streamlining the administration and operation of
each Fund to save shareholders money and by making it more difficult for short-term speculative
investors to engage in practices that benefit such short-term investors at the expense of the Fund
and to the detriment of its long-term investors. For example, the new governing documents permit
termination of the Fund without shareholder approval, provided that at least 75% of the Trustees
have approved such termination, thereby avoiding the expense of a shareholder meeting in connection
with a termination of the Fund, which expense would reduce the amount of assets available for
distribution to shareholders. The current governing documents require shareholder approval to
terminate the Fund regardless of whether the Trustees have approved such termination. Also, each
Fund’s new bylaws may be altered, amended, or repealed by the Trustees, without the vote or
approval of shareholders. Each Fund’s current bylaws may be altered, amended, or repealed by the
Trustees, provided that bylaws adopted by the shareholders may only be altered, amended, or
repealed by the shareholders. None of the Funds currently have any bylaws that were adopted by
shareholders. As a result of these changes, shareholders will generally have fewer rights to vote
on certain matters affecting the Fund and, therefore, less control over the operations of the Fund.
</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 align="left" style="font-size: 10pt; margin-top: 6pt"> The new governing documents include new procedures 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 such proposals. For
example, the new governing documents require shareholders to provide additional information with
respect to shareholder proposals, including nominations, brought before a meeting of shareholders.
These additional procedures include, among others, deadlines for providing advance notice of
shareholder proposals, certain required information that must be included with such advance notice
and a requirement that the proposing shareholder appear before the annual or special meeting of
shareholders to present about the nomination or proposed business. Trustees of the Funds will be
elected by a majority vote (i.e., nominees must receive the vote of a majority of the outstanding
shares present and entitled to vote at a shareholder meeting at which a quorum is present). Under
the current governing documents, Trustees of the Acquiring Fund are generally elected by a
plurality vote (i.e., the nominees receiving the greatest number of votes are elected), while
Trustees of the Target Funds are elected by a majority vote. 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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The new governing documents contain provisions the Trustees believe will benefit shareholders
by deterring frivolous lawsuits and actions by short-term, speculative investors that are contrary
to the long-term best interests of the Fund and long-term shareholders and limiting the extent to
which Fund assets will be expended defending against such lawsuits. These provisions include a
different shareholder voting standard with respect to the Acquiring Fund’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 the Acquiring 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 the Acquiring Fund for all costs, expenses, penalties, fines or other
amounts arising from any action against the Acquiring Fund to the extent that the shareholder is
not the prevailing party and that the Acquiring Fund is permitted to redeem shares of and/or set
off against any distributions due to the shareholder for such amounts.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> A comparison of the current and proposed governing documents of the Funds is available in
Exhibit C and a form of the Statement of Preferences of VMTP Shares of the Acquiring Fund is
available in Exhibit O.
</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"> 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 “Code”), the existing U.S. Treasury Regulations thereunder, current administrative
rulings of the Internal Revenue Service (“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"> Each Redomestication is intended to be a tax-free reorganization pursuant to Section 368(a) of
the Code. Each Fund is currently a Massachusetts business trust. 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 (“DE-Fund”), after
which Fund shareholders will own shares of the Delaware statutory trust and the Massachusetts
business trust will be liquidated. Even though the Redomestication of a Fund is part of an overall
plan to effect the Merger of each 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="1%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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’s aggregate tax basis of the shares of the Fund; and</TD>
</TR>
</TABLE>
</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 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"><B>•</B></TD>
<TD width="1%"> </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>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 & 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 & 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 “Where to Find Additional Information.” 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 any other Redomestication.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What is the Tax Treatment of the VMTP Shares of the DE Fund?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each of IIC, IQC and the Acquiring Fund expects that the VMTP Shares issued by the DE Fund in
connection with its Redomestication will be treated as equity of the DE Fund for U.S. federal
income tax purposes. Each of IIC, IQC and the Acquiring Fund has received a private letter ruling
from the IRS to the effect that VMTP Shares issued by it prior to its Redomestication will be
treated as equity of such Fund for U.S. federal income tax purposes. Skadden, Arps, Slate, Meagher
& Flom LLP (“Special VMTP Federal Income Tax Counsel”) is of the opinion that, and as a condition
to the closing of the Redomestications will deliver to IIC, IQC and the Acquiring Fund an opinion
that, the VMTP Shares issued by the DE Fund in connection with a Redomestication will be treated as
equity of the DE Fund for U.S. federal income tax purposes. An opinion of counsel is not binding
on the IRS or any court. Thus, no assurance can be given that the IRS would not assert, or that a
court would not sustain, a position contrary to Special VMTP Federal Income Tax Counsel’s opinion.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The discussion herein assumes that the VMTP Shares issued by the DE Fund in connection with
Redomestication will be treated as equity of the DE Fund for U.S. federal income tax purposes.
</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"> If shareholders of a Fund approve Proposal 1, it is anticipated that such Fund’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"> If Proposal 1 is not approved by a Fund’s shareholders or if a Redomestication is for other
reasons not able to be completed, that Fund would not be redomesticated. In addition, that Fund
would not participate in a Merger, even if that Fund’s shareholders approve the Merger under
Proposal 2. If Acquiring Fund Shareholders do not approve Proposal 1 or if the Acquiring Fund’s
Redomestication is for any other reason not completed, no Mergers would be completed. If Proposal
1 is not approved by shareholders, the applicable Fund’s Board will consider other possible courses
of action for that Fund.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE
BOARDS UNANIMOUSLY RECOMMEND THAT YOU VOTE “</B><U><B>FOR</B></U><B>” THE APPROVAL OF PROPOSAL 1.</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 2: APPROVAL OF MERGERS</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"> Shareholders of IIC and IQC are being asked to consider and approve a Merger of their Fund
with and into the Acquiring Fund, as summarized below. Shareholders of the Acquiring Fund are also
being asked to consider and approve each such Merger, which involves the issuance of new Common
Shares and VMTP Shares by the Acquiring Fund. Acquiring Fund shareholders are also being asked to
approve the Merger of ICS with an into the
</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" style="font-size: 10pt; margin-top: 6pt">Acquiring Fund, which involves the issuance of new
Common Shares by the Acquiring Fund. If a Merger is approved, VMTP Shares of IIC and IQC will be
exchanged on a one-for-one basis for newly issued Acquiring Fund VMTP Shares with substantially
identical terms, including equal aggregate liquidation preferences; and Common Shares of the Target
Fund will be exchanged for newly issued Acquiring Fund Common Shares of equal aggregate net asset
value. VMTP Shareholders are not expected to bear any costs of the Mergers.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Merger will be completed pursuant to an Agreement and Plan of Merger (“Merger Agreement”)
that provides for the applicable Target Fund to merge with and into the Acquiring Fund pursuant to
the Delaware Statutory Trust Act. A form of the Merger Agreement is attached hereto as Exhibit D.
Each Merger Agreement is substantially the same. The merger of one Target Fund and the Acquiring
Fund may proceed even if the merger of one or both of the other Target Funds is not approved by
shareholders or is for any other reason not completed. A Merger can proceed only if both the
Target Fund and the Acquiring Fund have also approved their respective Redomestications.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY OF KEY INFORMATION REGARDING THE MERGERS</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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’s Board of Trustees approved the Merger(s)?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Yes. Each Fund’s Board has reviewed and unanimously approved the Merger Agreement and this
Proposal 2. Each Fund’s Board determined that the Mergers are in the best interest of each Fund
and will not dilute the interests of the existing shareholders of any Fund. <B>Each Fund’s Board
recommends that shareholders vote “FOR” Proposal 2.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will VMTP Shares issued in connection with the Mergers be the same as my current VMTP Shares?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Yes. In connection with the Mergers, the Acquiring Fund will issue VMTP Shares in exchange
for VMTP Shares of IIC and IQC. The terms of the Acquiring Fund VMTP Shares will be substantially
identical to the terms of such Target Fund’s VMTP Shares outstanding immediately prior to the
closing of a Merger. Important information regarding the Acquiring Fund VMTP Shares to be issued
in connection with the Mergers is set forth below.
</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"> </TD>
<TD width="2%" nowrap align="left">(1)</TD>
<TD width="1%"> </TD>
<TD>It is a condition of closing of each Merger that each of IIC, IQC and the
Acquiring Fund will have satisfied all of its obligations set forth in certain
documents related to its respective VMTP Shares immediately prior to the Merger and
that the Acquiring Fund will satisfy all of the obligations of such documents related
to the VMTP Shares immediately after giving effect to a Merger.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(2)</TD>
<TD width="1%"> </TD>
<TD>Certain representations and warranties made by the Acquiring Fund to the
initial purchaser of VMTP Shares will be true immediately after the closing of each
Merger.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(3)</TD>
<TD width="1%"> </TD>
<TD>The terms of the Declaration of Trust of the Acquiring Fund (after giving
effect to the Merger) are identical to those terms agreed upon by the initial purchaser
of VMTP Shares of the Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(4)</TD>
<TD width="1%"> </TD>
<TD>The terms of the bylaws of the Acquiring Fund (after giving effect to the
Merger) are substantially identical to those terms agreed upon by the initial purchaser
of VMTP Shares of the Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(5)</TD>
<TD width="1%"> </TD>
<TD>The terms of the VMTP Shares issued by the Acquiring Fund, as set forth in the
Statement of Preferences of VMTP Shares of the DE Fund, are substantially identical to
those terms agreed upon by the initial purchaser of VMTP Shares of the Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(6)</TD>
<TD width="1%"> </TD>
<TD>In each Merger, VMTP Shares of IIC or IQC will be exchanged for VMTP Shares of
the Acquiring Fund and, after giving effect to all Mergers, all VMTP Shares of the
Acquiring Fund will be held by the current holders of the VMTP Shares of IIC, IQC and
the Acquiring Fund.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(7)</TD>
<TD width="1%"> </TD>
<TD>It is a condition of closing of each Merger that upon the closing of such
Merger the VMTP Shares of the Acquiring Fund be rated at least AA-/Aa3 by each rating
agency that is rating, at the request of the Acquiring Fund, such VMTP Shares.</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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="2%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">(8)</TD>
<TD width="1%"> </TD>
<TD>The Mergers are scheduled to occur on or prior to December 31, 2012.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> A form of the Statement of Preferences of VMTP Shares of the Acquiring Fund (after giving
effect to its Redomestication) is attached hereto as Exhibit O. The description of VMTP Shares of
the Acquiring Fund included herein is subject to and qualified in its entirety by reference to the
more detailed description of the VMTP Shares set forth in such form of Statement of Preferences.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What are the reasons for the proposed Mergers?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Mergers proposed in this Proxy Statement are part of a larger group of transactions across
the Adviser’s fund platform that began in early 2011. The Mergers are being proposed to reduce the
number of closed-end funds with similar investment processes and investment philosophies managed by
the Adviser. VMTP Shareholders are expected to benefit from the larger size of the combined fund
due to a larger fund’s ability to invest in a larger pool of securities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Mergers seek to combine Funds with investment objectives, strategies and related risks
that are substantially the same and that are managed by the same portfolio management team.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> In considering the Mergers and the Merger Agreements, the Board of each Fund considered that
the Common Shareholders of each Fund may benefit from the Mergers by becoming shareholders of a
larger fund that may have a more diversified investment portfolio, greater market liquidity, more
analyst coverage, smaller spreads and trading discounts, improved purchasing power and lower
transaction costs.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Board of the Acquiring Fund also considered that, in addition to the benefits mentioned
above, the combined fund is anticipated to have a lower total expense ratio than is currently the
case for the Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Board of each Target Fund also considered that, in addition to the benefits mentioned
above:
</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"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>the combined fund on a <I>pro forma </I>basis had a more than 0.50% higher Common Share
distribution yield (as a percentage of net asset value) than each Target Fund, even after
giving effect to the higher management fees and total expense ratio that will apply to the
combined fund before and after the expiration of fee waivers;</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>as of July 31, 2011, the Acquiring Fund’s Common Shares had traded at an average premium of
3.0% to its net asset value over the preceding 52 week period and, over the same period, the
Target Funds’ Common Shares had traded at average discounts of
-6.6% (IIC),<br> -7.15% (IQC) and
-8.48% (ICS);</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>as of July 31, 2011, the Acquiring Fund’s Common Shares traded at an average discount of
-2.2% to its net asset value for the preceding month and, over the same period, the Target
Funds’ Common Shares had traded at average discounts of -10.20% (IIC), -8.9% (IQC) and<br> -10.10%
(ICS);</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>the average daily trading volume for the Acquiring Fund’s Common Shares was approximately
twice the highest average daily trading volumes of the Target Funds’ Common Shares; and</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="1%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>as of July 31, 2011, the Acquiring Fund owned 192 different municipal bonds and the Target
Funds owned 122 (IIC), 109 (IQC) and 97 (ICS), which means that the combined fund would
provide shareholders with a more diverse investment portfolio.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> In addition, each Board considered the Adviser’s agreement to limit the Acquiring Fund’s total
expenses if a Merger is completed through at least two years from the closing date of the Mergers
and the allocation of expenses of the Mergers, including the Adviser paying all of the Merger
costs.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Board of each Fund considered these and other factors in concluding that the Mergers would
be in the best interest of the Funds and would not dilute the interests of the existing
shareholders of any Fund. The Boards’ considerations are described in more detail below in the
section entitled “Additional Information About the Funds and the Mergers — Board Considerations in
Approving the Mergers.”
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What effect will a Merger have on me as a VMTP Shareholder?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If you own VMTP Shares of IIC or IQC, you will, after the Merger, own VMTP Shares of the
Acquiring Fund with an aggregate liquidation preference equal to, and other terms that are
substantially identical to, the Target Fund VMTP Shares you held immediately before the Merger.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->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"> As discussed under Proposal 1, before the closing of the Mergers, IIC, IQC and the Acquiring
Fund will be reorganized as Delaware statutory trusts, each of which will have substantially
identical Statements of Preferences of VMTP Shares. A form of the Statement of Preferences of VMTP
Shares of the Acquiring Fund (after giving effect to its Redomestication) is attached hereto as
Exhibit O. The Statement of Preferences of VMTP Shares of each of IIC, IQC and the Acquiring Fund
(after giving effect to each Fund’s Redomestication) will be identical in all material respects.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If you are a VMTP Shareholder of the Acquiring Fund, your VMTP Shares of the Acquiring Fund
will not be changed by a Merger.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The principal differences between the Target Funds 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’ investment objectives and principal investment strategies compare?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The investment objective of the Acquiring Fund is substantially the same as the investment
objectives of the Target Funds. For each Fund, the investment objective may be changed only with
shareholder approval.
</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%"> </TD>
<TD width="4%"> </TD>
<TD width="48%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>Acquiring Fund (VCV)</B></TD>
<TD> </TD>
<TD nowrap align="left"><B>Target Funds</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 to provide a high level of
current income exempt from federal
and California income taxes,
consistent with preservation of
capital.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">To provide current income which is
exempt from federal and California
income taxes.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The principal investment strategies of the Acquiring Fund are substantially the same as the
principal investment strategies of the Target Funds. However, the principal investment strategies
of the Acquiring Fund and the Target Funds are not identical, and certain of their investment
policies and limitations are different. The material differences in the Funds’ principal investment
strategies are that the Acquiring Fund, IIC and ICS, but not IQC, may invest in swaps; and that
each Target Fund but not the Acquiring Fund may use futures and, for IIC and ICS, swaps to earn
income. In addition, each of the Acquiring Fund, IIC, and IQC employs leverage by investing the
proceeds of its issuance of VMTP Shares. ICS does not employ this type of leverage and has no
outstanding VMTP Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The section below entitled “Additional Information About the Funds and the Mergers — Principal
Investment Strategies” provides more information on the principal investment strategies of the
Target Funds and the Acquiring Fund and highlights certain key differences.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do the Funds’ principal risks compare?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The principal risks that may affect each Fund’s investment portfolio are substantially the
same. The material differences in the principal risks of the Funds are that Preferred Shares Risk
does not apply to ICS and Swaps Risk does not apply to IQC.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Investment in any of the Funds 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’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’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" style="font-size: 10pt; margin-top: 6pt"> The risks associated with an investment in VMTP Shares are substantially the same for IIC, IQC
and the Acquiring Fund. ICS has no outstanding VMTP Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Additional information on the principal risks of each Fund is included in such Fund’s
shareholder reports.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 11pt"><B>How do the Funds’ expenses compare?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 ICS and
giving effect to all of the Mergers. The <I>pro forma </I>expense ratios show projected estimated
expenses, but actual expenses may be greater or less than those shown. Note that <I>pro forma </I>total
expenses of the Acquiring Fund are expected to be <U><B>higher</B></U> than the current total expenses of
each Target Fund. The Board of each Target Fund concluded that the higher management and total
expenses that will apply to the combined fund were justified in light of the anticipated benefits
of the Mergers noted above, including that the combined fund would have a more than 0.50% higher
distribution yield (as a percentage of net asset value) on a <I>pro forma </I>basis than each Target Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> It is anticipated that the lowest expense ratio will be achieved for the Acquiring Fund if all
of the Mergers are completed and that the highest expense ratio will result if ICS is the only
Target Fund that participates in a Merger with the Acquiring Fund. The range of impact to
Acquiring Fund expenses after the Mergers is reflected in the following table. VMTP Shareholders
are not expected to bear any of the costs of the Mergers.
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="28%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Current</B> (a)</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B><I>Pro Forma</I></B> (b)</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B><I>Pro Forma</I></B> (b)</TD>
<TD> </TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>ICS</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>IIC, IQC, ICS</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Invesco Van Kampen</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>+</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>+</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>California Value</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Acquiring Fund</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Acquiring Fund</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Invesco California</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Invesco California</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Invesco California</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Municipal Income</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(assumes only</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(assumes all of the</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Municipal Income</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Quality Municipal</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Municipal</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Trust (Acquiring</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Merger with ICS is</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Mergers are</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Trust (IIC)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Securities (IQC)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Securities (ICS)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fund)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>completed)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>completed)</B></TD>
<TD> </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> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </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> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Dividend Reinvestment Plan (d)</DIV></TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </TD>
<TD> </TD>
<TD colspan="2" align="right">None</TD>
<TD> </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> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Management Fees</DIV></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.38</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.40</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.27</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.97</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.97</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.97</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Interest and Related Expenses (e)</DIV></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.56</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.59</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.08</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.88</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.83</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.82</TD>
<TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Other Expenses</DIV></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.14</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.17</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.37</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.14</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.15</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.13</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Total Annual Fund Operating
Expenses</DIV></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.08</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.16</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.72</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.99</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.95</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.92</TD>
<TD nowrap>%</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> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.00</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.00</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.00</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.00</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.48 </TD>
<TD nowrap>%(f)</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.58 </TD>
<TD nowrap>%(g)</TD>
</TR>
<TR valign="bottom">
<TD nowrap><DIV style="margin-left:0px; text-indent:0px">Total Annual Fund Operating <br>
Expenses after Fee Waiver and/or <br>
Expense Reimbursement</DIV></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.08</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.16</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">0.72</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.99</TD>
<TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.47</TD>
<TD nowrap>%</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1.34</TD>
<TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 13pt; width: 18%; border-top: 1px solid #000000"> </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">(a)</TD>
<TD> </TD>
<TD>Expense ratios reflect estimated amounts for the current fiscal year. VMTP Shares do not bear
any transaction or operating expenses of the Funds.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(b)</TD>
<TD> </TD>
<TD><I>Pro forma </I>numbers are estimated as if the Merger had been completed as of March 1, 2011 and
do not include estimated Merger costs. The Funds are not bearing any Merger costs.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(c)</TD>
<TD> </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 style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(d)</TD>
<TD> </TD>
<TD>Each participant in a Fund’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’s last fiscal year, participants in the plan incurred brokerage
commissions representing $0.03 per Common Share.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(e)</TD>
<TD> </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, issue and administer preferred shares,
and establish and administer floating rate note obligations.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(f)</TD>
<TD> </TD>
<TD>If the Merger with ICS is the only Merger to close, the Adviser has contractually agreed, for
two years following the closing of the Merger, to waive advisory fees and/or reimburse
expenses to the extent necessary to limit the Acquiring Fund’s Total Annual Fund Operating
Expenses After Fee Waiver and/or Expense Reimbursement (which excludes certain items discussed
below) to 0.64% of average daily net assets. In determining the Adviser’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) interest; (ii) taxes; (iii) dividend
expense on short sales; (iv) extraordinary or non-routine items, such as litigation,
reorganizations and mergers; and (v) 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>
</TABLE>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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 valign="top">
<TD nowrap align="left">(g)</TD>
<TD> </TD>
<TD>If the Merger with IIC (alone or in combination with any other Mergers) is completed, the
Adviser has contractually agreed, for 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 the
Acquiring Fund’s Total Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement (which excludes certain items discussed below) to 0.52% of average daily net
assets. In determining the Adviser’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) interest; (ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary or
non-routine items, including litigation expenses; and (v) 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 Mergers.</TD>
</TR>
</TABLE>
<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" style="font-size: 10pt; margin-top: 6pt"> Each Fund is overseen by a Board that includes many of the same individuals (described in
Proposals 3 and 4) and each Fund’s affairs are managed by the same officers with minor exceptions,
as described in Exhibit 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’s portfolio, manages each Fund’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 31, 2012, the Adviser had $309.2 billion in assets under
management. The Adviser is located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Adviser is an indirect, wholly-owned subsidiary of Invesco Ltd. (“Invesco”). 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 billion in
assets under management as of March 31, 2012. Invesco is organized under the laws of Bermuda, and
its common shares are listed and traded on the New York Stock Exchange under the symbol “IVZ.”
Invesco is located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 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"> A discussion of the basis for each Board’s 2011 approval of each Fund’s investment advisory
agreements is included in the Fund’s semiannual report for the six months ended August 31, 2011. A
discussion of the basis for each Board’s most recent approval of each Fund’s investment advisory
agreements will be included in the Fund’s semiannual report for the six months ending August 31,
2012, if any.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The contractual advisory fee rate of the Acquiring Fund is higher than the contractual
advisory fee rate of each of the Target Funds. The following table compares the advisory fee rates
of 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="17%"> </TD>
<TD width="3%"> </TD>
<TD width="17%"> </TD>
<TD width="3%"> </TD>
<TD width="17%"> </TD>
<TD width="3%"> </TD>
<TD width="17%"> </TD>
<TD width="3%"> </TD>
<TD width="17%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>IIC</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>IQC</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>ICS</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund (VCV)</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> </TD>
<TD align="center" valign="top">0.27% of managed<BR>
assets
</TD>
<TD> </TD>
<TD align="center" valign="top">0.27% of managed<BR>
assets
</TD>
<TD> </TD>
<TD align="center" valign="top">0.27% of net assets
</TD>
<TD> </TD>
<TD align="center" valign="top">0.55% of managed<BR>
assets</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" nowrap><B>Net Effective Fee Rate*</B>
</TD>
<TD> </TD>
<TD align="center" valign="top">0.38%
</TD>
<TD> </TD>
<TD align="center" valign="top">0.40%
</TD>
<TD> </TD>
<TD align="center" valign="top">0.27%
</TD>
<TD> </TD>
<TD align="center" valign="top">0.97%</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"> </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> </TD>
<TD>Varies based on the amount of financial leverage used by the Fund.</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Contractual fee rates and net effective fee rates differ because of differences in how the
contractual rate is applied. ICS, which has no outstanding preferred shares, calculates its
advisory fee as a percentage of the Fund’s “net assets,” which generally means the Fund’s assets
minus its liabilities. Each of IIC, IQC and the Acquiring Fund calculates its advisory fee as a
percentage of its “managed assets,” which for this purpose means the Fund’s net assets, plus assets
attributable to outstanding preferred shares and the amount of any borrowings incurred for the
purpose of leverage (whether or not such borrowed amounts are reflected in the Fund’s financial
statements for purposes of generally accepted accounting principles). Because “managed assets”
exceed “net assets” for a Fund that has outstanding preferred shares, even if the Funds’
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 as a percentage of NAV paid
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->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">by ICS, and the actual
amount paid by IIC, IQC, and the Acquiring Fund, as a percentage of NAV, will typically exceed the
contractual rate. For more information, see the table above under “How do the Funds’ expenses
compare?”
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If the Merger with IIC (alone or in combination with any other Mergers) is completed, the
Adviser has contractually agreed for 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
operating expenses of the Acquiring Fund to 0.52%, subject to certain exclusions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund’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 “Invesco Sub-Advisers”). Pursuant to each Fund’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" style="font-size: 10pt; margin-top: 6pt"> Other key service providers to the Target Funds, 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, 225
Franklin Street, Boston, Massachusetts 02110-2801. 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" style="font-size: 10pt; margin-top: 12pt"><B>Does the Acquiring Fund have the same portfolio managers as the Target Funds?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Yes. The portfolio management team for the Target Funds is the same as the portfolio
management team for the Acquiring Fund. Information on the portfolio managers of the Funds is
included below under “Additional Information About the Funds and the Mergers — Portfolio Managers.”
</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" style="font-size: 10pt; margin-top: 6pt"> Each Fund declares and pays monthly dividends from net investment income to holders of Common
Shares (“Common Shareholders”). The Acquiring Fund, IIC and IQC declare and pay monthly dividends
from net investment income to the holders of VMTP Shares. Distributions from net realized capital
gain, if any, are generally paid annually and are distributed on a pro rata basis to Common
Shareholders and, for the Acquiring Fund, IIC and IQC, to VMTP Shareholders. 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 for Common Shareholders, which is more fully described in the Fund’s shareholder reports.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will there be any tax consequences resulting from the Mergers?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each 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 each Target Fund will recognize no gain or loss for federal income tax purposes
upon the exchange of all of their shares in such Target Fund for shares in the Acquiring Fund.
Shareholders should consult their tax advisor about state and local tax consequences of the
Mergers, if any, because the information about tax consequences in this Proxy Statement relates
only to the federal income tax consequences of the Mergers.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Prior to the closing of each Merger, each Target Fund will declare to its Common Shareholders
one or more dividends, and the Acquiring Fund may, but is not required to, declare to its Common
Shareholders 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, to the extent a
distribution is not an “exempt-interest dividend” (as defined in the Code), the distribution may be
taxable to shareholders in such year for federal income tax purposes. It is anticipated that Fund
distributions will be primarily dividends that are exempt from regular federal income tax, although
a portion of such dividends may be taxable to shareholders as ordinary income or capital gains. To
the extent the distribution is attributable to ordinary income or capital gains, such ordinary
income and capital gains will be allocated to Common Shareholders and
</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">VMTP Shareholders in
accordance with each class’s proportionate share of the total dividends paid by the Fund during the
year. In certain circumstances, each of IIC, IQC and the Acquiring Fund will make additional
payments to VMTP Shareholders to offset the tax effects of such taxable distributions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> In addition, Skadden, Arps, Slate, Meagher & Flom LLP, as counsel to IIC, IQC and the
Acquiring Fund, will deliver an opinion to IIC, IQC and the Acquiring Fund, subject to certain
representations, assumptions and conditions, to the effect that the Acquiring Fund VMTP Shares
received in the Mergers by holders of VMTP Shares of IIC or IQC will qualify as equity of the
Acquiring Fund for federal income tax purposes.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>When are the Mergers expected to occur?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If shareholders of a Target Fund and the Acquiring Fund approve the Merger and the
Redomestication (Proposal 1), it is anticipated that the Merger 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 a Merger?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If a Merger is not approved by shareholders or is for other reasons unable to be completed,
the applicable Fund will continue to operate and the Fund’s Board will consider other possible
courses of action for the Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Where can I find more information about the Funds and the Mergers?</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The remainder of this Proxy Statement contains additional information about the Funds and the
Mergers, 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
statement of additional information (“SAI”) to the registration statement for the Acquiring Fund’s
Common Shares on Form N-14, dated June 8, 2012 (which is not part of this Proxy Statement and is
not incorporated by reference herein), and in each Fund’s shareholder reports. If you need any
assistance, or have any questions regarding the Mergers or how to vote, please call Invesco Client
Services at (800) 341-2929.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE MERGERS</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"> The following section compares the principal investment strategies of the Target Funds 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’s shareholder reports. The cover page of this Proxy
Statement describes how you can obtain copies of these documents.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Investment Strategies</I>. Except during temporary defensive periods, at least 80% of the
Acquiring Fund’s net assets will be invested in municipal securities. Similarly, except during
temporary defensive periods, at least 80% of each Target Fund’s net assets will be invested in
municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is
exempt from federal and California income taxes (“California municipal securities”). Each policy
stated in the foregoing sentences with respect to the Acquiring Fund, IIC and ICS is a fundamental
policy of each Fund, respectively, and may not be changed without approval of a majority of such
Fund’s outstanding voting securities as defined in the 1940 Act. Under normal market conditions,
the Adviser seeks to achieve each Fund’s investment objective by investing at least 80% of the
Fund’s net assets in investment grade California municipal securities. Investment grade securities
are: (i) securities rated BBB- or higher by Standard & Poor’s Financial Services LLC, a subsidiary
of The McGraw-Hill Companies, Inc. (“S&P”) or Baa3 or higher by Moody’s Investors Service, Inc.
(“Moody’s”) or an equivalent rating by another nationally recognized statistical rating
organization (“NRSRO”), (ii) comparably rated short term securities, or (iii) unrated municipal
securities determined by the Adviser to be of comparable quality at the time of purchase.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Under normal market conditions, the Acquiring Fund may invest up to 20% of its net assets in
municipal securities that are rated below investment grade or that are unrated but determined by
the Adviser to be of comparable quality at the time of purchase. Similarly, under normal market
conditions, each Target Fund may invest up to 20% of its net assets in taxable or tax-exempt fixed
income securities rated, at the time of investment, at least B- or higher by S&P or B3 or higher by
Moody’s or an equivalent rating by another NRSRO, or if not rated, determined by the Adviser to be
of comparable quality, including municipal obligations the interest on which, in the opinion of
bond counsel to the issuer, is exempt from federal but not California income taxes, obligations of
the U.S.
</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="left" style="font-size: 10pt; margin-top: 6pt">
government, its respective agencies or instrumentalities, and other fixed income
obligations. Lower-grade securities are commonly referred to as junk bonds, and involve greater
risks than investments in higher-grade securities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Acquiring Fund does not purchase securities that are in default or rated in categories
lower than B- by S&P or B3 by Moody’s or unrated securities of comparable quality. During periods
in which the Adviser believes that changes in economic, financial or political conditions make it
advisable to do so, each Target Fund, for temporary defensive purposes, may invest to an unlimited
extent in taxable or tax-exempt fixed income securities rated at least investment grade by a NRSRO
or if not rated, determined by the Adviser to be of comparable quality.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The foregoing percentage and rating limitations apply at the time of acquisition of a security
based on the last previous determination of each Fund’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 a Fund’s total assets will not require elimination of any security from the Fund’s
portfolio.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund may invest all or a substantial portion of its net assets in California municipal
securities that may subject certain investors to the federal alternative minimum tax and,
therefore, a substantial portion of the income produced by each Fund may be taxable for such
investors under the federal alternative minimum tax. Accordingly, a Fund may not be a suitable
investment for investors who are already subject to the federal alternative minimum tax or could
become subject to the federal alternative minimum tax as a result of an investment in the Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Adviser buys and sells securities for each Fund with a view towards seeking a high level
of current income exempt from federal and California income taxes, subject to reasonable credit
risk. As a result, each Fund will not necessarily invest in the highest yielding municipal
securities permitted by its investment policies if the Adviser determines that market risks or
credit risks associated with such investments would subject a Fund’s portfolio to undue risk. The
potential realization of capital gains or losses resulting from possible changes in interest rates
will not be a major consideration and frequency of portfolio turnover generally will not be a
limiting factor if the Adviser considers it advantageous to purchase or sell securities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Although each Fund’s policy is to emphasize investments in municipal obligations with
longer-term maturities because generally longer-term obligations, while more susceptible to market
fluctuations resulting from changes in interest rates, produce higher yields than short-term
obligations, each Fund does not maintain a specific average weighted maturity of its portfolio, and
a Fund’s average portfolio maturity will vary depending upon market conditions and other factors.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Adviser employs a bottom-up, research-driven approach to identify securities that have
attractive risk/reward characteristics for the sectors in which each Fund invests. The Adviser also
integrates macroeconomic analysis and forecasting into its evaluation and ranking of various
sectors and individual securities. Finally, each Fund employs leverage in an effort to enhance
each Fund’s income and total return. Sell decisions are based on: (i) a deterioration or likely
deterioration of an individual issuer’s capacity to meet its debt obligations on a timely basis;
(ii) a deterioration or likely deterioration of the broader fundamentals of a particular industry
or sector; and (iii) opportunities in the secondary or primary market to purchase a security with
better relative value.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Municipal Securities. </I>Municipal securities are obligations issued by or on behalf of states,
territories or possessions of the United States, the District of Columbia and their cities,
counties, political subdivisions, agencies and instrumentalities, the interest on which, in the
opinion of bond counsel or other counsel to the issuers of such securities, is, at the time of
issuance, exempt from federal income tax. California municipal securities are municipal
obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from
federal and California income taxes. The Adviser does not conduct its own analysis of the tax
status of the interest paid by municipal securities held by each Fund, but will rely on the opinion
of counsel to the issuer of each such instrument.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The issuers of municipal securities obtain funds for various public purposes, including the
construction of a wide range of public facilities such as airports, highways, bridges, schools,
hospitals, housing, mass transportation, streets and water and sewer works. Other public purposes
for which municipal securities may be issued include refunding outstanding obligations, obtaining
funds for general operating expenses and obtaining funds to lend to other public institutions and
facilities. Certain types of municipal securities are issued to obtain funding for privately
operated facilities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The yields of municipal securities depend on, among other things, general money market
conditions, general conditions of the municipal securities market, size of a particular offering,
the maturity of the obligation and rating of the issue. There is no limitation as to the maturity
of the municipal securities in which a Fund may invest.
</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="left" style="font-size: 10pt; margin-top: 6pt">The ratings of S&P and Moody’s represent
their opinions of the quality of the municipal securities they undertake to rate. These ratings
are general and are not absolute standards of quality. Consequently, municipal securities with the
same maturity, coupon and rating may have different yields while municipal securities of the same
maturity and coupon with different ratings may have the same yield.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The two principal classifications of municipal securities are general obligation and revenue
or special delegation securities. General obligation securities are secured by the issuer’s pledge
of its faith, credit and taxing power for the payment of principal and interest. Revenue
securities are usually payable only from the revenues derived from a particular facility or class
of facilities or, in some cases, from the proceeds of a special excise tax or other specific
revenue source. Industrial development bonds are usually revenue securities, the credit quality of
which is normally directly related to the credit standing of the industrial user involved.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Within these principal classifications of municipal securities, there are a variety of types
of municipal securities, including:
</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"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Variable rate securities, which bear rates of interest that are adjusted periodically
according to formulae intended to reflect market rates of interest.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Municipal notes, including tax, revenue and bond anticipation notes of short maturity,
generally less than three years, which are issued to obtain temporary funds for various public
purposes.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Variable rate demand notes, which are obligations that contain a floating or variable
interest rate adjustment formula and which are subject to a right of demand for payment of the
principal balance plus accrued interest either at any time or at specified intervals. The
interest rate on a variable rate demand note may be based on a known lending rate, such as a
bank’s prime rate, and may be adjusted when such rate changes, or the interest rate may be a
market rate that is adjusted at specified intervals. The adjustment formula maintains the
value of the variable rate demand note at approximately the par value of such note at the
adjustment date.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Municipal leases, which are obligations issued by state and local governments or
authorities to finance the acquisition of equipment and facilities. Certain municipal lease
obligations may include non-appropriation clauses which provide that the municipality has no
obligation to make lease or installment purchase payments in future years unless money is
appropriated for such purpose on a yearly basis.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Private activity bonds, which are issued by, or on behalf of, public authorities to finance
privately operated facilities.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Participation certificates, which are obligations issued by state or local governments or
authorities to finance the acquisition of equipment and facilities. They may represent
participations in a lease, an installment purchase contract or a conditional sales contract.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Municipal securities that may not be backed by the faith, credit and taxing power of the
issuer.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Municipal securities that are privately placed and that may have restrictions on a Fund’s
ability to resell, such as timing restrictions or requirements that the securities only be
sold to qualified institutional investors.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>Municipal securities that are insured by financial insurance companies.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Derivatives</I>. Each Fund principally may use derivative instruments for a variety of purposes,
including hedging, risk management, portfolio management or to earn income (except that the
Acquiring Fund may not use futures and swaps to earn income). Derivatives are financial
instruments whose value is based on the value of another underlying asset, interest rate, index or
financial instrument. Derivative instruments and techniques that each Fund principally uses
include:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Futures</U><I>. </I>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.
Each Target Fund, but not the Acquiring Fund, may use futures to earn income.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Swaps</U><I>. </I>A swap contract is an agreement between two parties pursuant to which the
parties exchange payments at specified dates on the basis of a specified notional amount, with the
payments calculated by reference to
</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">specified securities, indexes, reference rates, currencies or
other instruments. Most swap agreements provide that when the period payment dates for both
parties are the same, the payments are made on a net basis (i.e., the two payment streams are
netted out, with only the net amount paid by one party to the other). Each Fund’s obligations or
rights under a swap contract entered into on a net basis will generally be equal only to the net
amount to be paid or received under the agreement, based on the relative values of the positions
held by each counterparty. IQC may not invest in swaps. IIC and ICS, but not the Acquiring Fund,
may use swaps to earn income.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Inverse Floating Rate Obligations. </I>Each Fund may invest in inverse floating rate obligations.
Inverse floating rate obligations are variable debt instruments that pay interest at rates that
move in the opposite direction of prevailing interest rates. Because the interest rate paid to
holders of such obligations is generally determined by subtracting a variable or floating rate from
a predetermined amount, the interest rate paid to holders of such obligations will decrease as such
variable or floating rate increases and increase as such variable or floating rate decreases. The
inverse floating rate obligations in which each Fund may invest include derivative instruments such
as residual interest bonds (“RIBs”) or tender option bonds (“TOBs”). Such instruments are
typically created by a special purpose trust that holds long-term fixed rate bonds and sells two
classes of beneficial interests: short-term floating rate interests, which are sold to third party
investors, and inverse floating residual interests, which are purchased by each Fund. The
short-term floating rate interests have first priority on the cash flow from the bond held by the
special purpose trust and each Fund (as holder of the inverse floating residual interests) is paid
the residual cash flow from the bond held by the special purpose trust.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>When-Issued and Delayed Delivery Transactions</I>. Each Fund may purchase and sell securities on
a when-issued and delayed delivery basis, which means that a Fund buys or sells a security with
payment and delivery taking place in the future. The payment obligation and the interest rate are
fixed at the time a Fund enters into the commitment. No income accrues on such securities until
the date a Fund actually takes delivery of the securities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Preferred Shares</I>. The Acquiring Fund, IIC and IQC, but not ICS, use leverage in the form of
preferred shares. Dividends on the preferred shares will typically be comparable to the yields on
investment grade short-term municipal securities, although the assets attributable to the preferred
shares will generally be invested in longer-term municipal securities, which typically have higher
yields than short-term municipal securities. Assuming such a yield differential, this leveraged
capital structure enables a Fund to pay a potentially higher yield on the Common Shares than
similar investment companies that do not use leverage.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> As required by the 1940 Act, the Acquiring Fund, IIC and IQC and will generally maintain an
asset coverage of the value of the respective Fund’s total assets, less all liabilities and
indebtedness of the Fund not represented by its preferred shares, of 200% of the aggregate
liquidation value of its preferred shares. In addition, under the terms of each Fund’s outstanding
VMTP Shares, the Fund is required to maintain minimum asset coverage of 225%.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Portfolio Turnover</I>. The Acquiring 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 Acquiring Fund’s
investment objective. For example, the Acquiring 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 Acquiring Fund considers it advantageous to purchase
or sell securities. The Acquiring Fund does not anticipate that the annual portfolio turnover rate
of the Acquiring 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 Acquiring 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"> The Target Funds may sell securities without regard to the length of time they have been held
to take advantage of new investment opportunities, yield differentials, or for other reasons. Each
Target Fund’s portfolio turnover rate may vary from year to year. A high portfolio turnover rate
(100% or more) would increase a Target Fund’s transaction costs (including brokerage commissions
and dealer costs), which would adversely impact a Target Fund’s performance. Higher portfolio
turnover may result in the realization of more short-term capital gains than if a Target Fund had
lower portfolio turnover. Additionally, in a declining market, portfolio turnover may create
realized capital losses. The turnover rate will not be a limiting factor, however, if the Adviser
considers portfolio changes appropriate.
</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"> <I>Temporary Defensive Strategy</I>. When market conditions dictate a more defensive investment
strategy, the Acquiring Fund may, on a temporary basis, hold cash or invest a portion or all of its
assets in high-quality, short-term municipal securities<I>. </I>If such municipal securities are not
available or, in the judgment of the Adviser, do not afford sufficient protection against adverse
market conditions, the Acquiring Fund may invest in taxable instruments. Such taxable securities
may include securities issued or guaranteed by the U.S. government, its agencies or
instrumentalities, other investment grade quality fixed income securities, prime commercial paper,
certificates of deposit, bankers’ acceptances and other obligations of domestic banks, repurchase
agreements and money market funds (including money market funds affiliated with Invesco).
Similarly, when market conditions dictate a more defensive investment strategy, the Target Funds
may, on a temporary basis, hold cash or invest to an unlimited extent in taxable or tax-exempt
fixed income securities rated at least investment grade by a NRSRO or if not rated, determined by
the Adviser to be of comparable quality, including municipal obligations the interest on which in
the opinion of bond counsel to the issuer is exempt from federal but not California income taxes,
obligations of the U.S. government, its respective agencies or instrumentalities, other investment
grade quality fixed income securities, prime commercial paper, certificates of deposit, bankers’
acceptances and other obligations of domestic banks, repurchase agreements, and money market funds
(including money market funds affiliated with Invesco). In taking a defensive position, each Fund
would temporarily not be pursuing its principal investment strategies and may not achieve its
investment objective.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Zero Coupon / PIK Bonds</I>. Each Fund may invest in securities not producing immediate cash
income, including zero coupon securities or pay-in-kind (“PIK”) securities, when their effective
yield over comparable instruments producing cash income makes these investments attractive. PIK
securities are debt securities that pay interest through the issuance of additional securities.
Zero coupon securities are debt securities that do not entitle the holder to any periodic payment
of interest prior to maturity or a specified date when the securities begin paying current
interest. They are issued and traded at a discount from their face amounts or par value, which
discount varies depending on the time remaining until cash payments begin, prevailing interest
rates, liquidity of the security and the perceived credit quality of the issuer. The securities do
not entitle the holder to any periodic payments of interest prior to maturity, which prevents any
reinvestment of interest payments at prevailing interest rates if prevailing interest rates rise.
On the other hand, because there are no periodic interest payments to be reinvested prior to
maturity, zero coupon securities eliminate the reinvestment risk and may lock in a favorable rate
of return to maturity if interest rates drop. In addition, each 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 Common
Shareholders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> As required by Rule 35d-1 under the 1940 Act, in addition to the investment strategies and
policies discussed above, each Fund has a fundamental policy to invest, under normal circumstances,
at least 80% of its total assets in investments the income from which is exempt from federal and
California income tax.
</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"> A comparison of the principal risks associated with the Funds’ investment strategies is
included above under “How do the Funds’ principal risks compare?” The following table provides
further information on the principal risks that apply to the Funds’ investment portfolios.
</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="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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>Municipal Securities Risk</I>.
Under normal market conditions,
longer-term municipal securities
generally provide a higher yield
than shorter-term municipal
securities. The Adviser may adjust
the average maturity of each Fund’s
portfolio from time to time
depending on its assessment of the
relative yields available on
securities of different maturities
and its expectations of future
changes in interest rates. The
yields of municipal securities may
move differently and adversely
compared to the yields of the
overall debt securities markets.
Certain kinds of municipal
securities are subject to specific
risks that could cause a decline in
the value of those securities:
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Lease Obligations</u>. Certain lease
obligations contain
non-appropriation clauses that
provide that the governmental
issuer has no obligation to make
future payments under the lease or
contract unless money is
appropriated for that purpose by
the appropriate legislative body on
an annual or other periodic basis.
Consequently, continued lease
payments on those lease obligations
containing non-appropriation
clauses are dependent on future legislative actions. If these
legislative actions do not occur,
the holders of the lease obligation
may experience difficulty in
exercising their rights, including
disposition of the property.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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"><u>Private Activity Bonds</u>. The issuers
of private activity bonds in which
each Fund may invest may be
negatively impacted by conditions
affecting either the general credit
of the user of the private activity
project or the project itself.
Conditions such as regulatory and
environmental restrictions and
economic downturns may lower the
need for these facilities and the
ability of users of the project to
pay for the facilities. Private
activity bonds may also pay
interest subject to the alternative
minimum tax.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In 2011, S&P lowered its long-term
sovereign credit rating on the U.S.
to “AA+” from “AAA” with a negative
outlook. Following S&P’s downgrade
of the long-term sovereign credit
rating on the U.S., the major
rating agencies have also placed
many municipalities on review for
potential downgrades, which could
impact the market price, liquidity
and volatility of the municipal
securities held by each Fund in its
portfolio. If the universe of
municipal securities meeting a
Fund’s ratings and credit quality
requirements shrinks, it may be
more difficult for the Fund to meet
its investment objective and the
Fund’s investments may become more
concentrated in fewer issues.
Future downgrades by other rating
agencies could have significant
adverse effects on the economy
generally and could result in
significant adverse impacts on
municipal issuers and each Fund.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Many state and municipal
governments that issue securities
are under significant economic and
financial stress and may not be
able to satisfy their obligations.
In response to the national
economic downturn, governmental
cost burdens have been and may
continue to be reallocated among
federal, state and local
governments. The ability of
municipal issuers to make timely
payments of interest and principal
may be diminished during general
economic downturns and as
governmental cost burdens are
reallocated among federal, state
and local governments. Also, as a
result of the downturn and related
unemployment, declining income and
loss of property values, many state
and local governments have
experienced significant reductions
in revenues and consequently
difficulties meeting ongoing
expenses. As a result, certain of
these state and local governments
may have difficulty paying or
default in the payment of principal
or interest on their outstanding
debt, may experience ratings
downgrades of their debt. The
taxing power of any governmental
entity may be limited by provisions
of state constitutions or laws and
an entity’s credit will depend on
many factors, including the
entity’s tax base, the extent to
which the entity relies on federal
or state aid, and other factors
which are beyond the entity’s
control. In addition, laws enacted
in the future by Congress or state
legislatures or referenda could
extend the time for payment of
principal and/or interest, or
impose other constraints on
enforcement of such obligations or
on the ability of municipalities to
levy taxes.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In addition, municipalities might
seek protection under the
bankruptcy laws, thereby affecting
the repayment of their outstanding
debt. Issuers of municipal
securities might seek protection
under the bankruptcy laws. In the
event of bankruptcy of such an
issuer, holders of municipal
securities could experience delays
in collecting principal and
interest and such holders may not
be able to collect all principal
and interest to which they are
entitled. Certain provisions of
the U.S. Bankruptcy Code governing
such bankruptcies are unclear.
Further, the application of state
law to municipal securities issuers
could produce varying results among
the states or among municipal
securities issuers within a state.
These uncertainties could have a
significant impact on the prices of
the municipal securities in which
each Fund invests. The value of
municipal securities generally may
be affected by uncertainties in the
municipal markets as a result of
legislation or litigation,
including legislation or litigation
that changes the taxation of
municipal securities or the rights
of municipal securities holders in
the event of a bankruptcy. To
enforce its rights in the event of
a default in the payment of
interest or repayment of principal,
or both, each Fund may take
possession of and manage the assets
securing the issuer’s obligations
on such securities, which may
increase the Fund’s operating
expenses. Any income derived from
a Fund’s ownership or operation of
such assets may not be tax-exempt
and could jeopardize the Fund’s
status as a regulated investment
company under the Code.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
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</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="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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">The U.S. economy may be in the
process of “deleveraging,” with
individuals, companies and
municipalities reducing
expenditures and paying down
borrowings. In such event, the
number of municipal borrowers and
the amount of outstanding municipal
securities may contract,
potentially without corresponding
reductions in investor demand for
municipal securities. As a result,
each Fund may have fewer investment
alternatives, may invest in
securities that it previously would
have declined and may concentrate
its investments in a smaller number
of issuers.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Insurance Risk</I>. Financial
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 each Fund against losses
caused by declines in a bond’s
value due to a change in market
conditions.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<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 each Fund
will decline. The net asset value
of a Fund will change with changes
in the value of its portfolio
securities, and the value of the
Fund’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> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Interest Rate Risk</I>. Because each
Fund invests primarily in fixed
income municipal securities, the
net asset value of a Fund can be
expected to change as general
levels of interest rates fluctuate.
When interest rates decline, the
value of a portfolio invested in
fixed income securities generally
can be expected to rise.
Conversely, when interest rates
rise, the value of a portfolio
invested in fixed income securities
generally can be expected to
decline. The prices of longer term
municipal securities generally are
more volatile with respect to
changes in interest rates than the
prices of shorter term municipal
securities. These risks may be
greater in the current market
environment because certain
interest rates are near
historically low levels.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </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’s ability to make timely
payments of interest and principal
when due. Municipal securities,
like other debt obligations, are
subject to the credit risk of
nonpayment. The ability of issuers
of municipal securities to make
timely payments of interest and
principal may be adversely affected
by general economic downturns and
as relative governmental cost
burdens are allocated and
reallocated among federal, state
and local governmental units.
Private activity bonds used to
finance projects, such as
industrial development and
pollution control, may also be
negatively impacted by the general
credit of the user of the project.
Nonpayment would result in a
reduction of income to a Fund, and
a potential decrease in the net
asset value of the Fund. The
Adviser continuously monitors the
issuers of securities held in each
Fund.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each Fund will rely on the
Adviser’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’s
rating. A rating downgrade does
not require a Fund to dispose of a
security.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Medium-grade obligations (for
example, bonds rated BBB by S&P)
possess speculative characteristics
so that changes in economic
conditions or other circumstances
are more likely to lead to a
weakened capacity of the issuer to
make principal and interest
payments than in the case of
higher-rated securities. Securities
rated below investment grade are
considered speculative by NRSROs
with respect to the issuer’s
continuing ability to pay interest
and principal.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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>Income Risk</I>. The income received
from each Fund is based primarily
on prevailing interest rates, which
can vary widely over the short and
long term. If interest rates
decrease, income from a Fund may
decrease as well.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><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 each Fund
in securities bearing the new,
lower interest rates, resulting in
a possible decline in a Fund’s
income and distributions to
shareholders.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Market Segment Risk</I>. Each Fund
generally considers investments in
municipal securities issued by
governments or political
subdivisions not to be subject to
industry concentration policies
(because such issuers are not in
any industry). Each Fund may,
however, invest in municipal
securities issued by entities
having similar characteristics. For
example, the issuers may be located
in the same geographic area or may
pay their interest obligations from
revenue of similar projects, such
as hospitals, airports, utility
systems and housing finance
agencies. This may make a Fund’s
investments more susceptible to
similar economic, political or
regulatory occurrences, which could
increase the volatility of the
Fund’s net asset value. Each Fund
may invest more than 25% of its
total assets in a segment of the
municipal securities market with
similar characteristics if the
Adviser determines that the yields
available from obligations in a
particular segment justify the
additional risks of a larger
investment in that segment. Each
Fund may not, however, invest more
than 25% of its total assets in
municipal securities, such as many
private activity bonds or
industrial development revenue
bonds, issued for non-governmental
entities that are in the same
industry.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Tax Risk</I>. To qualify for the
favorable U.S. federal income tax
treatment generally accorded to
regulated investment companies,
among other things, each Fund must
derive in each taxable year at
least 90% of its gross income from
certain prescribed sources. If for
any taxable year a Fund does not
qualify as a regulated investment
company, all of its taxable income
(including its net capital gain)
would be subject to federal income
tax at regular corporate rates
without any deduction for
distributions to shareholders, and
all distributions from the Fund
(including underlying distributions
attributable to tax-exempt interest
income) would be taxable to
shareholders as ordinary dividends
to the extent of the Fund’s current
and accumulated earnings and
profits.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The value of each Fund’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 a Fund’s net asset
value and ability to acquire and
dispose of municipal securities at
desirable yield and price levels.
Additionally, each Fund may not be
a suitable investment 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></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each Fund may invest all or a
substantial portion of its total
assets in municipal securities
subject to the federal alternative
minimum tax. Accordingly, an
investment in a Fund could cause
shareholders to be subject to (or
result in an increased liability
under) the federal alternative
minimum tax. As a result, each
Fund may not be a suitable
investment for investors who are
already subject to the federal
alternative minimum tax or who
could become subject to the federal
alternative minimum tax as a result
of an investment in a Fund.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subsequent to a Fund’s acquisition
of a municipal security, the
security may be determined to pay,
or to have paid, taxable income. As
a result, the treatment of
dividends previously paid or to be
paid by a Fund as “exempt-interest
dividends” could be adversely
affected, subjecting the Fund’s
shareholders to increased federal
income tax liabilities.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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">For federal income tax purposes,
distributions of ordinary taxable
income (including any net
short-term capital gain) will be
taxable to shareholders as ordinary
income (and not eligible for
favorable taxation as “qualified
dividend income”), and capital gain
dividends will be taxed at
long-term capital gain rates. In
certain circumstances, each Fund
will make payments to holders of
VMTP Shares, if applicable, to
offset the tax effects of a taxable
distribution.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
Generally, to the extent each
Fund’s distributions are derived
from interest on municipal
securities of a particular state
(and, in some cases qualifying
obligations of U.S. territories and
possessions), its distributions are
exempt from the personal income tax
of that state. In some cases, each
Fund’s shares may (to the extent
applicable) also be exempt from
personal property taxes of such
state. However, some states
require that a Fund meet certain
thresholds with respect to the
portion of its portfolio consisting
of municipal securities of such
state in order for such exemption
to apply.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </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 a 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. Each
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 a Fund’s
investment objective, the Fund is
not required to do so and there is
no assurance that the use of
derivatives will achieve this
result.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds (except that Swaps Risk
does not apply to IQC)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Counterparty Risk</u>. Each 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, a Fund may
experience significant delays in
obtaining any recovery under the
derivative contract in bankruptcy
or other reorganization proceeding.
A Fund may obtain only a limited
recovery or may obtain no recovery
in such circumstances.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Futures Risk</u>. 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 a
Fund’s initial investment in such
contracts.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Swaps Risk</u>. Swap agreements are
not entered into or traded on
exchanges and there is no central
clearing or guaranty function for
swaps. Therefore, swaps are subject
to credit risk or the risk of
default or non-performance by the
counterparty. Swaps could result in
losses if interest rate or credit
quality changes are not correctly
anticipated by a Fund or if the
reference index, security or
investments do not perform as
expected.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>Tax Risk</u>. The use of derivatives
may generate taxable income. In
addition, each Fund’s use of
derivatives may be limited by the
requirements for taxation as a
regulated investment company or a
Fund’s intention to pay dividends
that are exempt from federal and
California income taxes. The tax
treatment of derivatives may be
adversely affected by changes in
legislation, regulations or other
legal authority, subjecting a
Fund’s shareholders to increased
federal income tax liabilities.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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>Inverse Floating Rate Obligations
Risk</I>. Like most other fixed-income
securities, the value of inverse
floating rate obligations will
decrease as interest rates
increase. They are more volatile,
however, than most other
fixed-income securities because the
coupon rate on an inverse floating
rate obligation typically changes
at a multiple of the change in the
relevant index rate. Thus, any rise
in the index rate (as a consequence
of an increase in interest rates)
causes a correspondingly greater
drop in the coupon rate of an
inverse floating rate obligation
while a drop in the index rate
causes a correspondingly greater
increase in the coupon of an
inverse floating rate obligation.
Some inverse floating rate
obligations may also increase or
decrease substantially because of
changes in the rate of prepayments.
Inverse floating rate obligations
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. Inverse floating rate
obligations have varying degrees of
liquidity.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Each Fund generally invests in
inverse floating rate obligations
that include embedded leverage,
thus exposing the Fund to greater
risks and increased costs. The
market value of a “leveraged”
inverse floating rate obligation
generally will fluctuate in
response to changes in market rates
of interest to a greater extent
than the value of an unleveraged
investment. The extent of increases
and decreases in the value of
inverse floating rate obligations
generally will be larger than
changes in an equal principal
amount of a fixed rate security
having similar credit quality,
redemption provisions and maturity,
which may cause the Fund’s net
asset value to be more volatile
than if it had not invested in
inverse floating rate obligations.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In certain instances, the
short-term floating rate interests
created by a special purpose trust
may not be able to be sold to third
parties or, in the case of holders
tendering (or putting) such
interests for repayment of
principal, may not be able to be
remarketed to third parties. In
such cases, the special purpose
trust holding the long-term fixed
rate bonds may be collapsed. In the
case of inverse floating rate
obligations created by ae Fund, the
Fund would then be required to
repay the principal amount of the
tendered securities. During times
of market volatility, illiquidity
or uncertainty, the Fund could be
required to sell other portfolio
holdings at a disadvantageous time
to raise cash to meet that
obligation.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The use of short-term floating rate
obligations may require a Fund to
segregate or earmark cash or liquid
assets to cover its obligations.
Securities so segregated or
earmarked will be unavailable for
sale by a Fund (unless replaced by
other securities qualifying for
segregation requirements), which
may limit the Fund’s flexibility
and may require that the Fund sell
other portfolio investments at a
time when it may be disadvantageous
to sell such assets.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Risks of Investing in Lower-Grade
Securities</I>. Securities that are in
the 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 liquidity risk. In
addition, the amount of available
information about the financial
condition of certain lower-grade
issuers may be less extensive than
other issuers, making each Fund
more dependent on the Adviser’s
credit analysis than a fund
investing only in higher-grade
securities. To minimize the risks
involved in investing in
lower-grade securities, each Fund
does not purchase securities that
are in default or rated in
categories lower than B- by S&P or
B3 by Moody’s or unrated securities
of comparable quality.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Secondary market prices of
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
municipal issuers of lower-grade
securities to pay interest and to
repay principal, or to obtain
additional financing, any of which
could severely disrupt the market</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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">for lower-grade municipal
securities and adversely affect the
market value of such securities.
Such events also could lead to a
higher incidence of default by
issuers of 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 the
lower-grade securities and the net
asset value of a Fund. Adverse
publicity and investor perceptions,
whether or not based on rational
analysis, may affect the value,
volatility and liquidity of
lower-grade securities.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </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 a 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’s securities relate.
Further, each 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> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </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 each
Fund. Federal income tax rules are
not entirely clear about issues
such as when a 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 a 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> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </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 each Fund to sell
a security in a timely manner at a
price which reflects the value of
that security. The amount of
available information about the
financial condition of municipal
securities issuers is generally
less extensive than that for
corporate issuers with publicly
traded securities, and the market
for municipal securities is
generally considered to be less
liquid than the market for
corporate debt obligations. Certain
municipal securities in which a
Fund may invest, such as special
obligation bonds, lease
obligations, participation
certificates and variable rate
instruments, may be particularly
less liquid. To the extent a Fund
owns or may acquire illiquid or
restricted securities, these
securities may involve special
registration requirements,
liabilities and costs, and
liquidity and valuation
difficulties.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The effects of adverse publicity
and investor perceptions may be
more pronounced for securities for
which no established retail market
exists as compared with the effects
on securities for which such a
market does exist. An economic
downturn or an increase in interest
rates could severely disrupt the
market for such securities and
adversely affect the value of
outstanding securities or the
ability of the issuers to repay
principal and interest. Further, a
Fund may have more difficulty
selling such securities in a timely
manner and at their stated value
than would be the case for
securities for which an established
retail market does exist.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The markets for lower-grade
securities may be less liquid than
the markets for higher-grade
securities. To the extent that
there is no established retail
market for some of the lower-grade
securities in which a Fund may
invest, trading in such securities
may be relatively inactive. Prices
of lower-grade securities may
decline rapidly in the event a
significant number of holders
decide to sell. Changes in
expectations regarding an
individual issuer of lower-grade
securities generally could reduce
market liquidity for such
securities and make their sale by a
Fund at their current valuation
more difficult.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">From time to time, each Fund’s
investments may include securities
as to which the Fund, by itself or
together with other funds or
accounts managed by the Adviser,
holds a major portion or all of an
issue of municipal securities.
Because there may be relatively few
potential purchasers for such
investments and, in some cases,
there may be contractual
restrictions on resales, the Fund
may find it more difficult to sell
such securities at a time when the
Adviser believes it is advisable to
do so.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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>Preferred Shares Risk</I>. A Fund’s
use of leverage through preferred
shares may result in higher
volatility of the net asset value
of the Common Shares, and
fluctuations in the dividend rates
on the preferred shares (which are
expected to reflect yields on
short-term municipal securities)
may affect the yield to the Common
Shareholders. So long as a Fund is
able to realize a higher net return
on its investment portfolio than
the then current dividend rate of
the preferred shares, the effect of
the leverage provided by the
preferred shares will be to cause
the Common Shareholders to realize
a higher current rate of return
than if the Fund were not so
leveraged. On the other hand, to
the extent that the then current
dividend rate on the preferred
shares approaches the net return on
a Fund’s investment portfolio, the
benefit of leverage to the Common
Shareholders will be reduced, and
if the then current dividend rate
on the preferred shares were to
exceed the net return on the Fund’s
portfolio, the Fund’s leveraged
capital structure would result in a
lower rate of return to the Common
Shareholders than if the Fund were
not so structured.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">Acquiring Fund, IIC and IQC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Similarly, because any decline in
the net asset value of a Fund’s
investments will be borne entirely
by the Common Shareholders, the
effect of leverage in a declining
market would result in a greater
decrease in net asset value to the
Common Shareholders than if the
Fund were not so leveraged. Any
such decrease would likely be
reflected in a decline in the
market price for Common Shares. If
a Fund’s current investment income
were not sufficient to meet
dividend requirements on the
preferred shares, the Fund might
have to liquidate certain of its
investments in order to meet
required dividend payments, thereby
reducing the net asset value
attributable to the Fund’s Common
Shares.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The amount of preferred shares
outstanding from time to time may
vary, depending on the Adviser’s
analysis of conditions in the
municipal securities market and
interest rate movements. Management
of the amount of outstanding
preferred shares places greater
reliance on the ability of the
Adviser to predict trends in
interest rates than if a Fund did
not use leverage. In the event the
Adviser later determines that all
or a portion of such preferred
shares should be reissued so as to
increase the amount of leverage, no
assurance can be given that a Fund
will subsequently be able to
reissue preferred shares on terms
and/or with dividend rates that are
beneficial to the Common
Shareholders. Further, redemption
and reissuance of the preferred
shares, and any related trading of
a Fund’s portfolio securities,
results in increased transaction
costs to the Fund and its Common
Shareholders. Because the Common
Shareholders bear these expenses,
changes to the Fund’s outstanding
leverage and any losses resulting
from related portfolio trading will
have a proportionately larger
impact on the Common Shares’ net
asset value and market price.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">In addition, a Fund is not
permitted to declare any cash
dividend or other distribution on
its Common Shares unless, at the
time of such declaration, the Fund
has an asset coverage of at least
200%, as required by the 1940 Act
(determined after deducting the
amount of such dividend or
distribution). In addition, under
the terms of each Fund’s
outstanding VMTP Shares, the Fund
is required to maintain minimum
asset coverage of 225%. This
prohibition on the payment of
dividends or other distributions
might impair the ability of a Fund
to maintain its qualification as a
regulated investment company for
federal income tax purposes. Each
Fund intends, however, to the
extent possible, to purchase or
redeem VMTP Shares from time to
time to maintain an asset coverage
of the VMTP Shares of at least
225%.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If a determination were made by the
IRS to treat the Fund’s preferred
shares as debt rather than equity
for U.S. federal income tax
purposes, the Common Shareholders
might be subject to increased
federal income tax liabilities.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </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, each
Fund’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
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="5%"> </TD>
<TD width="25%"> </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> </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">make
unrated securities less marketable.
These factors may limit the
ability of a Fund to sell such
securities at their fair value.
Each Fund may be more reliant on
the Adviser’s judgment and analysis
in evaluating the creditworthiness
of an issuer of unrated securities.</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>When-Issued and Delayed Delivery
Risks.</I> When-issued and delayed
delivery transactions are subject
to market risk as the value or
yield of a security at delivery may
be more or less than the purchase
price or the yield generally
available on securities when
delivery occurs. In addition, each
Fund is subject to counterparty
risk because it relies on the buyer
or seller, as the case may be, to
consummate the transaction, and
failure by the other party to
complete the transaction may result
in a Fund missing the opportunity
of obtaining a price or yield
considered to be advantageous.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Zero Coupon / PIK Bond Risk</I>.
Prices on non-cash-paying
instruments may be more sensitive
to changes in the issuer’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 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 PIK securities.
The Adviser will weigh these
concerns against the expected total
returns from such instruments.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Special Risk Considerations
Regarding California Municipal
Securities</I>. Each Fund invests
substantially all of its assets in
a portfolio of California municipal
securities. Because the Fund
invests substantially all of its
assets in a portfolio of California
municipal securities, the Fund is
more susceptible to political,
economic, regulatory or other
factors affecting issuers of
California municipal securities
than a fund which does not limit
its investments to such issuers.
These risks include possible
legislative, state constitutional
or regulatory amendments that may
affect the ability of state and
local governments or regional
governmental authorities to raise
money to pay principal and interest
on their municipal securities.
Economic, fiscal and budgetary
conditions throughout the state may
also influence the Fund’s
performance.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">All Funds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The risks associated with an investment in VMTP Shares are substantially the same for IIC, IQC
and the Acquiring Fund.
</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"> Thomas Byron, Robert Stryker, Julius Williams and Robert Wimmel are the portfolio managers for
the Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Mr. Byron, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr. Byron was associated with the Funds’ previous investment adviser or its investment
advisory affiliates in an investment management capacity from 1981 to 2010 and began managing the
Funds in 2009. Mr. Byron earned a B.S. in finance from Marquette University and an M.B.A. in
finance from DePaul University.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Mr. Stryker, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr. Stryker was associated with the Funds’ previous investment adviser or its investment
advisory affiliates in an investment management capacity from 1994 to 2010 and began managing the
Funds in 2009. Mr. Stryker earned a B.S. in finance from the University of Illinois, Chicago.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Mr. Williams, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr. Williams was associated with the Funds’ previous investment adviser or its investment
advisory affiliates in an investment management capacity from 2000 to 2010 and began managing the
Funds in 2011. Mr. Williams earned a B.A. in economics and sociology, and a Master of Education
degree in educational psychology from the University of Virginia.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Mr. Wimmel, Portfolio Manager, has been associated with Invesco and/or its affiliates since
2010. Mr. Wimmel was associated with the Funds’ previous investment adviser or its investment
advisory affiliates in an
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">investment management capacity from 1996 to 2010 and began managing the
Acquiring Fund in 2001 and the Target Funds in 2009. Mr. Wimmel earned a B.A. in anthropology from
the University of Cincinnati and an M.A. in economics from the University of Illinois, Chicago.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The SAI provides additional information about the portfolio managers’ compensation, other
accounts managed by the portfolio managers, and the portfolio managers’ ownership of securities in
each Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trading of VMTP Shares</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> VMTP Shares are a new issue of securities and there is currently no established trading market
for such shares. No Fund intends to apply for a listing of the VMTP Shares on a securities
exchange or an automated dealer quotation system or to seek to facilitate transfers by retaining a
remarketing or other similar agent with respect to the VMTP Shares. Accordingly, there can be no
assurance as to the development or liquidity of any market for the VMTP Shares. The VMTP Shares
are not registered under the Securities Act or any other applicable securities law. Accordingly,
the VMTP Shares are subject to restrictions on transferability and resale. The VMTP Shares are
offered for sale only pursuant to Rule 144A under the Securities Act, and may not be offered, sold
or otherwise transferred except in compliance with the registration requirements of the Securities
Act or any other applicable securities law, pursuant to an exemption therefrom or in a transaction
not subject thereto and in each case in compliance with contractual conditions applicable to
transfers of VMTP Shares.
</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"> Each Fund is currently organized as a Massachusetts business trust. The Acquiring Fund was
organized on December 21, 1992, IIC was organized on October 30, 1992, IQC was organized on March
3, 1993 and ICS was organized on October 14, 1993. As discussed under Proposal 1, before the
closing of the Mergers, the Funds will be reorganized as Delaware statutory trusts, which will all
have identical governing documents and capital structures, except that ICS has no outstanding VMTP
Shares. (Proposal 1 discusses the material differences between each Fund’s current Massachusetts
business trust structure and its proposed Delaware statutory trust structure.) The Funds’
governing documents will therefore be substantially identical immediately prior to the Mergers with
the exception of any provisions governing outstanding VMTP Shares, which will be substantially
identical among the Acquiring Fund, IIC and IQC but will not apply to ICS. Each such Delaware
statutory trust will have the same structure, except that ICS has no outstanding VMTP Shares while
the Acquiring Fund, IIC and IQC have outstanding VMTP Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Description of Securities to be Issued</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Before any Merger can be completed, each merging 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 its Merger. A
discussion of the changes a Fund would undergo as part of a Redomestication is included under
Proposal 1.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>VMTP Shares</I>. Each of IIC, IQC and the Acquiring Fund has outstanding a class of VMTP Shares.
The terms of the VMTP Shares of IIC, IQC and the Acquiring Fund are identical. As of the closing
of a Merger, the Acquiring Fund will be authorized by its Amended and Restated Agreement and
Declaration of Trust to issue an unlimited number of preferred shares. In a Merger, VMTP Shares of
IIC or IQC will be exchanged for VMTP Shares of the Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Funds have entered into a Redemption and Paying Agent Agreement with Deutsche Bank Trust
Company Americas. The Redemption and Paying Agent serves as the Funds’ transfer agent, registrar,
dividend disbursing agent, paying agent and redemption price disbursing agent and calculation agent
in connection with the payment of dividends with respect to VMTP Shares, and carry out certain
other procedures provided in the Redemption and Paying Agent Agreement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The currently outstanding VMTP Shares of IIC, IQC and the Acquiring Fund have a long-term
issue credit rating of Aa2 from Moody’s and AAA from Fitch Ratings, a part of the Fitch Group,
which is a majority-owned subsidiary of Fimalac, S.A. (“Fitch”), and it is a condition of closing
of each Merger that the VMTP Shares of the Acquiring Fund be rated at least AA-/Aa3 by each rating
agency that is rating, at the request of the Acquiring Fund, such VMTP Shares. An explanation of
the significance of ratings may be obtained from the rating agencies.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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">Generally, rating agencies
base their ratings on such material and information, and such of their own investigations, studies
and assumptions, as they deem appropriate. The ratings of the VMTP Shares should be evaluated
independently from similar ratings of other securities. A rating of a security is not a
recommendation to buy, sell or hold securities and may be subject to review, revision, suspension,
reduction or withdrawal at any time by the assigning rating agency.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Dividends on the VMTP Shares are declared daily and generally paid monthly on the first (1st)
business day of each month. For each rate period, the dividend rate on VMTP Shares will, except as
otherwise provided in the Statement of Preferences, be equal to the rate per annum that results
from the sum of the (1) Securities Industry and Financial Markets Association (“SIFMA”) Municipal
Swap Index and (2) the ratings spread as determined pursuant to the rate determination process set
forth in the Statement of Preferences. VMTP Shares rank on a parity with each other, with shares
of any other Series of VMTP Shares and with shares of any other series of preferred shares as to
the payment of dividends by a Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each of IIC, IQC and the Acquiring Fund does not intend to apply for a listing of the VMTP
Shares on a securities exchange or an automated dealer quotation system or to seek to facilitate
transfers by retaining a remarketing or other similar agent with respect to the VMTP Shares.
Accordingly, there can be no assurance as to the development or liquidity of any market for the
VMTP Shares. The VMTP Shares are not registered under the Securities Act. Accordingly, the VMTP
Shares are subject to restrictions on transferability and resale.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Unless otherwise approved in writing by a Fund, VMTP Shareholders may sell, transfer or
otherwise dispose of VMTP Shares only in whole shares and only to (i) Persons that such Beneficial
Owner or Holder reasonably believes are QIBs that are either registered closed-end management
investment companies, the common shares of which are traded on a national securities exchange
(“Closed-End Funds”), banks, insurance companies, companies that are included in the S&P 500 Index
(and their direct or indirect wholly-owned subsidiaries) or registered open-end management
investment companies or (ii) tender option bond trusts (whether tax-exempt or taxable) in which all
investors are Persons that such Beneficial Owner or Holder reasonably believes are QIBs that are
Closed-End Funds, banks, insurance companies, companies that are included in the S&P 500 Index (and
their direct or indirect wholly-owned subsidiaries) or registered open-end management investment
companies (or, in the case of a tender option bond trust in which an affiliate of such Holder or
Beneficial Owner retains a residual interest, such affiliate of such Holder or Beneficial Owner,
but only to the extent expressly provided for in any applicable Purchase Agreement), in each case,
in accordance with Rule 144A of the U.S. Securities Act of 1933, as amended (the “Securities Act”),
or another available exemption from registration under the Securities Act, in a manner not
involving any public offering within the meaning of Section 4(2) of the Securities Act. Any
transfer in violation of the foregoing restrictions will be void <I>ab initio </I>and any transferee of
VMTP Shares transferred in violation of the foregoing restrictions shall be deemed to agree to hold
all payments it received on any such improperly transferred VMTP Shares in trust for the benefit of
the transferor of such VMTP Shares. The foregoing restrictions on transfer will not apply to any
VMTP Shares registered under the Securities Act pursuant to the registration rights agreement
entered into by a Fund or any subsequent transfer of such VMTP Shares thereafter.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each of IIC, IQC and the Acquiring Fund is required to redeem, out of funds legally available
therefor under applicable law and otherwise in accordance with applicable law, all outstanding VMTP
Shares on June 1, 2015 or such later date to which it may be extended, if any, in accordance with
the provisions of the Statement of Preferences.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Subject to certain conditions, VMTP Shares may be redeemed at any time, at the option of a
Fund (as a whole or from time to time, in part), out of funds legally available therefor under
applicable law and otherwise in accordance with applicable law, at a redemption price equal to the
sum of (i) the liquidation preference, (ii) accumulated but unpaid dividends thereon (whether or
not earned or declared) to, but not including, the date fixed for redemption and (iii) the
redemption premium, if any, in respect of such VMTP Share.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> VMTP Shares will rank on a parity with each other and with shares of any other series of
preferred shares as to the distribution of assets upon the dissolution, liquidation or winding up
of the affairs of a Fund, whether voluntary or involuntary. After the payment of the full
preferential amounts, VMTP Shareholders as such will have no right or claim to any of the remaining
assets of a 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"> Except as otherwise provided in the Declaration of Trust or as otherwise required by law, (i)
each VMTP Shareholder is entitled to one vote for each VMTP Share held by such VMTP Shareholder on
each matter submitted to a vote of shareholders of a Fund, and (ii) the holders of outstanding
preferred shares, including each VMTP Share, and Common Shares will vote together as a single
class; provided, however, that the holders of outstanding preferred shares, including VMTP Shares,
voting as a class, to the exclusion of the holders of all other securities and classes of shares of
beneficial interests of the Fund, will be entitled to elect two trustees of the Fund at all times,
each preferred share, including each VMTP Share, entitled to one vote. Subject to the rights of
the holders of preferred shares during a Voting Period (as defined in the Statement of
Preferences), the holders of outstanding preferred shares, including VMTP Shares, and outstanding
Common Shares, voting together as a single class, will elect the balance of the trustees.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The VMTP Shares, including the Acquiring Fund VMTP Shares to be issued in the Mergers, are
issued in book-entry form, as global securities. The global securities will be deposited with, or
on behalf of, The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., the
nominee of DTC. Beneficial interests in the global securities will be held only through DTC and
any of its participants.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The foregoing is a brief description of the terms of the VMTP Shares. This description does
not purport to be complete and is subject to and qualified in its entirety by reference to the more
detailed description of the VMTP Shares in the Statement of Preferences of each of IIC, IQC and the
Acquiring Fund, which is available upon request by any VMTP Shareholder, and the form of Statement
of Preferences of VMTP Shares of the Acquiring Fund (after giving effect to its Redomestication)
attached hereto as Exhibit O.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <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. The Acquiring Fund, IIC and IQC also have outstanding VMTP Shares that vote
separately from Common Shares in some circumstances. Each Fund’s Common Shares have no preemptive,
conversion or exchange rights, nor any right to cumulative voting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> As of the closing of a 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"> <I>Dividends and Distributions from the Acquiring Fund, IIC and IQC</I>. The dividend and
distribution policies of IIC and IQC are identical to those of the Acquiring Fund. The Acquiring
Fund intends to make regular monthly distributions of all or a portion of its net investment income
after payment of dividends on the Acquiring Fund’s preferred shares outstanding to holders of the
Acquiring Fund’s Common Shares. The Acquiring Fund’s net investment income consists of all interest
income accrued on portfolio assets less all expenses of the Acquiring Fund. The Acquiring Fund is
required to allocate net capital gains and other taxable income, if any, received by the Fund among
its shareholders on a pro rata basis in the year for which such capital gains and other income is
realized. In certain circumstances, the Acquiring Fund will make additional payments to preferred
shareholders to offset the tax effects of such taxable distributions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> While there are any preferred shares of the Acquiring Fund outstanding, the Acquiring Fund may
not declare any cash dividend or other distribution on its Common Shares, unless at the time of
such declaration, (i) all accrued preferred shares dividends have been paid, (ii) to the extent
necessary, the Fund has redeemed all of the preferred shares subject to mandatory redemption under
the terms of the VMTP Shares, and (iii) the value of the Acquiring Fund’s total assets (determined
after deducting the amount of such dividend or other distribution), less all liabilities and
indebtedness of the Fund, is at least 200% of the liquidation preference of the outstanding
preferred shares (expected to equal the aggregate original purchase price of the outstanding
preferred shares plus any accrued and unpaid dividends thereon, whether or not earned or declared
on a cumulative basis), as required by the 1940 Act. This limitation on the Acquiring Fund’s
ability to make distributions on its Common Shares could in certain circumstances impair the
ability of the Acquiring Fund to maintain its qualification for taxation as a regulated investment
company under the Code. The Acquiring Fund intends, however, to the extent possible, to purchase or
redeem preferred shares from time to time to maintain compliance with such asset coverage
requirements and may pay special dividends to the holders of the preferred shares in certain
circumstances in connection with any such impairment of the Acquiring Fund’s status as a regulated
investment company under the Code.
</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"> The tax treatment and characterization of the Acquiring Fund’s distributions may vary
significantly from time to time because of the varied nature of its investments. The Acquiring Fund
will indicate the proportion of its capital gains distributions that constitute long-term and
short-term gains annually. The ultimate tax characterization of the Acquiring Fund’s distributions
made in a calendar or fiscal year cannot finally be determined until after the end of that fiscal
year. As a result, there is a possibility that the Acquiring Fund may make total distributions
during a calendar or fiscal year in an amount that exceeds the Acquiring Fund’s net investment
income and net capital gains for the relevant fiscal year and its previously undistributed earnings
and profits from prior years. In such situations, the amount by which the Acquiring Fund’s total
distributions exceed its net investment income and net capital gains generally will be treated as a
tax-free return of capital reducing the amount of a shareholder’s tax basis in such shareholder’s
shares, with any amounts exceeding such basis treated as gain from the sale of shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Various factors will affect the level of the Acquiring Fund’s net investment income, such as
the rate at which dividends are payable on outstanding VMTP Shares, the Acquiring Fund’s asset mix,
its level of retained earnings, the amount of leverage utilized by it and the effects thereof and
the movement of interest rates for municipal bonds. These factors, among others, may result in the
Acquiring Fund’s level of net investment income being different from the level of net investment
income for IIC and IQC if the Mergers were not completed. To permit the Acquiring Fund to maintain
more stable monthly distributions, it may from time to time distribute less than the entire amount
earned in a particular period. The income would be available to supplement future distributions. As
a result, the distributions paid by the Acquiring Fund for any particular month may be more or less
than the amount actually earned by the Fund during that month. Undistributed earnings will add to
the Acquiring Fund’s net asset value and, correspondingly, distributions from undistributed
earnings and from capital, if any, will deduct from the Fund’s net asset value. Although it does
not now intend to do so, the Board may change the Acquiring Fund’s dividend policy and the amount
or timing of the distributions based on a number of factors, including the amount of the Fund’s
undistributed net investment income and historical and projected investment income and the amount
of the expenses and dividend rates on the outstanding VMTP Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Dividends and Distributions from ICS</I>. ICS declares and pays dividends of net investment
income, if any, monthly, and capital gains distributions, if any, at least annually. ICS may also
declare and pay capital gains distributions more than once per year as permitted by law. ICS
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. ICS Common
Shareholders will, shortly after the closing of their Fund’s Merger, receive instructions on how to
tender any outstanding share certificates.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Provisions for Delaying or Preventing Changes in Control. </I>Each Fund’s governing documents
contain provisions designed to prevent or delay changes in control of that Fund. As of the time of
the Mergers, each Fund’s governing documents will provide that such Fund’s Board of Trustees 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) the Board,
followed by the affirmative vote of the holders of not less than 75% of the outstanding shares
entitled to vote; or (ii) 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 “a majority of the
outstanding voting securities” 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’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’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>Portfolio Turnover</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Funds’ 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 Mergers. No securities of the Target Funds 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>
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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: 12pt"><B>Terms and Conditions of the Mergers</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The terms and conditions under which a 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 D.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> In each Merger, a 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 each
Merger, all of the assets and liabilities of the merging Target Fund will become assets and
liabilities of the Acquiring Fund, and the Target Fund’s shareholders will become shareholders of
the Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 applicable Target Fund as of the business day immediately preceding the Merger’s closing date.
All Acquiring Fund Common Shares issued pursuant to the Merger 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 each 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"> Under the terms of the Merger Agreement, the Acquiring Fund will also issue new Acquiring Fund
VMTP Shares in exchange for VMTP Shares of IIC and IQC. The number of additional Acquiring Fund
VMTP Shares issued for the Mergers with IIC and IQC will equal the number of outstanding VMTP
Shares of IIC and IQC, and such Acquiring Fund VMTP Shares will have liquidation preferences,
rights, and privileges substantially identical to those of the then outstanding VMTP Shares for the
merging Target Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Prior to the closing of each Merger, each Target Fund will declare to its Common Shareholders
one or more dividends, and the Acquiring Fund may, but is not required to, declare to its Common
Shareholders 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, to the extent a
distribution is not an “exempt-interest dividend” (as defined in the Code), the distribution may be
taxable to shareholders in such year for federal income tax purposes. It is anticipated that Fund
distributions will be primarily dividends that are exempt from regular federal income tax, although
a portion of such dividends may be taxable to shareholders as ordinary income or capital gains. To
the extent the distribution is attributable to ordinary income or capital gains, such ordinary
income and capital gains will be allocated to Common Shareholders and VMTP Shareholders in
accordance with each class’s proportionate share of the total dividends paid by the Fund during the
year. In certain circumstances, each of IIC, IQC and the Acquiring Fund will make additional
payments to VMTP Shareholders to offset the tax effects of such taxable distributions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If shareholders approve the Mergers 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 Mergers (the “Closing”) is expected to occur in
the third quarter of 2012 on a date mutually agreed upon by the Funds (the “Closing Date”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund will be required to make representations and warranties in the Merger Agreement that
are customary in matters such as the Mergers.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If shareholders of a Fund do not approve a Merger or if a 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"> As of the time of the Mergers, 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. “Diversified” means that the Fund is limited in the
amount it can invest in a single issuer. A closed-end fund (unlike an “open-end” or “mutual” fund)
does not continuously sell and redeem its shares; in the case of 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">Funds, Common Shares are
bought and sold on the Exchanges. A “management” investment company is managed by an investment
adviser – the Adviser in the case of the Funds – 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"> The following information is meant as a general summary of certain federal income tax matters
for U.S. shareholders. 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 “Fund”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 (“RIC”) 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 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 22, 2010.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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) 98% of its taxable ordinary
income for that year, and (ii) 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 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"> The Fund primarily invests in municipal securities. Thus, substantially all of the Fund’s
dividends paid to you from net investment income should qualify as “exempt-interest dividends.” A
shareholder treats an exempt-interest dividend as interest on state and local bonds exempt from
regular federal income tax. Exempt-interest dividends from interest earned on municipal securities
of a state, or its political subdivisions, generally are exempt from that state’s personal income
tax. Most states, however, do not grant tax-free treatment to interest from municipal securities
of other states.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Federal income tax law imposes an alternative minimum tax with respect to corporations,
individuals, trusts and estates. Interest on certain municipal obligations, such as certain private
activity bonds, is included as an item of tax preference in determining the amount of a taxpayer’s
alternative minimum taxable income. To the extent that the Fund receives income from such municipal
obligations, a portion of the dividends paid by the Fund, although exempt from regular federal
income tax, will be taxable to shareholders to the extent that their tax liability is determined
under the federal alternative minimum tax. The Fund will annually provide a report indicating the
percentage of the Fund’s income attributable to municipal obligations subject to the federal
alternative minimum tax. Corporations are subject to special rules in calculating their federal
alternative minimum taxable income with respect to interest from such municipal obligations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> In addition to exempt-interest dividends, the Fund may also 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’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 31, 2012. 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">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 “qualified dividend income” available to noncorporate shareholders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Distributions by the Fund in excess of the Fund’s current and accumulated earnings and profits
will be treated as a return of capital to the extent of the shareholder’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"> 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) will be required to include in income for
federal income tax purposes, as long-term capital gain, their share of such undistributed amount;
(ii) 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’s gross income and the tax deemed paid by the shareholder under clause (ii) of the
preceding sentence.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The IRS currently requires that a RIC that has two or more classes of stock allocate to each
such class proportionate amounts of each type of its income (such as exempt interest, ordinary
income and capital gains). Accordingly, the Fund designates dividends made with respect to the
Common Shares and, if applicable, the VMTP Shares as consisting of particular types of income
(e.g., exempt interest, net capital gain and ordinary income) in accordance with each class’s
proportionate share of the total dividends paid by the Fund during the year. A class’s
proportionate share of a particular type of income is determined according to the percentage of
total dividends paid by the regulated investment company to such class.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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"> At the time of an investor’s purchase of Fund shares, a portion of the purchase price may be
attributable to realized or unrealized appreciation in the Fund’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’s shares is, as a result of the
distributions, reduced below the investor’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"> Each shareholder will receive an annual statement summarizing the shareholder’s dividend and
capital gains distributions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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’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 31, 2012. Any loss on the sale of shares that have been held for six
months or less will be disallowed to the extent of any distribution of exempt-interest dividends
received with respect to such shares and any remaining loss will be treated as a long-term capital
loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.
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 days beginning 30 days before and ending 30 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>
<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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"> Under Treasury regulations, if a shareholder recognizes a loss with respect to Fund shares of
$2 million or more for an individual shareholder, or $10 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 8886.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Shareholders that are exempt from U.S. federal income tax, such as retirement plans that are
qualified under Section 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 “debt-financed property” within the meaning of the Code.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Any interest on indebtedness incurred or continued to purchase or carry the Fund’s shares to
which exempt-interest dividends are allocated is not deductible. Under certain applicable rules,
the purchase or ownership of shares may be considered to have been made with borrowed funds even
though such funds are not directly used for the purchase or ownership of the shares. In addition,
if you receive Social Security or certain railroad retirement benefits, you may be subject to U.S.
federal income tax on a portion of such benefits as a result of receiving investment income,
including exempt-interest dividends and other distributions paid by the Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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"> 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"> The Fund may hold or acquire municipal obligations that are market discount bonds. A market
discount bond is a security acquired in the secondary market at a price below its redemption value
(or its adjusted issue price if it is also an original issue discount bond). If the Fund invests in
a market discount bond, it will be required to treat any gain recognized on the disposition of such
market discount bond as ordinary taxable income to the extent of the accrued market discount.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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, including exempt interest dividends (for distributions and proceeds
paid after December 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"> For taxable years beginning after December 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’s “modified
adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an
estate or trust) exceeds a threshold amount.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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
</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">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"> Under recently enacted legislation and administrative guidance, the relevant withholding agent
may be required to withhold 30% of any (a) income dividends paid after December 31, 2013 and (b)
certain capital gains distributions and the proceeds of a sale of shares paid after December 31,
2014 to (i) 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) 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>State Income Tax Matters Associated with Investment in the Funds</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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 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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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"> 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’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"> 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: 12pt"><B>Board Considerations in Approving the Mergers</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> On June 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’s product line and has enabled Invesco to expand its investment offerings to retail
customers. The transaction also resulted in product overlap. The Mergers proposed in this Proxy
Statement are part of a larger group of mergers across Invesco’s fund platform that began in early
2011. The larger group of mergers is designed to put forth Invesco’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 Acquiring Fund</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Board of the Acquiring Fund (the “Acquiring Fund Board”) considered the Mergers over a
series of meetings. The Nominating Committee of the Acquiring Fund Board, which consists solely
of trustees who are not “interested persons,” as that term is defined in the 1940 Act, of the
Acquiring Fund (the “Independent Trustees”), met on November 1, 2011 to consider the Mergers and to
assist the Acquiring Fund Board in its consideration of the Mergers. The Nominating Committee
considered presentations from the Adviser on the proposed Mergers and
</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">identified to the Adviser
certain supplemental information to be prepared in connection with the presentation of the proposed
Mergers to the full Acquiring Fund Board. Prior to the November 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’s consideration and review of the proposed Mergers. The full
Acquiring Fund Board met twice, on November 15, 2011 and November 28, 2011, to review and consider
the Mergers. The Acquiring Fund Board requested and received from the Adviser written materials
containing relevant information about the Funds and the proposed Mergers, including fee and expense
information on an actual and <I>pro forma </I>estimated basis, and comparative portfolio composition and
performance data.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Acquiring Fund Board reviewed, among other information they deemed relevant, information
comparing the following for each Fund on a current and <I>pro forma </I>basis: (1) investment objective,
policies and restrictions; (2) portfolio management; (3) portfolio composition; (4) comparative
short-term and long-term investment performance and distribution yields; (5) 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) relative asset size; (8) trading information such as trading premiums/discounts for
the Funds’ Common Shares; and (9) use of leverage and outstanding VMTP Shares. The Acquiring Fund
Board discussed with the Adviser the Adviser’s process for selecting and analyzing the Funds that
had been proposed to participate in the Mergers and possible alternatives to the Mergers, including
liquidation and maintaining stand alone funds, among other alternatives. The Acquiring Fund Board
also discussed with the Adviser the Mergers 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" style="font-size: 10pt; margin-top: 6pt"> The potential benefits to the Acquiring Fund of the Mergers 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’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" style="font-size: 10pt; margin-top: 6pt"> The Acquiring Fund Board also considered the anticipated economic effects of the Mergers on
the combined fund’s fees and expenses, earnings, distribution rates, undistributed net investment
company income and market price of Common Shares. The Board considered that (1) the Acquiring
Fund’s management fee schedule will apply to the combined fund and, due to the larger size of the
combined fund, the Mergers are anticipated to result in the combined fund having a lower total
expense ratio that the Acquiring Fund; (2) the investment objective, strategies and related risks
of the Target Fund and the Acquiring Fund are substantially the same; (3) the Funds have the same
portfolio management teams; (4) shareholders would become shareholders of the larger combined fund;
and (5) the allocation of expenses of the Mergers, including the Adviser’s paying all of the Merger
costs. The Acquiring Fund Board also considered the expected tax free nature of the Mergers for
each Fund and its shareholders for federal income tax purposes.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Based upon the information and considerations summarized above, the Acquiring Fund Board
concluded that each 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 each Merger. Consequently, on November 28, 2011, the Acquiring Fund Board,
including the Independent Trustees voting separately, unanimously approved the Merger Agreement and
each Merger and unanimously recommended that the shareholders of Acquiring Fund vote in favor of
each Merger.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Considerations of the Board of each of the Target Funds</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Target Fund’s Board created an ad hoc committee (the “Ad Hoc Merger Committee”) to
consider each Merger and to assist each Target Fund Board in its consideration of such Merger. The
Ad Hoc Merger Committee met separately two times, on October 17, 2011 and November 18, 2011 to
discuss each proposed Merger. Two separate meetings of each Target Fund’s Board were also held to
review and consider each Merger, including presentations by the Ad Hoc Merger Committee on its
deliberations and, ultimately, recommendations. The trustees who are not “interested persons,” as
that term is defined in the 1940 Act, of the Target Funds (the “Independent Trustees”) held a
separate meeting in conjunction with the November 29-30, 2011 meeting of the full
</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">Target Fund
Boards to consider these matters. The Independent Trustees have been advised on this matter by
independent legal counsel to the Independent Trustees. The Target Fund Boards requested and
received from the Adviser written materials containing relevant information about the Target Funds
and the proposed Mergers, including fee and expense information on an actual and <I>pro forma</I>
estimated basis, and comparative portfolio composition and performance data.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Target Fund Boards reviewed, among other information they deemed relevant, information
comparing the following for each Target Fund: (1) investment objective, policies and restrictions;
(2) portfolio management; (3) portfolio composition; (4) comparative short-term and long-term
investment performance and distribution yields; (5) current expense ratios and expense structures,
including contractual investment advisory fees on a net asset basis and on a managed assets basis;
(6) expected federal income tax consequences to the Funds, including any impact on capital loss
carry forwards; (7) relative asset size; and (8) trading information such as trading
premiums/discounts and bid/ask spreads.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Target Fund Boards considered the benefits to each Target Fund of (i) combining with a
similar fund to create a larger fund, (ii) the Adviser’s paying all of the Merger costs, and (iii)
the expected tax free nature of the Merger for each Target Fund and its shareholders for federal
income tax purposes. The Target Fund Boards also considered that the potential benefits to the
Target Funds of the Mergers might include (1) 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’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. In addition, each Target Fund’s Board considered the
Acquiring Fund’s higher contractual advisory fee rate in light of the benefits of retaining the
Adviser as the Acquiring Fund’s investment adviser, the feasibility of the Adviser’s continued
service to the Target Funds at current fee levels, 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’s advisory agreement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> After considering the foregoing, the Board of each Target Fund noted that:
</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"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>the combined fund on a <I>pro forma </I>basis had a more than 0.50% higher Common Share
distribution yield (as a percentage of net asset value) than each Target Fund, even after
giving effect to the higher management fees and total expense ratio that will apply to the
combined fund before and after the expiration of fee waivers;</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>as of July 31, 2011, the Acquiring Fund’s Common Shares had traded at an average premium of
3.0% to its net asset value over the preceding 52 week period and, over the same period, the
Target Funds’ Common Shares had traded at average discounts of -6.6% (IIC),<br> -7.15% (IQC) and
-8.48% (ICS);</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>as of July 31, 2011, the Acquiring Fund’s Common Shares had traded at an average discount
of -2.2% to its net asset value for the preceding month and, over the same period, the Target
Funds’ Common Shares had traded at average discounts of -10.20% (IIC), -8.9% (IQC) and -10.10%
(ICS);</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>the average daily trading volume for the Acquiring Fund’s Common Shares was approximately
twice the highest average daily trading volumes of the Target Funds’ Common shares; and</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </TD>
<TD>as of July 31, 2011, the Acquiring Fund owned 192 different municipal bonds and the Target
Funds owned 122 (IIC), 109 (IQC) and 97 (ICS), which means that the combined fund would
provide shareholders with a more diverse investment portfolio.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Target Fund Boards also considered the Mergers 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 Boards discussed with the Adviser the possible alternatives
to the Mergers, including liquidation and maintaining the status quo, among other alternatives.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Target Fund Boards further considered that (i) the investment objective, strategies and
related risks of each Target Fund and the Acquiring Fund are substantially the same; (ii) the Funds
have the same portfolio management team; (iii) shareholders would become shareholders of a single
larger Fund; and (iv) the Adviser’s representation that, because of the similarity between the
Funds’ investment objectives and strategies, the costs associated with repositioning each Target
Fund’s investment portfolio in connection with a Merger would be minimal. The Target Fund Boards
also considered that the impact to Target Fund shareholders of the Acquiring
</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">Fund’s significantly
higher advisory fee rate would be mitigated by the Adviser’s agreement to limit the Acquiring
Fund’s total expenses if a Merger is completed, as disclosed above on a <I>pro forma </I>basis, through at
least two years from the closing date of the Mergers.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Based upon the information and considerations described above, the Target Fund Boards
unanimously concluded that the Mergers are in the best interests of the Target Funds and that no
dilution of net asset value would result to the shareholders of the Target Funds from the Mergers.
Consequently, the Target Fund Boards unanimously approved the Merger Agreement and each Merger on
November 29, 2011.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The discussion above summarizes certain information regarding the Funds considered by the
Boards of the Acquiring Fund and the Target Funds, respectively, which was accurate as of the time
of the Boards’ consideration of the Mergers. There can be no assurance that the information
considered by the Boards, including with respect to the Funds’ trading at a premium or discount,
remains accurate as of the date hereof or at the closing of the Mergers.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Considerations of the Mergers</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following is a general summary of the material U.S. federal income tax considerations of
the Mergers 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"> Each Merger is intended to be a tax-free reorganization pursuant to Section 368(a) of the
Code. As described above, the Mergers will occur following the Redomestication of each Target Fund
and the Acquiring Fund. The principal federal income tax considerations that are expected to result
from the Merger of each 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="3%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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’s aggregate tax basis of the
shares of the Target Fund; and</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" style="background: transparent"> </TD>
<TD width="3%" nowrap align="left"><B>•</B></TD>
<TD width="1%"> </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"> Neither the Target Funds nor the Acquiring Fund have requested or will request an advance
ruling from the IRS as to the federal tax consequences of the Mergers. As a condition to Closing,
Stradley Ronon Stevens & Young, LLP will render a favorable opinion to each Target Fund and the
Acquiring Fund as to the foregoing federal income tax consequences of each Merger, which opinion
will be conditioned upon, among other things, the accuracy, as of the Closing Date, of certain
representations of each Target Fund and the Acquiring Fund upon which Stradley Ronon Stevens &
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 Mergers on the Target Funds, 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 “Where to Find
Additional Information.” In addition, Skadden, Arps, Slate, Meagher & Flom LLP will deliver an
opinion to IIC, IQC and the Acquiring Fund, subject to certain representations, assumptions and
conditions, to the effect that the Acquiring Fund VMTP Shares received in the Mergers by holders of
VMTP Shares of IIC or IQC will qualify as equity in the Acquiring Fund for federal income tax
purposes.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Opinions of counsel are not binding upon the IRS or the courts. If a 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. The failure of one Merger to
qualify as a tax-free reorganization would not adversely affect any other Merger.
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Prior to the closing of each Merger, each Target Fund will declare to its Common Shareholders
one or more dividends, and the Acquiring Fund may, but is not required to, declare to its Common
Shareholders 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, to the extent a
distribution is not an “exempt-interest dividend” (as defined in the Code), the distribution may be
taxable to shareholders in such year for federal income tax purposes. It is anticipated that Fund
distributions will be primarily dividends that are exempt from regular federal income tax, although
a portion of such dividends may be taxable to shareholders as ordinary income or capital gains. To
the extent the distribution is attributable to ordinary income or capital gains, such ordinary
income and capital gains will be allocated to Common Shareholders and VMTP Shareholders in
accordance with each class’s proportionate share of the total dividends paid by the Fund during the
year. In certain circumstances, each of IIC, IQC and the Acquiring Fund will make additional
payments to VMTP Shareholders to offset the tax effects of such taxable distributions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund may invest all or a substantial portion of its total assets in municipal securities
that may subject certain investors to the federal alternative minimum tax (“AMT bonds”) and,
therefore, a substantial portion of the income produced by each Fund may be taxable for such
investors under the federal alternative minimum tax. If the Acquiring Fund following the Mergers
has a greater portion of its portfolio investments in AMT bonds than a Target Fund, a greater
portion of the dividends paid by the Acquiring Fund to shareholders of the Target Fund,
post-Closing, may be taxable under the federal alternative minimum tax. However, the portion of a
Fund’s total assets invested in AMT Bonds on the Closing Date or in the future and the portion of
income subject to federal alternative minimum tax cannot be known in advance. See the Schedule of
Investments available in each Fund’s Annual Report for the portion of a Fund’s total assets that
are invested in AMT Bonds at February 29, 2012.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The tax attributes, including capital loss carryovers, of the Target Funds move to the
Acquiring Fund in the Mergers. The capital loss carryovers of the Target Funds 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’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. First, the capital loss
carryovers of each Fund that experiences a more than 50% ownership change in a Merger (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 “aggregate capital loss carryovers”), 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 22, 2010 as discussed below, to an overall eight-year carryover period. The annual
limitation will generally equal the net asset value of a Fund on the Closing Date multiplied by the
“long-term tax-exempt rate” published by the IRS. In the case of a Fund with net unrealized
built-in gains at the time of Closing of a Merger (i.e., unrealized appreciation in value of the
Fund’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. Second, 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 a
Merger, such built-in gains, when realized, may not be offset by the losses (including any capital
loss carryovers and “built in losses”) of another Fund. Third, the capital losses of a Target Fund
that may be used by the Acquiring Fund (including to offset any “built-in gains” 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.
Fourth, a Merger may result in an earlier expiration of a Fund’s capital loss carryovers because a
Merger may cause a Target Fund’s tax year to close early in the year of the Merger.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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>
<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The aggregate capital loss carryovers of the Funds and the approximate annual limitation on
the use by the Acquiring Fund, post-Closing, of each Fund’s aggregate capital loss carryovers
following the Mergers are as follows:
</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%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>IIC</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>IQC</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>ICS</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>VCV</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(Target Fund)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(Target Fund)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(Target Fund)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(Acquiring Fund)</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(000,000s)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(000,000s)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(000,000s)</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>(000,000s)</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">at 2/29/2012</TD>
<TD> </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> </TD>
<TD nowrap align="left">$</TD>
<TD align="right">(2.3</TD>
<TD nowrap>)</TD>
<TD> </TD>
<TD nowrap align="left">$</TD>
<TD align="right">(12.9</TD>
<TD nowrap>)</TD>
<TD> </TD>
<TD nowrap align="left">$</TD>
<TD align="right">(0.5</TD>
<TD nowrap>)</TD>
<TD> </TD>
<TD nowrap align="left">$</TD>
<TD align="right">(71.8</TD>
<TD nowrap>)</TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized Net
Appreciation
(Depreciation) in
Investments on a Tax
Basis</DIV></TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">16.2</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">12.8</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">4.3</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">29.3</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate Net Asset Value</DIV></TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">167.3</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">129.1</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">52.7</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">293.0</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Approximate Annual
Limitation (1)</DIV></TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">5.5</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">4.2</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">1.7</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">9.6</TD>
<TD> </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"> </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> </TD>
<TD>Based on the long-term tax-exempt rate for ownership changes during May 2012 of
3.26%.</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Based upon each Target Fund’s capital loss position at February 29, 2012, the annual
limitations on the use of each Target Fund’s aggregate capital loss carryovers may not prevent the
combined Fund from utilizing such losses, albeit over a period of time. Based upon the Acquiring
Fund’s capital loss position at February 29, 2012, the annual limitation on the use of the
Acquiring Fund’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 these
annual limitations 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 ability of the Acquiring Fund to absorb its own aggregate capital loss carryovers and those of
the Target Funds post-Closing depends upon a variety of factors that cannot be known in advance.
For more information with respect to each Fund’s capital loss carryovers, please refer to the
Fund’s shareholder report.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Shareholders of a 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 a 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 Mergers has
proportionately greater unrealized appreciation in its portfolio investments as a percentage of its
net asset value than a 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 Mergers had not occurred. At February 29, 2012, the unrealized appreciation
(depreciation) in value of the portfolio investments of each Target Fund on a tax basis as a
percentage of its net asset value is 10% for IIC, 10% for IQC, and 8% for ICS, compared to that of
the Acquiring Fund of 10%, and 10% on a combined basis.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> After the Mergers, 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>Tax Treatment of the VMTP Shares of the Acquiring Fund</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Acquiring Fund expects that the VMTP Shares issued by the Acquiring Fund in a Merger in
exchange for VMTP Shares of IIC or IQC will be treated as equity of the Acquiring Fund for U.S.
federal income tax purposes. Each of IIC, IQC and the Acquiring Fund has received a private letter
ruling from the IRS to the effect that VMTP Shares issued by it prior to its Redomestication and
Merger will be treated as equity of such Fund for U.S. federal income tax purposes. Skadden, Arps,
Slate, Meagher & Flom LLP (“Special VMTP Federal Income Tax Counsel”) is of the opinion that, and
as a condition to the closing of the Mergers will deliver to the IIC, IQC and the Acquiring Fund an
opinion that, the VMTP Shares issued by the Acquiring Fund in a Merger in exchange for VMTP Shares
of IIC or IQC will be treated as equity of the Acquiring Fund for U.S. federal income tax purposes.
An opinion of counsel is not binding on the IRS or any court. Thus, no assurance can be given
that the IRS would not assert, or that a court would not sustain, a position contrary to Special
VMTP Federal Income Tax Counsel’s opinion.
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The discussion herein assumes that the VMTP Shares issued by the Acquiring Fund in a Merger in
exchange for VMTP Shares of IIC or IQC will be treated as equity of the Acquiring Fund for U.S.
federal income tax purposes.
</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"> The SAI and each Fund’s shareholder reports contain further information on the Funds,
including their investment policies, strategies and risks.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE BOARDS UNANIMOUSLY RECOMMEND THAT YOU VOTE “</B><U><B>FOR</B></U><B>” THE APPROVAL OF PROPOSAL 2.</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>PROPOSAL 3: ELECTION OF TRUSTEES BY THE TARGET FUNDS</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> At the Meeting, VMTP Shareholders and Common Shareholders of the Target Funds, voting together
as a single class, will vote on the election of the following six nominees for election as
Trustees: 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"> The group of Trustees standing for election in any given year is the same for each Target
Fund. The following table indicates the Trustees in each such group 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="30%"> </TD>
<TD width="5%"> </TD>
<TD width="30%"> </TD>
<TD width="5%"> </TD>
<TD width="30%"> </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> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Group II**</B></TD>
<TD> </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 align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Albert R. Dowden
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">David C. Arch
</TD>
<TD> </TD>
<TD align="left" valign="top">James T. Bunch</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">Prema Mathai-Davis
</TD>
<TD> </TD>
<TD align="left" valign="top">Frank S. Bayley
</TD>
<TD> </TD>
<TD align="left" valign="top">Bruce L. Crockett</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">Hugo F. Sonnenschein
</TD>
<TD> </TD>
<TD align="left" valign="top">Larry Soll
</TD>
<TD> </TD>
<TD align="left" valign="top">Rodney F. Dammeyer</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">Raymond Stickel, Jr.
</TD>
<TD> </TD>
<TD align="left" valign="top">Philip A. Taylor
</TD>
<TD> </TD>
<TD align="left" valign="top">Jack M. Fields</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
</TD>
<TD> </TD>
<TD align="left" valign="top">Wayne W. Whalen
</TD>
<TD> </TD>
<TD align="left" valign="top">Martin L. Flanagan</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
</TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </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"> </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> </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> </TD></TR>
<TR valign="top">
<TD nowrap align="left">**</TD>
<TD> </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> </TD></TR>
<TR valign="top">
<TD nowrap align="left">***</TD>
<TD> </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 align="left" style="font-size: 10pt; margin-top: 6pt"> If elected, each nominee will serve until the later of the Target Funds’ 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 Trustees is
being submitted to shareholders of each Target Fund for election at the Meeting. The Declaration
of Trust of each Target Fund provides that the Board shall be divided into three classes, which
must be as nearly equal in number as possible. For each Target 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 a Target
Fund for up to a two-year period. The foregoing is subject to the provisions of the 1940 Act,
applicable state law, each Target Fund’s Declaration of Trust, and each Target Fund’s bylaws.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Prema Mathai-Davis and Frank S. Bayley, who are not part of the group of Trustees standing for
election at the Meeting, have been designated to be elected solely by the holders of the VMTP
Shares of the applicable Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Common Shares of each Fund are also expected to vote on the election of the Trustee nominees
and their votes will be counted together as a single class with the VMTP Shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The business and affairs of the Target Funds are managed under the direction of their Boards
of Trustees. Below is information on the Trustees’ qualifications and experience.
</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" style="font-size: 10pt; margin-top: 12pt"><B><I>Interested Trustees.</I></B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Martin L. Flanagan</I>. Mr. Flanagan is president and chief executive officer of Invesco Ltd., a
position he has held since August 2005. He is also a member of the Board of Directors of Invesco
Ltd. Mr. Flanagan joined Invesco Ltd. from Franklin Resources, Inc., where he was president and
co-chief executive officer from January 2004 to July 2005. Previously he had been Franklin’s
co-president from May 2003 to January 2004, chief operating officer and chief financial officer
from November 1999 to May 2003, and senior vice president and chief financial officer from 1993
until November 1999. Mr. Flanagan served as director, executive vice president and chief operating
officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by Franklin in 1992.
Before joining Templeton in 1983, he worked with Arthur Anderson & Co. Mr. 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
Board believes that Mr. Flanagan’s long experience as an executive in the investment management
area benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Philip A. Taylor</I>. Mr. Taylor has been the head of Invesco’s North American retail business as
Senior Managing Director since April 2006. He previously served as chief executive officer of
Invesco Trimark Investments since January 2002. Mr. 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. 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 & Gamble. The Board believes that Mr. Taylor’s long
experience in the investment management business benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Wayne W. Whalen</I>. Mr. Whalen is Of Counsel and, prior to 2010, was a partner in the law firm
of Skadden, Arps, Slate, Meagher & Flom LLP. Mr. Whalen is a Director of the Mutual Fund Directors
Forum, a nonprofit membership organization for investment company directors, Chairman and Director
of the Abraham Lincoln Presidential Library Foundation and Director of the Stevenson Center for
Democracy. From 1995 to 2010, Mr. Whalen served as Director and Trustee of investment companies in
the Van Kampen Funds complex. The Board believes that Mr. Whalen’s experience as a law firm
partner and his experience as a director of investment companies benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Independent Trustees.</I></B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>David C. Arch</I>. Formerly, Mr. Arch was the Chairman and Chief Executive Officer of Blistex,
Inc., a consumer health care products manufacturer. Mr. 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’ Association. Mr. Arch is also a member of the Board of
Visitors, Institute for the Humanities, University of Michigan. From 1984 to 2010, Mr. Arch served
as Director or Trustee of investment companies in the Van Kampen Funds complex. The Board believes
that Mr. Arch’s experience as the CEO of a public company and his experience with investment
companies benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Frank S. Bayley</I>. Mr. 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. 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. Bayley is a retired partner of the international law
firm of Baker & McKenzie LLP, where his practice focused on business acquisitions and venture
capital transactions. Prior to joining Baker & McKenzie LLP in 1986, he was a partner of the San
Francisco law firm of Chickering & 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. Bayley served as a Trustee of the Badgley Funds from inception
in 1998 until dissolution in 2007. The Board believes that Mr. Bayley’s experience as a business
consultant and a lawyer benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>James T. Bunch</I>. From 1988 to 2010, Mr. Bunch was Founding Partner of Green Manning & Bunch,
Ltd., a leading investment banking firm located in Denver, Colorado. Green Manning & 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 & Bunch, Mr. Bunch was
</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">Executive Vice President, General Counsel, and a Director of
Boettcher & 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 & 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. Bunch has served as Chair of the
NASD Business District Conduct Committee, and Chair of the Colorado Bar Association Ethics
Committee. In June 2010, Mr. Bunch became the Managing Member of Grumman Hill Group LLC, a family
office private equity investment manager. The Board believes that Mr. Bunch’s experience as an
investment banker and investment management lawyer benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Bruce L. Crockett</I>. Mr. Crockett has more than 30 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. 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. 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 Board elected Mr. 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" style="font-size: 10pt; margin-top: 6pt"> <I>Rodney F. Dammeyer</I>. Since 2001, Mr. Dammeyer has been Chairman of CAC, LLC, a private company
offering capital investment and management advisory services. Previously, Mr. 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 & Co., an international accounting firm. Mr. Dammeyer currently
serves as a Director of Quidel Corporation and Stericycle, Inc. Previously, Mr. 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.
Dammeyer served as Director or Trustee of investment companies in the Van Kampen Funds complex.
The Board believes that Mr. Dammeyer’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 Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Albert R. Dowden</I>. Mr. 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. 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. Dowden continues to serve on the
board of the Reich & Tang Funds and also serves on the boards of Homeowners of America Insurance
Company and its parent company, as well as Nature’s Sunshine Products, Inc. and The Boss Group. Mr.
Dowden’s charitable endeavors currently focus on Boys & Girls Clubs where he has been active for
many years, as well as several other not-for-profit organizations. Mr. Dowden began his career as
an attorney with a major international law firm, Rogers & Wells (1967-1976), which is now Clifford
Chance. The Board believes that Mr. Dowden’s extensive experience as a corporate executive
benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Jack M. Fields</I>. Mr. Fields served as a member of Congress, representing the 8th Congressional
District of Texas from 1980 to 1997. As a member of Congress, Mr. 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. 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. 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. Fields also serves as a
Director of Insperity (formerly known as Administaff) (NYSE: ASF), a premier professional employer
organization with clients nationwide. In addition, Mr. 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 Board believes
that Mr. Fields’ experience in the House of Representatives, especially concerning regulation of
the securities markets, benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Carl Frischling</I>. Mr. 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
</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">comprehensive mutual fund complexes. Mr. 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. Frischling is a board member of the Mutual Fund
Director’s Forum. He also serves as a Trustee of the Reich & Tang Funds, a registered investment
company. Mr. 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 Board believes that Mr.
Frischling’s experience as an investment management lawyer and his long involvement with investment
companies benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Dr. Prema Mathai-Davis</I>. Prior to her retirement in 2000, Dr. Mathai-Davis served as Chief
Executive Officer of the YWCA of the USA. Prior to joining the YWCA, Dr. 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. 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. 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 Board believes that Dr. Mathai-Davis extensive experience in running public and
charitable institutions benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Dr. Larry Soll</I>. Formerly, Dr. 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 Board believes that Dr. Soll’s experience as a chairman of a public
company and in academia benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Hugo F. Sonnenschein</I>. Mr. 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 2000, Mr. Sonnenschein served as
President of the University of Chicago. Mr. 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. Sonnenschein served as Director or Trustee of investment companies
in the Van Kampen Funds complex. The Board believes that Mr. Sonnenschein’s experiences in
academia and in running a university, and his experience as a director of investment companies
benefits the Target Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Raymond Stickel, Jr. </I>Mr. Stickel retired after a 35-year career with Deloitte & 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. Stickel began his career
with Touche Ross & 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 & Co. In Ohio,
he served as the audit partner on numerous mutual funds and on public and privately held companies
in other industries. Mr. Stickel has also served on Touche Ross & Co.’s Accounting and Auditing
Executive Committee. The Board believes that Mr. Stickel’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 Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Additional biographical information regarding the Trustees of the Target Funds can be found in
Exhibit F. Information on the Boards’ leadership structure, role in risk oversight, and committees
and meetings can be found in Exhibit G. Information on the remuneration of Trustees can be found
in Exhibit H. Information on the executive officers of the Funds is available in Exhibit E.
Information on the Funds’ independent registered public accounting firm is available in Exhibit I.
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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>THE BOARDS OF THE TARGET FUNDS UNANIMOUSLY RECOMMEND A VOTE “</B><U><B>FOR ALL</B></U><B>” OF THE NOMINEES.</B>
</DIV>
<DIV align="center" 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"> At the Meeting, VMTP Shareholders and Common Shareholders of the Acquiring Fund, voting
together as a single class, will vote to elect three Class I Trustees (David C. Arch, Jerry D.
Choate and Suzanne H. Woolsey are the nominees).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If elected, each nominee will serve until the later of the Acquiring Fund’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 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’s Declaration of Trust, and the Acquiring Fund’s
bylaws.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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="32%"> </TD>
<TD width="2%"> </TD>
<TD width="32%"> </TD>
<TD width="2%"> </TD>
<TD width="32%"> </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> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Class II</B></TD>
<TD> </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> </TD>
<TD align="left" valign="top">Wayne W. Whalen
</TD>
<TD> </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> </TD>
<TD align="left" valign="top">Rodney Dammeyer (2)
</TD>
<TD> </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 (2)
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">Linda Hutton Heagy (1)
</TD>
<TD> </TD>
<TD align="left" valign="top">Jack E. Nelson (2)</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suzanne H. Woolsey, Ph.D.
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Hugo F. Sonnenschein (1)</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"> </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> </TD>
<TD>Linda Hutton Heagy and Hugo F. Sonnenschein are designated to be elected solely
by the VMTP Shareholders voting as a separate class.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(2)</TD>
<TD> </TD>
<TD>Pursuant to the Acquiring Fund’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 with respect to certain funds overseen by a
Board comprised of the same individuals as the Acquiring Fund’s Board for which his
term of office expires in 2012. Therefore, Mr. Dammeyer is also stepping down from the
Board of the Acquiring Fund effective as of the Meeting. The Acquiring Fund’s Board
has reduced the size of the Board to eight Trustees effective as of the Meeting.</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The business and affairs of the Acquiring Fund are managed under the direction of its Board of
Trustees. The Board overseeing the Acquiring Fund 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 Board considers desirable and necessary to its primary goal — protecting and promoting
shareholders’ interests. While the Board does not require that its members meet specific
qualifications, the Board has historically sought to recruit and continues to value individual
Board members that add to the overall diversity of the Board — 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’ 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 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 the Board understanding and insight into the
operations 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">Acquiring Fund and add range and depth to the Board. As part of its governance
oversight, the Board conducts an annual self-effectiveness survey which includes, among other
things, evaluating the Board’s (and each committee’s) agendas, meetings and materials, conduct of
the meetings, committee structures, interaction with management, strategic planning, etc., and also
includes evaluating the Board’s (and each committee’s) size, composition, qualifications (including
diversity of characteristics, experience and subject matter expertise) and overall performance.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The 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 Board believes that each
Trustee is qualified to serve as a Trustee.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Independent Trustees.</I></B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>David C. Arch</I>. Formerly, Mr. Arch was the Chairman and Chief Executive Officer of Blistex,
Inc., a consumer health care products manufacturer. Mr. 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’ Association. Mr. Arch is also a member of the Board of
Visitors, Institute for the Humanities, University of Michigan. From 1984 to 2010, Mr. Arch served
as Director or Trustee of investment companies in the Van Kampen Funds complex. The Board believes
that Mr. Arch’s experience as the CEO of a public company and his experience with investment
companies benefits the Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Jerry D. Choate</I>. Mr. Choate has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Board believes that Mr. Choate’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" style="font-size: 10pt; margin-top: 6pt"> <I>Rodney F. Dammeyer</I>. Since 2001, Mr. Dammeyer has been Chairman of CAC, LLC, a private company
offering capital investment and management advisory services. Previously, Mr. 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 & Co., an international accounting firm. Mr. Dammeyer currently
serves as a Director of Quidel Corporation and Stericycle, Inc. Previously, Mr. 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.
Dammeyer served as Director or Trustee of investment companies in the Van Kampen Funds complex.
The Board believes that Mr. Dammeyer’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 Acquiring Fund. Mr. Dammeyer is not standing for reelection with respect to
certain funds overseen by the Invesco Van Kampen Board for which his term of office expires in
2012. Therefore, Mr. Dammeyer is also stepping down from the Board of the Acquiring Fund effective
as of the Meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Linda Hutton Heagy</I>. Ms. Heagy has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Board believes that Ms. Heagy’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" style="font-size: 10pt; margin-top: 6pt"> <I>R. Craig Kennedy</I>. Mr. Kennedy has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Board believes that Mr. Kennedy’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" style="font-size: 10pt; margin-top: 6pt"> <I>Howard J Kerr</I>. Mr. Kerr has been a member of the Board of one or more funds in the Invesco
fund complex since 1992. The Board believes that Mr. Kerr’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 Board’s Trustee retirement policy, Mr. Kerr is
retiring from the Board effective as of 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"> <I>Jack E. Nelson</I>. Mr. Nelson has been a member of the Board of one or more funds in the Invesco
fund complex 2003. The Board believes that Mr. Nelson’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 benefits the Acquiring Fund. Pursuant to the Board’s Trustee
retirement policy, Mr. Nelson is retiring from the Board effective as of the Meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Hugo F. Sonnenschein</I>. Mr. 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 2000, Mr. Sonnenschein served as
President of the University of Chicago. Mr. 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. Sonnenschein served as Director or Trustee of investment companies
in the Van Kampen Funds complex. The Board believes that Mr. Sonnenschein’s experiences in
academia and in running a university, and his experience as a director of investment companies
benefits the Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Suzanne H. Woolsey</I>. Ms. Woolsey has been a member of the Board of one or more funds in the
Invesco fund complex since 2003. The Board believes that Ms. Woolsey’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" style="font-size: 10pt; margin-top: 12pt"><B><I>Interested Trustees.</I></B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Colin D. Meadows</I>. Mr. Meadows has been a member of the Board of one or more funds in the
Invesco fund complex since 2010. The Board believes that Mr. Meadows’ financial services and asset
management experience benefits the Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Wayne W. Whalen</I>. Mr. Whalen is Of Counsel and, prior to 2010, was a partner in the law firm
of Skadden, Arps, Slate, Meagher & Flom LLP. Mr. Whalen is a Director of the Mutual Fund Directors
Forum, a nonprofit membership organization for investment company directors, Chairman and Director
of the Abraham Lincoln Presidential Library Foundation and Director of the Stevenson Center for
Democracy. From 1995 to 2010, Mr. Whalen served as Director and Trustee of investment companies in
the Van Kampen Funds complex. The Board believes that Mr. Whalen’s experience as a law firm
partner and his experience as a director of investment companies benefits the Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Additional biographical information regarding the Trustees can be found in Exhibit J.
Information on the Boards’ leadership structure, role in risk oversight, and committees and
meetings can be found in Exhibit K. Information on the remuneration of Trustees can be found in
Exhibit L. Information on the executive officers of the Funds is available in Exhibit E.
Information on the Funds’ independent registered public accounting firm is available in Exhibit I.
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE BOARD OF THE ACQUIRING FUND RECOMMENDS A VOTE “</B><U><B>FOR ALL</B></U><B>” OF THE NOMINEES.</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>VOTING INFORMATION</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>How to Vote Your Shares</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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"> If you properly fill in and sign your proxy card and send it to us in time to vote at the
Meeting, your “proxy” (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 “<B>FOR” </B>each Proposal and “<B>FOR</B>
</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"><B>ALL” </B>of the Trustee nominees, in accordance with the
recommendations of the Board of your Fund, and in the proxy’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"> You are receiving this Proxy Statement because you own VMTP 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.
</DIV>
<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"> 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" style="font-size: 10pt; margin-top: 6pt"> 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 shares of each class of each Fund on
the Record Date can be found at Exhibit M. Each shareholder is entitled to one vote for each full
share held and a proportionate fractional vote for each fractional share held. The Funds expect
that Common Shares will also be voted at the Meeting. This Proxy Statement is not a solicitation
for any votes of the Common Shares of any Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Attendance at the Meeting is generally limited to shareholders and their authorized
representatives. All shareholders must bring an acceptable form of identification in order to
attend the Meeting in person.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 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"> A quorum of shareholders is necessary to hold a valid shareholder meeting of each Fund. Under
the governing documents of each Target Fund, the holders of a majority of the Target Fund’s shares
issued and outstanding and entitled to vote thereat, present in person or represented by proxy,
shall be requisite and shall constitute a quorum for the transaction of business. 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 thereat 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"> For the Target Funds, if a quorum is not present at the Meeting, the chairman of the Meeting
or the shareholders present or represented by proxy and entitled to vote at the Meeting shall have
the power to adjourn the Meeting from time to time. The shareholders present in person or
represented by proxy at the Meeting and entitled to vote at the Meeting also shall 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 being voted for or against adjournment consistent
with the votes for and against the proposal for which the required vote has not been obtained).
The affirmative vote of the holders of a majority of a Target Fund’s shares then present in person
or represented by proxy shall be required to adjourn the Meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> For the Acquiring Fund, if a quorum is not present at the Meeting, it may be adjourned, with
the vote of the majority of the votes present or represented by proxy, to allow additional
solicitations of proxies in order to attain a quorum. The 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
</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">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 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’s shares then present in person or represented by proxy shall be required to so
adjourn the Meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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’s meeting may be held separately, the persons named as proxies will
vote in favor of such adjournment.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 “withhold” with respect to the election of
Trustees would have the same effect as an abstention.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Broker non-votes occur when a proposal that is routine (such as the election of trustees) 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: 12pt"><B>Votes Necessary to Approve the Proposals</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Common Shares of each Fund and VMTP Shares of the Acquiring Fund, IIC and IQC are entitled to
vote at the Meeting. This Proxy Statement is not a solicitation for any votes of the Common Shares
of any Fund. Each Fund will solicit the vote of its Common Shares via a separate proxy statement.
VMTP Shares are subject to a voting trust requiring that certain voting rights of the VMTP Shares
must be exercised as directed by an unaffiliated third party. Votes by VMTP Shares to elect
Trustees are subject to the voting trust, but votes regarding the Redomestications and the Mergers
are not subject to the voting trust.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund’s Board has unanimously approved the Fund’s Plan of Redomestication discussed in
Proposal 1. Shareholder approval of each Fund’s Plan of Redomestication requires the affirmative
vote of the holders of a majority of the Common Shares and the VMTP Shares, if applicable,
outstanding and entitled to vote, voting as separate classes, of such Fund. 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" style="font-size: 10pt; margin-top: 6pt"> Each Fund’s Board has unanimously approved the Fund’s Plan of Merger discussed in Proposal 2.
Shareholder approval of the Plan of Merger for each Merger requires the affirmative vote of the
holders of a majority of the Common Shares and VMTP Shares, if applicable, outstanding and entitled
to vote, voting as separate classes, of the applicable Target Fund and the Acquiring Fund.
Proposal 2 may be approved and implemented for a Target Fund 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 such Funds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> With respect to Proposal 3, the affirmative vote of a majority of the shares of a Target Fund
(with Common Shares and VMTP Shares, if applicable, voting as a single class) represented in person
or by proxy and entitled to vote at the Meeting at which a quorum is present is required to elect
each nominee for Trustee of such Target Fund. Proposal 3 may be approved and implemented for a
Fund regardless of whether shareholders approve any other Proposal applicable to the Fund.
</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"> With respect to Proposal 4, the affirmative vote of a plurality of the Common Shares and VMTP
Shares, voting as a single class, of the Acquiring Fund present at the Meeting in person or by
proxy is required to elect each nominee for Trustee for the Acquiring Fund. Proposal 4 may be
approved and implemented for the Fund regardless of whether shareholders approve any other Proposal
applicable to the Fund.
</DIV>
<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"> The Funds have engaged the services of Computershare Fund Services (the “Solicitor”) to assist
in the solicitation of proxies for the Meeting. The costs of this proxy solicitation are estimated
to be $10,000 for each of IIC, ICS and IQC, and $20,000 for the Acquiring Fund. The VMTP
Shareholders are not expected to bear any of these costs. The Funds’ 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"> 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’ 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</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Information on each person who as of the Record Date, 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 N. Information
regarding Target Fund Trustee ownership of shares of Target Funds and of shares of all registered
investment companies in the Fund Complex overseen by such Trustee can be found at Exhibit F.
Information regarding Acquiring Fund Trustee ownership of shares of the Acquiring Fund and of
shares of all registered investment companies in the Fund Complex overseen by such Trustee can be
found at Exhibit J. To the best knowledge of each Fund, the ownership of shares of such Fund by
executive officers and Trustees of such Fund as a group constituted less than 1% of each
outstanding class of shares of such Fund as of the Record Date.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Meetings of the Funds</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If a Merger is completed, the merged Target Fund will not hold an annual meeting in 2013. If
a Merger does not take place, that Target Fund’s Board will announce the date of such Target Fund’s
2013 annual meeting. The Acquiring Fund will hold an annual meeting in 2013 regardless of whether
a Merger is consummated.
</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"> Shareholder proposals intended to be presented at the year 2013 annual meeting of shareholders
for a Fund pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), must be received by the Fund’s Secretary at the Fund’s principal executive offices
by February 18, 2013 in order to be considered for inclusion in the Fund’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’s proxy statement. Pursuant to each Fund’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’s proxy statement, then such proposal must be received by the Fund’s
Secretary at the Fund’s principal executive offices not earlier than March 19, 2013 and not later
than April 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’s Fund should send such
proposal to the Fund’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"> Shareholders may send communications to each Fund’s Board. Shareholders should send
communications intended for a Board or for a Trustee by addressing the communication directly to
the Board or individual Trustee
</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">and/or otherwise clearly indicating that the communication is for
the Board or individual Trustee and by sending the communication to either the office of the
Secretary of the applicable Fund or directly to such Trustee at the address specified for such
Trustee in Exhibits F and J. Other shareholder communications received by any Fund not directly
addressed and sent to the Board will be reviewed and generally responded to by management, and will
be forwarded to the Board only at management’s discretion based on the matters contained therein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Section 30(h) of the 1940 Act and Section 16(a) of the Exchange Act require each of the Funds’
Trustees, officers, and investment advisers, affiliated persons of the investment advisers, and
persons who own more than 10% of a registered class of a Fund’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, 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"> 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" style="font-size: 10pt; margin-top: 6pt"> This Proxy Statement does 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 29, 2012 are available in the Fund’s
annual report for the year ended February 29, 2012 on Form N-CSR. The SAI (which is part of the
registration statement for the Acquiring Fund’s Common Shares and is not incorporated herein by
reference or deemed to be part of this Proxy Statement) includes additional information about the
Funds. The SEC file number of each Fund, which contains the Fund’s shareholder reports and other
filings with the SEC, is 811-07404 for the Acquiring Fund, 811-07344 for IIC, 811-07564 for IQC,
and 811-07111 for ICS.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Fund is subject to the informational requirements of the Exchange Act 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 may be inspected without
charge and copied at the public reference facilities maintained by the SEC at Room 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>
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</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">
Form of Agreement and Plan of Redomestication</B>
</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 B<BR><BR style="font-size:6pt">
Comparison of State Laws</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 (“MA
Statute”) and the Delaware statutory trust act (“DE Statute”) permit a trust’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’s governing instruments. However, the MA Statute is
silent on many of the salient features of a Massachusetts business trust (a “MA Trust”) whereas the
DE Statute provides guidance and offers a significant amount of operational flexibility to Delaware
statutory trusts (a “DE Trust”). The DE Statute provides explicitly that the shareholders and
trustees of a Delaware 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. The DE Statute authorizes the trustees to take various actions
without requiring shareholder approval if permitted by a Fund’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’s domicile, in each case without a
shareholder vote.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 them. Further information about
each Fund’s current trust structure is contained in such Fund’s organizational documents and in
relevant state law.
</DIV>
<DIV align="center">
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<TD width="2%"> </TD>
<TD width="40%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></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 Body</I></B>
</DIV></TD>
<TD> </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> </TD>
<TD align="left" valign="top">A MA Trust is created by the trustees’
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’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. <BR>
<br style="font-size: 6pt">
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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><B><I>Ownership Shares of
Interest</I></B></TD>
<TD> </TD>
<TD colspan="3" 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 “beneficial interests” and are held by “beneficial owners.”</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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="15%"> </TD>
<TD width="2%"> </TD>
<TD width="40%"> </TD>
<TD width="2%"> </TD>
<TD width="40%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></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> </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’s governing
document or in resolutions adopted by its
trustees.
</TD>
<TD> </TD>
<TD align="left" valign="top">The MA Statute is silent as to any
requirements for the creation of such
series or classes.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Shareholder Voting <BR>
Rights</I></B>
</DIV></TD>
<TD> </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. No state
filing is necessary and, unless required
by the governing document, shareholder
approval is not needed.
</TD>
<TD> </TD>
<TD align="left" valign="top">There is no provision in the MA Statute
addressing voting by the shareholders of
a MA Trust.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Quorum</I></B>
</DIV></TD>
<TD> </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> </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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><B><I>Shareholder Meetings</I></B></TD>
<TD> </TD>
<TD colspan="3" valign="top" align="left">Neither the DE Statute nor the MA Statute mandates an annual shareholders’ meeting.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><B><I>Organization of
Meetings</I></B></TD>
<TD> </TD>
<TD colspan="3" 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"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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> </TD>
<TD align="left" valign="top">Under the DE Statute, the governing
document may provide for record dates.
</TD>
<TD> </TD>
<TD align="left" valign="top">There is no record date provision in the
MA Statute.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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> </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> </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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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> </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> </TD>
<TD align="left" valign="top">The MA Statute does not contain
provisions relating to the removal of
trustees.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><B><I>Restrictions on <BR>
Transfer</I></B></TD>
<TD> </TD>
<TD colspan="3" 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"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><B><I>Preemptive Rights
and Redemption of
Shares</I></B></TD>
<TD> </TD>
<TD colspan="3" valign="top" align="left">Under each of the DE Statute and the MA Statute, a governing document may contain any
provision 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"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Liquidation Upon <BR>
Dissolution or <BR>
Termination Events</I></B>
</DIV></TD>
<TD> </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> </TD>
<TD align="left" valign="top">The MA Statute has no provisions
pertaining to the liquidation of a MA
Trust.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-2<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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="15%"> </TD>
<TD width="2%"> </TD>
<TD width="40%"> </TD>
<TD width="2%"> </TD>
<TD width="40%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></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 <BR>
Liability</I></B>
</DIV></TD>
<TD> </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> </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,
notwithstanding an express provision in
the governing document stating that the
shareholders are not personally liable in
connection with trust property or the
acts, obligations or affairs of the MA
Trust.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Trustee/Director <BR>
Liability</I></B>
</DIV></TD>
<TD> </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> </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>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Indemnification</I></B>
</DIV></TD>
<TD> </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> </TD>
<TD align="left" valign="top">The MA Statute is silent as to the
indemnification of trustees, officers and
shareholders.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><B><I>Insurance</I></B></TD>
<TD> </TD>
<TD colspan="3" valign="top" align="left">Neither the DE Statute nor the MA Statute contain provisions regarding insurance.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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> </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’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> </TD>
<TD align="left" valign="top">There is no provision in the MA Statute
relating to shareholder inspection
rights.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-3<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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="15%"> </TD>
<TD width="2%"> </TD>
<TD width="40%"> </TD>
<TD width="2%"> </TD>
<TD width="40%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Delaware Statutory Trust</B></TD>
<TD> </TD>
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Massachusetts Business Trust</B></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> </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) 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’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> </TD>
<TD align="left" valign="top">There is no provision under the MA
Statute regarding derivative actions.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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> </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> </TD>
<TD align="left" valign="top">There is no provision under the MA
Statute regarding arbitration.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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> </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’s certificate of trust are not
required to be filed with the Delaware
Secretary of State.
</TD>
<TD> </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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-4<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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="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>The Target Funds</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each of the Target Funds is a Massachusetts business trust (each a “MA Trust” and together,
the “MA Trusts”). Under Proposal 1, if approved, each MA Trust will reorganize into a newly formed
Delaware statutory trust (a “DE Trust”). The following is a discussion of certain provisions of
the governing instruments and governing laws of each MA Trust and its corresponding DE Trust, but
is not a complete description thereof. Further information about each Fund’s governance structure
is contained in the Fund’s shareholder reports and its governing documents.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Shares. </I>The Trustees of the MA Trusts have the power to issue shares, including preferred
shares, without shareholder approval. The governing documents of the MA Trusts indicate that the
amount of common shares that a MA Trust may issue is unlimited. Preferred shares are limited to
the amount set forth in the Declarations (defined below). Shares of the MA Trusts have no
preemptive rights.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Trustees of the DE Trusts have the power to issue shares, including preferred shares,
without shareholder approval. The governing documents of the DE Trusts indicate that the amount of
common and preferred shares that a DE Trust may issue is unlimited. Shares of the DE Trusts have
no preemptive rights.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Organization</I>. The MA Trusts are organized as Massachusetts business trusts, under the laws of
the Commonwealth of Massachusetts. Each MA Trust is governed by its Declaration of Trust (a
“Declaration”) and its bylaws, 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"> Each DE Trust is organized as a Delaware statutory trust pursuant to the Delaware Statutory
Trust Act (“Delaware Act”). Each DE Trust is governed by its Amended and Restated Agreement and
Declaration of Trust (also, a “Declaration” and together with the Declaration of each MA Trust, the
“Declarations”) and its bylaws, 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"> <I>Composition of the Board of Trustees. </I>The Boards of Trustees of both the MA Trusts and the DE
Trusts 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" style="font-size: 10pt; margin-top: 6pt"> <I>Shareholder Meetings and Rights of Shareholders to Call a Meeting</I>. The stock exchanges on
which a MA Trust shares are currently, and DE Trust’s shares will be, listed require annual
meetings to elect trustees.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The governing instruments for each MA Trust provide that special meetings of shareholders may
be called by the Chair or a majority of the Trustees. In addition, special meetings of
shareholders may also be called by the Secretary of a MA Trust upon written request of shareholders
holding and entitled to vote not less than a majority of all the votes entitled to be cast at such
meeting for matters that do not require a separate vote by each class of shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The bylaws of the DE Trusts authorize the Trustees to call a meeting of the shareholders for
the election of Trustees. The bylaws of the DE Trusts also authorize a meeting of shareholders
held for any purpose determined by the Trustees. The bylaws of the DE Trusts state that
shareholders have no power to call a special meeting of shareholders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Submission of Shareholder Proposals</I>. The federal securities laws, which apply to all of the
MA Trusts and the DE Trusts, 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 MA Trusts and the DE Trusts 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 bylaws of the MA Trusts and the DE Trusts contain provisions which
require that notice be given to the DE Trust or MA Trust, respectively, by an otherwise eligible
shareholder in advance of the annual or special shareholder meeting in order for the shareholder to
present 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">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" style="font-size: 10pt; margin-top: 6pt"> In general, for nominations and any other proposals to be properly brought before an annual
meeting of shareholders by a shareholder of a MA Trust, written notice must be delivered to the
Secretary of the MA Trust not less than 60 days, nor more than 90 days, prior to the first
anniversary of the preceding year’s annual meeting. If the annual meeting is not scheduled to be
held within a period that commences 30 days before such anniversary and ends 30 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 days prior to the first anniversary of the preceding year’s annual meeting, written
notice will be considered timely if delivered to the Secretary of the MA 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 MA Trust to the Secretary of the MA 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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> For nominations and any other proposals to be properly brought before an annual meeting of
shareholders by a shareholder of a DE Trust, written notice must be delivered to the Secretary of
the DE Trust not less than 90 days, nor more than 120 days, prior to the first anniversary of the
preceding year’s annual meeting. If the annual meeting is not scheduled to be held within a period
that commences 30 days before such anniversary and ends 30 days after such anniversary (an “Other
Annual Meeting Date”), 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’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’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 days prior to the first anniversary of the preceding year’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 bylaws, 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" style="font-size: 10pt; margin-top: 6pt"> <I>Quorum</I>. The governing instruments of the MA Trusts provide that a quorum will exist if
shareholders representing a majority of the issued and outstanding shares entitled to vote at a
shareholder meeting are present in person or represented by proxy.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The bylaws of each 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"> <I>Number of Votes; Aggregate Voting. </I>The governing instruments of the MA Trusts and the
Declaration and bylaws of the DE Trusts 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 MA Trusts and the DE Trusts do
not provide for cumulative voting for the election or removal of Trustees.
</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 governing instruments of the MA Trusts generally provide that all share classes vote by
class or series of the MA 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"> The Declarations for the DE Trusts generally provide 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"> <I>Derivative Actions. </I>Shareholders of each MA 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 MA Trust or its shareholders.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Declarations for the DE Trusts state that a shareholder may bring a derivative action on
behalf of a 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" style="font-size: 10pt; margin-top: 6pt"> <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 a MA 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 “Majority Shareholder
Vote” means the vote required by the 1940 Act, which is the lesser of (a) 67% or more of the shares
present at the meeting, if the holders of more than 50% of a fund’s outstanding shares are present
or represented by proxy; or (b) more than 50% of a fund’s outstanding shares.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Election and Removal of Trustees.</U> The shareholders of the MA Trusts 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 MA Trusts are elected by an
affirmative vote of a majority of the outstanding shares present in person or represented by proxy.
However, the preferred shareholders, if any, voting as a class elect at least two Trustees at all
times. Preferred shareholders, if any, may also elect a majority of Trustees if dividends on the
preferred shares have been unpaid for an amount equal to two full years of dividends. Any Trustees
of the MA Trusts may be removed at any meeting of shareholders by a vote of 80% of the outstanding
shares of the class or classes of shares of beneficial interest that elected such Trustee.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> With regard to the DE Trusts, 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’s Trustees. The Declaration and bylaws of the DE Trusts do not provide shareholders with the
ability to remove Trustees.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Amendment of Governing Instruments.</U> Except as described below, the Trustees of the MA
Trusts and DE Trusts have the right to amend, from time to time, the governing instruments. For
the MA Trusts, the Trustees have the power to alter, amend or repeal the bylaws or adopt new
bylaws, provided that bylaws adopted by shareholders may only be altered, amended or repealed by
the shareholders, or by a majority of shares represented in person or by proxy. For the DE Trusts,
the bylaws may be altered, amended, or repealed by the Trustees, without the vote or approval of
shareholders.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> For the MA Trusts, shareholder approval is required to amend the Declaration, except that
the Trustees may make changes necessary to comply with applicable law and to effect provisions
regarding preferred shares, and may make certain other non-material changes, such as to correct a
mistake, without shareholder approval. When shareholder approval is required, the vote needed to
effect an amendment is a majority of the common shares and preferred shares outstanding and
entitled to vote, voting as separate classes, 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 a majority of
each of such common shares and preferred shares. Notwithstanding the foregoing, any amendment to
the Declaration that would reduce the amount payable upon liquidation of the MA Trusts or
diminishing or eliminating shareholder voting rights pertaining thereto requires the approval of
two-thirds of the class or classes of shareholders so affected. In addition, any amendment that
would change or repeal the sections in the Declaration governing merger of the MA Trusts or
conversion of the MA Trusts to open-end funds requires the affirmative vote of 80% of each of the
common shares and preferred shares, voting as separate classes.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> For the DE Trusts 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’ 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, declassify the Board or change the minimum or maximum number of Trustees permitted 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 “DE
Trusts’ Voting Standard”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Mergers, Reorganizations, and Conversions.</U> The governing instruments of the MA Trusts
provide that a merger, consolidation, conversion to an open-end company, or sale of assets requires
the affirmative vote of not less than 80% of the common shares and preferred shares, if any,
outstanding and entitled to vote, voting as separate classes. Reorganization or incorporation
requires the approval of the holders of a majority of each of the common shares and 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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> For the DE Trusts, any such merger, consolidation, conversion, reorganization, or
reclassification requires approval pursuant to the DE Trusts’ 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"> <U>Principal Shareholder Transactions.</U> The MA Trusts require a vote or consent of 80% 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.e., any corporation, person or other entity
which is the beneficial owner, directly or indirectly, of more than 5% of the fund’s outstanding
shares) is the party to certain transactions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
The DE Trusts require a vote pursuant to the DE Trusts’ 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"> <U>Termination of the Trust.</U> With respect to the MA Trusts, the termination of a MA
Trust requires the affirmative vote of not less than 80% of the common shares and preferred shares,
if any, outstanding and entitled to vote, voting as separate classes, at any meeting of
shareholders, or an instrument in writing, without a meeting, signed by a majority of the Trustees
and consented to by an affirmative vote of a majority of the outstanding shares of the MA Trust.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The DE Trusts may be dissolved upon a vote pursuant to the DE Trusts’ 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 a DE Trust and any national
securities exchange. In addition, to spare shareholders the expense of a shareholder meeting in
connection with the dissolution of a Fund, if the affirmative vote of at least 75% of the Board
approves the dissolution, shareholder approval is not required.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <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 Declarations for the MA Trusts provide that no
shareholder will be personally liable in connection with the acts, obligations or affairs of the
Target Trusts. Consistent with Section 3803 of the Delaware Act, the Declarations of the DE Trusts
generally provide 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"> <I>Liability of Trustees and Officers. </I>Consistent with the 1940 Act, the governing instruments
for both the DE Trusts and the MA Trusts generally provide that no Trustee or officer of a DE Trust
and no Trustee, officer, employee or agent of a MA Trust is subject to any personal liability in
connection with the assets or affairs of the DE Trust and the MA 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 (“Disabling Conduct”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Indemnification</I>. The MA Trusts generally indemnify 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 becomes 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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Trustees, officers, employees or agents of a DE Trust (“Covered Persons”) are indemnified
by the DE Trust to the fullest extent permitted by the Delaware Act, the bylaws and other
applicable law. The bylaws 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 in, 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 in, 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" style="font-size: 10pt; margin-top: 6pt"> 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" style="font-size: 10pt; margin-top: 12pt"><B>The Acquiring Fund</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Acquiring Fund is a Massachusetts business trust. Under Proposal 1, if approved, the
Acquiring Fund will reorganize into a newly formed Delaware statutory trust (the “DE Trust”). The
following is a discussion of certain provisions of the governing instruments and governing laws of
the Acquiring Fund and the corresponding DE Trust, but is not a complete description thereof.
Further information about the Acquiring Fund’s governance structure is contained in the Acquiring
Fund’s shareholder reports and its governing documents.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Shares. </I>The Trustees of the Acquiring Fund have the power to issue shares, including preferred
shares, without shareholder approval. The governing documents of the Acquiring Fund indicate that
the amount of common shares that the Acquiring Fund may issue is unlimited. Preferred shares are
limited to the amount set forth in the Declarations (defined below). Shares of the Acquiring Fund
have no preemptive rights.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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"> <I>Organization</I>. The Acquiring Fund is organized as a Massachusetts business trust, under the
laws of the Commonwealth of Massachusetts. The Acquiring Fund is governed by its Declaration of
Trust (a “Declaration”) and its bylaws, 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"> The DE Trust is organized as a Delaware statutory trust pursuant to the Delaware Statutory
Trust Act (“Delaware Act”). The DE Trust is governed by its Amended and Restated Agreement and
Declaration of Trust (also, a “Declaration” and, together with the Declaration of the Acquiring
Fund, the “Declarations”) and its bylaws, 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"> <I>Composition of the Board of Trustees. </I>The Boards of Trustees of both the Acquiring Fund 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" style="font-size: 10pt; margin-top: 6pt"> <I>Shareholder Meetings and Rights of Shareholders to Call a Meeting</I>. The stock exchanges on
which the Acquiring Fund shares are currently, and the DE Trust’s shares will be, listed require
annual meetings to elect trustees.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The governing instruments for the Acquiring Fund 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"> The bylaws of the DE Trust authorize the Trustees to call a meeting of the shareholders for
the election of Trustees. The bylaws of the DE Trust also authorize a meeting of shareholders for
any purpose determined by the Trustees. The bylaws 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"> <I>Submission of Shareholder Proposals</I>. The Acquiring Fund does not have provisions in its
governing instruments that require shareholders to provide advance notice to the Acquiring Fund in
order to present a proposal at a shareholder meeting. Nonetheless, the federal securities laws,
which apply to the Acquiring Fund and the DE Trust, require that certain conditions be met to
present any proposal at a shareholder meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 bylaws 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" style="font-size: 10pt; margin-top: 6pt"> 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 days, nor more than 120 days, prior to the first
anniversary of the preceding year’s annual meeting. If the annual meeting is not scheduled to be
held within a period that commences 30 days before such anniversary and ends 30 days after such
anniversary (an “Other Annual Meeting Date”), 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’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’s annual meeting. If the number of Trustees to
</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 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 days prior to the first
anniversary of the preceding year’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
bylaws, 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" style="font-size: 10pt; margin-top: 6pt"> <I>Quorum</I>. The governing instruments of the Acquiring Fund 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"> The bylaws 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"> <I>Number of Votes; Aggregate Voting. </I>The governing instruments of the Acquiring Fund and the
Declaration and bylaws 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 Acquiring Fund 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"> The governing instruments of the Acquiring Fund generally provide that all share classes vote
by class or series of the Acquiring Fund, 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"> 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"> <I>Derivative Actions. </I>Shareholders of the Acquiring Fund 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 Acquiring Fund 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" style="font-size: 10pt; margin-top: 6pt"> 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 request
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" style="font-size: 10pt; margin-top: 6pt"> <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
Acquiring Fund 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 “Majority
Shareholder Vote” means the vote required by the 1940 Act, which is the lesser of (a) 67% or more
of the shares present at the meeting, if the holders of more than 50% of a fund’s outstanding
shares are present or represented by proxy; or (b) more than 50% of a fund’s outstanding shares.
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Election and Removal of Trustees</U><I>. </I>The shareholders of the Acquiring Fund 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 Acquiring Fund are elected by a
plurality vote (<I>i.e.</I>, the nominees receiving the greatest number of votes are elected). Any
Trustee of the Acquiring Fund 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" style="font-size: 10pt; margin-top: 6pt"> 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’s Trustees.
The Declaration and bylaws of the DE Trust do not provide shareholders with the ability to remove
Trustees.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Amendment of Governing Instruments</U><I>. </I>Except as described below, the Trustees of the
Acquiring Fund and DE Trust have the right to amend, from time to time, the governing instruments.
For the Acquiring Fund, the Trustees have the power to alter, amend or repeal the bylaws or adopt
new bylaws, provided that bylaws adopted by shareholders may only be altered, amended or repealed
by the shareholders. For the DE Trust, the bylaws 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"> For the Acquiring Fund, shareholder approval is required to amend the Declaration, except that
the Trustees may make changes necessary to comply with applicable law and to effect the provisions
regarding preferred shares, and may make certain other non-material changes, such as to correct a
mistake, without shareholder approval. When shareholder approval is required, the vote needed to
effect an amendment is a Majority Shareholder Vote of the common shares and the preferred shares,
if any, outstanding and entitled to vote, voting as separate classes, 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 a majority of each of such common shares and preferred shares. Notwithstanding the
foregoing, any amendment to the Declaration that would reduce the amount payable upon liquidation
of the Acquiring Fund or diminishing or eliminating shareholder voting rights pertaining thereto
requires the approval of two-thirds of the class or classes of shareholders so affected. In
addition, any amendment that would change or repeal the sections in the Declaration governing
termination or merger of the Acquiring Fund or conversion of the Acquiring Fund to an open-end fund
requires the affirmative vote of 75% of each of the common shares and preferred shares, voting as
separate classes.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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’ 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, declassify the Board or change the minimum or maximum number of Trustees permitted 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 “DE
Trust’s Voting Standard”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <U>Mergers, Reorganizations, and Conversions</U><I>. </I>The governing instruments of the Acquiring
Fund 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>
<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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> For the DE Trust, any such merger, consolidation, conversion, reorganization, or
reclassification requires approval pursuant to the DE Trust’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"> <U>Principal Shareholder Transactions</U>. The Acquiring Fund requires a vote or consent of
66 2/3% of the common or preferred shares outstanding and entitled to vote, voting as separate
classes, where a principal shareholder (<I>i.e</I>., any corporation, person or other entity which is the
beneficial owner, directly or indirectly, of more than 5% of the outstanding shares) is the party
to certain transactions.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The DE Trust requires a vote pursuant to the DE Trust’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"> <U>Termination of a Trust</U><I>. </I>With respect to the Acquiring Fund, 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
Acquiring Fund.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The DE Trust may be dissolved upon a vote pursuant to the DE Trust’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, to spare shareholders the expense of a shareholder meeting in
connection with the dissolution of a Fund, if the affirmative vote of at least 75% of the Board
approves the dissolution, shareholder approval is not required.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <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 Declaration for the Acquiring Fund provides that no
shareholder will be personally liable in connection with the acts, obligations or affairs of the
Acquiring Fund. Consistent with Section 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"> <I>Liability of Trustees and Officers. </I>Consistent with the 1940 Act, the governing instruments
for both the DE Trust and the Acquiring Fund generally provide that no Trustee or officer of the DE
Trust and no Trustee, officer, employee or agent of the Acquiring Fund is subject to any personal
liability in connection with the assets or affairs of the DE Trust and the Acquiring Fund,
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
(“Disabling Conduct”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <I>Indemnification</I>. The Acquiring Fund 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 becomes 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"> The Trustees, officers, employees or agents of the DE Trust (“Covered Persons”) are
indemnified by the DE Trust to the fullest extent permitted by the Delaware Act, the bylaws and
other applicable law. The bylaws 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 in, 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
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-9<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 in, 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" style="font-size: 10pt; margin-top: 6pt"> 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>
<P align="center" style="font-size: 10pt"><!-- Folio -->C-10<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT D</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Form of Agreement and Plan of Merger</B>
</DIV>
<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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT E</B>
</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"> 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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="30%"> </TD>
<TD width="2%"> </TD>
<TD width="7%"> </TD>
<TD width="1%"> </TD>
<TD width="7%"> </TD>
<TD width="2%"> </TD>
<TD width="51%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth and</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"> </TD>
<TD> </TD>
<TD nowrap align="center"> </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> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
<TD> </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 — 1958<BR>
Senior Vice President and <BR>
Senior Officer
(with respect
only to the Target Funds)
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John M. Zerr — 1962<BR>
Senior Vice President, Chief <BR>
Legal Officer and Secretary
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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 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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sheri Morris — 1964<BR>
Vice President, Treasurer and <BR>
Principal Financial Officer
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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
PowerShares Actively Managed Exchange-Traded Fund Trust.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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%"> </TD>
<TD width="2%"> </TD>
<TD width="7%"> </TD>
<TD width="1%"> </TD>
<TD width="7%"> </TD>
<TD width="2%"> </TD>
<TD width="51%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth and</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"> </TD>
<TD> </TD>
<TD nowrap align="center"> </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> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
<TD> </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">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Karen Dunn Kelley — 1960<BR>
Vice President
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Head of Invesco’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’s Series Trust (Invesco
Treasurer’s Series Trust) and Short-Term Investments Trust);
and President and Principal Executive Officer, The Invesco
Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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’s Series Trust (Invesco
Treasurer’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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yinka Akinsola — 1977<BR>
Anti-Money Laundering <BR>
Compliance Officer
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2011</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Todd L. Spillane — 1958<BR>
Chief Compliance Officer<BR>
(with respect only to the
Target Funds)
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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>
<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"> </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%"> </TD>
<TD width="2%"> </TD>
<TD width="7%"> </TD>
<TD width="1%"> </TD>
<TD width="7%"> </TD>
<TD width="2%"> </TD>
<TD width="51%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth and</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"> </TD>
<TD> </TD>
<TD nowrap align="center"> </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> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Officer Since</B></TD>
<TD> </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">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Valinda Arnett-Patton — 1959<BR>
Chief Compliance Officer
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2011</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Chief Compliance Officer, Invesco Van Kampen Closed-End Funds.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Formerly: Compliance Director, Invesco Fixed Income,
Invesco; Deputy Compliance Officer, AIG Sun America Asset
Management Corp.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT F</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Information Regarding the Trustees of the Target Funds</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following information pertains to the Target Funds. Not all of the funds advised by the
Adviser are overseen by the same board of trustees. The Target Funds are overseen by the Board of
Trustees discussed below (the “Invesco Board”). References to the “Board” in this Exhibit F refer
solely to the Invesco Board and references to “Funds” in this Exhibit F refer solely to those funds
advised by the Adviser, including the Target Funds, overseen by the Invesco Board.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 “Fund Complex” 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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="24%"> </TD>
<TD width="2%"> </TD>
<TD width="4%"> </TD>
<TD width="1%"> </TD>
<TD width="4%"> </TD>
<TD width="2%"> </TD>
<TD width="35%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>and Position(s) Held</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </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>with the Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Martin L.
Flanagan<SUP style="FONT-size: 85%; vertical-align: text-top">(1)
</SUP>— 1960<BR>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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> —
1954<BR>
Trustee, President and
Principal Executive
Officer
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">None.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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="17%"> </TD>
<TD width="2%"> </TD>
<TD width="9%"> </TD>
<TD width="2%"> </TD>
<TD width="42%"> </TD>
<TD width="2%"> </TD>
<TD width="4%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Fund Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>and Position(s) Held</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Overseen by</B></TD>
<TD> </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>with the Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
<TD> </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">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </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 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 Ltèe)
(registered investment adviser and
registered transfer agent);
Trustee, President and Principal
Executive Officer, The Invesco
Funds (other than AIM Treasurer’s
Series Trust (Invesco Treasurer’s
Series Trust) and Short-Term
Investments Trust); Trustee and
Executive Vice President, The
Invesco Funds (AIM Treasurer’s
Series Trust (Invesco Treasurer’s
Series Trust) and Short-Term
Investments Trust only); Director,
Invesco Investment Advisers LLC
(formerly known as Van Kampen
Asset Management); Director, Chief
Executive Officer and President,
Van Kampen Exchange Corp.</TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </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 Ltèe;
Director and President, AIM
Trimark Corporate Class Inc. and
AIM Trimark Canada Fund Inc.;
Senior Managing Director, Invesco
Holding Company Limited; Trustee
and Executive Vice President,
Tax-Free Investments Trust;
Director and Chairman, Fund
Management Company (former
registered broker dealer);
President</TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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"> </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="24%"> </TD>
<TD width="2%"> </TD>
<TD width="4%"> </TD>
<TD width="1%"> </TD>
<TD width="4%"> </TD>
<TD width="2%"> </TD>
<TD width="35%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>and Position(s) Held</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </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>with the Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
<TD> </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">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">and Principal Executive
Officer, The Invesco Funds (AIM
Treasurer’s Series Trust (Invesco
Treasurer’s Series Trust),
Short-Term Investments Trust and
Tax-Free Investments Trust only);
President, AIM Trimark Global Fund
Inc. and AIM Trimark Canada Fund
Inc.</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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">(3)</SUP> —
1939
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Of Counsel, and prior to 2010,
partner in the law firm of
Skadden, Arps, Slate, Meagher &
Flom LLP, legal counsel to certain
funds in the Fund Complex.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Trustee/Managing
General Partner of
funds in the Fund
Complex. Director
of the Mutual Fund
Directors Forum, a
nonprofit
membership
organization for
investment company
directors.
Chairman and
Director for the
Abraham Lincoln
Presidential
Library Foundation
and Director of the
Stevenson Center
for Democracy.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Independent Trustees</B></DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce L. Crockett —
1944
Trustee and Chair
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Chairman, Crockett Technology
Associates (technology consulting
company).
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David
C. Arch — 1945<br>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Retired. Chairman and Chief
Executive Officer of Blistex Inc.,
a consumer health care products
manufacturer.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </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’
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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frank S. Bayley — 1939<br>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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 &
McKenzie.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James T. Bunch — 1942<br>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Managing Member, Grumman Hill
Group LLC (family office private
equity management). <br><br>
Formerly: Founder, Green, Manning
& 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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </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>
<!-- End Table Body -->
</TABLE>
</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"> </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="26%"> </TD>
<TD width="2%"> </TD>
<TD width="4%"> </TD>
<TD width="1%"> </TD>
<TD width="4%"> </TD>
<TD width="2%"> </TD>
<TD width="33%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>and Position(s) Held</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </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>with the Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
<TD> </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">Rodney F. Dammeyer —
1940
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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 2004,
Director of TeleTech Holdings
Inc.; Prior to 2002, Director of
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 & Co.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Director of Quidel
Corporation and
Stericycle, Inc.
Prior to May 2008,
Trustee of The
Scripps Research
Institute. Prior to
February 2008,
Director of Ventana
Medical Systems,
Inc. Prior to April
2007, Director of
GATX Corporation.
Prior to April
2004, Director of
TheraSense, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Albert R. Dowden — 1941<br>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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 & Tang Funds (5
portfolios) (registered investment
company); and Homeowners of
America Holding Corporation/Homeowners
of America Insurance
Company (property casualty
company).
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Board of Nature’s
Sunshine Products,
Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack M. Fields — 1952<br>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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="26%"> </TD>
<TD width="2%"> </TD>
<TD width="4%"> </TD>
<TD width="1%"> </TD>
<TD width="4%"> </TD>
<TD width="2%"> </TD>
<TD width="33%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>Name, Year of Birth</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Trusteeship(s)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="CENTER"><B>and Position(s) Held</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During Past</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </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>with the Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Since</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>5 Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Trustee</B></TD>
<TD> </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" nowrap><DIV style="margin-left:0px; text-indent:-0px">Carl Frischling — 1937<BR>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Partner, law firm of Kramer Levin
Naftalis and Frankel LLP.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Director, Reich &
Tang Funds (6
portfolios).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Prema Mathai-Davis —
1950<BR>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Retired.<br><br>
Formerly: Chief Executive Officer,
YWCA of the U.S.A.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Larry Soll — 1942<BR>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Retired.<br><br>
Formerly, Chairman, Chief
Executive Officer and President,
Synergen Corp. (a biotechnology
company).
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugo F. Sonnenschein —
1940<BR>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </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 2000,
President of the University of
Chicago.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Raymond Stickel, Jr. —
1944<BR>
Trustee
</DIV></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Retired.<br><br>
Formerly, Director, Mainstay VP
Series Funds, Inc. (25 portfolios)
and Partner, Deloitte & Touche.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">133</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">None.</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"> </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> </TD>
<TD>Mr. 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: 6pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(2)</TD>
<TD> </TD>
<TD>Mr. 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: 6pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(3)</TD>
<TD> </TD>
<TD>Mr. 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 Fund Shares</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following table shows each Board member’s ownership of shares of the Funds and of shares
of all registered investment companies overseen by such Board member in the Fund Complex as of
December 31, 2011.
</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%"> </TD>
<TD width="1%"> </TD>
<TD width="19%"> </TD>
<TD width="1%"> </TD>
<TD width="19%"> </TD>
<TD width="1%"> </TD>
<TD width="19%"> </TD>
<TD width="1%"> </TD>
<TD width="20%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Aggregate Dollar</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Range of Equity</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Securities in All</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Registered Investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Companies Overseen</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Dollar Range</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Dollar Range</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Dollar Range</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>by Board Member in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>of Equity Securities</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>of Equity Securities</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>of Equity Securities</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Family of Investment</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> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in IIC</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in IQC</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in ICS</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>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> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Martin L. Flanagan
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wayne W. Whalen
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </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%"> </TD>
<TD width="1%"> </TD>
<TD width="19%"> </TD>
<TD width="1%"> </TD>
<TD width="19%"> </TD>
<TD width="1%"> </TD>
<TD width="19%"> </TD>
<TD width="1%"> </TD>
<TD width="20%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Aggregate Dollar</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Range of Equity</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Securities in All</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Registered Investment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Companies Overseen</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Dollar Range</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Dollar Range</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Dollar Range</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>by Board Member in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>of Equity Securities</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>of Equity Securities</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>of Equity Securities</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Family of Investment</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> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in IIC</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in IQC</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>in ICS</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>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>Independent Trustees</B></DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce L. Crockett
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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">Albert R. Dowden
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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">Jack M. Fields
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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">Carl Frischling
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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">Prema Mathai-Davis
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-6<!-- /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 G</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Board Leadership Structure for the Target Funds</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following information pertains to the Target Funds. Not all funds advised by the Adviser
are overseen by the same board of trustees. The Target Funds are overseen by the Board of Trustees
discussed below (the “Invesco Board”). References to the “Board” in this Exhibit G refer solely to
the Invesco Board and references to “Funds” in this Exhibit G refer solely to those funds advised
by the Adviser, including the Target Funds, overseen by the Invesco Board.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Board will be composed of fifteen Trustees, including twelve Trustees who are not
“interested persons” of the Funds, as that term is defined in the 1940 Act (collectively, the
“Independent Trustees” and each an “Independent Trustee”). In addition to eight regularly scheduled
meetings per year, the Board holds special meetings or informal conference calls to discuss
specific matters that may require action prior to the next regular meeting. The Board met twelve
times during the twelve months ended February 29, 2012. As discussed below, the Board has
established committees to assist the Board in performing its oversight responsibilities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Board has appointed an Independent Trustee to serve in the role of Chairman. The
Chairman’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’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" style="font-size: 10pt; margin-top: 6pt"> 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’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’ investment adviser. The Board’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" 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"> 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"> 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.’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" style="font-size: 10pt; margin-top: 6pt"> 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’s risk profile, the
Board generally is consulted in advance with respect to such change.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->G-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">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’s portfolio. In addition, the Audit
Committee reviews valuation procedures and pricing results with the Funds’ independent auditors in
connection with the Audit Committee’s review of the results of the audit of the Funds’ year-end
financial statement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Compliance Committee receives regular compliance reports prepared by the Adviser’s
compliance group and meets regularly with the Fund’s Chief Compliance Officer (CCO) to discuss
compliance issues, including compliance risks. As required under U.S. Securities and Exchange
Commission (SEC) rules, the Independent Trustees meet at least quarterly in executive session with
the CCO, and the Fund’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’ 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"> 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 “Committees”).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The members of the Audit Committee are Messrs. David C. Arch, Frank S. Bayley, James T. Bunch,
Bruce L. Crockett, Rodney Dammeyer (Vice Chair), Raymond Stickel, Jr. (Chair) and Dr. Larry Soll.
The Audit Committee’s primary purposes are to: (i) oversee qualifications, independence and
performance of the independent registered public accountants; (ii) appoint independent registered
public accountants for the Funds; (iii) 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 10A(h) and (i) of the Exchange Act; (iv) pre-approve, in accordance with Rule
2-01(c)(7)(ii) of Regulation S-X, certain non-audit services provided by the Funds’ independent
registered public accountants to the Adviser and certain affiliates of the Adviser; (v) review the
audit and tax plans prepared by the independent registered public accountants; (vi) review the
Funds’ audited financial statements; (vii) review the process that management uses to evaluate and
certify disclosure controls and procedures in Form N-CSR; (viii) review the process for preparation
and review of the Funds’ shareholder reports; (ix) review certain tax procedures maintained by the
Funds; (x) review modified or omitted officer certifications and disclosures; (xi) review any
internal audits of the Funds; (xii) establish procedures regarding questionable accounting or
auditing matters and other alleged violations; (xiii) 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) remain informed of (a) the Funds’ accounting systems and controls,
(b) regulatory changes and new accounting pronouncements that affect the Funds’ net asset value
calculations and financial statement reporting requirements, and (c) 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 Exchange listing standards. The Audit Committee held
eight meetings during the twelve months ended February 29, 2012.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The members of the Compliance Committee are Messrs. Bayley, Bunch, Dammeyer (Vice Chair),
Stickel and Dr. Soll (Chair). The Compliance Committee is responsible for: (i) recommending to the
Board and the Independent Trustees the appointment, compensation and removal of the Funds’ CCO;
(ii) recommending to the Independent Trustees the appointment, compensation and removal of the
Funds’ 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) 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) reviewing all reports on
compliance matters from the Funds’ CCO, (v) reviewing all recommendations made by the Senior
Officer regarding the Adviser’s compliance procedures, (vi) 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’s fiduciary duties to Fund shareholders and of the Adviser’s Code
of Ethics; (vii) overseeing all of the compliance policies and procedures of the Funds and their
service providers adopted pursuant to Rule 38a-1 of the 1940 Act; (viii) from time to time,
reviewing certain matters related to redemption fee waivers and recommending to the Board whether
or not to approve such matters; (ix) receiving and reviewing quarterly reports on the activities of
the Adviser’s Internal
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->G-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">Compliance Controls Committee; (x) reviewing all reports made by the
Adviser’s CCO; (xi) reviewing and recommending to the Independent Trustees whether to approve
procedures to investigate matters brought to the attention of the Adviser’s ombudsman; (xii) 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) 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 29, 2012.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The members of the Governance Committee are Messrs. Arch, Crockett, Albert R. Dowden (Chair),
Jack M. Fields (Vice Chair), Carl Frischling, Hugo F. Sonnenschein and Dr. Prema Mathai-Davis. The
Governance Committee is responsible for: (i) nominating persons who will qualify as Independent
Trustees for (a) election as Trustees in connection with meetings of shareholders of the Funds that
are called to vote on the election of Trustees, and (b) appointment by the Board as Trustees in
connection with filling vacancies that arise in between meetings of shareholders; (ii) reviewing
the size of the Board, and recommending to the Board whether the size of the Board shall be
increased or decreased; (iii) nominating the Chair of the Board; (iv) 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) reviewing and recommending the amount of compensation payable to the Independent Trustees;
(vii) 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) reviewing and approving the compensation paid to counsel and other advisers, if any,
to the Committees of the Board; and (x) 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 Exchange listing standards. The Governance Committee’s
charter is available at www.invesco.com/us.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Governance Committee will consider nominees recommended by a shareholder to serve as
Trustee, provided: (i) 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) 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’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’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 29, 2012.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The members of the Investments Committee are Messrs. 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. Mathai-Davis (Vice Chair) and Soll. The
Investments Committee’s primary purposes are to: (i) assist the Board in its oversight of the
investment management services provided by the Adviser and the Sub-Advisers; and (ii) 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" style="font-size: 10pt; margin-top: 6pt"> The Investments Committee has established three sub-committees (the “Sub-Committees”). The
Sub-Committees are responsible for: (i) reviewing the performance, fees and expenses of the Funds
that have been assigned to a particular Sub-Committee (for each Sub-Committee, the “Designated
Funds”), unless the Investments Committee takes such action directly; (ii) reviewing with the
applicable portfolio managers from time to time the investment objective(s), policies, strategies
and limitations of the Designated Funds; (iii) 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) being familiar with the registration statements and
periodic shareholder reports applicable to their Designated Funds; and (v) such other
investment-related matters as the Investments Committee may delegate to the Sub-Committees from
time to time. The Investments Committee held six meetings during the twelve months ended February
29, 2012.
</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" style="font-size: 10pt; margin-top: 6pt"> The members of the Valuation, Distribution and Proxy Oversight Committee are Messrs. Dowden,
Fields, Frischling (Chair), Sonnenschein (Vice Chair), Whalen and Dr. Mathai-Davis. The primary
purposes of the Valuation, Distribution and Proxy Oversight Committee are: (a) to address issues
requiring action or oversight by the Board (i) in the valuation of the Funds’ portfolio securities
consistent with the Pricing Procedures, (ii) 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 12b-1 and Section 15
of the 1940 Act, and (iv) in the oversight of proxy voting on portfolio securities of the Funds;
and (b) to make regular reports to the full Board.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Valuation, Distribution and Proxy Oversight Committee is responsible for: (a) with regard
to valuation, (i) developing an understanding of the valuation process and the Pricing Procedures,
(ii) reviewing the Pricing Procedures and making recommendations to the full Board with respect
thereto, (iii) 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’s internal valuation committee and making reports and recommendations to the full Board
with respect thereto, (iv) receiving the reports of the Adviser’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) upon request of the
Adviser, assisting the Adviser’s internal valuation committee or the full Board in resolving
particular fair valuation issues; (vi) reviewing the reports described in the Procedures for
Determining the Liquidity of Securities (the “Liquidity Procedures”) 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) 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) with regard to distribution and
marketing, (i) developing an understanding of mutual fund distribution and marketing channels and
legal, regulatory and market developments regarding distribution, (ii) 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) 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) with regard
to proxy voting, (i) overseeing the implementation of the Proxy Voting Guidelines (the
“Guidelines”) and the Proxy Policies and Procedures (the “Proxy Procedures”) by the Adviser and the
Sub-Advisers, reviewing the Quarterly Proxy Voting Report and making recommendations to the full
Board with respect thereto, (ii) 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) 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 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 29, 2012.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Trustees are encouraged to attend shareholder meetings, but the Board has no set policy
requiring Board member attendance at meetings. During each Fund’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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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT H</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Remuneration of Trustees for the Target Funds</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following information pertains to the Target Funds. Some of the Funds in the Fund Complex
are overseen by different boards of trustees. The Target Funds are overseen by the Board of
Trustees discussed below (the “Invesco Board”). References to the “Board” in this Exhibit H refer
solely to the Invesco Board and references to “Funds” in this Exhibit H refer solely to those funds
in the Fund Complex, including the Target Funds, overseen by the Invesco Board
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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"> 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 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"> Annual retirement benefits are available from the Funds and/or the other Invesco Funds for
which a Trustee serves (each, a “Covered Fund”), for each Trustee who is not an employee or officer
of the Adviser, who either (a) became a Trustee prior to December 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) was a member of the Board of Trustees of a Van Kampen Fund immediately prior to June
1, 2010 (“Former Van Kampen Trustee”), and has at least one year of credited service as a Trustee
of a Covered Fund after June 1, 2010.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> For Trustees other than Former Van Kampen Trustees, effective January 1, 2006, for
retirements after December 31, 2005, the retirement benefits will equal 75% of the Trustee’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) sixteen years or (ii) the number of such Trustee’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’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"> If the Former Van Kampen Trustee completes at least 10 years of credited service after June 1,
2010, the retirement benefit will equal 75% of the Former Van Kampen Trustee’s annual retainer paid
to or accrued by any Covered Fund with respect to such Trustee during the twelve-month period prior
to retirement, including the amount of any retainer deferred under a separate deferred compensation
agreement between the Covered Fund and such Trustee. The amount of the annual retirement benefit
does not include additional compensation paid for Board meeting fees or compensation paid to the
Chair of the Board and the Chairs and Vice Chairs of certain Board committees, whether such amounts
are paid directly to the Trustee or deferred. The annual retirement benefit is payable in quarterly
installments for 10 years beginning after the later of the Former Van Kampen Trustee’s termination
of service or attainment of age 72 (or age 60 in the event of disability or immediately in the
event of death). If a Former Van Kampen Trustee dies prior to receiving the full amount of
retirement benefits, the remaining payments will be made to the deceased Trustee’s designated
beneficiary or, if the Trustee has elected, in a discounted lump sum payment.
</DIV>
<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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> If the Former Van Kampen Trustee completes less than 10 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’s years of credited service after June 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’s years of
credited service after June 1, 2010, the second component of the annual retirement benefit will
equal the excess of (x) 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 1, 2010
through the first day of each year for which payments under this second component are to be made.
In no event, however, will the retirement benefits under the two components be made for a period of
time greater than 10 years. For example, if the Former Van Kampen Trustee completes 7 years of
credited service after June 1, 2010, he or she will receive 7 years of payments under the first
component and thereafter 3 years of payments under the second component, and if the Former Van
Kampen Trustee completes 4 years of credited service after June 1, 2010, he or she will receive 4
years of payments under the first component and thereafter 4 years of payments under the second
component.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Deferred Compensation Agreements</I>. Edward K. Dunn (a former Trustee of funds in the Invesco Funds
complex), Messrs. Crockett, Fields, Frischling and Whalen, and Drs. Mathai-Davis and Soll (for
purposes of this paragraph only, the “Deferring Trustees”) have each executed a Deferred
Compensation Agreement (collectively, the “Compensation Agreements”). Pursuant to the Compensation
Agreements, the Deferring Trustees have the option to elect to defer receipt of up to 100% of their
compensation payable by the 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"> Distributions from these deferral accounts will be paid in cash, generally in equal quarterly
installments over a period of up to ten (10) 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" style="font-size: 10pt; margin-top: 6pt"> Set forth below is information regarding compensation paid or accrued for each Trustee of the
Target 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="28%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Pension or</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"> </TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Retirement</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Total</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Benefits</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Annual</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Accrued</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Benefits from</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Before</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>by All</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Invesco</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Deferral from</B></TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Invesco</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Funds Upon</B></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"><B>Invesco</B></TD>
<TD> </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> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>from IIC</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>from IQC</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>from ICS</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Funds</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
<TD> </TD>
<TD> </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> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Funds</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(4)</B></SUP></TD>
<TD> </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> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Wayne W. Whalen</DIV></TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">1,152</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">1,118</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">1,042</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">304,730</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD align="left">$</TD>
<TD align="right">399,000</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">David C. Arch</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,212</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,176</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,097</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">164,973</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">412,250</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Frank S. Bayley</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,770</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,689</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,254</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">236,053</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">420,000</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">James T. Bunch</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,268</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,230</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,147</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">302,877</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,693</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">385,000</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Bruce L. Crockett</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,966</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,839</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,198</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">227,797</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">693,500</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Rodney F. Dammeyer</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,201</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,166</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,087</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">290,404</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">412,250</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Albert R. Dowden</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,199</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,071</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,231</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">296,156</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">415,000</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Jack M. Fields</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,162</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,128</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,052</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">313,488</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">307,250</TD>
<TD> </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> </TD>
<TD> </TD>
<TD align="right">1,340</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,300</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,212</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">233,415</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">356,000</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Prema Mathai-Davis</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,238</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,202</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,120</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">302,911</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">330,000</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Larry Soll</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,928</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,831</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,260</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">342,675</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">216,742</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">375,750</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Hugo F. Sonnenschein</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,232</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,196</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,115</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">290,404</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">412,200</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Raymond Stickel, Jr.</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,304</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,173</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,326</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">230,451</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">195,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">399,250</TD>
<TD> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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"> </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"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
<TD> </TD>
<TD>For the fiscal year ended February 29, 2012. The total amount of compensation
from IIC, IQC, and ICS deferred by all Trustees during the fiscal year ended February 29,
2012, including earnings, was $4,615, $4,470, and $4,070, respectively.</TD>
</TR>
<TR style="font-size: 6pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
<TD> </TD>
<TD>For the fiscal year ended December 31, 2011. During the fiscal year ended February
29, 2012, the total amount of expenses allocated to IIC, IQC, and ICS in respect of such
retirement benefits was $4,444, $8,559, and $1,290, respectively.</TD>
</TR>
<TR style="font-size: 6pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
<TD> </TD>
<TD>For the fiscal year ended December 31, 2011. These amounts represent the estimated
annual benefits payable by the Invesco Funds upon the trustees’ retirement and assumes each
trustee serves until his or her normal retirement date.</TD>
</TR>
<TR style="font-size: 6pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
<TD> </TD>
<TD>For the fiscal year ended December 31, 2011. All trustees except Arch, Dammeyer,
Sonnenschein and Whalen currently serve as trustee of 133 portfolios in the Fund Complex
advised by the Adviser. Messrs. Arch, Dammeyer, Sonnenschein and Whalen currently serve as
trustee of 151 portfolios in the Fund Complex advised by the Adviser.</TD>
</TR>
<TR style="font-size: 6pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
<TD> </TD>
<TD>During the fiscal year ended February 29, 2012, IIC paid $1,151, IQC paid $1,098,
and ICS paid $996 in legal fees to Kramer Levin Naftalis & Frankel LLP for services rendered
by such firm as counsel to the independent trustees of the Trust. Mr. Frischling is a partner
of such firm.</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT I</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Independent Auditor Information</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The Audit Committee of the Board of Trustees of each Fund appointed, and the Board of Trustees
ratified and approved, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public
accounting firm of the Fund for fiscal years ending after May 31, 2010. Prior to May 31, 2010, each
Fund was audited by a different independent registered public accounting firm (the “Prior
Auditor”). The Board of Trustees selected a new independent auditor in connection with the
appointment of Invesco Advisers as investment adviser to the Fund (“New Advisory Agreement”).
Effective June 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"> The Prior Auditor’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’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" style="font-size: 10pt; margin-top: 6pt"> The Funds and the “Covered Entities” (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’s last two fiscal years. Effective February 28, 2011, the fiscal year end of each Fund
was changed to the last day in February.
</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%"> </TD>
<TD width="4%"> </TD>
<TD width="7%"> </TD>
<TD width="4%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="4%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="4%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="4%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="4%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="4%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"></TD>
<TD> </TD>
<TD nowrap align="center" colspan="15"> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"></TD>
<TD> </TD>
<TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>Non-Audit Fees</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Audit</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Audit</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Related</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>All Other</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Total Non-Audit</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD style="border-bottom: 1px solid black"><B>Fiscal Year End</B></TD>
<TD> </TD>
<TD style="border-bottom: 1px solid black" nowrap align="center" colspan="3"><B>Fees</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fees</B> <SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tax Fees</B> <SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</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">IIC
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">2/29/12
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top">$</TD>
<TD align="right" valign="top">36,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top">$</TD>
<TD align="right" valign="top">5,000</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top">$</TD>
<TD align="right" valign="top">4,100</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top">$</TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top">$</TD>
<TD align="right" valign="top">9,100</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top">$</TD>
<TD align="right" valign="top">45,400</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>11/1/10 to 2/28/11
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">19,250</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">4,000</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">6,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">25,550</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQC
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">2/29/12
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">36,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">5,000</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">4,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">9,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">45,600</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>11/1/10 to 2/28/11
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">19,250</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">4,000</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">6,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">25,550</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICS
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">2/29/12
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">31,200</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">4,100</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">4,100</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">35,300</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">11/1/10 to 2/28/11
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">16,445</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18,745</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Acquiring Fund (VCV)
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">02/29/12
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">36,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">5,000</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">5,700</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top">$</TD>
<TD align="right" valign="top">10,700</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">47,000</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>11/1/10 to 2/28/11
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">19,250</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">4,000</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2,300</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" valign="top">1,667</TD>
<TD><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">7,967</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">27,217</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Covered Entities
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">2/29/12
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>11/1/10 to 2/28/11
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">0</TD>
<TD nowrap valign="top"> </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"> </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> </TD>
<TD>Includes fees billed for agreed upon procedures related to auction rate preferred
securities.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(2)</TD>
<TD> </TD>
<TD>Includes fees billed for reviewing tax returns.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">(3)</TD>
<TD> </TD>
<TD>All Other Fees for the fiscal year end February 28, 2011 includes fees billed for completing
professional services related to benchmark analysis.</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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’s
independence in performing audit services. Each Fund’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. 100% of such services were
pre-approved by the Audit Committee pursuant to the Audit Committee’s pre-approval policies and
procedures. Each Board’s pre-approval policies and procedures are included as part of the Board’s
Audit Committee charter, which is available at www.invesco.com/us. The members of the Audit
Committee for the Target Funds are David C. Arch, Frank S. Bayley, James T. Bunch, Bruce L.
Crockett, Rodney Dammeyer,
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Raymond Stickel, Jr., and Dr. Larry Soll. The members of the Audit Committee for the Acquiring
Fund are Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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’s Audit
Committee has discussed with PwC its judgments as to the quality, not just the acceptability, of
such Fund’s accounting principles and such other matters as are required to be discussed with the
Audit Committee by Statement on Auditing Standards No. 114 (The Auditor’s Communication With Those
Charged With Governance). Each Fund’s Audit Committee received the written disclosures and the
letter from PwC required under Public Company Accounting Oversight Board’s Ethics & Independence
Rule 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’s audited
financial statements be included in such Fund’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"> 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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT J</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Information Regarding the Trustees of the Acquiring Fund</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following information pertains to the Acquiring Fund. 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 “IVK Board”). References to the “Board” in this Exhibit J refer
solely to the IVK Board and references to “Funds” in this Exhibit J refer solely to those funds
advised by the Adviser, including the Acquiring Fund, overseen by the IVK Board.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> 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 “Fund
Complex” 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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="12%"> </TD>
<TD width="2%"> </TD>
<TD width="6%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="30%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="30%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Term of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Office</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>and</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Position(s)</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Length of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>and Address of</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Held with</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Time</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Served</B>†</TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Past Five Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Trustee During the Past Five Years</B></TD>
</TR>
<tr>
<td> </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> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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><br>1945<br><br>
Blistex Inc.<br>
1800 Swift Drive<br>
Oak Brook, IL 60523
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">1993</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Retired. Chairman and Chief
Executive Officer of Blistex
Inc., a consumer health care
products manufacturer.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </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’
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"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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><br>1938<br><br>
33971 Selva Road<br>
Suite 130<br>
Dana Point, CA 92629
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2003</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">From 1995 to 1999, Chairman and
Chief Executive Officer of the
Allstate Corporation (“Allstate”)
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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18</TD>
<TD nowrap valign="top"> </TD>
<TD> </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&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"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rodney F.
<br>Dammeyer***<SUP style="FONT-size: 85%; vertical-align: text-top">2,4</SUP>
<br><br>1940
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">1993</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">President of CAC, LLC, a private
company offering capital
investment and management
advisory services. Prior to
January 2004, Director of
TeleTech
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </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</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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="19%"> </TD>
<TD width="2%"> </TD>
<TD width="6%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="23%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="30%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Term of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Office</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>and</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Position(s)</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Length of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>and Address of</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Held with</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Time</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Served</B>†</TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Past Five Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><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">CAC, LLC<br>
4370 La Jolla<br> Village <br>Drive
<br>Suite 685<br>
San Diego, CA<br> 92122-1249
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Holdings, Inc. Prior to
2002, Director of 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 & Co.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Scripps Research Institute. Prior to
February 2008, Director of
Ventana Medical Systems, Inc.
Prior to April 2007, Director of
GATX Corporation. Prior to April
2004, Director of TheraSense,
Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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><br>1948<br><br>
4939 South<br> Greenwood<br>
Chicago, IL<br> 60615
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2003</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Retired. Prior to June 2008,
Managing Partner of Heidrick &
Struggles, the second largest
global executive search firm, and
from 2001-2004, Regional Managing
Director of U.S. operations at
Heidrick & Struggles. Prior to
1997, Managing Partner of Ray &
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 a trainee at Price
Waterhouse.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18</TD>
<TD nowrap valign="top"> </TD>
<TD> </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’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"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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><br>1952<br><br>
1744 R Street,<br> N.W.<br>
Washington,<br> D.C. <br>20009
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2003</TD>
<TD nowrap valign="top"> </TD>
<TD> </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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of First Solar, Inc.
Advisory Board, True North
Ventures.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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><br>1935<br><br>
14 Huron Trace<br>
Galena, IL 61036
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">1993</TD>
<TD nowrap valign="top"> </TD>
<TD> </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
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of the Lake Forest Bank
& Trust. Director of the Marrow
Foundation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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="12%"> </TD>
<TD width="2%"> </TD>
<TD width="6%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="30%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="30%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Term of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Office</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>and</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Position(s)</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Length of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>and Address of</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Held with</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Time</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Served</B>†</TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Past Five Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Trustee During the Past Five Years</B></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Officer of United
States Navy destroyers 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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Jack E. Nelson***<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP>
<br><br>1936<br><br>
423 Country Club Drive<br>
Winter Park, FL 32789
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2003</TD>
<TD nowrap valign="top"> </TD>
<TD> </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 (“FINRA”), 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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Hugo F.<br>
Sonnenschein<SUP style="FONT-size: 85%; vertical-align: text-top">3,4</SUP>
<br><br>1940<br><br>
1126 E. 59th Street<br>
Chicago, IL 60637
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">1994</TD>
<TD nowrap valign="top"> </TD>
<TD> </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 2000,
President of the University of
Chicago.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Suzanne H. Woolsey, <br>Ph.D.
<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>
<br><br>1941<br><br>
815 Cumberstone Road<br>
Harwood, MD 20776
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2003</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Chief Executive Officer of
Woolsey Partners LLC. 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 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 & 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> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18</TD>
<TD nowrap valign="top"> </TD>
<TD> </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 2008. Independent
Director and member of audit and
governance committees of Fluor
Corp., a global engineering,
construction and management
company, since January 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,</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </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="15%"> </TD>
<TD width="2%"> </TD>
<TD width="12%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="30%"> </TD>
<TD width="2%"> </TD>
<TD width="2%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="2%"> </TD>
<TD width="30%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Term of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Office</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Portfolios in</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>and</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Fund</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>Name, Year of Birth,</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Position(s)</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Length of</B></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Complex</B></TD>
<TD> </TD>
<TD nowrap align="center"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left"><B>and Address of</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Held with</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Time</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Principal Occupation(s) During the</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Overseen by</B></TD>
<TD> </TD>
<TD nowrap align="center"><B>Other Directorships Held by</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Funds</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Served</B>†</TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Past Five Years</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Trustee</B></TD>
<TD> </TD>
<TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Trustee During the Past Five Years</B></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">and former Chairperson
of the Board 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"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>Interested Trustees:</B></DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Colin D. Meadows*<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP>
<br><br>1971<br><br>
1555 Peachtree Street,<br> N.E.
<br>Atlanta, GA 30309
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee; <br>President
and <br>Principal <br>
Executive Officer
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">2010</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Chief Administrative Officer of
Invesco Advisers, Inc. since
2006. Senior Managing Director
and Chief Administrative Officer
of Invesco, Ltd. 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 & Company, focusing on
the financial services and
venture capital industries, with
emphasis in the banking and asset
management sectors.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">18</TD>
<TD nowrap valign="top"> </TD>
<TD> </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"> </DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top"> </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">2</SUP>
<br><br>1939<br><br>
155 North Wacker Drive<br>
Chicago, IL 60606
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Trustee
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">1993</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Of Counsel, and prior to 2010,
partner in the law firm of
Skadden, Arps, Slate, Meagher &
Flom LLP, legal counsel to
certain funds in the Fund
Complex.
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top">151</TD>
<TD nowrap valign="top"> </TD>
<TD> </TD>
<TD align="left" valign="top">Trustee/Managing General Partner
of funds in the Fund Complex.
Director of the Mutual Fund
Directors Forum, a nonprofit
membership organization for
investment company directors.
Chairman and Director for the
Abraham Lincoln Presidential
Library Foundation and Director
of the Stevenson Center for
Democracy.</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"> </DIV>
</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%" nowrap align="left">1</TD>
<TD width="1%"> </TD>
<TD>Designated as a Class I trustee.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" nowrap align="left">2</TD>
<TD width="1%"> </TD>
<TD>Designated as a Class II trustee.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" nowrap align="left">3</TD>
<TD width="1%"> </TD>
<TD>Designated as a Class III trustee.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" nowrap align="left">4</TD>
<TD width="1%"> </TD>
<TD>With respect to Funds with VMTP Shares outstanding, Mr. Sonnenschein and Ms. Heagy are elected by the VMTP Shareholders.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" nowrap align="left">*</TD>
<TD width="1%"> </TD>
<TD>Mr. Meadows is an interested person (within the meaning of Section 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 Acquiring Fund appointed Mr. Meadows as Trustee of the Acquiring Fund
effective June 1, 2010.</TD>
</TR>
<TR>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" nowrap align="left">**</TD>
<TD width="1%"> </TD>
<TD>Mr. Whalen is an interested person (within the meaning of Section 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>
<TD style="font-size: 6pt"> </TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="2%" nowrap align="left">***</TD>
<TD width="1%"> </TD>
<TD>Pursuant to the Board’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 with respect to certain funds overseen by the Invesco Van Kampen Board for which
his term of office expires in 2012. Therefore, Mr. Dammeyer is also stepping down from the
Board of the Acquiring Fund effective as of the Meeting.</TD>
</TR>
</TABLE>
</DIV>
<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"> </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="3%" style="background: transparent"> </TD>
<TD width="2%" nowrap align="left">†</TD>
<TD width="1%"> </TD>
<TD>Each Trustee generally serves a three-year term from the date of election. Each Trustee has
served as a Trustee of the Acquiring Fund since the year shown in the table.</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Trustee Ownership of Fund Shares</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following table shows each Board member’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 31, 2011.
</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="32%"> </TD>
<TD width="3%"> </TD>
<TD width="28%"> </TD>
<TD width="3%"> </TD>
<TD width="40%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Dollar Range of Equity</B></TD>
<TD> </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> </TD>
<TD> </TD>
<TD nowrap align="center"><B>Securities in the Acquiring</B></TD>
<TD> </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> </TD>
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
<TD> </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>Independent Trustees</B></DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David C. Arch
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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">Jerry D. Choate
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">$10,001 — $50,000<br>
(2,700 Common Shares)
</TD>
<TD> </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 F. Dammeyer
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">Over $100,000<br>
(41,614.05 Common Shares)
</TD>
<TD> </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">Linda Hutton Heagy
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">$50,001 — $100,000</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R. Craig Kennedy
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">$10,001 — $50,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Howard J Kerr
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">$1 — $10,000</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack E. Nelson
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">$1 — $10,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hugo F. Sonnenschein
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </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">Suzanne H. Woolsey
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">$10,001 — $50,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interested Trustees</B></DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Colin D. Meadows
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">$1 — $10,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Wayne W. Whalen
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top">None
</TD>
<TD> </TD>
<TD align="center" valign="top">Over $100,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT K</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> <B>Acquiring Fund Board Leadership Structure, Role in Risk Oversight and Committees and Meetings</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following information pertains to the Acquiring Fund. 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 “IVK Board”). References to the “Board” in this Exhibit K refer
solely to the IVK Board and references to “Funds” in this Exhibit K refer solely to those funds
advised by the Adviser, including the Acquiring Fund, overseen by the IVK Board.
</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"> The Board’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
“interested person” (as that term is defined by the 1940 Act) of the Adviser. However, the Chairman
of the Board is an “interested person” (as that term is defined by the 1940 Act) of the Funds for
the reasons described in the Trustee biographies in Exhibit J. The Board, including the independent
trustees, periodically reviews the Board’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) the Funds’ organizational documents, (ii) 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) the background, experience and skills of the Chairman (including his
independence from the Adviser), (iv) alternative structures (including combined principal executive
officer/chairman, selecting one of the Independent Trustees as chairman and/or appointing an
independent lead trustee), (v) rule proposals in recent years that would have required all fund
complexes to have an independent chairman, (vi) the Chairman’s past and current performance, and
(vii) 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’
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. 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"> Each Fund’s Board of Trustees has two standing committees (an Audit Committee and a Governance
Committee). Each committee is comprised solely of “Independent Trustees”, which is defined for
purposes herein as trustees who: (1) are not “interested persons” of the Fund as defined by the
1940 Act and (2) are “independent” of the respective Fund as defined by Exchange listing standards.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Board’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 Exchange
listing standards. The Audit Committee makes recommendations to the Board of Trustees concerning
the selection of each Fund’s independent registered public accounting firm, reviews with such
independent registered public accounting firm the scope and results of each Fund’s annual audit and
considers any comments which the independent registered public accounting firm may have regarding
each Fund’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’s
responsibilities. The Audit Committee’s charter is available at www.invesco.com/us. Each member of
the Audit Committee is deemed an audit committee financial expert.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Each Board’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 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
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board composition, procedures and committees, develops and recommends to the Board a set of
corporate governance principles applicable to the respective Fund, 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’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" style="font-size: 10pt; margin-top: 6pt"> During the Funds’ last fiscal year, the Board held seven meetings, the Board’s Audit Committee
held seven meetings, and the Board’s Governance Committee met five times. The Board previously had
a brokerage and services committee, which met two times during the Funds’ last fiscal year. During
the Funds’ last completed fiscal year, each of the Trustees of such Funds during the period such
Trustee served as a Trustee attended at least 75% of the meetings of the respective 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"> 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. 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 — 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’s portfolio managers, the Adviser’s senior management, the Adviser’s
risk management group, the Adviser’s compliance group, the Funds’ chief compliance officer, and the
various support functions (i.e. the custodian, the Funds’ accountants (internal and external), and
legal counsel). While Funds are subject to other risks such as valuation, custodial, accounting,
shareholder servicing, etc., a Fund’s primary risk is understanding, monitoring and controlling the
various risks in making portfolio management decisions consistent with the Fund’s objective and
policies. The Board’s role is oversight of management’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’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’s risk management group, by the Adviser’s
compliance group, the Funds’ chief compliance officer and reports from the Funds’ 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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT L</B>
</DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Remuneration of Trustees for the Acquiring Fund</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The following information pertains to the Acquiring Fund. 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 “IVK Board”). References to the “Board” in this Exhibit L refer
solely to the IVK Board and references to “Funds” in this Exhibit L refer solely to those funds
advised by the Adviser, including the Acquiring Fund, overseen by the IVK Board.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> The table below shows compensation for Trustees during the Funds’ most recently completed
fiscal year. 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="center" style="font-size: 10pt; margin-top: 18pt"><B>Compensation Table</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="54%"> </TD>
<TD width="15%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="5%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
<TD width="5%"> </TD>
<TD width="3%"> </TD>
<TD width="1%"> </TD>
<TD width="3%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Total Compensation</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of Portfolios</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Aggregate Compensation</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>from Portfolios</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>in Fund Complex</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> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>from the Acquiring Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>in the Fund Complex</B><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>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 Trustee</B></DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Wayne W. Whalen</DIV></TD>
<TD> </TD>
<TD align="right">$</TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">$</TD>
<TD align="right">399,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">151</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Colin D. Meadows</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">0</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">0</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">18</TD>
<TD> </TD>
</TR>
<TR><TD style="font-size: 6pt"> </TD></TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px"><B>Independent Trustees</B></DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">David C. Arch</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">412,250</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">151</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Jerry D. Choate</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">3,811</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">83,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">18</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Rodney F. Dammeyer</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">412,250</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">151</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Linda Hutton Heagy</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">95,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">18</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">R. Craig Kennedy</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,095</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">89,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">18</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Howard J Kerr</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">95,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">18</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Jack E. Nelson</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">95,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">18</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Hugo F. Sonnenschein</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">412,200</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">151</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">Suzanne H. Woolsey</DIV></TD>
<TD> </TD>
<TD> </TD>
<TD align="right">4,361</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">95,000</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD align="right">18</TD>
<TD> </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"> </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"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
<TD> </TD>
<TD>For the fiscal year ended February 29, 2012.</TD>
</TR>
<TR style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
<TD> </TD>
<TD>For the fiscal year ended December 31, 2011.</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT M<BR>
<BR>
Outstanding Shares of the Funds</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> As of the Record Date, there were the following number of shares outstanding of each 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="30%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="15%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="15%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share Class</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number of Shares Outstanding</B></TD>
<TD> </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> </TD>
<TD colspan="3" align="center">Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">10,467,280</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">IIC</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">VMTP Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">414</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">IQC</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">8,787,475</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">IQC</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">VMTP Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">309</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">ICS</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">3,399,954</TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:15px; text-indent:-15px">Acquiring Fund (VCV)</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">22,148,618</TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:15px; text-indent:-15px">VCV</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">VMTP Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">1,160</TD>
<TD> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT N</B>
</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" style="font-size: 10pt; margin-top: 6pt"> Listed below are the name, address and percent ownership of each person who as of the Record
Date to the best knowledge of the Funds owned 5% or more of the outstanding shares of a class of a
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="30%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="center" colspan="3"><B>Number of</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="2"> </TD>
<TD> </TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name and Address</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class of Shares</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Owned</B></TD>
<TD> </TD>
<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percent Owned*</B></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
<TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios
L.P., First Trust <br>Advisors L.P.,
<br>The Charger Corporation<BR>
120 East Liberty Drive, Suite 400
<br>Wheaton, IL 60187</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">IIC</TD>
<TD> </TD>
<TD colspan="3" align="center" nowrap>Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,213,898</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">21.2%</TD>
<TD nowrap></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
<TD><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:0px; text-indent:-0px">Citibank, N.A.
<br>390 Greenwich St., 2nd Floor<BR>New York, NY 10013</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">IIC</TD>
<TD> </TD>
<TD colspan="3" align="center">VMTP Shares</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">414**</TD>
<TD nowrap></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">100%</TD>
<TD nowrap></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
<TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios L.P.,
First Trust <br>Advisors L.P.,
<br>The Charger Corporation<BR>120 East Liberty Drive, Suite 400
<br>Wheaton, IL 60187</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">IQC</TD>
<TD> </TD>
<TD colspan="3" align="center">Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">957,281</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">10.9%</TD>
<TD nowrap></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
<TD><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:0px; text-indent:-0px">Citibank, N.A.
<br>390 Greenwich St., 2nd Floor<BR>New York, NY 10013</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">IQC</TD>
<TD> </TD>
<TD colspan="3" align="center">VMTP Shares</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">309**</TD>
<TD nowrap></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">100%</TD>
<TD nowrap></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
<TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios L.P.,
First Trust <br>Advisors L.P.,
<br>The Charger Corporation<BR>120 East Liberty Drive, Suite 400
<br>Wheaton, IL 60187</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">ICS</TD>
<TD> </TD>
<TD colspan="3" align="center">Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">235,611</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">5.9%</TD>
<TD nowrap></TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
<TD><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom">
<TD><DIV style="margin-left:0px; text-indent:-0px">First Trust Portfolios L.P.,
First Trust <br>Advisors L.P.,
<br>The Charger Corporation<BR>120 East Liberty Drive, Suite 400
<br>Wheaton, IL 60187</DIV></TD>
<TD> </TD>
<TD colspan="3" valign="bottom" align="center" nowrap>Acquiring <br>Fund (VCV)</TD>
<TD> </TD>
<TD colspan="3" align="center">Common Shares</TD>
<TD> </TD>
<TD> </TD>
<TD align="right">2,866,638</TD>
<TD> </TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">13.0%</TD>
<TD nowrap></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
<TD><DIV style="margin-left:0px; text-indent:-0px">Citibank, N.A.
<br>390 Greenwich St., 2nd Floor<BR>New York, NY 10013</DIV></TD>
<TD> </TD>
<TD colspan="3" align="center">VCV</TD>
<TD> </TD>
<TD colspan="3" align="center">VMTP Shares</TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">1,160**</TD>
<TD nowrap></TD>
<TD> </TD>
<TD nowrap align="left"> </TD>
<TD align="right">100%</TD>
<TD nowrap></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"> </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> </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 style="font-size: 3pt"><TD> </TD></TR>
<TR valign="top">
<TD nowrap align="left">**</TD>
<TD> </TD>
<TD>VMTP Shares are subject to a voting trust requiring that certain voting rights of the VMTP
Shares must be exercised as directed by an unaffiliated third party.</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"> </H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT O<BR><BR style="font-size:6pt">
Statement of Preferences of VMTP Shares of the Acquiring Fund</B>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->O-1<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER’S VOTE IS IMPORTANT!<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="2%"> </TD>
<TD width="5%"> </TD>
<TD width="2%"> </TD>
<TD width="21%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="3" valign="top" align="left"><font style="font-size:14pt"><B>EASY
VOTING OPTIONS:</B></font></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866681.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top" NOWRAP><B>VOTE ON THE INTERNET</B><BR>
Log on to:<BR>
<u><B>www.proxy-direct.com</B></u><BR>
Follow the on-screen instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866682.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top"><B>VOTE BY TELEPHONE</B><BR>
Call 1-800-337-3503<BR>
Follow the recorded instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866683.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top"><B>VOTE BY MAIL</B><BR>
Vote, sign and date your<BR>
Proxy Card and return it in the<BR>
postage-paid envelope</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 70pt">Please detach at perforation before mailing.
</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: 24pt">
<TD width="5%"> </TD>
<TD width="2%"> </TD>
<TD width="80%"> </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="h86668ph866684.gif" alt="(INVESCO LOGO)">
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top"><B>INVESCO VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST (the “Fund”)<BR>
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)<BR>
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012
</B></TD>
</TR>
<tr style="font-size:3pt"><td> </td></tr>
<TR valign="bottom" style="font-size: 9pt">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>PREFERRED SHARES</B></DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="justify" style="font-size: 9pt; margin-top: 6pt">The
undersigned holder of Preferred Shares of the Fund hereby appoints
Colin D. Meadows, John M. Zerr, Sheri S. Morris, Peter A. Davidson, and Stephen R. Rimes,
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
17, 2012, at 2:00 p.m., Eastern Time, and at any adjournment or postponement thereof, all of the
Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present. <b>IF THIS PROXY IS SIGNED AND RETURNED WITH NO
CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” THE APPROVAL OF EACH PROPOSAL, “FOR ALL” OF THE NOMINEES, AND IN THE
DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.</b>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="60%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
<TD width="2%"> </TD>
<TD width="7%"> </TD>
<TD width="1%"> </TD>
<TD width="8%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left"><B>VOTE VIA THE INTERNET:</B>
<B>www.proxy-direct.com</B><br>
<B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" style="background: #dddddd"><DIV style="border: 1px solid #000000"> </DIV>
</TD>
<TD> </TD>
<TD nowrap colspan="3" align="center" valign="top"><DIV style="border: 1px solid #000000"> </DIV>
</TD>
</TR>
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left"><div align="justify"><font style="font-size: 8pt"><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>.
When signing as executor, administrator, attorney, trustee
or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability
company, or partnership, please sign in full entity name and indicate the signer’s position with the entity.</font></div></TD>
</TR>
<tr style="font-size:24pt"><td> </td></tr>
<TR style="font-size: 1px">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 8pt">Signature</font></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD align="right" valign="top"><font style="font-size: 8pt">2012</font></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 8pt">Date</font></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING<BR>
THE ENCLOSED ENVELOPE.</B>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER’S VOTE IS IMPORTANT<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 50pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Joint Annual<BR>
Meeting of Shareholders to Be Held on July 17, 2012.<BR>
The Proxy Statement for this meeting is available at: </B><U><B>[</B> <B>]</B></U>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 120pt">Please detach at perforation before mailing.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This proxy is solicited on behalf of the Board. The Board recommends
voting “FOR” each proposal and “FOR ALL” of the nominees.</B>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. Example: <FONT face="Wingdings">n</FONT></B>
</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: 1px">
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="2%"> </TD>
<TD width="74%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center"> FOR </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center">AGAINST</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center">ABSTAIN</TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 1: Approval of an Agreement and Plan of Redomestication that provides for the
reorganization of the Fund as a Delaware statutory trust.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 2(b)(i): Approval of an Agreement and Plan of Merger that provides
for Invesco California Municipal Income Trust to merge with and into the Fund.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 2(b)(ii): Approval of an Agreement and Plan of Merger that provides
for Invesco California Quality Municipal Securities to merge with and into the Fund.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 2(b)(iii): Approval of an Agreement and Plan of Merger that
provides for Invesco California Municipal Securities to merge with and into the Fund.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top">FOR<BR>
ALL
</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top">WITHHOLD<BR>
ALL
</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top" nowrap>FOR ALL<BR>
EXCEPT</TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 3pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 4: Election of
Trustees – The Board recommends a vote <U>FOR ALL</U> of the nominees listed:</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">01. David C. Arch 03. Suzanne H. Woolsey </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">02. Jerry D. Choate </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 9pt"><U><B>INSTRUCTIONS:</B></U> To withhold authority to vote for any individual nominee(s), mark the
box “FOR ALL EXCEPT”
and write each nominee’s number on the line provided below.</font></TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">
<div style="border-top: 1px solid #000000; width:90%"> </div></TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-top: 1px solid #000000"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY
COME<BR>
BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT<BR>
WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B>
</DIV>
<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE</B>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER’S VOTE IS IMPORTANT!<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="2%"> </TD>
<TD width="5%"> </TD>
<TD width="2%"> </TD>
<TD width="21%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="3" valign="top" align="left"><font style="font-size:14pt"><B>EASY
VOTING OPTIONS:</B></font></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866681.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top" NOWRAP><B>VOTE ON THE INTERNET</B><BR>
Log on to:<BR>
<u><B>www.proxy-direct.com</B></u><BR>
Follow the on-screen instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866682.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top"><B>VOTE BY TELEPHONE</B><BR>
Call 1-800-337-3503<BR>
Follow the recorded instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866683.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top"><B>VOTE BY MAIL</B><BR>
Vote, sign and date your<BR>
Proxy Card and return it in the<BR>
postage-paid envelope</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 70pt">Please detach at perforation before mailing.
</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: 24pt">
<TD width="5%"> </TD>
<TD width="2%"> </TD>
<TD width="80%"> </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="h86668ph866684.gif" alt="(INVESCO LOGO)">
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top"><B>INVESCO CALIFORNIA MUNICIPAL INCOME TRUST (the “Fund”)<BR>
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)<BR>
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012
</B></TD>
</TR>
<tr style="font-size:3pt"><td> </td></tr>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><font style="font-size: 9pt"><B>PREFERRED SHARES</B></font></DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="justify" style="font-size: 9pt; margin-top: 6pt">The undersigned holder of Preferred Shares of the Fund hereby appoints Philip A. Taylor, John M. Zerr, Sheri S. Morris, Peter A. Davidson, and Stephen R. Rimes,
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 17, 2012, at 1:00 p.m., Eastern Time, and at any adjournment or postponement thereof, all of the
Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present. <b>IF THIS PROXY IS SIGNED AND RETURNED WITH NO
CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” THE APPROVAL OF EACH PROPOSAL, “FOR ALL” OF THE NOMINEES, AND IN THE
DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.</b>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="60%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
<TD width="2%"> </TD>
<TD width="7%"> </TD>
<TD width="1%"> </TD>
<TD width="8%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left"><B>VOTE VIA THE INTERNET:</B>
<B>www.proxy-direct.com</B><br>
<B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" style="background: #dddddd"><DIV style="border: 1px solid #000000"> </DIV>
</TD>
<TD> </TD>
<TD nowrap colspan="3" align="center" valign="top"><DIV style="border: 1px solid #000000"> </DIV>
</TD>
</TR>
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left"><div align="justify"><font style="font-size: 8pt"><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>.
When signing as executor, administrator, attorney, trustee
or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability
company, or partnership, please sign in full entity name and indicate the signer’s position with the entity.</font></div></TD>
</TR>
<tr style="font-size:24pt"><td> </td></tr>
<TR style="font-size: 1px">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 8pt">Signature</font>
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD align="right" valign="top"><font style="font-size: 8pt">2012</font></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 8pt">Date</font></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING<BR>
THE ENCLOSED ENVELOPE.</B>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER’S VOTE IS IMPORTANT<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 50pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Joint Annual<BR>
Meeting of Shareholders to Be Held on July 17, 2012.<BR>
The Proxy Statement for this meeting is available at: </B><U><B>[</B> <B>]</B></U>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 120pt">Please detach at perforation before mailing.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This proxy is solicited on behalf of the Board. The Board recommends
voting “FOR” each proposal and “FOR ALL” of the nominees.</B>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. Example: <FONT face="Wingdings">n</FONT></B>
</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: 1px">
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="2%"> </TD>
<TD width="74%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center"> FOR </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center">AGAINST</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center">ABSTAIN</TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 1: Approval of an Agreement and Plan of Redomestication that
provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 2(a): Approval of an Agreement and Plan of Merger that
provides for the Fund to merge with and into Invesco Van Kampen California Value Municipal Income Trust.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top">FOR<BR>
ALL
</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top">WITHHOLD<BR>
ALL
</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top" nowrap>FOR ALL<BR>
EXCEPT</TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 3pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 3: Election of
Trustees – The Board recommends a vote <U>FOR ALL</U> of the nominees listed:</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>01. James T. Bunch 03. Rodney F. Dammeyer 05. Martin L. Flanagan</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>02. Bruce L. Crockett 04. Jack M. Fields
06. Carl Frischling</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 9pt"><U><B>INSTRUCTIONS:</B></U> To withhold authority to vote for any individual nominee(s), mark the
box “FOR ALL EXCEPT”
and write each nominee’s number on the line provided below.</font></TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">
<div style="border-top: 1px solid #000000; width:90%"> </div></TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-top: 1px solid #000000"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY
COME<BR>
BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT<BR>
WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B>
</DIV>
<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE</B>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER’S VOTE IS IMPORTANT!<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="70%"> </TD>
<TD width="2%"> </TD>
<TD width="5%"> </TD>
<TD width="2%"> </TD>
<TD width="21%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="3" valign="top" align="left"><font style="font-size:14pt"><B>EASY
VOTING OPTIONS:</B></font></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866681.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top" NOWRAP><B>VOTE ON THE INTERNET</B><BR>
Log on to:<BR>
<u><B>www.proxy-direct.com</B></u><BR>
Follow the on-screen instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866682.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top"><B>VOTE BY TELEPHONE</B><BR>
Call 1-800-337-3503<BR>
Follow the recorded instructions<BR>
available 24 hours</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><IMG src="h86668ph866683.gif" alt="(LOGO)">
</TD>
<TD> </TD>
<TD align="center" valign="top"><B>VOTE BY MAIL</B><BR>
Vote, sign and date your<BR>
Proxy Card and return it in the<BR>
postage-paid envelope</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 70pt">Please detach at perforation before mailing.
</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: 24pt">
<TD width="5%"> </TD>
<TD width="2%"> </TD>
<TD width="80%"> </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="h86668ph866684.gif" alt="(INVESCO LOGO)">
</DIV></TD>
<TD> </TD>
<TD align="center" valign="top"><B>INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES (the “Fund”)<BR>
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)<BR>
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17, 2012
</B></TD>
</TR>
<tr style="font-size:3pt"><td> </td></tr>
<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><font style="font-size: 9pt"><B>PREFERRED SHARES</B></font></DIV></TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="justify" style="font-size: 9pt; margin-top: 6pt">The undersigned holder of Preferred Shares of the Fund hereby appoints Philip A. Taylor, John M. Zerr, Sheri S. Morris, Peter A. Davidson, and Stephen R. Rimes,
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 17, 2012, at 1:00 p.m., Eastern Time, and at any adjournment or postponement thereof, all of the
Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present. <b>IF THIS PROXY IS SIGNED AND RETURNED WITH NO
CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” THE APPROVAL OF EACH PROPOSAL, “FOR ALL” OF THE NOMINEES, AND IN THE
DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.</b>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="60%"> </TD>
<TD width="2%"> </TD>
<TD width="20%"> </TD>
<TD width="2%"> </TD>
<TD width="7%"> </TD>
<TD width="1%"> </TD>
<TD width="8%"> </TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left"><B>VOTE VIA THE INTERNET:</B>
<B>www.proxy-direct.com</B><br>
<B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" style="background: #dddddd"><DIV style="border: 1px solid #000000"> </DIV>
</TD>
<TD> </TD>
<TD nowrap colspan="3" align="center" valign="top"><DIV style="border: 1px solid #000000"> </DIV>
</TD>
</TR>
<TR valign="bottom">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left"><div align="justify"><font style="font-size: 8pt"><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>.
When signing as executor, administrator, attorney, trustee
or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability
company, or partnership, please sign in full entity name and indicate the signer’s position with the entity.</font></div></TD>
</TR>
<tr style="font-size:24pt"><td> </td></tr>
<TR style="font-size: 1px">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 8pt">Signature</font>
</TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD nowrap valign="top"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD align="right" valign="top"><font style="font-size: 8pt">2012</font></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top"> </TD>
<TD> </TD>
<TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 8pt">Date</font></TD>
<TD> </TD>
<TD nowrap align="right" valign="top"> </TD>
<TD align="right" valign="top"> </TD>
<TD valign="top"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING<BR>
THE ENCLOSED ENVELOPE.</B>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"> </H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EVERY SHAREHOLDER’S VOTE IS IMPORTANT<BR>
VOTE THIS PROXY CARD TODAY!</B>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 50pt"><B>Important Notice Regarding the Availability of Proxy Materials for the Joint Annual<BR>
Meeting of Shareholders to Be Held on July 17, 2012.<BR>
The Proxy Statement for this meeting is available at: </B><U><B>[</B> <B>]</B></U>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 120pt">Please detach at perforation before mailing.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This proxy is solicited on behalf of the Board. The Board recommends
voting “FOR” each proposal and “FOR ALL” of the nominees.</B>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. Example: <FONT face="Wingdings">n</FONT></B>
</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: 1px">
<TD width="1%"> </TD>
<TD width="1%"> </TD>
<TD width="2%"> </TD>
<TD width="74%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD><!-- VRule -->
<TD width="1%"> </TD>
<TD width="5%"> </TD>
<TD width="1%"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center"> FOR </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center">AGAINST</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD nowrap align="center">ABSTAIN</TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 1: Approval of an Agreement and Plan of Redomestication that
provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 2(a): Approval of an Agreement and Plan of Merger that
provides for the Fund to merge with and into Invesco Van Kampen California Value Municipal Income Trust.</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top">FOR<BR>
ALL
</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top">WITHHOLD<BR>
ALL
</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top" nowrap>FOR ALL<BR>
EXCEPT</TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 3pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD colspan="3" valign="top" align="left">Proposal 3: Election of
Trustees – The Board recommends a vote <U>FOR ALL</U> of the nominees listed:</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>01. James T. Bunch 03. Rodney F. Dammeyer 05. Martin L. Flanagan</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top" nowrap>02. Bruce L. Crockett 04. Jack M. Fields
06. Carl Frischling</TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top"><font style="font-size: 9pt"><U><B>INSTRUCTIONS:</B></U> To withhold authority to vote for any individual nominee(s), mark the
box “FOR ALL EXCEPT”
and write each nominee’s number on the line provided below.</font></TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
<TD> </TD>
<TD align="left" valign="top">
<div style="border-top: 1px solid #000000; width:90%"> </div></TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
<TD width="1%" style="border-left: 1px solid #000000"> </TD>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> </DIV></TD>
<TD> </TD>
<TD align="left" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD style="border-right: 1px solid #000000"> </TD>
<TD> </TD>
<TD align="center" valign="top"> </TD>
<TD width="1%" style="border-right: 1px solid #000000"> </TD>
</TR>
<TR style="font-size: 1px">
<TD width="1%" style="border-top: 1px solid #000000"> </TD>
<TD colspan="3" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD align="left" style="border-top: 1px solid #000000"> </TD>
<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000"> </TD>
<TD width="1%" style="border-top: 1px solid #000000"> </TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY
COME<BR>
BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT<BR>
WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B>
</DIV>
<DIV align="center" style="font-size: 9pt; margin-top: 18pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE</B>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>8
<FILENAME>filename8.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>cover</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="h86668ph866685.gif" alt="(INVESCO LOGO)">
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">June 19, 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 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">Re:</TD>
<TD width="1%"> </TD>
<TD> Invesco Van Kampen California Value Municipal Income Trust (File No. 811-07404)<BR>
Invesco California Municipal Income Trust (File No. 811-07344)<BR>
Invesco California Quality Municipal Securities (File No. 811-07564)<BR>
(collectively, the “Trusts”)<BR>
<u>Preliminary Proxy Materials</u></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">Pursuant to the requirements of Rule 14a-6(a) under the Securities Exchange Act of 1934, as amended,
and submitted electronically via the EDGAR system, please find enclosed a
Schedule 14(a) Information cover page, preliminary Notice of Joint
Annual Meeting of Shareholders, proxy
statement, and form of proxy cards to be furnished to the holders of Variable Rate Muni Term
Preferred Shares of the Trusts in connection with a meeting of shareholders that is scheduled to be
held on July 17, 2012.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please send copies of all correspondence with respect to the preliminary proxy materials 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">/S/ Stephen R. Rimes</DIV>
<Div style="border-top: 1px solid #000000; font-size: 1pt; width: 28%"> </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>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>