Invesco Closed-End Funds2012 Tax Guide

What’s Inside:

Page 1•Year-EndTaxInformation•TaxForms•DistributionInformation

Page 2–3•IncomeBreakdown•FederalAlternativeMinimumTax(AMT)Information

•IncomeFromGovernmentObligations

Page 4–5•IncomeBreakdownforInvesco’sNational Tax-ExemptFunds

Page 6–7•CommonTaxQuestions

Page 8•DidYouKnow?

Page 9•ForMoreInformation

A Guide to Your Year-End Tax Forms and Questions

Preparingfederalandstateincometaxreturns

canbechallenging,butInvescohelpsmakethis

processeasierbyprovidingtheinformationyouneed

inaclear,conciseandtimelymanner.Thisguideis

asummaryofusefulinformationforInvesco

closed-endfundsandwascreatedusingthemost

recentinformationavailable.

Pleasebeawarethatthisguideisn’tmeanttoreplace

theassistanceoradviceofataxprofessional.

Wehope,though,thatitwillhelpyoubetterorganize

andunderstandtheportionofyourincometaxreturn

thatinvolvesyourInvescoclosed-endinvestments.

Ifyouneedmoreassistance,pleaseconsultyourtax

advisor,refertorelevantIRSpublicationsorcontact

anInvescorepresentativeat8003412929.

Invesco Closed-End Funds 2012 Tax Guide 1

Year-End Tax InformationTaxformsanddistributions

Tax formsListedbelowisabriefdescriptionofthetaxformsyoumayreceivefromInvescotocompleteyourincometaxreturn.

•Form 1099-DIV.Recordstheamountoftaxableincomeorcapitalgainsyoureceivedin2012. AForm1099-DIVwassenttoyouonlyifyoureceivedmorethan$10intaxabledistributionsin2012.Evenifyoudidn’treceiveaForm1099-DIV,theIRSrequiresthatyoureporttaxableearningsonyourincometaxreturn.Tax-exemptincomeyoureceivedin2012aswellasanyamountsubjecttofederalalternativeminimumtax(AMT)willbereportedonthe1099-DIV, Box10.Thesefigureswerepreviouslyreportedonthe1099-INTtaxform.

•Form 1099-B.Reportsgrossproceedsfromthesaleoffundshares.Ifyousoldsharesduring2012throughInvesco,youreceivedForm1099-Balongwithyourredemptioncheck.Iftheproceedsofyourredemptionweresenttoyourbankbywire,youreceivedForm1099-Bunderseparatecoveralongwithaconfirmationstatement.Ifyoureceivedlessthan$20indistributionsfromyourfund,youwillnotreceiveaForm1099-B—unlessthesalewasforwholesharesorbackupwithholdingwasapplied.Ifyousoldsharesthroughyourfinancialadvisor,yourForm1099-Bwassentfromthatinstitution.

•Form 1042-S.ReportstaxablefederalincomeforUSnonresidents.IfyouarenotaUScitizen,thisformallowsyoutoprovetoyourgovernmentthatyouhavepaidnonresidentalientaxestotheUSgovernment.Mutualfundlong-termcapitalgainsareexemptfromwithholdingbutarestillreportedonForm1042-Sifyouhaveotherreportableincome.

Taxable distributionsIfyoureceivedForm1099-DIV,aportionofyourdistributionsaresubjecttofederalincometaxes.Thesedistributionsaretaxedasfollows:

•Ordinary dividendscanbefoundinBox1aofForm1099-DIV.Thisamountrepresentsanytaxableincomeearnedonsecuritiesheldbyyourfund,aswellasanynetshort-termcapitalgainsthatweredistributedtoshareholders.Ifyouparticipatedinthedividendreinvestmentplanandshareswerepurchasedatadiscounttothemarketprice,thisamountwillalsoreflectthevalueofthisdiscount.Ordinarydividendsaretaxedatyourordinaryincomerate.QualifieddividendsfoundinBox1bmaybetaxedatthelowerrateof15percent.

•Total capital gains distributionscanbefoundinBox2aofForm1099-DIV.Thisamountreflectsanylong-termcapitalgainsdistributedbyyourfund.Long-termcapitalgainsarerecognizedonsecuritiesheldinthefund’sportfolioformorethanoneyearbeforebeingsold.Thesegainsaregenerallytaxedatamaximumrateof15percent.However,differentcapitalgainsratesmayapply.

Invesco Closed-End Funds 2012 Tax Guide 2

Income BreakdownFederalalternativeminimumtax(AMT)andincome fromgovernmentobligations

Tax-exempt income by state and federal AMT percentage for national trustsInadditiontoitsexemptionfromfederalincometaxes,aportionofyourtax-exemptincomemaybefreefromstateandlocalincometaxes,dependingonthetaxlawsofyourstateorlocaltaxingauthority.IfyouownoneofInvesco’snationaltax-exemptfunds,thepercentageofyourfund’staxexemptincomebystateisoutlinedinthetableonpagesfourandfive.Tax-exemptincomeandincomesubjecttofederalAMT,previouslyreportedonForm1099-INT,maybefoundonForm1099-DIV,Box10.

Pleaseconsultyourtaxadvisortodeterminewhetheryouareeligibleforstatetaxexemptionforthisportionofyourfund’sincome.

Invesco National Tax-Exempt Funds

Fund Symbol InvescoValueMunicipalBondTrust IMC

InvescoValueMunicipalIncomeTrust IIM

InvescoValueMunicipalSecurities IMS

InvescoValueMunicipalTrust IMT

InvescoMunicipalIncomeOpportunitiesTrust OIA

InvescoMunicipalIncomeOpportunitiesTrustII OIB

InvescoMunicipalIncomeOpportunitiesTrustIII OIC

InvescoMunicipalPremiumIncomeTrust PIA

InvescoQualityMunicipalIncomeTrust IQI

InvescoQualityMunicipalInvestmentTrust IQT

InvescoQualityMunicipalSecuritiesTrust IQM

InvescoAdvantageMunicipalIncomeTrustII VKI

InvescoMunicipalOpportunityTrust VMO

InvescoMunicipalTrust VKQ

InvescoSelectSectorMunicipalTrust VKL

InvescoTrustForInvestmentGradeMunicipals VGM

InvescoTrustForValueMunicipals VIM

Income from US government obligationsInmanystates,theportionofyourfund’sincomethatisderivedfromUSTreasurybondsisexemptfromstateincometaxes.Inafewstates,incomederivedfromothergovernmentagenciesisalsofreefromstateincometaxes.Thepercentageof2012ordinaryincomeattributabletogovernmentandagencyobligationsislistedbelow.PrimaryobligationsrepresentdirectinvestmentsinTreasurysecurities,whilesecondaryobligationsaredirectinvestmentsingenerallyqualifyingUSagencyobligations.Pleaseconsultyourtaxadvisortodeterminewhetherthisincomeistaxedinyourstate.

Income From Federal Obligations

Fund Dividend Income Derived From Government Obligations (%)

InvescoBondFundPrimaryObligations 0.81

SecondaryObligations 0.00

Invesco Closed-End Funds 2012 Tax Guide 3

Federal AMTThefederalAMTappliestoindividualswhoenjoycertaintaxbenefits,suchaslargedeductionsorexclusionsfromincome.Thistaxpreventsthemfromavoidingaminimumtaxliabilityontheirincome.FederalAMTincome,previouslyreportedonForm1099-INT,maybefoundonForm1099-DIV,Box10.

Ifyourtax-exemptfundinvestsincertainprivateactivitybonds,youcouldbesubjecttofederalAMT.Thepercentageofyourfund’stax-exemptincomethatissubjecttofederalAMTisoutlinedasfollows:

•State-specificfunds—Seetablebelow.

•Nationalfunds—Refertopagesfourandfive.

Federal AMT Information for State-Specific Tax-Exempt Funds

Fund Symbol

Primary State

(%)

Other US Territories

(%)Other

(%)AMT

(%) InvescoCaliforniaMunicipalIncomeTrust IIC 96.12 3.88 0.00 0.965

InvescoCaliforniaQualityMunicipalSecurities IQC 95.01 4.30 0.69 2.27300

InvescoCaliforniaMunicipalSecurities ICS 95.83 4.17 0.00 0.00

InvescoNewYorkQualityMunicipalSecurities IQN 88.92 11.08 0.00 2.31060

InvescoCaliforniaValueMunicipalIncomeTrust VCV 93.81 5.52 0.67 5.58640

InvescoMassachusettsValueMunicipalIncomeTrust VMV 84.34 15.66 0.00 2.57220

InvescoOhioQualityMunicipalTrust VOQ 89.84 10.16 0.00 4.14370

InvescoPennsylvaniaValueMunicipalIncomeTrust VPV 90.60 9.40 0.00 7.44980

InvescoTrustforInvestmentGradeNewJerseyMunicipals VTJ 76.03 16.09 7.88 4.23490

InvescoTrustforInvestmentGradeNewYorkMunicipals VTN 89.69 10.31 0.00 9.2256

Other closed-end fundsForshareholdersinthefundslistedbelow,alltheinformationyou’llneedtocompleteyourtaxreturncanbefoundonForm1099-DIV.Youdonotneedanyadditionalinformationaboutyourfund’sincomesources.

Other Invesco Closed-End Funds

Fund Symbol InvescoHighYieldInvestmentsFund,Inc. MSY

InvescoBondFund VBF

InvescoDynamicCreditOpportunities VTA

InvescoHighIncomeTrustII VLT

InvescoSeniorIncomeTrust VVR

Invesco Closed-End Funds 2012 Tax Guide 4

Income BreakdownClosed-endmultistate2012nationalfundsincomebreakdown

State VKI (%) VMO (%) VKQ (%) VKL (%) VIM (%) VGM (%) IMC (%) IIM (%) IMS (%) IMT (%) OIA (%) OIB (%) OIC (%) PIA (%) IQI (%) IQT (%) IQM (%)Alabama 1.18 1.19 1.38 1.33 2.29 1.46 1.38 1.18 1.53 1.38 0.26 0.54 0.32 1.35 0.29 0.76 0.61

Alaska 0.38 0.39 0.42 0.37 0.40 0.50 2.27 0.38 2.01 0.40 0.00 0.00 0.00 0.40 0.37 0.38 0.39

American Samoa 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Arizona 2.66 3.20 2.69 3.63 1.58 2.54 0.96 1.42 2.91 2.05 2.83 2.91 3.24 1.35 2.03 1.41 1.21

Arkansas 0.20 0.00 0.00 0.86 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

California 11.08 8.17 8.60 7.17 12.42 9.34 19.76 20.98 17.77 19.66 9.27 8.79 8.74 12.27 19.01 15.60 17.29

Colorado 1.92 2.37 1.90 3.85 2.61 2.00 1.62 1.05 0.43 0.84 3.31 4.09 3.95 3.92 1.83 1.03 1.17

Connecticut 0.31 0.98 0.83 0.80 0.74 0.89 0.33 0.31 0.50 0.36 0.00 0.00 0.00 0.52 0.52 0.60 0.00

Delaware 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.27 0.29 0.30 0.00 0.17 0.00 0.00

District of Columbia 1.80 2.84 1.66 0.78 0.94 1.58 3.22 2.04 1.54 4.22 0.61 0.64 0.69 1.99 1.32 3.12 1.62

Florida 6.20 6.44 6.84 4.03 9.91 12.46 12.76 7.23 11.35 7.35 10.17 9.68 10.56 12.31 7.16 9.47 8.74

Georgia 2.56 3.11 1.55 2.33 3.62 2.75 1.64 2.61 1.76 3.23 1.24 1.24 1.33 3.87 2.20 3.22 3.75

Guam 0.00 0.00 0.20 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Hawaii 1.58 0.29 0.36 0.66 0.93 0.41 0.00 0.62 4.99 1.06 1.53 1.76 1.37 0.63 1.88 0.60 1.69

Idaho 0.56 0.55 0.46 0.55 0.00 0.53 1.12 1.00 1.46 1.16 0.40 0.00 0.00 0.70 0.63 0.20 0.11

Illinois 12.88 12.23 10.82 11.34 8.66 9.62 9.04 5.28 10.36 9.56 12.11 11.30 11.08 7.40 10.05 6.22 9.83

Indiana 1.82 1.23 1.59 2.94 3.13 1.43 0.01 0.00 0.01 0.01 1.01 1.25 1.23 1.16 3.20 0.78 1.02

Iowa 0.25 0.36 0.19 0.95 0.84 0.31 0.72 0.87 1.05 2.62 1.48 0.62 0.64 0.63 0.76 1.50 0.71

Kansas 0.62 0.36 0.36 2.11 0.00 0.30 0.52 0.55 0.48 0.55 0.34 0.39 0.40 0.18 0.18 0.19 0.20

Kentucky 1.60 1.68 1.38 1.65 1.92 1.47 0.82 0.47 0.37 0.84 0.33 0.35 0.37 0.48 0.50 0.78 0.45

Louisiana 3.06 1.04 1.65 1.14 1.12 1.10 0.56 1.37 1.60 0.53 1.10 1.21 1.18 2.30 0.54 0.25 0.62

Maine 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.30 0.33 0.34 0.00 0.16 0.18 0.00

Maryland 1.15 0.53 0.47 1.04 0.00 0.58 0.00 0.05 0.00 0.76 1.49 2.15 1.27 0.50 0.65 1.77 0.54

Massachusetts 1.99 1.88 3.66 2.72 0.00 2.74 2.03 2.16 2.83 2.78 3.20 1.37 2.68 1.32 1.79 3.22 3.33

Michigan 1.14 0.61 0.90 0.51 1.56 1.83 2.66 0.53 0.99 1.06 0.68 0.73 0.72 0.75 1.10 0.34 0.35

Minnesota 0.65 0.51 0.66 0.51 0.35 0.72 1.19 0.10 0.00 1.14 3.71 3.68 3.57 0.05 0.33 0.00 0.00

Mississippi 0.22 0.01 0.00 0.01 0.16 0.00 0.00 0.00 0.00 0.00 0.27 0.30 0.26 0.00 0.00 0.00 0.00

Missouri 2.23 1.67 1.55 2.10 1.23 1.83 0.37 0.77 0.37 0.91 3.50 3.43 4.43 1.89 0.49 0.69 0.28

Montana 0.00 0.01 0.18 0.00 0.00 0.02 0.25 0.21 0.28 0.25 0.00 0.00 0.00 0.38 0.35 0.37 0.38

Nebraska 0.37 0.42 0.54 0.74 1.73 0.13 0.22 0.80 0.19 0.00 0.30 0.32 0.33 0.39 0.41 0.37 0.99

Nevada 1.78 1.64 1.46 0.37 3.50 1.38 1.04 1.91 0.00 3.77 1.60 2.12 2.00 2.48 2.25 2.73 1.32

New Hampshire 0.32 0.16 0.05 0.02 0.58 0.10 0.00 0.05 0.00 0.00 0.61 0.66 0.68 0.02 0.01 0.00 0.42

New Jersey 2.92 4.79 9.03 0.25 1.33 2.97 1.42 3.94 1.88 2.40 4.32 3.55 3.08 1.10 4.78 4.10 1.02

New Mexico 0.68 0.61 0.71 1.65 0.19 0.62 0.00 0.03 1.08 0.44 0.27 0.30 0.30 0.58 0.37 0.65 0.67

New York 5.39 7.10 7.95 9.81 3.11 8.64 8.43 2.50 7.93 9.97 3.81 3.52 3.65 13.59 7.54 9.32 10.29

North Carolina 0.45 1.45 1.12 1.72 1.60 0.99 0.27 0.36 0.29 0.26 0.35 0.37 0.39 2.69 1.89 3.38 1.98

North Dakota 0.12 0.14 0.34 0.18 0.00 0.21 0.00 0.00 0.00 0.00 0.40 0.00 0.00 0.00 0.45 0.32 0.00

Ohio 4.33 4.30 9.81 3.68 3.03 5.40 3.75 2.77 2.70 1.27 3.16 2.81 2.89 3.29 3.90 2.23 4.03

Oklahoma 0.00 0.20 0.03 0.14 0.80 0.00 0.00 0.00 0.00 0.00 0.85 1.05 1.05 0.00 0.26 0.00 0.00

Oregon 0.09 0.01 0.00 0.01 0.00 0.00 0.00 0.06 1.10 0.46 0.00 0.00 0.00 0.46 0.41 0.27 0.31

Pennsylvania 0.24 1.56 0.66 0.64 0.81 1.03 0.00 3.03 2.65 2.65 3.71 5.92 3.80 0.55 0.49 2.00 0.70

Puerto Rico 2.06 2.10 2.44 2.57 0.46 2.11 1.97 1.42 1.42 1.29 0.71 0.42 0.45 2.42 2.50 2.39 2.45

Rhode Island 0.00 0.05 0.00 0.00 0.55 0.00 1.31 2.43 0.00 0.00 0.24 0.25 0.26 1.26 0.04 0.00 0.51

South Carolina 3.50 2.61 1.09 4.79 6.64 2.74 0.00 2.65 2.04 1.59 2.38 1.69 2.16 1.29 1.95 2.61 2.39

South Dakota 0.00 0.02 0.13 0.00 0.70 0.02 2.09 0.00 0.00 0.00 0.23 0.24 0.25 0.00 0.00 0.00 0.00

Tennessee 2.51 0.90 1.69 1.51 0.72 1.26 0.00 0.21 0.31 0.26 2.37 2.94 3.05 0.93 0.00 0.00 0.00

Texas 10.86 13.30 7.05 9.21 12.96 10.18 0.28 10.46 7.95 7.54 8.68 9.21 10.18 6.25 10.07 9.96 10.11

Utah 0.68 0.44 0.11 0.00 1.24 0.15 8.95 1.39 0.81 0.75 0.42 0.57 0.50 0.00 0.34 2.44 0.51

Vermont 0.00 0.00 0.13 0.00 0.00 0.00 0.76 7.33 0.07 0.00 0.12 0.11 0.11 0.00 0.42 0.00 0.00

US Virgin Islands 0.23 0.23 0.35 0.34 0.02 0.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.24 0.24 0.24

Virginia 0.68 0.37 0.54 0.96 0.12 0.37 1.42 1.20 0.76 0.73 1.77 1.79 1.98 0.13 0.75 0.82 4.55

Washington 1.90 3.46 1.44 5.34 3.78 2.51 3.35 4.37 3.49 2.65 2.52 2.50 2.66 5.72 3.03 2.84 2.56

West Virginia 0.97 0.83 1.11 1.35 0.00 0.78 1.12 1.09 0.54 0.46 0.29 0.31 0.32 0.00 0.05 0.00 0.00

Wisconsin 1.34 1.40 1.42 1.16 1.72 1.19 0.11 0.72 0.20 0.79 1.48 2.30 1.24 0.25 0.34 0.65 0.66

Wyoming 0.54 0.26 0.50 0.18 0.00 0.35 0.28 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Federal AMT Percentage 12.6179 10.4597 8.7186 8.4951 12.3648 8.1250 2.9230 4.0730 9.2586 3.3144 6.4681 4.1194 5.0099 1.3772 6.4367 1.5831 4.7037

Invesco Closed-End Funds 2012 Tax Guide 5

Income BreakdownClosed-endmultistate2012nationalfundsincomebreakdown

State VKI (%) VMO (%) VKQ (%) VKL (%) VIM (%) VGM (%) IMC (%) IIM (%) IMS (%) IMT (%) OIA (%) OIB (%) OIC (%) PIA (%) IQI (%) IQT (%) IQM (%)Alabama 1.18 1.19 1.38 1.33 2.29 1.46 1.38 1.18 1.53 1.38 0.26 0.54 0.32 1.35 0.29 0.76 0.61

Alaska 0.38 0.39 0.42 0.37 0.40 0.50 2.27 0.38 2.01 0.40 0.00 0.00 0.00 0.40 0.37 0.38 0.39

American Samoa 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Arizona 2.66 3.20 2.69 3.63 1.58 2.54 0.96 1.42 2.91 2.05 2.83 2.91 3.24 1.35 2.03 1.41 1.21

Arkansas 0.20 0.00 0.00 0.86 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

California 11.08 8.17 8.60 7.17 12.42 9.34 19.76 20.98 17.77 19.66 9.27 8.79 8.74 12.27 19.01 15.60 17.29

Colorado 1.92 2.37 1.90 3.85 2.61 2.00 1.62 1.05 0.43 0.84 3.31 4.09 3.95 3.92 1.83 1.03 1.17

Connecticut 0.31 0.98 0.83 0.80 0.74 0.89 0.33 0.31 0.50 0.36 0.00 0.00 0.00 0.52 0.52 0.60 0.00

Delaware 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.27 0.29 0.30 0.00 0.17 0.00 0.00

District of Columbia 1.80 2.84 1.66 0.78 0.94 1.58 3.22 2.04 1.54 4.22 0.61 0.64 0.69 1.99 1.32 3.12 1.62

Florida 6.20 6.44 6.84 4.03 9.91 12.46 12.76 7.23 11.35 7.35 10.17 9.68 10.56 12.31 7.16 9.47 8.74

Georgia 2.56 3.11 1.55 2.33 3.62 2.75 1.64 2.61 1.76 3.23 1.24 1.24 1.33 3.87 2.20 3.22 3.75

Guam 0.00 0.00 0.20 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Hawaii 1.58 0.29 0.36 0.66 0.93 0.41 0.00 0.62 4.99 1.06 1.53 1.76 1.37 0.63 1.88 0.60 1.69

Idaho 0.56 0.55 0.46 0.55 0.00 0.53 1.12 1.00 1.46 1.16 0.40 0.00 0.00 0.70 0.63 0.20 0.11

Illinois 12.88 12.23 10.82 11.34 8.66 9.62 9.04 5.28 10.36 9.56 12.11 11.30 11.08 7.40 10.05 6.22 9.83

Indiana 1.82 1.23 1.59 2.94 3.13 1.43 0.01 0.00 0.01 0.01 1.01 1.25 1.23 1.16 3.20 0.78 1.02

Iowa 0.25 0.36 0.19 0.95 0.84 0.31 0.72 0.87 1.05 2.62 1.48 0.62 0.64 0.63 0.76 1.50 0.71

Kansas 0.62 0.36 0.36 2.11 0.00 0.30 0.52 0.55 0.48 0.55 0.34 0.39 0.40 0.18 0.18 0.19 0.20

Kentucky 1.60 1.68 1.38 1.65 1.92 1.47 0.82 0.47 0.37 0.84 0.33 0.35 0.37 0.48 0.50 0.78 0.45

Louisiana 3.06 1.04 1.65 1.14 1.12 1.10 0.56 1.37 1.60 0.53 1.10 1.21 1.18 2.30 0.54 0.25 0.62

Maine 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.30 0.33 0.34 0.00 0.16 0.18 0.00

Maryland 1.15 0.53 0.47 1.04 0.00 0.58 0.00 0.05 0.00 0.76 1.49 2.15 1.27 0.50 0.65 1.77 0.54

Massachusetts 1.99 1.88 3.66 2.72 0.00 2.74 2.03 2.16 2.83 2.78 3.20 1.37 2.68 1.32 1.79 3.22 3.33

Michigan 1.14 0.61 0.90 0.51 1.56 1.83 2.66 0.53 0.99 1.06 0.68 0.73 0.72 0.75 1.10 0.34 0.35

Minnesota 0.65 0.51 0.66 0.51 0.35 0.72 1.19 0.10 0.00 1.14 3.71 3.68 3.57 0.05 0.33 0.00 0.00

Mississippi 0.22 0.01 0.00 0.01 0.16 0.00 0.00 0.00 0.00 0.00 0.27 0.30 0.26 0.00 0.00 0.00 0.00

Missouri 2.23 1.67 1.55 2.10 1.23 1.83 0.37 0.77 0.37 0.91 3.50 3.43 4.43 1.89 0.49 0.69 0.28

Montana 0.00 0.01 0.18 0.00 0.00 0.02 0.25 0.21 0.28 0.25 0.00 0.00 0.00 0.38 0.35 0.37 0.38

Nebraska 0.37 0.42 0.54 0.74 1.73 0.13 0.22 0.80 0.19 0.00 0.30 0.32 0.33 0.39 0.41 0.37 0.99

Nevada 1.78 1.64 1.46 0.37 3.50 1.38 1.04 1.91 0.00 3.77 1.60 2.12 2.00 2.48 2.25 2.73 1.32

New Hampshire 0.32 0.16 0.05 0.02 0.58 0.10 0.00 0.05 0.00 0.00 0.61 0.66 0.68 0.02 0.01 0.00 0.42

New Jersey 2.92 4.79 9.03 0.25 1.33 2.97 1.42 3.94 1.88 2.40 4.32 3.55 3.08 1.10 4.78 4.10 1.02

New Mexico 0.68 0.61 0.71 1.65 0.19 0.62 0.00 0.03 1.08 0.44 0.27 0.30 0.30 0.58 0.37 0.65 0.67

New York 5.39 7.10 7.95 9.81 3.11 8.64 8.43 2.50 7.93 9.97 3.81 3.52 3.65 13.59 7.54 9.32 10.29

North Carolina 0.45 1.45 1.12 1.72 1.60 0.99 0.27 0.36 0.29 0.26 0.35 0.37 0.39 2.69 1.89 3.38 1.98

North Dakota 0.12 0.14 0.34 0.18 0.00 0.21 0.00 0.00 0.00 0.00 0.40 0.00 0.00 0.00 0.45 0.32 0.00

Ohio 4.33 4.30 9.81 3.68 3.03 5.40 3.75 2.77 2.70 1.27 3.16 2.81 2.89 3.29 3.90 2.23 4.03

Oklahoma 0.00 0.20 0.03 0.14 0.80 0.00 0.00 0.00 0.00 0.00 0.85 1.05 1.05 0.00 0.26 0.00 0.00

Oregon 0.09 0.01 0.00 0.01 0.00 0.00 0.00 0.06 1.10 0.46 0.00 0.00 0.00 0.46 0.41 0.27 0.31

Pennsylvania 0.24 1.56 0.66 0.64 0.81 1.03 0.00 3.03 2.65 2.65 3.71 5.92 3.80 0.55 0.49 2.00 0.70

Puerto Rico 2.06 2.10 2.44 2.57 0.46 2.11 1.97 1.42 1.42 1.29 0.71 0.42 0.45 2.42 2.50 2.39 2.45

Rhode Island 0.00 0.05 0.00 0.00 0.55 0.00 1.31 2.43 0.00 0.00 0.24 0.25 0.26 1.26 0.04 0.00 0.51

South Carolina 3.50 2.61 1.09 4.79 6.64 2.74 0.00 2.65 2.04 1.59 2.38 1.69 2.16 1.29 1.95 2.61 2.39

South Dakota 0.00 0.02 0.13 0.00 0.70 0.02 2.09 0.00 0.00 0.00 0.23 0.24 0.25 0.00 0.00 0.00 0.00

Tennessee 2.51 0.90 1.69 1.51 0.72 1.26 0.00 0.21 0.31 0.26 2.37 2.94 3.05 0.93 0.00 0.00 0.00

Texas 10.86 13.30 7.05 9.21 12.96 10.18 0.28 10.46 7.95 7.54 8.68 9.21 10.18 6.25 10.07 9.96 10.11

Utah 0.68 0.44 0.11 0.00 1.24 0.15 8.95 1.39 0.81 0.75 0.42 0.57 0.50 0.00 0.34 2.44 0.51

Vermont 0.00 0.00 0.13 0.00 0.00 0.00 0.76 7.33 0.07 0.00 0.12 0.11 0.11 0.00 0.42 0.00 0.00

US Virgin Islands 0.23 0.23 0.35 0.34 0.02 0.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.24 0.24 0.24

Virginia 0.68 0.37 0.54 0.96 0.12 0.37 1.42 1.20 0.76 0.73 1.77 1.79 1.98 0.13 0.75 0.82 4.55

Washington 1.90 3.46 1.44 5.34 3.78 2.51 3.35 4.37 3.49 2.65 2.52 2.50 2.66 5.72 3.03 2.84 2.56

West Virginia 0.97 0.83 1.11 1.35 0.00 0.78 1.12 1.09 0.54 0.46 0.29 0.31 0.32 0.00 0.05 0.00 0.00

Wisconsin 1.34 1.40 1.42 1.16 1.72 1.19 0.11 0.72 0.20 0.79 1.48 2.30 1.24 0.25 0.34 0.65 0.66

Wyoming 0.54 0.26 0.50 0.18 0.00 0.35 0.28 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Federal AMT Percentage 12.6179 10.4597 8.7186 8.4951 12.3648 8.1250 2.9230 4.0730 9.2586 3.3144 6.4681 4.1194 5.0099 1.3772 6.4367 1.5831 4.7037

Invesco Closed-End Funds 2012 Tax Guide 6

Common Tax QuestionsFrequentlyaskedshareholdertaxquestionsandtheiranswers

Tax forms

I thought my fund was tax exempt. Why am I receiving tax forms?Althoughmostincomedistributionsfromyourtax-exemptfundarenotsubjecttoregularfederalincometaxes,therearesomeinstancesinwhichyouwillreceivesometaxableincome:

•Yourfundpaidacapitalgain.

•Yourfundwasrequiredtorecognizetaxableincomeonsecuritiespurchasedatadiscount.

•Yourparticipationinthefund’sdividendreinvestmentplangenerateddiscountincome(thedifferencebetweenthediscountedpurchasepriceandthemarketpriceofreinvestedsharesistaxable).ThisamountisincludedinBox1a(totalordinaryincome)onForm1099-DIV.Tax-exemptincome,previouslyreportedonForm1099-INT,maybefoundonForm1099-DIV,Box10.

Capital gains/dividends

Do I need to report reinvested dividends and/or capital gain distributions as income?Yes.Incomefromtaxablefundsandallcapitalgaindistributionsaretaxable,regardlessofwhetheryoureceivethemincashorreinvesttheminadditionalfundshares.Youshouldkeeparecordoftheamountofdividendsreinvestedbecausethiswillincreaseyourcostbasisinthefund’sshares.Bykeepingtrackofreinvesteddividends,you’llbeabletodeterminethecorrecttaxablegainorlosswhenyouredeemorexchangeyourfundshares.

Why are some distributions that I received in January 2013 reported as income for 2012?Undercurrenttaxlaw,thetaxableincomeshownonForm1099-DIVmustincludedistributionsdeclaredin2012,evenifthedistributionisn’tactuallyreceiveduntilJanuary2013.

What is a qualified dividend?Aqualifieddividendispaidtothefundbya“qualified”company.Thisisdefinedasadomesticcompanytradedonaqualifyingexchangeoraforeigncompanywherethecountryoforiginhas acomprehensiveincometaxtreatywiththeUSthatincludesanexchangeofinformationprogram.Thereisalsoaholdingperiodrequirementthatmustbemetforadividendtobedeemed“qualified.”Pleasereadonformoreinformationaboutqualifieddividends.

Will all distributions reported to me as qualified dividends be taxed at 15 percent?Notnecessarily.Inordertoqualifyforthereducedtaxrate,youmusthaveheldthedividend-payingsharesfor61daysoutofa121-dayspancoveringthe60daysbeforeandthe60daysafterthefund’sex-dividenddate.(Note:theex-dividenddateisacriticalfactorindeterminingwhetherashareholderiseligibletoreceiveadeclareddividend.)Whencountingthenumberofdaysyouheldtheshares,includethedayyousoldyourshares,butnotthedayyouacquiredthem.

Invesco Closed-End Funds 2012 Tax Guide 7

I didn’t redeem any shares this year. Why am I subject to capital gains taxes?Ifyourfund’smanagerpurchasedsecuritiesandlatersoldthemformorethanthepurchaseprice,yourfundearnedcapitalgains.Thesegainsaredistributedtoshareholdersduringtheyear.Ifyoureceivedacapitalgaindistributionin2012,youwillberequiredtopaytaxesonthatamount,regardlessofwhetheryoureceiveditincashorreinvesteditinadditionalshares.TheamountcanbefoundonForm1099-DIV.

Form 1099-DIV reports ordinary dividends and capital gains on separate lines. Are they taxed at different rates?Yes.Forordinaryincome,thehighestmarginaltaxrateforanindividualis35percent.Long-termcapitalgaindistributionsaretaxedatamaximumrateof15percent.

General

How can I find out about any state tax exemptions on income my fund earned?CertainstateshavespecialexemptionsforincomeearnedfromUSgovernmentsecuritiesandtax-freemunicipalsecuritiesissuedinthatstate.Youcanfindanincomebreakdownbystateforyourfundinsidethissupplement,whichshouldhelpyouidentifyanyincomethatmaybetax-exemptinyourstate.Consultyourtaxadvisororstatetaxagencyaboutthespecificrulesinyourstate.

According to my 1099 forms, federal income tax was withheld from my distributions. Why?Federallawgenerallyrequiresustowithhold28percentofanydistributionorredemptionifwedonothaveacorrectandcertifiedsocialsecurityortaxpayeridentificationnumberforyouraccount.TheIRStellsuswhichsocialsecurityortaxpayeridentificationnumbersarenotcorrectorcertifiedandrequiresustoperformthiswithholding.Thewithholdingamountshownonyour1099formsshouldbereportedas“federalincometaxwithheld”onyourfederalincometaxreturn.

Invesco Closed-End Funds 2012 Tax Guide 8

Did You Know?

1. Fund reorganizationsInvescocompletedfundreorganizationbymerging18closed-endfundsin2012.Thefundmergertransactionisnotataxableevent.Shareholderswithaccountsinbotharetiredfundandanacquiringfundwillreceivetaxformsforbothaccountsiftheaccountshadtaxableevents.

2. Changes to 2012 tax reporting

1099-DIVThefollowingincome,previouslyreportedonForm1099-INT,willbereportedonForm1099-DIVinaccordancewithIRSinstruction:•Exempt-interestdividend(Box10)•Specifiedprivateactivitybondinterestdividend(Box11)

Form 1099-BComputersharewillreportsalespricelesscommissionsandoptionspremiums.

3. Social Security number maskingForyourprotection,InvescowillmaskthefirstfivedigitsofyourSocialSecuritynumberanditwillreadintheformatXXX-XX-1234.PleasenotethataccountsinanEmployeeIdentificationnumberorTaxpayerIdentificationnumberformatmaynotbemasked.

4. eDeliveryAtInvesco,weknowevensmallstepsmakeanimpact.Byreducingtheamountofprintedmaterialsyoureceive,youcanhelpprotecttheenvironment.Additionally,youwillenjoyfastandeasyportfoliomanagementandtheconvenienceofviewingyourmaterialsonline.

Considertakingthesesimplestepstoreduceyourecologicalfootprint.Withaclickofthemouse youcan:•Obtainelectronictaxforms.•Updatebankingdetails.•Certifyyourtaxstatus.•Impacttheenvironment.

Goinggreenisfastandeasy!Tosignupforelectroniccommunications,followtheseeasysteps:1.Visitinvesco.com/us2.ClickClosed-endFundsunderProducts3.ClickClosed-endAccountAccess4.LogintotheInvestorCentresitebyusingyourUserIdandPassword

5. Cost Basis changes for 2012AspartoftheEnergyImprovementandExtensionActof2008,mutualfundcompaniesarerequiredtoreportyourcostbasisinformationonIRSForm1099-BforsharesthatwereacquiredandsubsequentlyredeemedonorafterJan.1,2012.Thedefaultcostbasismethodforallclosed-endfundsisFirstIn–FirstOut(FIFO)unlessyouastheshareholderelectanothermethod.

Invesco Closed-End Funds 2012 Tax Guide 9

For More InformationContacttheIRSorInvesco

Wehopethisguidehasansweredmanyofyourquestionsabouttheenclosedtaxinformation.Ifyouneedfurtherassistance,considerthefollowingsourcesofinformation.

Internal Revenue Service•CalltheIRScustomerservicelineat8008291040

•ForIRStaxformsandpublications,call8008293676

•VisittheIRSwebsiteatirs.gov

Invesco•Forfundoraccountquestions,callInvescoat8003412929

•Sendusane-mailbyvisitinginvesco.com/usthenclickContactUsatthetopofthepage.

•Orderduplicateforms,accessaccountbalances,performtransactionsandmorebyvisitinginvesco.com/us.GototheProductstab,thenclickClosed-endFundsorvisitcomputershare.com/InvestorCentre.

Notes

Thereisnoassurancethataclosed-endfundwillachieveitsinvestmentobjective.Likeanystock,aclosed-endfund’ssharepricewillfluctuatewithmarketconditionsandotherfactors.Atthetimeofsale,yoursharesmayhaveamarketpricethatisaboveorbelownetassetvalue,andmaybeworthmoreorlessthanyouroriginalinvestment.Accordingly,itispossibletolosemoneyinvestingintheTrust.

InordertocomplywiththerequirementsofSection19oftheInvestmentCompanyActof1940,eachfundwillprovideitsshareholdersofrecordontherecorddatewithaSection19Noticedisclosingthesourcesofitsdividendpaymentwhenadistributionincludesanythingotherthannetinvestmentincome.TheSection19Noticeisnotprovidedfortaxreportingpurposesbutforinformationalpurposesonly.Ifapplicable,thisSection19Noticeinformationcanbefoundonthefunds’websiteatwww.invesco.com/us.

Note:Notallproducts,materialsorservicesavailableatallfirms.Advisors,pleasecontactyourhomeoffice.Invescodoesnotprovidetaxadvice.Thetaxinformationcontainedhereinisgeneralandisnotexhaustivebynature.Itwasnotintendedorwrittentobeused,

anditcannotbeusedbyanytaxpayer,forthepurposeofavoidingpenaltiesthatmaybeimposedonthetaxpayerunderUSfederaltaxlaws.Federalandstatetaxlawsarecomplexandconstantlychanging.Youshouldalwaysconsultyourownlegalortaxadvisorforinformationconcerningyourindividualsituation.

invesco.com/us CETAX-BRO-1 01/13 InvescoDistributors,Inc.