HOUSTON, Nov. 30, 2011 /PRNewswire/ -- Invesco Advisers,
Inc. today announced that the Boards of Trustees (the "Redeeming
Funds' Board") of the Invesco tax-exempt closed-end funds (the
"Redeeming Funds") have approved a plan to redeem all of the
Redeeming Funds' outstanding auction rate preferred shares ("ARPS")
at their respective liquidation preferences (sometimes referred to
as "at par"), together with accrued and unpaid dividends, if any,
to the redemption date. These redemptions, which will total
approximately $583,750,000 (excluding
dividends), are anticipated to be funded with proceeds received
from the issuance of Variable Rate Munifund Term Preferred Shares
("VMTPS") and Tender Option Bonds ("TOBs"). VMTPS are a
variable rate form of preferred stock with a mandatory redemption
date.
Invesco is currently in active negotiations with various banks
regarding the prospective issuance of VMTPS and TOBs. The
timing of each Redeeming Fund's replacement of ARPS with VMTPS and
TOBs may vary and is subject to a number of factors, including, but
not limited to, the negotiation of definitive agreements, changes
in interest rates and other market conditions, the willingness of
buyers to purchase VMTPS and TOBs, the eligibility of collateral
held by the Redeeming Funds and the availability of attractive
credit ratings, any of which may delay or prevent redemption of a
Redeeming Fund's ARPS. Invesco and the Redeeming Funds' Board
currently are targeting the redemptions to occur in the first half
of 2012. However, definitive agreements regarding these
transactions have not yet been entered into and there can be no
assurance that all or any portion of any Redeeming Fund's ARPS will
be redeemed. Accordingly, the Redeeming Funds' Board will
determine, based on the facts and circumstances applicable to each
Redeeming Fund at any particular time, when redemption of each
Redeeming Fund's ARPS will occur.
Invesco will keep market participants and shareholders informed
of material developments in the Redeeming Funds' progress to redeem
ARPS via press releases and on Invesco's website at
www.invesco.com/portal/site/us/news.
Approval of Invesco Fund Redomestications and Mergers
Invesco today announced that the Boards of Directors/Trustees of
the Invesco closed-end funds have approved the redomestication of
each fund into a Delaware
statutory trust, the mergers of certain closed-end funds outlined
in the table below, and the solicitation of shareholder votes to
approve these proposed transactions.
The Boards also considered the impact of the mergers on the fee
levels of the funds and approved adjustments to certain funds'
contractual fee levels, subject to shareholder approval, to further
rationalize fees across the Invesco complex and against
competitors' fee levels. Shareholder meeting dates, voting
information and other details regarding the proposed fund
redomestications and mergers will be included in subsequent
communications and on Invesco's website at
www.invesco.com/portal/site/us/news.
Proposed
Closed-End Fund Mergers
|
|
Target Fund Name
|
Surviving Fund
Name
|
|
Invesco High Yield Investments
Fund, Inc. (MSY)
|
Invesco Van Kampen High Income
Trust II (VLT)
|
|
Invesco Insured Municipal Bond
Trust (IMC)
|
Invesco Insured Municipal Income
Trust (IIM)
|
|
Invesco Insured Municipal
Securities (IMS)
|
Invesco Insured Municipal Income
Trust (IIM)
|
|
Invesco Insured Municipal Trust
(IMT)
|
Invesco Insured Municipal Income
Trust (IIM)
|
|
Invesco Municipal Income
Opportunities Trust II (OIB)
|
Invesco Municipal Income
Opportunities Trust (OIA)
|
|
Invesco Municipal Income
Opportunities Trust III (OIC)
|
Invesco Municipal Income
Opportunities Trust (OIA)
|
|
Invesco Quality Municipal
Investment Trust (IQT)
|
Invesco Quality Municipal Income
Trust (IQI)
|
|
Invesco Quality Municipal
Securities (IQM)
|
Invesco Quality Municipal Income
Trust (IQI)
|
|
Invesco California Insured
Municipal Income Trust (IIC)
|
Invesco Van Kampen California
Value Municipal Income Trust (VCV)
|
|
Invesco California Quality
Municipal Securities (IQC)
|
Invesco Van Kampen California
Value Municipal Income Trust (VCV)
|
|
Invesco Insured California
Municipal Securities (ICS)
|
Invesco Van Kampen California
Value Municipal Income Trust (VCV)
|
|
Invesco Municipal Premium Income
Trust (PIA)
|
Invesco Van Kampen Municipal
Opportunity Trust (VMO)
|
|
Invesco New York Quality
Municipal Securities (IQN)
|
Invesco Van Kampen Trust for
Investment Grade New York Municipals (VTN)
|
|
|
|
|
|
The proposed redomestications and mergers remain subject to
certain conditions, including approval by shareholders of the funds
and customary closing conditions. Each fund participating in
a redomestication or a merger will file a definitive proxy
statement with the Securities and Exchange Commission (the "SEC").
These proxy statements will also include prospectuses for the funds
listed above as surviving funds. All shareholders are advised to
read the definitive proxy statements in their entirety when they
become available because they will contain important information
regarding the funds, the Board's considerations in recommending the
redomestications and the mergers, the identity of the participants
in the solicitation, and a description of any interest of those
persons in the transactions and related matters.
Definitive proxy statements are expected to be mailed to fund
shareholders during the first half of 2012. Shareholders may obtain
a free copy of the definitive proxy statements when available,
along with other documents filed by the funds with the SEC, at the
SEC's website at http://www.sec.gov. In addition, copies of the
definitive proxy statements, once available, may be obtained, free
of charge, by directing a request to Invesco via mail to 11
Greenway Plaza, Suite 2500, Houston,
TX 77046 or via phone to 800 959 4246.
Each fund also files annual and semi-annual reports and other
information with the SEC. You may read and copy any reports,
statements, or other information filed by a fund at the SEC's
public reference room at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC
at 1 800 SEC 0330 for further information on the public reference
room. Filings made with the SEC by a fund are also available to the
public from commercial document-retrieval services and at the
website maintained by the SEC at http://www.sec.gov.
The foregoing is not an offer for sale of any securities nor a
solicitation of any proxy.
About Invesco
Invesco is a leading independent global investment manager,
dedicated to helping investors worldwide achieve their financial
objectives. By delivering the combined power of our distinctive
investment management capabilities, Invesco provides a wide range
of investment strategies and vehicles to our retail, institutional
and high net worth clients around the world. Operating in more than
20 countries, the company is listed on the New York Stock Exchange
under the symbol IVZ. Additional information is available at
www.invesco.com.
Invesco Advisers, Inc. is an investment adviser; it provides
investment advisory services to individual and institutional
clients and does not sell securities. Invesco Distributors, Inc. is
the U.S. distributor for Invesco Ltd.'s retail mutual funds,
exchange-traded funds and institutional money market funds and the
subdistributor for its STIC Global Funds. Both are wholly owned,
indirect subsidiaries of Invesco Ltd. The information contained
herein may include forward looking statements about the Funds'
capital structure changes and transactions. These statements
provide no assurances as to the outcome of the changes or
transactions or as to whether they will, in fact, be
consummated.
NOT FDIC INSURED, MAY LOSE VALUE, OFFER NO BANK
GUARANTEE
—Invesco—
SOURCE Invesco