HOUSTON, Jan. 23, 2012 /PRNewswire/ -- The Board of
Trustees (the "Board") of each of Invesco California Insured
Municipal Income Trust (IIC), Invesco Insured California Municipal
Securities (ICS), Invesco Insured Municipal Bond Trust (IMC),
Invesco Insured Municipal Income Trust (IIM), Invesco Insured
Municipal Securities (IMS) and Invesco Insured Municipal Trust
(IMT) (collectively, the "Funds") recently approved a change in
each Fund's investment policy regarding investment in insured
municipal securities to provide the Funds' investment adviser with
more flexibility regarding the types of securities available for
investment by the Funds.
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Each Fund's fundamental investment policy provides that under
normal market conditions it will invest at least 80% of its total
assets in municipal obligations. Effective today, each Fund
is eliminating its existing non-fundamental investment policy
requiring that it invest substantially all of its assets in
municipal securities that are insured at the time of purchase by
insurers whose claims-paying ability is rated 'A' by S&P, 'A'
by Moody's or the equivalent by another nationally recognized
statistical rating organization. Over the past few years, most
municipal bond insurers have had their credit ratings downgraded,
and only two insurers remain that are rated at least 'A,' only one
of which is currently insuring new municipal bonds. As a
result, the supply of insured municipal securities has decreased
dramatically and the long-term viability of the municipal bond
insurance market has been jeopardized.
Invesco Advisers, Inc. ("Invesco") and the Board believe that by
eliminating this policy, Invesco will be better able to manage each
Fund's portfolio and to meet each Fund's investment
objective. The Funds are not changing their investment
objectives and each Fund will continue to invest primarily in a
portfolio of municipal securities. In connection with the
changes in policy, each Fund has changed its name as follows:
Fund
|
New
Name
|
Invesco
California Insured Municipal Income Trust
|
Invesco
California Municipal Income Trust
|
Invesco
Insured California Municipal Securities
|
Invesco
California Municipal Securities
|
Invesco
Insured Municipal Bond Trust
|
Invesco
Value Municipal Bond Trust
|
Invesco
Insured Municipal Income Trust
|
Invesco
Value Municipal Income Trust
|
Invesco
Insured Municipal Securities
|
Invesco
Value Municipal Securities
|
Invesco
Insured Municipal Trust
|
Invesco
Value Municipal Trust
|
Investing involves risk and it is possible to lose money on any
investment in the Funds.
About Invesco Ltd.
Invesco Ltd. is a leading independent global investment
management firm, 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 firm 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.
Note: There is no assurance that a closed-end fund will
achieve its investment objective. Shares are bought on the
secondary market and may trade at a discount or premium to NAV.
Regular brokerage commissions apply.
A credit rating is an assessment provided by a nationally
recognized statistical rating organization (NRSRO) of the
creditworthiness of an issuer with respect to debt obligations,
including specific securities, money market instruments or other
debts. Ratings are measured on a scale that generally
ranges from AAA (highest) to D (lowest); ratings are subject to
change without notice. NR indicates the debtor was not rated,
and should not be interpreted as indicating low quality.
For more information on Standard and Poor's rating methodology,
please visit www.standardandpoors.com and select 'Understanding
Ratings' under Rating Resources on the homepage.
For more information on Moody's rating methodology, please visit
www.moodys.com and select 'Rating Methodologies' under Research and
Ratings on the homepage.
SOURCE Invesco