ATLANTA, July 30, 2013 /PRNewswire/ -- Invesco
announced today that Invesco Advantage Municipal Income Trust II
(VKI), Invesco Bond Fund (VBF), Invesco California Value Municipal
Income Trust (VCV), Invesco Dynamic Credit Opportunities Fund
(VTA), Invesco High Income Trust II (VLT), Invesco Municipal Trust
(VKQ), Invesco Municipal Income Opportunities Trust (OIA), Invesco
Municipal Opportunity Trust (VMO), Invesco Pennsylvania Value
Municipal Income Trust (VPV), Invesco Quality Municipal Income
Trust (IQI), Invesco Senior Income Trust (VVR), Invesco Trust for
Investment Grade Municipals (VGM), Invesco Trust for Investment
Grade New York Municipals (VTN) and Invesco Value Municipal Income
Trust (IIM) (the "Funds") are amending certain terms of their
Dividend Reinvestment Plans. The amendments to the Dividend
Reinvestment Plans will become effective September 3, 2013. Upon effectiveness of
these amendments, the Funds will utilize a uniform Dividend
Reinvestment Plan (the "Plan").
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Certain Plan changes are summarized below.
"Opt-Out" Feature
OIA, IIM, IQI, VKI, VBF, VCV, VMO, VKQ, VPV, VGM, VTN and VVR
are amending their Plans to adopt "Opt-Out" plans. VTA and
VLT already have "Opt-Out" plans. Under an "Opt-Out" plan,
new shareholders in a Fund will be automatically enrolled in the
Plan unless otherwise designated by the shareholder when the shares
are purchased. If at any time a shareholder does not want to
participate in the Plan and would like to receive dividends and
capital gains distributions ("Distributions") in cash, such
shareholder may contact Invesco to withdraw from the Plan.
Shareholders of all Funds that are not currently enrolled in the
Plan will continue to receive cash Distributions.
Share Purchase Price for Participants
OIA, IIM, IQI, VLT and VVR are amending their Plans to provide
for the purchase of shares at a reduced price when the Fund's
common shares are trading at a premium. Distributions will be
promptly reinvested for Plan participants. If a Fund's common
shares are trading at a share price that is equal to its net asset
value ("NAV"), participants will pay that amount for their
reinvested shares. If a Fund's common shares are trading at a
premium (a market price that is higher than its NAV), participants
will pay either the NAV or 95 percent of the market price,
whichever is greater. If a Fund's common shares are trading
at a discount (a market price that is lower than its NAV),
participants will pay the market price for their reinvested
shares. VKI, VBF, VCV, VTA, VKQ, VMO, VPV, VGM and VTN
already offer this feature.
Service Fee for Share Sales
OIA, IIM and IQI are amending their Plans to implement a service
fee for share sales. If a participant withdraws from the Plan
and opts to sell their common shares through Computershare Trust
Company, N.A. (the "Agent"), the Agent will sell all full and
fractional shares and send the proceeds to such participant after
deducting a $2.50 service fee and per
share fees. Per share fees include any applicable brokerage
commissions the Agent is required to pay. VKI, VBF, VCV, VTA,
VLT, VKQ, VMO, VPV, VVR, VGM and VTN already impose such service
fees.
Small Account Termination
Each Fund is amending its Plan to provide that a Fund may cause
the Agent to terminate Plan accounts holding less than a designated
number of shares, upon notice to such participants, in which case
the Agent will arrange for the sale of such shares and send such
participants the proceeds, less applicable fees.
Governing Law
OIA, IIM, IQI, VKI, VBF, VCV, VLT, VMO, VKQ, VPV, VGM, VTN and
VVR are amending their Plans to provide that the terms and
conditions of the Plan shall be governed by the laws of the state
of Delaware. VTA's Plan will continue to be governed by the
laws of the state of Delaware.
The full version of the Plan will be available on
invesco.com/us.
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 Invesco Advisers,
Inc. and Invesco Distributors, Inc. 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.
SOURCE Invesco