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.
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:
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.
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