HOUSTON, Sept. 15, 2011 /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. 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 will change its name as follows:
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Current
Name
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New
Name
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Invesco California Insured
Municipal Income Trust
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Invesco California Municipal
Income Trust
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Invesco Insured California
Municipal Securities
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Invesco California Municipal
Securities
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Invesco Insured Municipal Bond
Trust
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Invesco Value Municipal Bond
Trust
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Invesco Insured Municipal Income
Trust
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Invesco Value Municipal Income
Trust
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Invesco Insured Municipal
Securities
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Invesco Value Municipal
Securities
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Invesco Insured Municipal
Trust
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Invesco Value Municipal
Trust
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The Funds plan to implement these changes in January 2012. Shareholders of each Fund
will receive notification of the changes at least 60 days prior to
implementation.
Investing involves risk and it is possible to lose money on any
investment in the Funds.
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.
SOURCE Invesco