Invesco Provides Statement on Demand Letters and Complaints for Certain Invesco Van Kampen Closed-End Funds
11 September 2010 - 4:30AM
Business Wire
Invesco Advisers, Inc. announced that each of the Invesco Van
Kampen closed-end funds listed below has received a demand letter
from a law firm on behalf of such fund's common shareholders, and
that each of the funds has had or may have a complaint filed
against it related to the allegations in the demand letter.
The demand letters and the complaints received allege
breaches of fiduciary duties owed to the fund's common shareholders
related to the fund's redemption of auction rate preferred shares
(ARPS). The demand letters and complaints are similar to other
demand letters and complaints recently filed against investment
advisers, officers and trustees of closed-end funds in other fund
complexes.
The Boards of Trustees of the funds are evaluating the demand
letters and the complaints and have established a special committee
of independent trustees to conduct an inquiry regarding the
allegations. At this time, the funds have agreed not to redeem any
ARPS without first giving plaintiffs at least 30 days' notice prior
to the proposed redemption date.
The Funds are as follows:
- Invesco Van Kampen Advantage
Municipal Income Trust II (VKI)
- Invesco Van Kampen High Income
Trust II (VLT)
- Invesco Van Kampen Municipal
Opportunity Trust (VMO)
- Invesco Van Kampen Municipal
Trust (VKQ)
- Invesco Van Kampen Senior Income
Trust (VVR)
- Invesco Van Kampen Trust for
Investment Grade Municipals (VGM)
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 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.
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