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Invesco funds to redeem auction-rate preferreds, merge some funds
By Angela McDaniels
Tacoma, Wash., Nov. 30 - Invesco Advisers, Inc. said the Invesco tax-exempt closed-end funds and the Invesco Van Kampen tax-exempt closed-end funds plan to issue variable-rate Munifund term preferred shares and tender option bonds and will use the proceeds to redeem all of their outstanding auction-rate preferred shares.
The preferreds will be redeemed at par plus accrued dividends, according to company news releases.
The timing of each fund's issuance and redemption may vary and is subject to a number of factors. Invesco is targeting the first half of 2012 as when the redemptions will take place.
The Invesco tax-exempt closed-end funds redemptions will total $583.75 million, and the Invesco Van Kampen funds redemptions will total $1,664,750,000, in each case excluding dividends.
In addition, the boards of directors/trustees of the funds have approved the redomestication of each fund that is not currently a Delaware statutory trust into a Delaware statutory trust, the mergers of some funds and the solicitation of shareholder votes to approve these proposed transactions.
The proposed mergers are noted in the table below.
Invesco Advisers is an investment adviser based in Houston.
Invesco proposed fund mergers
Target fund name Surviving fund name
Invesco High Yield Investments Fund, Inc. (MSY) Invesco Van Kampen High Income Trust II (VLT)
Invesco Insured Municipal Bond Trust (IMC) Invesco Insured Municipal Income Trust (IIM)
Invesco Insured Municipal Securities (IMS) Invesco Insured Municipal Income Trust (IIM)
Invesco Insured Municipal Trust (IMT) Invesco Insured Municipal Income Trust (IIM)
Invesco Municipal Income Opportunities Trust II (OIB) Invesco Municipal Income Opportunities Trust (OIA)
Invesco Municipal Income Opportunities Trust III (OIC) Invesco Municipal Income Opportunities Trust (OIA)
Invesco Quality Municipal Investment Trust (IQT) Invesco Quality Municipal Income Trust (IQI)
Invesco Quality Municipal Securities (IQM) Invesco Quality Municipal Income Trust (IQI)
Invesco California Insured Municipal Income Trust (IIC) Invesco Van Kampen California Value Municipal Income Trust (VCV)
Invesco California Quality Municipal Securities (IQC) Invesco Van Kampen California Value Municipal Income Trust (VCV)
Invesco Insured California Municipal Securities (ICS) Invesco Van Kampen California Value Municipal Income Trust (VCV)
Invesco Municipal Premium Income Trust (PIA) Invesco Van Kampen Municipal Opportunity Trust (VMO)
Invesco New York Quality Municipal Securities (IQN) Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)
Invesco High Yield Investments Fund, Inc. (MSY) Invesco Van Kampen High Income Trust II (VLT)
Invesco California Insured Municipal Income Trust (IIC) Invesco Van Kampen California Value Municipal Income Trust (VCV)
Invesco California Quality Municipal Securities (IQC) Invesco Van Kampen California Value Municipal Income Trust (VCV)
Invesco Insured California Municipal Securities (ICS) Invesco Van Kampen California Value Municipal Income Trust (VCV)
Invesco Municipal Premium Income Trust (PIA) Invesco Van Kampen Municipal Opportunity Trust (VMO)
Invesco Van Kampen Select Sector Municipal Trust (VKL) Invesco Van Kampen Municipal Opportunity Trust (VMO)
Invesco Van Kampen Trust for Insured Municipals (VIM) Invesco Van Kampen Municipal Opportunity Trust (VMO)
Invesco New York Quality Municipal Securities (IQN) Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)
Invesco Van Kampen Massachusetts Value Income Trust (VMV) Invesco Van Kampen Municipal Trust (VKQ)
Invesco Van Kampen Ohio Quality Municipal Trust (VOQ) Invesco Van Kampen Municipal Trust (VKQ)
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ) Invesco Van Kampen Municipal Trust (VKQ)
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