ATLANTA, June 15, 2016 /PRNewswire/ -- Invesco announced
today additional risk information related to the following Invesco
closed-end funds:
- 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 Income Opportunities Trust (OIA)
- Invesco Municipal Opportunity Trust (VMO)
- Invesco Municipal Trust (VKQ)
- 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)
- Invesco Value Municipal Income Trust (IIM)
Additional Risk Information
Invesco announced that PricewaterhouseCoopers LLP informed each
Invesco closed-end fund listed above (hereinafter, each referred to
as the "Trust") that it has identified an issue related to its
independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X
(referred to as the "Loan Rule"). The Loan Rule prohibits
accounting firms, such as PricewaterhouseCoopers LLP, from being
deemed independent if they have certain financial relationships
with their audit clients or certain affiliates of those
clients. The Trust is required under various securities laws
to have its financial statements audited by an independent
accounting firm.
The Loan Rule specifically provides that an accounting firm
would not be independent if it receives a loan from a lender that
is a record or beneficial owner of more than ten percent of an
audit client's equity securities. For purposes of the Loan
Rule, audit clients include the Trust as well as all registered
investment companies advised by Invesco Advisers Inc. (the
"Adviser") and its affiliates, including other subsidiaries of the
Adviser's parent company, Invesco Ltd. (collectively, the "Invesco
Fund Complex"). PricewaterhouseCoopers LLP informed the Trust it
has relationships with lenders who hold, as record owner, more than
ten percent of the shares of certain funds within the Invesco Fund
Complex. These relationships call into question
PricewaterhouseCoopers LLP's independence under the Loan Rule with
respect to those funds, as well as all other funds in the Invesco
Fund Complex.
PricewaterhouseCoopers LLP informed the Trust that it believes,
after evaluating the facts and circumstances related to its lending
relationships, the ability of PricewaterhouseCoopers LLP to
exercise objective and impartial judgment with respect to its
audits of the Trust's financial statements was not and will not be
impaired. PricewaterhouseCoopers LLP informed the Trust that
its conclusion was based on a number of factors, including, among
others, PricewaterhouseCoopers LLP's belief that the lenders have
no influence over the Adviser or the Trust and that the individuals
at PricewaterhouseCoopers LLP who arranged the lending
relationships have no oversight of, or ability to influence, the
individuals at PricewaterhouseCoopers LLP who conducted the audit
of the Trust's financial statements.
PricewaterhouseCoopers LLP informed the Trust that it is in
discussions with the SEC's Staff to resolve this matter. If
the SEC were ultimately to determine that PricewaterhouseCoopers
LLP was not independent with respect to the Trust for certain
periods, Trust filings with the SEC containing financial statements
for such periods may be deemed non-compliant with applicable
securities laws. Such a determination could result in
additional costs or have other material adverse effects on the
Trust.
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 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 Distributors, Inc. is the U.S. distributor for Invesco
Ltd. Invesco Advisers, Inc. is an investment adviser; it
provides investment advisory services to individual and
institutional clients and does not sell securities. Each
entity is a wholly owned, indirect subsidiary 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.
Logo -
http://photos.prnewswire.com/prnh/20110131/MM39469LOGO-a
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/invesco-announces-additional-risk-information-related-to-the-invesco-closed-end-funds-300285387.html
SOURCE Invesco Ltd.