This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Invesco Closed-End Funds To Unify Dividend Reinvestment Plans

ATLANTA, July 30, 2013 /PRNewswire/ -- Invesco announced today that 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 Trust (VKQ), Invesco Municipal Income Opportunities Trust (OIA), Invesco Municipal Opportunity Trust (VMO), 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) and Invesco Value Municipal Income Trust (IIM) (the "Funds") are amending certain terms of their Dividend Reinvestment Plans.  The amendments to the Dividend Reinvestment Plans will become effective September 3, 2013.  Upon effectiveness of these amendments, the Funds will utilize a uniform Dividend Reinvestment Plan (the "Plan"). 

(Logo: )

Certain Plan changes are summarized below.

"Opt-Out" Feature

OIA, IIM, IQI, VKI, VBF, VCV, VMO, VKQ, VPV, VGM, VTN and VVR are amending their Plans to adopt "Opt-Out" plans.  VTA and VLT already have "Opt-Out" plans.  Under an "Opt-Out" plan, new shareholders in a Fund will be automatically enrolled in the Plan unless otherwise designated by the shareholder when the shares are purchased.  If at any time a shareholder does not want to participate in the Plan and would like to receive dividends and capital gains distributions ("Distributions") in cash, such shareholder may contact Invesco to withdraw from the Plan.  Shareholders of all Funds that are not currently enrolled in the Plan will continue to receive cash Distributions. 

Share Purchase Price for Participants

OIA, IIM, IQI, VLT and VVR are amending their Plans to provide for the purchase of shares at a reduced price when the Fund's common shares are trading at a premium.  Distributions will be promptly reinvested for Plan participants.  If a Fund's common shares are trading at a share price that is equal to its net asset value ("NAV"), participants will pay that amount for their reinvested shares.  If a Fund's common shares are trading at a premium (a market price that is higher than its NAV), participants will pay either the NAV or 95 percent of the market price, whichever is greater.  If a Fund's common shares are trading at a discount (a market price that is lower than its NAV), participants will pay the market price for their reinvested shares.  VKI, VBF, VCV, VTA, VKQ, VMO, VPV, VGM and VTN already offer this feature. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs