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.
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SOURCE Invesco Ltd.