UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement | |
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| ☒ | Definitive Proxy Statement | |
| ☐ | Definitive Additional Materials | |
| ☐ | Soliciting Material Pursuant to §240.14a-11(c) or §240.14a-12 | |
INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II
INVESCO BOND FUND
INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
INVESCO HIGH INCOME 2023 TARGET TERM FUND
INVESCO HIGH INCOME 2024 TARGET TERM FUND
INVESCO HIGH INCOME TRUST II
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST
INVESCO MUNICIPAL OPPORTUNITY TRUST
INVESCO MUNICIPAL TRUST
INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST
INVESCO QUALITY MUNICIPAL INCOME TRUST
INVESCO SENIOR INCOME TRUST
INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS
INVESCO TRUST FOR INVESTMENT GRADE NEW YORK MUNICIPALS
INVESCO VALUE MUNICIPAL INCOME TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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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 2023 Target Term Fund (IHIT)
Invesco High Income 2024 Target Term Fund (IHTA)
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)
11 Greenway Plaza Suite 1000
Houston, Texas 77046-1173
NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS
To Be Held August 9, 20183, 2023
Notice is hereby given to the holders of common shares of beneficial interest (the “Common Shares”) and, as applicable, the holders of preferred shares of beneficial interest (the “Preferred Shares”) of each Invescoclosed-end fund listed above (each a “Fund” and together the “Funds”) that the Joint Annual Meeting of Shareholders of the Funds (the “Meeting”) will be held at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173, on August 9, 20183, 2023 at 1:2:00 p.m. Central Daylight Time.
The Meeting is to be held for the following purpose:
1. To elect trustees in the following manner:
Funds | Trustee Nominees for Election | Shareholders Entitled to Vote | ||||
Proposal 1(a) | VGM, VPV, IQI, IIM and OIA | Joel W. Motley Teresa M. | Common Shareholders and Preferred Shareholders, voting together | |||
Proposal 1(b) | VGM, VTN, VKQ, VMO, VVR, VKI, VCV, VPV, IQI, IIM and OIA | Anthony J. LaCava, Jr. | Preferred Shareholders, voting separately | |||
Proposal 1(c) | VBF, VLT, IHIT and IHTA | Anthony J. LaCava, Jr. Joel W. Motley Teresa M. | Common Shareholders | |||
Each elected trustee will serve for a three-year term or until a successor shall have been duly elected and qualified.
In addition, any other business as may properly come before the Meeting or any adjournments thereof will be transacted at the Meeting.
Holders of record of the Common Shares and, where applicable, Preferred Shares, of each Fund on May 21, 20188, 2023 are entitled to notice of and to vote at the Meeting and any adjournment thereof.
THE BOARD OF TRUSTEES OF EACH FUND UNANIMOUSLY RECOMMENDS THAT YOU CAST YOUR VOTE FOR ALL OF THE NOMINEES TO THE BOARD OF TRUSTEES LISTED IN THE JOINT PROXY STATEMENT.
By order of the Board of Trustees,
Jeffrey H. Kupor
Melanie Ringold
Senior Vice President,
Chief Legal Officer and Secretary
June 25, 201827, 2023
IT IS VERY IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE MEETING IN PERSON OR BY PROXY. PLEASE PROMPTLY SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD(S) IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE OR VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD(S), REGARDLESS OF WHETHER YOU PLAN TO ATTEND THE MEETING.
If you attend the Meeting and wish to vote in person,at the Meeting, you will be able to do so and your vote at the Meeting will revoke any proxy you may have submitted. Merely attending the Meeting, however, will not revoke a previously given proxy.
In order to avoid the additional expense of further solicitation, we ask that you mail your proxy card(s) or record your voting instructions by telephone or via the internet promptly.
Your vote is extremely important. No matter how many or how few shares you own, please send in your proxy card(s), or vote by telephone or the internet today.
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 2023 Target Term Fund (IHIT)
Invesco High Income 2024 Target Term Fund (IHTA)
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)
11 Greenway Plaza Suite 1000
Houston, Texas 77046-1173
JOINT PROXY STATEMENT
FOR
JOINT ANNUAL MEETING OF SHAREHOLDERS
To be Held August 9, 20183, 2023
INTRODUCTION
This Joint Proxy Statement is being furnished in connection with the solicitation of proxies by the Boards of Trustees (the “Board”) of each fund listed above (each a “Fund”“Fund” and together the “Funds”). The proxies are to be voted at a Joint Annual Meeting of Shareholders of the Funds, and all adjournments thereof (the “Meeting”), to be held at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173, on August 9, 2018,3, 2023, at 1:2:00 p.m. Central Daylight Time. The Meeting will be an annual meeting for each Fund. The approximate mailing date of this Joint Proxy Statement and accompanying proxy cards is on or about June 25, 2018.27, 2023.
Participating in the Meeting are holders of common shares of beneficial interest (the “Common Shares”) and, where applicable, the holders of preferred shares of beneficial interest (the “Preferred Shares”) of each Fund as set forth inAnnex A to this Joint Proxy Statement. The Common Shares and the Preferred Shares of the Funds are sometimes referred to herein collectively as the “Shares.” The Board has fixed May 21, 20188, 2023 as the record date (the “Record Date”) for the determination of holders of Shares of each Fund entitled to vote at the Meeting.
The Common Shares of each of the Funds are listed on the New York Stock Exchange (the “NYSE”). The NYSE ticker symbol of each Fund and the amount of Common Shares and Preferred Shares outstanding as of the Record Date are shown inAnnex A to this Joint Proxy Statement. Each Fund is aclosed-end fund organized as a Delaware statutory trust.
The Meeting is scheduled as a joint meeting because the shareholders of the Funds are expected to consider and vote on similar matters. In the event that a shareholder of any Fund present at the Meeting objects to the holding of a joint meeting and moves for an
adjournment of the meeting of such Fund to a time immediately after the Meeting so that such Fund’s meeting may be held separately, the persons named as proxies will vote in favor of the adjournment.
If you have any questions about the information set forth in this Joint Proxy Statement, please contact us at the24-hour Automated Investor Line at1-800-341-2929, Option 1 or visit our website at www.invesco.com/us.
Important Notice Regarding the Availability of Proxy Materials for the Meeting
This Joint Proxy Statement and a copy of the proxy cards (together, the “Proxy Materials”) are available athttps://proxyonline.com/docs/Invesco2018/www.proxy-direct.com/inv-33297. The Proxy Materials will be available on the internet through the day of the Meeting.
Each Fund will furnish, without charge, a copy of its most recent annual report (and the most recent semiannual report succeeding the annual report, if any) to any shareholder upon request. Any such request should be directed to the Secretary of the respective Fund by calling1-800-341-2929, or by writing to the Secretary of the respective Fund at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173.
Only one copy of this proxy statement will be delivered to multiple shareholders sharing an address unless we have received contrary instructions from one or more of the shareholders. Upon request, we will deliver a separate copy of this proxy statement to a shareholder at a shared address to which a single copy of this proxy statement was delivered. Any shareholder who wishes to receive a separate proxy statement should contact their Fund at1-800-331-7543.1-866-456-7938.
The Proposal
The following summarizes the proposal concerning trustee elections to be presented at the Meeting and that the shareholders are entitled to vote upon (the “Election Proposal”). The Board unanimously approved the Election Proposal and recommends that shareholders vote in favor of the Election Proposal.
Proposal 1: Election of Trustees
The following table summarizes the proposalElection Proposal concerning trustee elections to be presented at the Meeting and the shareholders entitled to vote (the “Proposal”). The Board unanimously approved the Proposal and recommends that shareholders vote in favor of the Proposal.vote.
Funds | Trustee Nominees for Election | Shareholders Entitled to Vote | ||||
| Proposal 1(a) | VGM, VMO, VVR, VKI, VCV, VPV, IQI, IIM and OIA | Joel W. Motley Teresa M. | Common Shareholders and Preferred Shareholders, voting together | |||
| Proposal 1(b) | VGM, VTN, VKQ, VMO, VVR, VKI, VCV, VPV, IQI, IIM and OIA | Anthony J. LaCava, Jr. | Preferred Shareholders, voting separately | |||
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| Funds | Trustee Nominees for Election | Shareholders Entitled to Vote | ||||
| Proposal 1(c) | VBF, VLT, IHIT and IHTA | Anthony J. LaCava, Jr. Joel W. Motley Teresa M. | Common Shareholders |
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Voting at the Meeting
Shareholders of a Fund on the Record Date are entitled to one vote per Share, and a proportional vote for each fractional Share, with respect to the Election Proposal, with no Share having cumulative voting rights. The voting requirement for the Election Proposal is described below. A majority of the outstanding Shares of a Fund entitled to vote at the Meeting must be present in personat the Meeting or represented by proxy to have a quorum for such Fund to conduct business at the Meeting.
If you intend to attend the Meeting in person and you are a record holder of a Fund’s Shares, in order to gain admission you must show photographic identification, such as your driver’s license. If you intend to attend the Meeting in person and you hold your Shares through a bank, broker or other custodian (i.e., in “street name”), in order to gain admission you must show photographic identification, such as your driver’s license, and satisfactory proof of ownership of Shares of a Fund, such as your voting instruction form (or a copy thereof) or a broker’s statement indicating ownership as of a recent date.
If you hold your Shares in “street name,” you will not be able to vote your Shares in person at the Meeting unless you have previously requested and obtained a “legal proxy” from your broker, bank or other nominee and present it at the Meeting.
You may contact the Funds at1-800-341-2929, Option 2 to obtain directions to the site of the Meeting.
The Funds do not know of any business other than the Election Proposal that will, or is proposed to be, presented for consideration at the Meeting. If any other matters are properly presented, the persons named on the enclosed proxy cards shall vote proxies in accordance with their best judgment.
Required Vote
With respect to Proposal 1(a), for VGM, VTN, VKQ, VMO, VVR, VKI, VCV, VPV, IQI, IIM and OIA, holders of Common Shares and holders of Preferred Shares of each applicable Fund will vote together as a single class for the respective Nominees. The affirmative vote of a majority of the outstanding Shares of each such Fund present in personat the Meeting or represented by proxy and entitled to vote is required to elect each Nominee for Trustee of such Fund designated to be elected by the holders of the Common Shares and the holders of Preferred Shares of such Fund, voting together as a single class.
With respect to Proposal 1(b), for VGM, VTN, VKQ, VMO, VVR, VKI, VCV, VPV, IQI, IIM and OIA, holders of Preferred Shares of each applicable Fund will vote as a separate class for the Nominee. The affirmative vote of a majority of the outstanding
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Preferred Shares of each such Fund present at the Meeting or represented by proxy and entitled to vote is required to elect the Nominee for Trustee of such Fund designated to be elected by the holders of the Preferred Shares of such Fund, voting as a separate class.
With respect to Proposal 1(c), VBF, VLT, IHIT and IHTA holders of Common Shares of each applicable Fund will vote for the respective Nominees. The affirmative vote of a majority of the outstanding Common Shares of each such Fund present in personat the Meeting or represented by proxy and entitled to vote is required to elect each Nominee for Trustee of such Fund designated to be elected by the holders of the Common Shares of such Fund.
A quorum, which is required for each Fund, is a majority of the outstanding Shares of a Fund, present in person or by proxy, entitled to vote at the Meeting.
All Shares represented by properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon. Proxies on which no vote is indicated will be voted “FOR” each ProposalNominee as to which they are entitled
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to be voted. Proxies marked “WITHHOLD”“WITHHOLD,” for a Nominee, which is the equivalent of an abstention, will not be voted “FOR” each Proposal,the Nominee, but will be counted for purposes of determining whether a quorum is present, and will therefore have the same effect as a vote “AGAINST.”“against” the Nominee.
An unfavorable vote on the Proposalfor a Nominee by the shareholders of one Fund will not affect the implementationelection of the ProposalNominee by another Fund if the ProposalNominee is approved by the shareholders of the other Fund. An unfavorable vote onfor a ProposalNominee by the shareholders of a Fund will not affect such Fund’s implementationelection of other ProposalsNominees that receive a favorable vote. There is no cumulative voting with respect to the election of Trustees or any other matter.
Abstentions and BrokerNon-Votes
Abstentions and brokernon-votes will not count as votes in favor of the Proposal, but will be deemed to be present at the Meeting for purposes of determining a quorum. Brokernon-votes arise when shares are held by brokers or nominees, typically in “street name,” and (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter.
With respect to the Proposal, underUnder the rules of the NYSE, brokers may vote in their discretion on the election of trustees of aclosed-end fund. As a result,Accordingly, because there are no non-discretionary items to be voted on at the Meeting, the Funds do not anticipate receiving any broker non-votes. Under the rules of the NYSE, beneficial owners who do not provide proxy instructions or who do not return a proxy card may have their Shares voted by their brokers in favor of the Election Proposal. Abstentions will have the same effect as a vote against a Trustee Nominee. Broker-dealers and other financial intermediaries who are not members of the NYSE may be subject to other rules, which may or may not permit them to vote your shares without instruction.
We urge you to provide instructions to your broker or nominee to ensure that your votes may be counted.
Revoking a Proxy
Shareholders who execute proxies may revoke them at any time before they are voted by filing a written notice of revocation before the Meeting with the respective Fund, by delivering a duly executed proxy bearing a later date, by attending the Meeting and voting in
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person, by filing a revocation using any electronic, telephonic, computerized or other alternative means, or by written notice of the death or incapacity of the maker of the proxy received by the Fund prior to the Meeting. Shareholders who wish to vote at the Meeting and who hold their shares in “street name” through a brokerage or similar account should obtain a “legal proxy” from their broker in order to vote at the Meeting.Meeting and follow the instructions detailed above.
Adjourning the Meeting
With respect to each Fund, the vote of the holders ofone-third of the Shares cast whether or not a quorum is present, or the chair of the Meeting in his or her discretion, will have the power to adjourn the Meeting with regard to a particular proposal scheduled to be voted on at the Meeting or to adjourn the Meeting entirely from time to time without notice.
Provided a quorum is present, any business may be transacted at such adjourned meeting that might have been transacted at the Meeting as originally notified. A meeting may be adjourned from time to time without further notice to shareholders to a date not more than
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120 days after the original meeting date for such meeting. In voting for the adjournment, the persons named as proxies may vote their proxies in favor of one or more adjournments of the Meeting, or the chair of the Meeting may call an adjournment, provided such persons determine that such adjournment is reasonable and in the best interests of shareholders and the Funds, based on a consideration of such factors as they may deem relevant.
THE BOARD OF EACH FUND UNANIMOUSLY RECOMMENDS THAT YOU CAST YOUR VOTE FOR ALL OF THE NOMINEES IN THE ELECTION PROPOSAL.
Investment Adviser of the Funds
The investment adviser for each Fund is Invesco Advisers, Inc. (the “Adviser”). The Adviser is a wholly owned subsidiary of Invesco Ltd. The Adviser is located at 1555 Peachtree1331 Spring Street, N.E.,NW, Suite 2500, Atlanta, Georgia 30309. The Adviser, as successor in interest to multiple investment advisers, has been an investment adviser since 1976.
Sub-Advisers of the Funds
The Adviser has entered into asub-advisory agreement with certain affiliates to serve assub-advisers to each Fund (except IHIT and IHTA), pursuant to which these affiliatedsub-advisers may be appointed by the Adviser from time to time to provide discretionary investment management services, investment advice, and/or order execution services to the Funds. The affiliatedsub-advisers, each of which is a registered investment adviser under the Investment Advisers Act of 1940 are Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc,Inc., and Invesco Canada Ltd. (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). EachSub-Adviser is an indirect wholly owned subsidiary of Invesco Ltd.
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Other Service Providers of the Funds
Administration Services
Each Fund has entered into a master administrative services agreement with the Adviser, pursuant to which the Adviser performs or arranges for the provision of accounting and other administrative services to each Fund which are not required to be performed by the Adviser under its investment advisory agreement with each Fund. Pursuant to a subcontract for administrative services with the Adviser, State Street Bank and Trust Company performs certain administrative functions for the Funds. State Street Bank and Trust Company is located at 225 Franklin Street, Boston, Massachusetts 02110-2801. VVRInvesco Senior Income Trust has also entered into an additional administration agreement with the Adviser. Each Fund has also entered into a support services agreement with Invesco Investment Services, Inc. The principal business address of Invesco Investment Services, Inc. is 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173.
Custodian and Transfer Agent
The custodian for each Fund is State Street Bank and Trust Company, located at 225 Franklin Street, Boston, Massachusetts 02110-2801. The transfer agent for each Fund is Computershare Trust Company, N.A., located at P.O. Box 43078, Providence, Rhode Island 02940-3078.
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THE PROPOSAL:
ELECTION OF TRUSTEES
With respect to each of Invesco Bond Fund, Invesco High Income 2023 Target Term Fund, and Invesco High Income 2024 Target Term Fund and Invesco High Income Trust II, holders of Common Shares will vote with respect to the election of Bruce L. Crockett, JackBeth Ann Brown, Anthony LaCava Jr., Joel W. Motley, and Teresa M. Fields, Martin L. Flanagan and Robert C. Troccoli.Ressel.
With respect to each of Invesco Advantage Municipal Income Trust II, Invesco California Value Municipal Income Trust, Invesco Dynamic Credit Opportunities Fund, Invesco Municipal Opportunity Trust, Invesco Municipal Trust, Invesco Pennsylvania Value Municipal Income Trust, Invesco Quality Municipal Income Trust, Invesco Senior Income Trust, Invesco Trust for Investment Grade Municipals, Invesco Trust for Investment Grade New York Municipals, Invesco Value Municipal Income Trust and Invesco Municipal Income Opportunities Trust, holders of Preferred Shares, voting as a separate class, will vote with respect to the election of Anthony J. LaCava. Holders of Common Shares and holders of Preferred Shares of each of these Funds will vote together with respect to the election of Bruce L. Crockett, JackBeth Ann Brown, Joel W. Motley and Teresa M. Fields, Martin L. Flanagan and Robert C. Troccoli.Ressel.
All Nominees have consented to being named in this Joint Proxy Statement and have agreed to serve if elected.
If elected, each Trustee will serve until the later of such Fund’s Annual Meeting of Shareholders in 20212026 or until his or her successor has been duly elected and qualified. As in the past, only one class of Trustees is being submitted to shareholders of each Fund for election at the Meeting. Each Fund’s Amended and Restated Agreement and Declaration of Trust (each, a “Declaration“Declaration of Trust”Trust”) provides that the Board shall be divided into three classes. For each Fund, only one class of Trustees is elected at each annual meeting, so that the regular term of only one class of Trustees will expire annually and any particular Trustee stands for election only once in each three-year period. The foregoing is subject to the provisions of the Investment Company Act of 1940, as amended (the “1940 Act”“1940 Act”), applicable Delaware state law, each Fund’s Declaration of Trust and each Fund’s Bylaws.
In the case of any vacancy on the Board, each Fund’s Declaration of Trust provides that the remaining Trustees may fill such vacancy by appointing a replacement to serve for the remaindersize of the termBoard shall be automatically reduced by the number of vacancies unless or reduceuntil the Board by resolution expressly maintains or increases the size of the Board. In the case of a vacancy arising from a Board resolution to maintain or increase the size of the Board, the remaining Trustees may fill such vacancy or add additional Board members, as the case may be, by appointing a replacement meeting the Trustee qualifications outlined in each Funds’ Declaration of Trust to serve for the remainder of the term of the Board position previously vacated. In the case of a vacancy of a Preferred Shares Trustee arising from a Board resolution to maintain or increase the size of the Board, the remaining Trustees may designate a Trustee to serve as a “Preferred Shares Trustee” for the remainder of the term.term of the Board position previously vacated.
With the exception of the Preferred Shares Trustee, the class of Trustees up for election in any given year is the same for each Fund.
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The following table indicates all current Trustees in each such class and the period for which each class currently serves:
Class I | Class II | Class III3 | ||
Cynthia Hostetler |
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| Martin L. Flanagan | ||
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| Elizabeth Krentzman | ||
Prema Mathai-Davis | Joel W. Motley | Robert C. Troccoli | ||
| Teresa M. Ressel |
| 1 |
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| 2 | Serving until the |
| 3 |
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Information Regarding the Trustees
The business and affairs of the Funds are managed under the direction of the Board. This section of this Joint Proxy Statement provides you with information regarding each incumbent Trustee that is proposed to serve on the Board. Trustees of the Funds generally serve three-year terms or until their successors are duly elected and qualified. The tables below list the Trustees, their principal occupations, other directorships held by them during the past five years, and any affiliations with the Adviser or its affiliates. If all of the Trustees are elected, the Board will be composed of 1311 Trustees, including 1110 Trustees who are not “interested persons” of the Funds, as that term is defined in the 1940 Act (collectively, the “Independent Trustees” and each an “Independent Trustee”).
As used in this Joint Proxy Statement, the term “Invesco Fund Complex” includes each of theopen-end andclosed-end registered investment companies advised primarily by the Adviser as of the Record Date. As of the date of this Joint Proxy Statement, there were 158171 funds in the Invesco Fund Complex.
The mailing address of each Trustee is 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173.
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Name, Year of Birth | Trustee Since | Principal Occupation(s) During Past 5 Years | Number of | Other
5 Years | ||||
Interested | ||||||||
Martin L. Flanagan Trustee and Vice Chair | † | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President,Co-Chief Executive Officer,Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization) | None | |||||
| 1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
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Name, Year of Birth | Trustee
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Independent Trustees | ||||||||
Trustee (2019) and Chair (August 2022) | † |
Formerly: Head of Intermediary Distribution, Managing Director, |
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Cynthia Hostetler — 1962 Trustee | † | Non-Executive Director and Trustee of a number of public and private business
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP |
| Resideo Technologies (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; | ||||
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Name, Year of Birth | Trustee Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Invesco Fund Complex Overseen by Trustee | Other 5 Years | ||||
Eli Jones — 1961 Trustee | † | Professor and Dean Emeritus, Mays Business
Formerly: Dean of Mays Business School at Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank |
| Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Board Member, First Financial Bankshares, Inc. Texas (FFIN) | ||||
Elizabeth Krentzman — 1959 Trustee | † | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds | 171 | Formerly: Member of the Cartica Funds Board of Directors (private investment funds); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee, and Membership Committee | ||||
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Name, Year of Birth | Trustee Since | Principal Occupation(s) During Past 5 Years | Number of Funds in Invesco Fund Complex Overseen by Trustee | Other 5 Years | ||||
Anthony J. LaCava — 1956 Trustee | † | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 171 | Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP | ||||
Prema Mathai-Davis — 1950 Trustee | † | Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute | 171 | Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit) | ||||
Joel W. Motley — 1952 Trustee | † | Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; Member of Investment Committee and Board of | 171 | Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC | ||||
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Name, Year of Birth | Trustee Since |
Occupation(s) During Past 5 Years | Funds in Invesco Fund Complex Overseen by Trustee | Other 5 Years | ||||
Historic Hudson Valley (non-profit cultural organization); Member of Board of Blue Ocean Acquisition Corp; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor). | (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) | |||||||
Teresa M. Ressel — 1962 Trustee | † | Non-executive director and trustee of a number of public and private business
Formerly: Chief |
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Name, Year of Birth | Trustee
| Principal Occupation(s) During Past 5 Years | Number of | Other
5 Years | ||||
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|
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Robert C. Troccoli — 1949 Trustee | † | Retired Formerly: Adjunct Professor, University of Denver – Daniels College of
|
| None | ||||
Trustee | † |
Formerly: |
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|
|
|
|
| ||||
| American |
| (1) | Mr. Flanagan is considered an interested person (within the meaning of the Section 2(a)(19) of the 1940 Act) of the Funds because he is an officer of the Adviser, and an officer and a director of Invesco Ltd., the ultimate parent of the Adviser. |
|
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| † | Each Trustee generally serves a three-year term from the date of election. Each Trustee currently serving on the Board has served as a Trustee of each respective Fund since the year shown below: |
| Flanagan | Taylor | Crockett | Arch | Fields | Hostetler | Flanagan | Brown | Hostetler | Jones | Krentzman | LaCava | |||||||||||||||||||||||||
VKI | 2014 | 2014 | 2014 | 1993 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VBF | 2014 | 2014 | 2014 | 1997 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VCV | 2014 | 2014 | 2014 | 1993 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VTA | 2014 | 2014 | 2014 | 2007 | 2014 | 2017 | ||||||||||||||||||||||||||||||
IHIT | 2016 | 2016 | 2016 | 2016 | 2016 | 2017 | 2016 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
IHTA | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2019 | 2017 | 2017 | 2019 | 2019 | ||||||||||||||||||||||||
VLT | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||||||||
OIA | 2010 | 2010 | 2010 | 2010 | 2010 | 2017 | 2010 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VMO | 2014 | 2014 | 2014 | 1992 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VKQ | 2014 | 2014 | 2014 | 1991 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VPV | 2014 | 2014 | 2014 | 1993 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
IQI | 2010 | 2010 | 2010 | 2010 | 2010 | 2017 | 2010 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VVR | 2014 | 2014 | 2014 | 1998 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VGM | 2014 | 2014 | 2014 | 1991 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
VTN | 2014 | 2014 | 2014 | 1992 | 2014 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
IIM | 2010 | 2010 | 2010 | 2010 | 2010 | 2017 | 2010 | 2019 | 2017 | 2016 | 2019 | 2019 | ||||||||||||||||||||||||
| Jones | Mathai- Davis | Ressel | Stern | Stickel | Troccoli | Wilson | ||||||||
VKI | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | |||||||
VBF | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | |||||||
VCV | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | |||||||
VTA | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | |||||||
IHIT | 2016 | 2016 | 2017 | 2017 | 2016 | 2016 | 2017 | |||||||
IHTA | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | |||||||
OIA | 2016 | 2010 | 2017 | 2017 | 2010 | 2016 | 2017 | |||||||
VMO | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | |||||||
VKQ | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | |||||||
VPV | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 |
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| Jones | Mathai- Davis | Ressel | Stern | Stickel | Troccoli | Wilson | Mathai- Davis | Motley | Ressel | Troccoli | Vandivort | |||||||||||||||||||||||
VKI | 2014 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
VBF | 2014 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
VCV | 2014 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
IHIT | 2016 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
IHTA | 2017 | 2019 | 2017 | 2017 | 2019 | |||||||||||||||||||||||||||||
VLT | 2014 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
OIA | 2010 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
VMO | 2014 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
VKQ | 2014 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
VPV | 2014 | 2019 | 2017 | 2016 | 2019 | |||||||||||||||||||||||||||||
IQI | 2016 | 2010 | 2017 | 2017 | 2010 | 2016 | 2017 | 2010 | 2019 | 2017 | 2016 | 2019 | ||||||||||||||||||||||
VVR | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | ||||||||||||||||||||||
VGM | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | ||||||||||||||||||||||
VTN | 2016 | 2014 | 2017 | 2017 | 2014 | 2016 | 2017 | 2014 | 2019 | 2017 | 2016 | 2019 | ||||||||||||||||||||||
IIM | 2016 | 2010 | 2017 | 2017 | 2010 | 2016 | 2017 | 2010 | 2019 | 2017 | 2016 | 2019 | ||||||||||||||||||||||
Board Meetings
In addition to regularly scheduled meetings each year, the Board holds special meetings and/or conference calls to discuss specific matters that may require action prior to the next regular meeting. The Board met ninefourteen times during the fiscal year ended February 28, 20182023 and each independent Trustee attended at least 75% of the aggregate of: (i) all regular meetings of the Board during which time such independent Trustee served and (ii) all meetings of the committees of the Board on which the Trustee served. Trustees are encouraged to attend regular shareholder meetings, but the Board has no set policy requiring Board member attendance at such meetings.
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Board Leadership Structure
The Board has appointed an Independent Trustee to serve in the role of Chairman of the Board.Chair. The Chairman’sChair’s primary role is to participatepreside at meetings of the Board and act as a liaison with the Adviser and other service providers, officers (including the Senior Officer of each Fund), attorneys and other Trustees between meetings. The Chair also participates in the preparation of the agenda for the meetings of the Board, and the identification of information to be presented to the Board and matters to be acted upon by the Board. The Chairman also presides at all meetings of the Board and acts as a liaisonis active with service providers, officers, attorneys,mutual fund industry organizations, and other Trustees generally between meetings. The Chairman may perform such other functions as may be requested by the Board from time to time. Except for any duties specified herein or pursuant to each Fund’s Declaration of Trust or Bylaws, the appointment, designation or identification of a Fund’s charter documents,Trustee as the designationChair of Chairman doesthe Board, a member or chair of a committee of the Trustees, an expert on any topic or in any area (including an audit committee financial expert), or the lead Independent Trustee, shall not impose on such Independent Trusteethat person any duties, obligationsstandard of care or liability that is greater than the duties, obligations or liability otherwisethat imposed on suchthat person as a memberTrustee in the absence of that appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof.
The Board believes that its leadership structure, including having an Independent Trustee as Chair, allows for effective communication between the Trustees and management, among the Trustees and among the Independent Trustees. The existing Board structure, including its committee structure as discussed below, provides the Independent Trustees with effective control over Board governance while also allowing them to receive and benefit from insight from the interested Trustee who is an active officer of the Board, generally. As discussed below,Funds’ investment adviser. The Board’s leadership structure promotes dialogue and debate, which the Board has established committees to assistbelieves allows for the Board in performing its oversight responsibilities. It is believed that such structure assures that proper consideration is given at Board meetings toof matters deemed important to each Fundthe Funds and its shareholders.their shareholders and results in effective decision-making.
Board Qualifications and Experience
Interested Trustees.Trustee.
Martin L. Flanagan, Trustee and Vice Chair
Martin L. Flanagan has been a member of the Board of Trustees and Vice Chair of the Invesco Funds since 2007. Mr. Flanagan is president and chief executive officer of Invesco Ltd., a position he has held since August 2005. He is also a member of the Board of Directors of Invesco Ltd.
Mr. Flanagan joined Invesco, Ltd. from Franklin Resources, Inc., where he was president andco-chief executive officer from January 2004 to July 2005. Previously he had been Franklin’sco-president from May 2003 to January 2004, chief operating officer and chief financial officer from November 1999 to May 2003, and senior vice president and chief financial officer from 1993 until November 1999.
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Mr. Flanagan served as director, executive vice president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by Franklin in 1992. Before joining Templeton in 1983, he worked with Arthur Andersen & Co.
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Mr. Flanagan is a chartered financial analyst and a certified public accountant. He serves as vice chairman of the Investment Company Institute and a member of the executive board at the SMU Cox School of Business.
The Board believes that Mr. Flanagan’s long experience as an executive in the investment management area benefits the Funds.
Philip A. Taylor, TrusteeIndependent Trustees
Philip A. TaylorBeth Ann Brown, Trustee and Chair
Beth Ann Brown has been a member of the Board of Trustees of the Invesco Funds since 2006. Mr. Taylor2019 and Chair since August 2022. From 2016 to 2019, Ms. Brown served on the boards of certain investment companies in the Oppenheimer Funds complex.
Ms. Brown has headed Invesco’s North American retail businessserved as Director of Caron Engineering, Inc. since 2018 and as an Independent Consultant since September 2012.
Previously, Ms. Brown served in various capacities at Columbia Management Investment Advisers LLC, including Head of Intermediary Distribution, Managing Director, Strategic Relations and Managing Director, Head of National Accounts. She also served as Senior ManagingVice President, National Account Manager from 2002-2004 and Senior Vice President, Key Account Manager from 1999 to 2002 of Liberty Funds Distributor, Inc. From 2013 through 2022, she served as Director, Vice President (through 2019) and President (2019-2022) of Grahamtastic Connection, a non-profit organization.
From 2014 to 2017, Ms. Brown served on the Board of Advisors of Caron Engineering Inc. and also served as President and Director of Invesco Ltd. since April 2006. He previously served as chief executive officer of Invesco Trimark Investments since January 2002.
Mr. Taylor joined Invesco in 1999 as senior vice president of operations and client services and later became executive vice president and chief operating officer.
Mr. Taylor was president of Canadian retail broker Investors Group SecuritiesActon Shapleigh Youth Conservation Corps, a non–profit organization, from 19942012 to 1997 and managing partner of Meridian Securities, an execution and clearing broker, from 1989 to 1994. He held various management positions with Royal Trust, now part of Royal Bank of Canada, from 1982 to 1989. He began his career in consumer brand management in the U.S. and Canada with Richardson-Vicks, now part of Procter & Gamble.2015.
The Board believes that Mr. Taylor’s longMs. Brown’s experience in thefinancial services and investment management business benefits the Funds.
Independent Trustees.
Bruce L. Crockett, Trustee and Chair
Bruce L. Crockett has been a member of the Board of Trustees of the Invesco Funds since 1978, and has served as Independent Chair of the Board of Trustees and their predecessor funds since 2004.
Mr. Crockett has more than 30 years of experience in finance and general management in the banking, aerospace and telecommunications industries. From 1992 to 1996, he served as president, chief executive officer and a director of COMSAT Corporation, an international satellite and wireless telecommunications company.
Mr. Crockett has also served, since 1996, as chairman of Crockett Technologies Associates, a strategic consulting firm that provides services to the information technology and communications industries. Mr. Crockett also serves on the Board of ALPS (Attorneys Liability Protection Society) and Ferroglobe PLC (metallurgical company) and he is a life trustee of the University of Rochester Board of Trustees. He is a member of the Audit Committee of Ferroglobe PLC.
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The Board of Trustees elected Mr. Crockett to serve as its Independent Chair because of his extensive experience in managing public companies and familiarity with investment companies.
David C. Arch, Trustee
David C. Arch has been a member of the Board of Trustees of the Invesco Funds and their predecessor funds since 2010. From 1984 to 2010, Mr. Arch served as Director or Trustee ofother investment companies in the Van Kampen Funds complex.
Mr. Arch is the Chairman of Blistex Inc., a consumer health care products manufacturer. Mr. Arch is a member of the Board of the Illinois Manufacturers’ Association and a member of the World Presidents’ Organization.
The Board believes that Mr. Arch’s experience as the CEO of a public company and his experience with investment companies benefits the Funds.
Jack M. Fields, Trustee
Jack M. Fields has been a member of the Board of Trustees of the Invesco Funds since 1997.
Mr. Fields served as a member of Congress, representing the 8th Congressional District of Texas from 1980 to 1997. As a member of Congress, Mr. Fields served as Chairman of the House Telecommunications and Finance Subcommittee, which has jurisdiction and oversight of the Federal Communications Commission and the SEC. Mr. Fieldsco-sponsored the National Securities Markets Improvements Act of 1996, and played a leadership role in enactment of the Securities Litigation Reform Act.
Mr. Fields currently serves as Chief Executive Officer of the Twenty-First Century Group, Inc. in Washington, D.C., a bipartisan Washington consulting firm specializing in Federal government affairs.
Mr. Fields also served as a Director of Insperity, Inc. (formerly known as Administaff), a premier professional employer organization with clients nationwide until 2015. In addition, Mr. Fields serves as Chairman and sits on the Board of Discovery Learning Alliance, a nonprofit organization dedicated to providing educational resources to people in need around the world through the use of technology.
The Board believes that Mr. Fields’ experience in the House of Representatives, especially concerning regulation of the securities markets, benefits the Funds.
Cynthia Hostetler, Trustee
Cynthia Hostetler has been a member of the Board of Trustees of the Invesco Funds since 2017.
Ms. Hostetler is currently a member of the board of directors of the Vulcan Materials Company, a public company engaged in the production and distribution of construction
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materials, and Trilinc Global Impact Fund LLC, a publicly registerednon-traded limited liability company that invests in a diversified portfolio of private debt instruments. instruments, Resideo Technologies, Inc., a public company that manufactures and distributes smart home security products and solutions worldwide, and Textainer Group Holdings, a public company that is the world’s second largest shipping container leasing company. Ms. Hostetler also serves on the board of governors of the Investment Company Institute and is a member of the governing council of the Independent Directors Council, both of which are professional organizations in the investment management industry.
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Previously, Ms. Hostetler served as a member of the board of directors/trustees of Aberdeen Investment Funds, a mutual fund complex, and Edgen Group Inc., a public company that provides products and services to energy and construction companies, from 2012 to 2013, prior to its sale to Sumitomo.Sumitomo, and Genesee & Wyoming, Inc., a public company that owns and operates railroads worldwide, from 2018 to 2019, prior to its sale to Brookfield Asset Management. Ms. Hostetler was also a member of the board of directors of the Eisenhower Foundation, a non-profit organization.
From 2001 to 2009, Ms. Hostetler served as Head of Investment Funds and Private Equity at Overseas Private Investment Corporation (“OPIC”), a government agency that supports US investment in the emerging markets. Ms. Hostetler oversaw a multi-billion dollar investment portfolio in private equity funds. Prior to joining OPIC, Ms. Hostetler served as President and member of the board of directors of First Manhattan Bancorporation, a bank holding company, from 1991 to 2007, and its largest subsidiary, First Savings Bank, from 1991 to 2001.2006 (Board Member) and from 1996 to 2001 (President).
The Board believes that Ms. Hostetler’s knowledge of financial services and investment management, her experience as a director of other companies, including a mutual fund complex, her legal background, and other professional experience gained through her prior employment benefit the Funds.
Dr. Eli Jones, Trustee
Dr. Eli Jones has been a member of the Board of Trustees of the Invesco Funds since 2016.
Dr. Jones is the deanhas served as Board Member of the Mays Business School atregional board, First Financial Bank Texas A&M Universitysince 2021 and holder of the Peggy Pitman Mays Eminent Scholar Chair in Business.Board Member, First Financial Bankshares, Inc. Texas (FFIN) since 2022. Since 2020, Dr. Jones has served as a director on the board of directors of Insperity, Inc. since April(“Insperity”). From 2004 and isto 2016, Dr. Jones was chair of the Compensation Committee, and a member of the Nominating and Corporate Governance Committee. PriorCommittee and a director on the board of directors of Insperity.
Dr. Jones is a Professor of Marketing, Lowry and Peggy Mays Eminent Scholar, and Dean Emeritus of Mays Business School at Texas A&M University. From 2015 to his current position, from 2012-2015,2021, Dr. Jones served as Dean of Mays Business School at Texas A&M University. From 2012 to 2015, Dr. Jones was the dean of the Sam M. Walton College of Business at the University of Arkansas and holder of the Sam M. Walton Leadership Chair in Business. Prior to joining the faculty at the University of Arkansas, he was dean of the E. J. Ourso College of Business and Ourso Distinguished Professor of Business at Louisiana State University from 2008 to 2012; professor of marketing and associate dean at the C.T. Bauer College of Business at the University of Houston from 2007 to 2008; an associate professor of marketing from 2002 to 2007; and an assistant professor from 1997 until 2002. He taught at Texas A&M University for several years before joining the faculty of the University of Houston.
Dr. Jones served as the executive director of the Program for Excellence in Selling and the Sales Excellence Institute at the University of Houston from 1997 to 2007. Before becoming a professor, he worked in sales and sales management for three Fortune 100
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companies: Quaker Oats, Nabisco, andFrito-Lay. Dr. Jones is a past director of Arvest Bank. He received his Bachelor of Science degree in journalism in 1982, his MBA in 1986 and his Ph.D. in 1997, all from Texas A&M University.
The Board believes that Dr. Jones’ experience in academia and his experience in marketing benefits the Funds.
Elizabeth Krentzman, Trustee
Elizabeth Krentzman has been a member of the Board of Trustees of the Invesco Funds since 2019. From 2014 to 2019, Ms. Krentzman served on the boards of certain investment companies in the Oppenheimer Funds complex.
Ms. Krentzman served from 2017 to 2022, as a member of the Cartica Funds Board of Directors (private investment funds). Ms. Krentzman previously served as a member of the Board of Trustees of the University of Florida National Board Foundation from 2016 to 2021. She also served as a member of the Board of Trustees of the University of Florida Law Center Association, Inc. from 2016 to 2021, as a member of its Audit Committee from 2016 to 2020, and as a member of its Membership Committee from 2020 to 2021.
Ms. Krentzman served from 1997 to 2004 and from 2007 and 2014 in various capacities at Deloitte & Touche LLP, including Principal and Chief Regulatory Advisor for Asset Management Services, U.S. Mutual Fund Leader and National Director of the Investment Management Regulatory Consulting Practice. She served as General Counsel of the Investment Company Institute from 2004 to 2007.
From 1996 to 1997, Ms. Krentzman served as an Assistant Director of the Division of Investment Management—Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission. She also served from 1991 to 1996 in various positions with the Division of Investment Management—Office of Regulatory Policy of the U.S. Securities and Exchange Commission and from 1987 to 1991 as an Associate at Ropes & Gray LLP.
The Board believes that Ms. Krentzman’s legal background, experience in financial services and accounting and as a director of other investment companies benefits the Funds.
Anthony J. LaCava, Jr., Trustee
Anthony J. LaCava, Jr. has been a member of the Board of Trustees of the Invesco Funds since 2019.
Previously, Mr. LaCava served as a member of the board of directors and as a member of the audit committee of Blue Hills Bank, a publicly traded financial institution.
Mr. LaCava retired after a 37-year career with KPMG LLP (“KPMG”) where he served as senior partner for a wide range of firm clients across the retail, financial services, consumer markets, real estate, manufacturing, health care and technology industries. From 2005 to 2013, Mr. LaCava served as a member of the board of directors of KPMG and chair of the board’s audit and finance committee and nominating committee. He also previously
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served as Regional Managing Partner from 2009 through 2012 and Managing Partner of KPMG’s New England practice.
Mr. LaCava currently serves as Member and Chairman of the Business School Advisory Council of Bentley University and as a member of American College of Corporate Directors and Board Leaders, Inc.
The Board believes that Mr. LaCava’s experience in audit and financial services benefits the Funds.
Dr. Prema Mathai-Davis, Trustee
Dr. Prema Mathai-Davis has been a member of the Board of Trustees of the Invesco Funds since 1998.
PriorSince 2021, Dr. Mathai-Davis has served as a member of the Board of Positive Planet US, a non-profit organization and Healthcare Chaplaincy Network, a non-profit organization.
Previously, Dr. Mathai-Davis served as co-founder and partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform) from 2017 to her retirement in 2000, October 2019, when the firm was acquired by Forbes Media Holdings, LLC.
Dr. Mathai-Davis previously served as Chief Executive Officer of the YWCA of the USA.USA from 1994 until her retirement in 2000. Prior to joining the YWCA, Dr. Mathai-Davis served as the Commissioner of the New York City Department for the Aging. She was a Commissioner and Board Member of the Metropolitan Transportation Authority of New York, the largest regional transportation network in the U.S. Dr. Mathai-Davis also servesserved as a Trustee of the YWCA Retirement Fund, the first and oldest pension fund for women, and on the advisory board of the Johns Hopkins Bioethics Institute. She was a member of the Board of Visitors of the University of Maryland School of Public Policy, and on the visiting Committee of The Harvard University Graduate School of Education.
Dr. Mathai-Davis was the president and chief executive officer of the Community Agency for Senior Citizens, anon-profit social service agency that she established in 1981. She also directed the Mt. Sinai School of Medicine-Hunter College Long-Term Care Gerontology Center, one of the first of its kind.
The Board believes that Dr. Mathai-Davis’ extensive experience in running public and charitable institutions benefits the Funds.
Joel W. Motley, Trustee
Joel W. Motley has been a member of the Board of Trustees of the Invesco Funds since 2019. From 2002 to 2019, Mr. Motley served on the boards of certain investment companies in the Oppenheimer Funds complex.
In May 2022, Mr. Motley rejoined the Vestry and the Investment Committee of Trinity Church Wall Street. Since 2021, Mr. Motley has served as a Board member of the Trust for
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Mutual Understanding, which makes grants to arts and environmental organizations in Eastern Europe. Since 2021, Mr. Motley has served as a member of the board of Blue Ocean Acquisition Corp. Since 2016, Mr. Motley has served as an independent director of the Office of Finance of the Federal Home Loan Bank System. He has served as Managing Director of Carmona Motley, Inc., a privately-held financial advisory firm, since January 2002.
Mr. Motley also serves as a member of the Council on Foreign Relations and its Finance and Budget Committee. He is a member of the Investment Committee and is Chairman Emeritus of the Board of Human Rights Watch and a member of the Investment Committee and the Board of Historic Hudson Valley, a non-profit cultural organization.
Since 2011, he has served as a Board Member and Investment Committee Member of the Pulitzer Center for Crisis Reporting, a non-profit journalism organization. Mr. Motley also serves as Director and member of the Board and Investment Committee of The Greenwall Foundation, a bioethics research foundation, and as a Director of Friends of the LRC, a South Africa legal services foundation.
Previously, Mr. Motley served as Managing Director of Public Capital Advisors, LLC, a privately held financial advisory firm, from 2006 to 2017. He also served as Managing Director of Carmona Motley Hoffman Inc. a privately-held financial advisor, and served as a Director of Columbia Equity Financial Corp., a privately-held financial advisor, from 2002 to 2007.
The Board believes that Mr. Motley’s experience in financial services and as a director of other investment companies benefits the Funds.
Teresa M. Ressel, Trustee
Teresa M. Ressel has been a member of the Board of Trustees of the Invesco Funds since 2017.
Ms. Ressel has previously served across bothwithin the private sector and the U.S. government.government as well as consulting. Formerly, Ms. Ressel served from 2004 to 2012at UBS AG in various capacities, at UBS AG, including most recently as Chief Executive Officer of UBS Securities LLC, a broker-dealer division of UBS Investment Bank, and as Group Chief Operating Officer of the Americas group at UBS AG. In these roles, Ms. Ressel managed a broad array of operational risk controls, supervisory control, regulatory, compliance, and logistics functions covering the United States and Canada, as well as banking activities covering the Americas.
Between 2001 and 2004, Ms. Ressel served at the U.S. Treasury, firstinitially as Deputy Assistant Secretary for Management and& Budget and then as Assistant Secretary for Management and Chief Financial Officer. Ms. Ressel was confirmed by the U.S. Senate and handles a broad array of managementanchored financial duties at the Department, including finance, & accounting, operational risk, audit and performance measurement along with information technology and infrastructure security.measurement.
Ms. Ressel currentlyalso volunteers within her community across a number of functions and serves as a member of the board of directors and as a member of the audit committee of ON Semiconductor Corporation, a publicly traded technology company. Ms. Ressel currently chairs their Corporate Governance and Nominating Committee. ON Semiconductor is a leading supplier of semiconductor-based solutions, many of which reduce global energy use. She has served on the ON Semiconductor board since 2012.
From 2014 to 2017, Ms. Ressel also served on the board of directors at Atlantic Power Corporation, a publicly traded company which owns and operates a diverse fleet of power generation acrossGAVI, the United States and Canada.Global Vaccine Alliance (non-profit) supporting children’s health.
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The Board believes that Ms. Ressel’s risk management and financial experience in both the private and public sectors benefits the Funds.
Ann Barnett Stern, Trustee
Ann Barnett Stern has been a member of the Board of Trustees of the Invesco Funds since 2017.21
Ms. Stern is currently the President and Chief Executive Officer of Houston Endowment Inc., a private philanthropic institution. She has served in this capacity since 2012. Formerly, Ms. Stern served in various capacities at Texas Children’s Hospital from 2003 to 2012, including General Counsel and Executive Vice President.
Ms. Stern is also currently a member of the Dallas Board of the Federal Reserve Bank of Dallas, a role she has held since 2013.
The Board believes that Ms. Stern’s knowledge of financial services and investment management and her experience as a director, and other professional experience gained through her prior employment benefit the Funds.
Raymond Stickel, Jr., Trustee
Raymond Stickel, Jr. has been a member of the Board of Trustees of the Invesco Funds since 2005.
Mr. Stickel retired after a35-year career with Deloitte & Touche. For the last five years of his career, he was the managing partner of the investment management practice for the New York, New Jersey and Connecticut region. In addition to his management role, he directed audit and tax services for several mutual fund clients.
Mr. Stickel began his career with Touche Ross & Co. (the Firm) in Dayton, Ohio, became a partner in 1976 and managing partner of the office in 1985. He also started and developed an investment management practice in the Dayton office that grew to become a significant source of investment management talent for the Firm. In Ohio, he served as the audit partner on numerous mutual funds and on public and privately held companies in other industries. Mr. Stickel has also served on the Firm’s Accounting and Auditing Executive Committee.
The Board believes that Mr. Stickel’s experience as a partner in a large accounting firm working with investment managers and investment companies benefits the Funds.
Robert C. Troccoli, Trustee
Robert C. Troccoli has been a member of the Board of Trustees of the Invesco Funds since 2016.
Mr. Troccoli retired in 2010 after a39-year career with KPMG LLP. SinceLLP (“KPMG”), where he served as a senior Partner. From 2013 to 2017, he has beenwas an adjunct professor at the University of Denver’s Daniels College of Business.
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Mr. Troccoli’s leadership roles during his career with KPMG included managing partner and partner in charge of the Denver office’s Financial Services Practice. He served regulated investment companies, investment advisors, private partnerships, private equity funds, sovereign wealth funds, and financial services companies. Toward the end of his career, Mr. Troccoli was a founding member of KPMG’s Private Equity Group in New York City, where he served private equity firms and sovereign wealth funds. Mr. Troccoli also served mutual fund clients along with several large private equity firms as Global Lead Partner of KPMG’s Private Equity Group.
The Board believes that Mr. Troccoli’s experience as a partner in a large accounting firm and his knowledge of investment companies, investment advisors, and private equity firms benefits the Funds.
Christopher L. Wilson,Daniel S. Vandivort, Trustee
Christopher L. WilsonDaniel S. Vandivort has been a member of the Board of Trustees of the Invesco Funds since 2017.
Mr. Wilson started a career in the investment management business in 1980. From 2004 to 2009, Mr. Wilson served as President and Chief Executive Officer of Columbia Funds, a mutual fund complex with over $350 billion in assets. From 2009 to 2017, Mr. Wilson served as a Managing Partner of CT2, LLC, an early stage investing and consulting firm forstart-up companies.
2019. From 2014 to 2016,2019, Mr. WilsonVandivort served on the boards of certain investment companies in the Oppenheimer Funds complex, as a Trustee and as the Governance Committee Chair.
Mr. Vandivort also served as a memberChairman, Lead Independent Director, and Chairman of the Audit Committee of the Board of Directors of the mutual fund company managed by TDAM USA Inc., an affiliateValue Line Funds from 2008 through 2014.
Previously, Mr. Vandivort also served as a Trustee and Chairman of TD Bank, N.A.the Weiss Peck and Greer Mutual Funds Board from 2004 to 2005.
Previously, Mr. Vandivort served at Weiss Peck and Greer/Robeco Investment Management from 1994 to 2007, as President and Chief Investment Officer and prior to that as Managing Director and Head of Fixed Income. Mr. Vandivort also served in various capacities at CS First Boston from 1984 to 1994, including as Head of Fixed Income at CS First Boston Investment Management.
Mr. WilsonVandivort was also currently serves as a member ofTrustee on the Board of DirectorsHuntington Disease Foundation of ISO New England, Inc., the company that establishes the wholesale electricity marketAmerica from 2007 to 2013 and manages the electrical power grid in New England. Mr. Wilson is currently the chairfrom 2015 to 2019. He also served as Treasurer and Chairman of the Audit and Finance Committee which also oversees cybersecurity,of Huntington Disease Foundation of America from 2016 to 2019.
Mr. Vandivort currently serves as President of Flyway Advisory Services LLC, a consulting and property management company.
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The Board believes that Mr. Vandivort’s experience in financial services and investment management and as a memberdirector of other investment companies benefits the systems planning committeeFunds.
Mr. Vandivort currently serves as President ofISO-NE, Inc. He previously served as chair of the Human Resources Flyway Advisory Services LLC, a consulting and Compensation Committee and was a member of the Markets Committee. He has served on the ISO New England, Inc. board since 2011.property management company.
The Board believes that Mr. Wilson’s knowledge ofVandivort’s experience in financial services and investment management his experienceand as a director and audit committee member of other investment companies including a mutual fund company, and other professional experience gained through his prior employment benefitbenefits the Funds.
Board Role in Risk Oversight
The Board considers risk management issues as part of its general oversight responsibilities throughout the year at its regular meetings and at regular meetings of each of the Investments Committee, Audit Committee, Compliance Committee, Governance Committee and Valuation, Distribution and Proxy Oversight Committee (as further described below) (for purposes of this section only, the “Risk Committees”). These Risk Committees in turn report to the full Board and recommend actions and approvals for the full Board to take.
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The Adviser, or its affiliates,Committees. Invesco prepares regular reports that address certain investment, valuation and compliance matters, and the Board as a whole or the Risk Committees also receive special written reports or presentations on a variety of risk issues at the request of the Board or a RiskCommittee.
The Board also considers liquidity risk management issues as part of its general oversight responsibilities and oversees the Funds’ liquidity risk through, among other things, receiving periodic reporting and presentations by Invesco personnel that address liquidity matters.
The Audit Committee orassists the Senior Officer.Board with its oversight of the Funds’ accounting and auditing process. The Audit Committee is responsible for selecting the Funds’ independent registered public accounting firm (auditors), including evaluating their independence and meeting with such auditors to consider and review matters relating to the Funds’ financial reports and internal controls. The Audit Committee is apprised by, and discusses with, management its policies on risk assessment and risk management. Such discussion includes a discussion of the guidelines governing the process by which risks are assessed and managed and an identification of each Fund’s major financial risk exposures. In addition, the Audit Committee meets regularly with representatives of Invesco Ltd.’s internal audit group to review reports on their examinations of functions and processes within Invesco that affect the Funds. The Audit Committee also oversees the Adviser’s process for valuing the Funds’ portfolio investments and receives reports from management regarding its process and the valuation of the Funds’ portfolio investments as consistent with the valuation policy approved by the Board and related procedures.
The Compliance Committee receives regular compliance reports prepared by Invesco’s compliance group and meets regularly with the Fund’s Chief Compliance Officer (CCO) to discuss compliance issues, including compliance risks. The Compliance Committee has recommended and the Board has adopted compliance policies and procedures for the Funds and for the Funds’ service providers. The compliance policies and procedures are designed to detect, prevent and correct violations of the federal securities laws.
The Governance Committee monitors the composition of the Board and each of its Committees and monitors the qualifications of the Trustees to ensure adherence to certain governance undertakings applicable to the Funds. In addition, the Governance Committee
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oversees an annual self-assessment of the Board and its Committees and addresses governance risks, including insurance and fidelity bond matters, for the Funds.
The Investments Committee and itssub-committees receive regular written reports describing and analyzing the investment performance of the Invesco Funds. In addition, Invesco’s Chief Investment Officers and the portfolio managers of the Funds meet regularly with the Investments Committee or itssub-committees to discuss portfolio performance, including investment risk, such as the impact on the Funds of investments in particular types of securities or instruments, such as derivatives. To the extent that a Fund changes a particular investment strategy that could have a material impact on the Fund’s risk profile, the Board generally is consulted in advance with respect to such change.
The Audit Committee is apprised by, and discusses with, management its policies on risk assessment and risk management. Such discussion includes a discussion of the guidelines governing the process by which risks are assessed and managed and an identification of each Fund’s major financial risk exposures. In addition, the Audit Committee meets regularly with representatives from Invesco Ltd.’s internal audit group to review reports on their examinations of functions and processes within the Adviser that affect the Funds.
The Compliance Committee receives regular compliance reports prepared by the Adviser’s compliance group and meets regularly with each Fund’s Chief Compliance Officer (the “CCO”) to discuss compliance issues, including compliance risks. The Compliance Committee has recommended and the Board has adopted compliance policies and procedures for the Funds and for the Funds’ service providers. The compliance policies and procedures are designed to detect, prevent and correct violations of the federal securities laws.
The Governance Committee monitors the composition of the Board and each of the Risk Committees and monitors the qualifications of the Trustees to ensure adherence to certain governance undertakings applicable to the Funds. In addition, the Governance Committee oversees an annual self-assessment of the Board and addresses governance risks, including insurance and fidelity bond matters, for the Funds.
The Valuation, Distribution and Proxy Oversight Committee monitors fair valuation of portfolio securities based on management reports that include explanations of the reasons for the fair valuation and the methodology used to arrive at the fair value. Such reports also include information concerning illiquid securities in Fund portfolios.
Compensation of Trustees
Each Trustee who is not affiliated with Invesco is compensated for his or her services according to a fee schedule that recognizes the fact that such Trustee also serves as a Trustee of other Invesco Funds. Each such Trustee receives a fee, allocated among the Invesco Funds for which he or she serves as a Trustee that consists of an annual retainer component and a meeting fee component. The ChairmanChair of the Board and Chair of each Committee (defined
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below) andSub-Committee receive additional compensation for their services. Compensation received by the Trustees of the Funds as of fiscal year ended February 28, 20182023 is shown onAnnex B hereto.
Pre-Amendment Retirement Plan for Trustees
The Trustees have adopted a Retirement Plan for the Trustees who are not affiliated with the Adviser. A description of thepre-amendment Retirement Plan follows. Annual retirement benefits are available from the Funds and/or the other Invesco Funds for which a Trustee serves (each, a “Covered Fund”), for each Trustee who is not an employee or officer of the Adviser, who either (a) became a Trustee prior to December 1, 2008, and who has at least five years of credited service as a Trustee (including service to a predecessor fund) of a Covered Fund, or (b) was a member of the Board of Trustees of a Van Kampen Fund immediately prior to June 1, 2010 (“Former Van Kampen Trustee”), and has at least one year of credited service as a Trustee of a Covered Fund after June 1, 2010.
For Trustees other than Former Van Kampen Trustees, effective January 1, 2006, for retirements after December 31, 2005, the retirement benefits will equal 75% of the Trustee’s annual retainer paid to or accrued by any Covered Fund with respect to such Trustee during the twelve-month period prior to retirement, including the amount of any retainer deferred under a separate deferred compensation agreement between the Covered Fund and the Trustee. The amount of the annual retirement benefit does not include additional compensation paid for Board meeting fees or compensation paid to the Chair of the Board and the Chairs and Vice Chairs of certain Board committees, whether such amounts are paid directly to the Trustee or deferred. The annual retirement benefit is payable in quarterly installments for a number of years equal to the lesser of (i) sixteen years or (ii) the number of such Trustee’s credited years of service. If a Trustee dies prior to receiving the full amount of retirement benefits, the remaining payments will be made to the deceased Trustee’s designated beneficiary for the same length of time that the Trustee would have received the
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payments based on his or her service or, if the Trustee has elected, in a discounted lump sum payment. A Trustee must have attained the age of 65 (60 in the event of disability) to receive any retirement benefit. A Trustee may make an irrevocable election to commence payment of retirement benefits upon retirement from the Board before age 72; in such a case, the annual retirement benefit is subject to a reduction for early payment.
If the Former Van Kampen Trustee completes at least 10 years of credited service after June 1, 2010, the retirement benefit will equal 75% of the Former Van Kampen Trustee’s annual retainer paid to or accrued by any Covered Fund with respect to such Trustee during the twelve-month period prior to retirement, including the amount of any retainer deferred under a separate deferred compensation agreement between the Covered Fund and such Trustee. The amount of the annual retirement benefit does not include additional compensation paid for Board meeting fees or compensation paid to the Chair of the Board and the Chairs and Vice Chairs of certain Board committees, whether such amounts are paid directly to the Trustee or deferred. The annual retirement benefit is payable in quarterly installments for 10 years beginning after the later of the Former Van Kampen Trustee’s termination of service or attainment of age 72 (or age 60 in the event of disability or immediately in the event of death). If thea Former Van Kampen Trustee dies prior to receiving the full amount of retirement benefits, the remaining payments will be made to the deceased Trustee’s designated beneficiary or, if the Trustee has elected, in a discounted lump sum payment.
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If the Former Van Kampen Trustee completes less than 10 years of credited service after June 1, 2010, the retirement benefit will be payable at the applicable time described in the preceding paragraph, but will be paid in two components successively. For the period of time equal to the Former Van Kampen Trustee’s years of credited service after June 1, 2010, the first component of the annual retirement benefit will equal 75% of the compensation amount described in the preceding paragraph. Thereafter, for the period of time equal to the Former Van Kampen Trustee’s years of credited service after June 1, 2010, the second component of the annual retirement benefit will equal the excess of (x) 75% of the compensation amount described in the preceding paragraph, over (y) $68,041 plus an interest factor of 4% per year compounded annually measured from June 1, 2010 through the first day of each year for which payments under this second component are to be made. In no event, however, will the retirement benefits under the two components be made for a period of time greater than 10 years. For example, if the Former Van Kampen Trustee completes 7 years of credited service after June 1, 2010, he or she will receive 7 years of payments under the first component and thereafter 3 years of payments under the second component, and if the Former Van Kampen Trustee completes 4 years of credited service after June 1, 2010, he or she will receive 4 years of payments under the first component and thereafter 4 years of payments under the second component.
Amendment of Retirement Plan and Conversion to Defined Contribution Plan
The Trustees approved an amendment to the Retirement Plan to convert it to a defined contribution plan for active Trustees (the “Amended Plan”). Under the Amended Plan, the benefit amount was amended for each active Trustee to the present value of the Trustee’s existing retirement plan benefit as of December 31, 2013 (the “Existing Plan Benefit”) plus the present value of retirement benefits expected to be earned under the Retirement Plan
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through the end of the calendar year in which the Trustee attained age 75 (the “Expected Future Benefit” and, together with the Existing Plan Benefit, the “Accrued Benefit”). On the conversion date, the Covered Funds established bookkeeping accounts in the amount of their pro rata share of the Accrued Benefit, which is deemed to be invested in one or more Invesco Funds selected by the participating Trustees. Such accounts will be adjusted from time to time to reflect deemed investment earnings and losses. Each Trustee’s Accrued Benefit is not funded and, with respect to the payments of amounts held in the accounts, the participating Trustees have the status of unsecured creditors of the Covered Funds. Trustees will be paid the adjusted account balance under the Amended Plan in quarterly installments for the same period as described above.
Deferred Compensation Agreements
Three retiredSeven former Trustees, as well as Messrs. CrockettLaCava, Motley, Troccoli, Vandivort and, Troccoli, Ms. SternMss. Hostetler and Drs. Jones and Mathai-Davis (for purposes of this paragraph only, the “Deferring Trustees”) have each executed a Deferred Compensation Agreement (collectively, the “Compensation Agreements”). Pursuant to the Compensation Agreements, the Deferring Trustees have the option to elect to defer receipt of up to 100% of their compensation payable by the Funds, and such amounts are placed into a deferral account and deemed to be invested in one or more Invesco Funds selected by the Deferring Trustees.
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Distributions from these deferral accounts will be paid in cash, generally in equal quarterly installments over a period of up to ten (10) years (depending on the Compensation Agreement) beginning on the date selected under the Compensation Agreement. If a Deferring Trustee dies prior to the distribution of amounts in his or her deferral account, the balance of the deferral account will be distributed to his or her designated beneficiary. The Compensation Agreements are not funded and, with respect to the payments of amounts held in the deferral accounts, the Deferring Trustees have the status of unsecured creditors of the Funds and of each other Invesco Fund from which they are deferring compensation.
Board Committees
The standing committees of the Board are the Audit Committee, the Compliance Committee, the Governance Committee, the Investments Committee and the Valuation, Distribution and Proxy Voting OversightInvestments Committee (the “Committees”).
Audit Committee
The members of the Audit Committee are Messrs. Arch, Crockett, StickelLaCava (Chair) and Troccoli, (Vice Chair)Dr. Jones, and Mss. Hostetler and Ressel. The Audit Committee held eight meetings during the fiscal year ended February 28, 2018. The Audit Committee’s charter is available at www.invesco.com/us. Each member of the Audit Committee has been determined by the Board to be an “audit committee financial expert” as defined by the SEC. Each such audit committee financial expert is an Independent Trustee.
The Audit Committee performs a number of functions with respect to the oversight of the Funds’ accounting and financial reporting, including: (i) assisting the Board with its oversight of the qualifications, independence and performance of the independent registered public accountants; (ii) appointingselecting independent registered public accountants for the Funds; (iii) to the extent required,pre-approving certain audit and permissiblenon-audit services; (iv) overseeing the financial reporting process for the Funds; and (v) assisting the Board with its oversight of the integrity of the Funds’ financial statements and compliance with legal and regulatory requirements.requirements that relate to the Funds’ accounting and financial reporting, internal control over financial reporting and independent
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audits; (vi) pre-approving engagements for non-audit services to be provided by the Funds’ independent auditors to the Funds’ investment adviser or to any of its affiliates; and (vii) overseeing the performance of the fair valuation determinations by the Adviser. During the fiscal year ended February 28, 2023, the Audit Committee held six meetings. The Audit Committee’s charter is available at www.invesco.com/us. Four members of the Audit Committee have been determined by the Board to be an “audit committee financial expert” as defined by the SEC. Each such audit committee financial expert is an Independent Trustee.
Compliance Committee
The members of the Compliance Committee are Messrs. ArchMotley and Vandivort, and Mss. Brown and Krentzman (Chair), Stickel, Troccoli and Wilson, and Ms. Ressel (Vice Chair). The Compliance Committee held six meetings during the fiscal year ended February 28, 2018.
Dr. Mathai-Davis. The Compliance Committee performs a number of functions with respect to compliance matters, including: (i) if requested by the Board, reviewing and making recommendations concerning the qualifications, performance and compensation of the Funds’ Chief Compliance Officer and Senior Officer; (ii) reviewing recommendations and reports made by the Chief Compliance Officer or Senior Officer of the Funds regarding compliance matters; (iii) overseeing compliance policies and procedures of the Funds and their service providers; and (iv) overseeing potential conflicts of interest that are reported to the Compliance Committee by Invesco, the Chief Compliance Officer or other independent advisors; (v) reviewing reports prepared by a third party’s compliance review of Invesco; (vi) if requested by the Senior Officer.Board, overseeing risk management with respect to the Funds (other than risks overseen by the other Committees), including receiving and overseeing risk management reports from Invesco that are applicable to the Funds and their service providers; and (vii) reviewing reports by Invesco on correspondence with regulators or governmental agencies with respect to the Funds and recommending to the Board what action, if any, should be taken by the Funds in light of such reports. During the fiscal year ended February 28, 2023, the Compliance Committee held four meetings.
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Governance Committee
The members of the Governance Committee are Messrs. CrockettMotley and FieldsVandivort (Chair), and Mss. Brown and Hostetler and Stern and Drs. Jones and Mathai-Davis (Vice Chair). The Governance Committee held six meetings during the fiscal year ended February 28, 2018. The Governance Committee’s charter is available at www.invesco.com/us.
Dr. Mathai-Davis. The Governance Committee performs a number of functions with respect to governance, including: (i) nominating persons to serve as Independent Trustees and as members of each Committee, and nominating the Chair of the Board, the Chair of each Committee, and the Chair and Vice Chair of eachSub-Committee of the Investments Committee; (ii) reviewing and making recommendations to the full Board regarding the size and composition of the Board and the compensation payable to the Independent Trustees; and (iii) overseeing the annual self-evaluationevaluation of the performance of the Board and its Committees.Committees; (iv) considering and overseeing the selection of independent legal counsel to the Independent Trustees; (v) considering and overseeing the selection and engagement of a Senior Officer if and as they deem appropriate, including compensation and scope of services, and recommending all such matters to the Board or the independent trustees as appropriate; (vi) reviewing administrative and/or logistical matters pertaining to the operations of the Board; and (vii) reviewing annually recommendations from Invesco regarding amounts and coverage of primary and excess directors and officers/errors and omissions liability insurance and allocation of premiums. During the fiscal year ended February 28, 2023, the Governance Committee held nine meetings. The Governance Committee’s charter is available at www.invesco.com/us.
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When the Board has or expects to have a vacancy, the Governance Committee receives and reviews information on individuals qualified to be recommended to the full Board as nominees for election as Trustees. The Governance Committee considers candidates identified by members of the Governance Committee, the full Board and management, as well as any recommendations by shareholders (as described below), as part of this process. At times, the Governance Committee may use a third party search firm to assist with the identification of qualified candidates.
The Governance Committee will consider nominees recommended by a shareholder in accordance with the Funds’ governing instruments to serve as trustees, provided: (i) that such personsubmitting shareholder provides the information required by, and otherwise complies with the applicable provisions of, the Fund’s governing instruments, (ii) that such submitting shareholder is a shareholder of record, with proof of such ownership or holding reasonably satisfactory to the Funds to be provided by such record owner or nominee holder, at the time he or she submits such names and is entitled to vote at the meeting of shareholders at which trustees will be elected; and (ii) that the Governance Committee or the Board, as applicable, shall make the final determination of persons to be nominated. Notice procedures set forth in each Fund’s Bylaws require that any shareholder of a Fund desiring to nominate a trustee for election at an annual shareholder meeting must deliver to the Fund’s Secretary the nomination in writing not less than ninety (90) nor more than one hundred twenty (120) days prior to the first anniversary date of the annual meeting for the preceding year.
Additional requirements regarding shareholder nominations are set forth in the Funds’ Bylaws, which are available upon request. While the Governance Committee believes that there are no specific minimum qualifications for a nominee to possess or any specific qualities or skills that are necessary, in considering a candidate’s qualifications, the Governance Committee may consider, among other things: (1) whether or not the person is an “interested person,” as defined in the 1940 Act, and is otherwise qualified under applicable laws and regulations to serve as a trustee of the Funds; (2) whether or not the person is willing to serve as, and willing and able to commit the time necessary for the performance of the duties of, a trustee; (3) whether the person can make a positive contribution to the Board and the Funds, with consideration being given to the person’s specific experience, education, qualifications and other skills; and (4) whether the person is of good character and high integrity, and whether the person has other desirable personality traits, including independence, leadership and the ability to work with other Board members. The Governance Committee has not adopted any specific policy on the issue of diversity, but will take this into account, among other factors, in its consideration of new candidates to the Board.
Under the Funds’ governing instruments, nominees must meet certain additional qualifications to qualify for nomination and service as a Trustee. Nominees may be disqualified if they engaged in disabling conduct outlined in the Funds’ Declarations of Trust. Nominees that are associated with other investment vehicles and investment advisers may not be eligible for nomination and service as a Trustee if the Board finds that such associations have conflicts of interest with the long-term best interests of the Funds, impede the ability of the nominee to perform, or impede the free-flow of information from management. Nominees that are acting in concert with control persons of other investment companies that are in violation of Section 12(d)(1) of the 1940 Act shall be disqualified from nomination and service as a Trustee.
Notice procedures set forth in each Fund’s Bylaws require that any shareholder of a Fund desiring to nominate a trustee for election at an annual shareholder meeting must deliver to the Fund’s Secretary notice of the shareholder’s intent to nominate in writing not less than ninety (90) nor more than one hundred twenty (120) days prior to the first anniversary date of the annual meeting for the preceding year.
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Investments Committee
The members of the Investments Committee are Messrs. Arch (ViceFlanagan, LaCava, Motley, Troccoli (Sub-Committee Chair), Crockett and Vandivort, Mss. Brown, Hostetler (Chair), Fields, Flanagan, Stickel, Taylor, Troccoli (ViceKrentzman and Ressel (Sub-Committee Chair) and Wilson, Mss. Hostetler, Ressel and Stern and Drs. Jones (Viceand Mathai-Davis (Sub-Committee Chair) and Mathai-Davis. The Investments Committee held six meetings during the fiscal year ended February 28, 2018.
. The Investments Committee’s primary purposes are to assist the Board in its oversight of the investment management services provided by the AdviserInvesco and theSub-Advisers and to periodically review Fund performance information.information, and information regarding the investment personnel and other resources devoted to the management of the Funds and make recommendations to the Board, when applicable. During the fiscal year ended February 28, 2023, the Investments Committee held five meetings.
The Investments Committee has established threeSub-Committees and delegated to theSub-Committees responsibility for, among other matters: (i) reviewing the performance of the Invesco Funds that have been assigned to a particularSub-Committee (for eachSub-Committee, the Designated Funds), unlessexcept to the extent the Investments Committee takes such action directly; and (ii) reviewing with the applicable portfolio managers from time to time the investment objective(s), policies, strategies, performance and risks and limitationsother investment-related matters of the Designated Funds.
Valuation, DistributionFunds; and Proxy Oversight Committee
The members(iii) being generally familiar with the investment objectives and principal investment strategies of the Valuation, Distribution and Proxy Oversight Committee are Messrs. Fields and Wilson, Ms. Stern and Drs. Jones (Vice Chair) and Mathai-Davis (Chair). The Valuation, Distribution and Proxy Oversight Committee held four meetings during the fiscal year ended February 28, 2018.
The Valuation, Distribution and Proxy Oversight Committee performs a number of functions with respect to valuation, distribution and proxy voting, including: (i) reviewing reports and making recommendations to the full Board regarding the Funds’ valuation and liquidity methods and determinations, and annually approving and making recommendations to the full Board regarding pricing procedures and procedures for determining the liquidity of securities; (ii) reviewing the Adviser’s annual report evaluating the pricing vendors, and approving and recommending that the full Board approve changes to pricing vendors and pricing methodologies; (iii) reviewing reports and making recommendations to the full Board regarding mutual fund distribution and marketing channels and expenditures; and (iv) reviewing reports and making recommendations to the full Board regarding proxy voting guidelines, policies and procedures.Designated Funds.
Shareholder Communications
Shareholders may send communications to each Fund’s Board. Shareholders should send communications intended for the Board or for a Trustee by addressing the communication directly to the Board or individual Trustee and/or otherwise clearly indicating that the communication is for the Board or individual Trustee and by sending the communication to either the office of the Secretary of the applicable Fund or directly to such Trustee at the address specified for such Trustee above. Other shareholder communications received by any Fund not directly addressed and sent to the Board will be reviewed and generally responded to by management and will be forwarded to the Board only at management’s discretion based on the matters contained therein.
THE BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR ALL” OF THE NOMINEES.
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OTHER INFORMATION
Executive Officers of the Funds
The following information relates to the executive officers of the Funds. Each officer also serves in the same capacity for all or a number of the other investment companies advised by the Adviser or affiliates of the Adviser. The officers of the Funds are appointed annually by the Trustees and serve for one year or until their respective successors are chosen and qualified. The Funds’ officers (with the exception of Russell C. Burk and Robert R. Leveille)Todd F. Kuehl) do not receive compensation from the Funds. The Funds’ officers may also be officers or employees of the Adviser or officers of affiliates of the Adviser and may receive compensation in such capacities. The address of each officer is 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173.
Name, Year of Birth and Position(s) Held with the Funds | Officer Since | Principal Occupation(s) During Past 5 Years | ||||||
Sheri Morris — 1964 President and Principal Executive Officer | 2010 | Director, Invesco Trust Company; Head of Global Fund Services, Invesco Ltd.; President and Principal Executive Officer, |
Formerly: Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco | |||||
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Senior Vice President, Chief Legal Officer and Secretary | 2023 | Head of Legal of the Americas, Invesco | ||||||
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Name, Year of Birth and Position(s) Held with the Funds | Officer Since | Principal Occupation(s) During Past 5 Years | ||
Formerly: Assistant Secretary, | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Senior Vice President, Invesco Group Services, Inc.; Formerly: Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and | ||
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Name, Year of Birth and Position(s) Held with the Funds | Officer Since | Principal Occupation(s) During Past 5 Years | ||
Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC | ||||
John M. Zerr — 1962 Senior Vice President | 2010 | Chief Operating Officer of the Americas;
Formerly: President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco | ||
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| |||
| Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco |
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Name, Year of Birth and Position(s) Held with the Funds | Officer Since | Principal Occupation(s) During Past 5 Years | ||
Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco | ||||
Senior Vice President | 2023 | Senior Managing Director, Invesco Ltd; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds. Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc. | ||
Stephanie C. Butcher — 1971 Senior Vice President | 2023 | Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director | ||
Adrien Deberghes — 1967 Principal Financial Officer, Treasurer and Vice President | 2020 | Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc. | ||
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Name, Year of Birth and Position(s) Held with the Funds | Officer Since | Principal Occupation(s) During Past 5 Years | ||
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Formerly: | |||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc. | ||
Todd F. Kuehl — 1969 Chief Compliance Officer and Senior Vice President | 2020 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) | ||
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Senior Vice President and
| 2022 |
| ||||
Senior Vice President |
Formerly, Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; Associate, Gaston Snow & Ely Bartlett. | |||||
Principal Shareholders of the Funds
The persons who as of the Record Date, according to publicly available filings made with the SEC, held of record 5% or more than 5% of the Common Shares or Preferred Shares of a Fund are set forth inAnnex C. To the knowledge of each Fund, no other persons own, directly or beneficially, 5% or more of the Common Shares or Preferred Shares of any Fund.
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Trustee Ownership of Fund Shares
As of December 31, 2017,2022, Trustee(s) owned, directly or beneficially, Common Shares or Preferred Shares of a Fund and beneficially owned equity securities of other funds in the Invesco Fund Complex overseen by the Trustees in the dollar range amounts as specified inAnnex D.
Application of Control Share Provisions
Effective August 1, 2022, each Fund became automatically subject to newly enacted control share acquisition provisions within the Delaware Statutory Trust Act (the “Control Share Provisions”). In general, the Control Share Provisions limit the ability of holders of “control beneficial interests” to vote their shares of a fund above various threshold levels that start at 10% unless the other shareholders of such fund vote to reinstate those rights. “Control beneficial interests” are aggregated to include the holdings of related parties and shares acquired before the effective date of the Control Share Provisions. A fund’s board of trustees may exempt acquisitions from the application of the Control Share Provisions.
The Control Share Provisions require shareholders to disclose any control share acquisition to a Fund within 10 days of such acquisition and, upon request, to provide any related information that the Fund’s Board reasonably believes is necessary or desirable.
The foregoing is only a summary of certain aspects of the Control Share Provisions. Shareholders should consult their own legal counsel with respect to the application of the Control Share Provisions to their beneficial interests of a Fund and any subsequent acquisitions of beneficial interests.
Section 16(a) Beneficial Ownership Reporting Compliance and Delinquent Section 16(a) Reports
Section 30(f) of the 1940 Act and Section 16(a) of the Exchange Act require each of the Funds’ Trustees, officers, investment advisers, affiliated persons of the investment advisers and persons who own more than 10% of a registered class of a Fund’s equity securities to file forms with the SEC and the New York Stock ExchangeNYSE (on which the Common Shares are listed), reporting their affiliation with the Fund and reports of ownership and changes in ownership of Shares.
Based solely on aits review of thesethe copies of such forms furnished to each Fund, each Fund believes,received by it, or written representations from certain reporting persons, the Funds believe that, during the fiscal year ended February 28, 2023, all such filing requirements were met with respect to the bestFunds except, due to an administrative oversight, a late filing of its knowledge, that during its last fiscal year, its Trustees, officers, the Adviser and affiliated persons of the Adviser complied with all applicable filing requirements except for certain inadvertent late filings. With respect to certain Funds, initial reports ona Form 3 report was made for Gregory McGreevey (14),Invesco Senior Income Trust on behalf of Benjamin Gruder, an officer of the Funds, were not filed on a timely basis. With respect to a Fund, a report on Form 4 relating to changes in beneficial ownership of securities for Christopher Wilson (1)Invesco Senior Secured Management, Inc., a trustee of the Funds, was not filed on a timely basis.sub-adviser to Invesco Senior Income Trust.
Independent Registered Public Accounting Firm
PricewaterhouseCoopers, LLP (“PwC”) has been selected as each Fund’s independent registered public accounting firm by the Audit Committee and ratified by unanimous
33
approval of each Fund’s Board, including a majority of the Independent Trustees, to audit the accounts of the Funds for and during the fiscal year ending February 28, 2019.2023. The Funds do not knowAudit
35
Committee and the Boards have been advised by PwC that neither PwC nor any of its members have any material direct or indirect financial interest of PwC in the Funds.
It is not expected that representatives of PwC will attend the Meeting. In the event representatives of PwC do attend the Meeting, they will have the opportunity to make a statement if they desire to do so and will be available to answer appropriate questions.
In accordance with the adoptedpre-approval policies and procedures (included in Annex E to this Joint Proxy Statement), the Audit Committee has preapproved all audit andnon-audit services provided to each Fund by its independent registered public accounting firm.Pre-approval by the Audit Committee of any permissiblenon-audit services is not, however, required so long as: (i) the aggregate amount of all such permissiblenon-audit services provided to a Fund constitutes not more than 5% of the total amount of revenues paid by the Fund to its independent registered public accounting firm during the fiscal year in which the permissiblenon-audit services are provided; (ii) the permissiblenon-audit services were not recognized by a Fund at the time of the engagement to benon-audit services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee.
The Audit Committee received the written disclosures and the letter(s) from PwC mandated by the applicable requirements of each Fund reviewed and discussed the last auditedPublic Company Accounting Oversight Board (“PCAOB”) regarding PwC’s communications with the Audit Committee concerning independence. The Audit Committee also received the report of PwC regarding the results of their audit. In connection with the Audit Committee’s review of the financial statements of each Fund with management and with PwC. InPwC’s report, the coursemembers of its discussions, the Audit Committee discussed with a representative of PwC, any relevantPwC’s independence, as well as the matters required to be discussed under Statement on Auditing Standards No. 1301 (Communicationsby the applicable requirements of the PCAOB and the SEC, including, but not limited to, the following: PwC’s responsibilities in accordance with Audit Committees).generally accepted auditing standards; PwC’s responsibilities for information prepared by management that accompanies the Fund’s audited financial statements and any procedures performed and the results; the initial selection of, and whether there were any changes in, significant accounting policies or their application; management’s judgments and accounting estimates; whether there were any significant audit adjustments; whether there were any disagreements with management; whether there was any consultation with other accountants; whether the auditors encountered any difficulties in dealing with management in performing the audit; and PwC’s judgments about the quality of the Fund’s accounting principles. Based on this review, the Audit Committee recommended to the Board of each Fund that each Fund’s audited financial statements be included in each Fund’s Annual Report to Shareholders for the most recent fiscal year for filing with the SEC.
As disclosed above, the members of the Audit Committee are Messrs. Arch, Crockett, StickelLaCava (Chair), Troccoli, (Vice Chair),and Dr. Jones, and Mss. Hostetler and Ressel.
Auditor Independence
PwC informed the Funds that it has identified an issue related to its independence under Rule2-01(c)(1)(ii)(A) of RegulationS-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. Each Fund 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 or certain affiliates and covered persons 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 (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PwC informed the Funds it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.
34
On June 20, 2016, the SEC Staff issued a“no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al.,No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. In connection with prior independence determinations, PwC communicated, as contemplated by theno-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PwC is able to exhibit the requisite objectivity and impartiality to report on the Funds’ financial statements as the independent registered public accounting firm. PwC also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Adviser, the Funds and PricewaterhouseCoopers LLP concluded that PwC could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon theno-action letter in reaching this conclusion.
If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’sno-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SECno-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that theno-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.Hostetler.
Audit Fees
For each Fund’s two most recently completed fiscal years, the aggregate fees billed to each Fund by PwC for professional services rendered for the audit of such Fund’s annual financial statements are set forth onAnnex E. All of the audit services for the fiscal years
36
ended February 28, 20182023 and 2017February 28, 2022 were approved by the Audit Committee in accordance with itspre-approval policies and procedures.
Audit-Related Fees
For each Fund’s two most recently completed fiscal years, the aggregate fees billed to each Fund by PwC for professional services rendered for audit-related services are set forth onAnnex E. All of the audit-related services, which include assurance and related services by PwC that are reasonably related to the performance of the audit of a Fund, for the fiscal years ended February 28, 20182023 and 2017February 28, 2022 were approved by the Audit Committee in accordance with itspre-approval policies and procedures.
Tax Fees
For each Fund’s two most recently completed fiscal years, the aggregate fees billed by PwC and approved by the Audit Committee of each Fund for professional services rendered for tax compliance, tax advice, and tax planning are set forth onAnnex E. All of the tax
35
services for the fiscal years ended February 28, 20182023 and 2017February 28, 2022 were approved by the Audit Committee in accordance with itspre-approval policies and procedures.
All Other Fees
For each Fund’s two most recently completed fiscal years, the aggregate fees billed by PwC and approved by the audit committee of each Fund for professional services rendered for all other services are set forth onAnnex E. All of the other services for the two most recently completed fiscal years were approved by the Audit Committee in accordance with itspre-approval policies and procedures.
Covered Entities
For each Fund’s two most recently completed fiscal years, the aggregatenon-audit fees billed to the Adviser or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Funds (the “Covered Entities”) are set forth onAnnex E. The Audit Committee is required topre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations of financial reporting of the Funds. The Audit Committee also has considered whether the provision ofnon-audit services, if any, performed by PwC to the Funds and Covered Entities is compatible with maintaining PwC’s independence in performing audit services.
Proxy Solicitation Expenses
The expenses of preparing, printing and mailing these proxy solicitation materials and all other costs in connection with the solicitation of proxies for the Election Proposal will be borne by the Funds. To the extent the expenses are not billed to a particular Fund, they will be allocated among the Funds. The Funds will also reimburse banks, brokers and others for their reasonable expenses in forwarding proxy solicitation materialmaterials to the beneficial owners of the shares of the Funds. In order to obtain the necessary quorum at the Meeting, additional solicitation may be made by mail, telephone, facsimile or personal interview by representatives of the Funds, the Adviser or its affiliates, by the transfer agent of the Funds
37
and by dealers or their representatives. The Funds have also retained AST Fund Solutions, LLC (“AST”) a professional proxy solicitation firm,Computershare to assist in any additional proxy solicitation. The estimated cost of solicitation by ASTComputershare is approximately $1,200$1,500 per Fund.
Shareholder Proposals
Shareholder proposals intended to be presented at the year 20192024 annual meeting of shareholders for a Fund pursuant toRule 14a-8 under the Exchange Act must be received by the Fund’s Secretary at the Fund’s principal executive offices by February 25, 2019,28, 2024, in order to be considered for inclusion in the Fund’s proxy statement and proxy card relating to that meeting. Timely submission of a proposal does not necessarily mean that such proposal will be included in the Fund’s proxy statement. If a shareholder wishes to make a proposal at the year 20192024 annual meeting of shareholders without having the proposal included in a Fund’s proxy statement, then such proposal must be received by the Fund’s Secretary at the Fund’s principal executive offices not earlier than April 11, 20195, 2024 and not later than May 11, 2019.5, 2024. Notwithstanding the foregoing, if notice of a shareholder proposal is received after May 11, 2019,5, 2024, the persons named as proxies may vote proxies held by them in their discretion on
36
such proposal. Any shareholder who wishes to submit a proposal for consideration at aan annual meeting of such shareholder’s Fund should send such proposal to the respective Fund’s Secretary at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046, Attn: Secretary. Additional requirements regarding shareholder proposals are included in the Fund’s Bylaws, which are available upon request.
General
Management of each Fund does not intend to present, and does not have reason to believe that others will present, any other items of business at the Meeting. However, if other matters are properly presented to the Meeting for a vote, the proxies will be voted upon such matters in accordance with the judgment of the persons acting under the proxies.
Failure of a quorum to be present at the Meeting for any Fund may necessitate adjournment and may subject such Fund to additional expense.
If you cannot be present in person,at the Meeting, you are requested to fill in, sign and return the enclosed proxy card(s), for which no postage is required if mailed in the United States, or record your voting instructions by telephone or via the internet promptly.
Jeffrey H. KuporMelanie Ringold
Senior Vice President,
Chief Legal Officer and Secretary
June 25, 2018
3738
ANNEX A
FUNDS
The following list sets forth theclosed-end investment companies (each a “Fund” and collectively, the “Funds”) participating in the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173 on August 9, 2018,3, 2023, at 1:2:00 p.m. Central Daylight time.Time. The name in the first column below is the legal name for each Fund. The designation in the second column is the NYSE ticker symbol of each Fund’s common shares. The ticker symbol is sometimes used to identify a specific Fund in the Joint Proxy Statement.
Each of the Funds has issued common shares of beneficial interest and such common shares of the Funds are referred to herein as the “Common Shares.” Each of the Funds, except VBF, IHIT, IHTA and IHTA,VLT, has issued preferred shares of beneficial interest with a liquidation preference per share as designated in the fourth column below, and such preferred shares of such Funds are referred to herein as the “Preferred Shares.”
Legal Name | Common Shares Ticker Symbol | Common Shares Outstanding(1) | Preferred Shares | Preferred Shares Outstanding(1) | ||||
Invesco Advantage Municipal Income Trust II | VKI | 44,391,551.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,160 | ||||
Invesco Bond Fund | VBF | 11,377,069.00 | None | Not Applicable | ||||
Invesco California Value Municipal Income Trust | VCV | 47,865,335.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,083 | ||||
Invesco Dynamic Credit Opportunities Fund | VTA | 74,094,284.00 | Variable Rate Term Preferred Shares, liquidation preference $100,000 per share | 750 | ||||
Invesco High Income 2023 Target Term Fund | IHIT | 23,989,227.00 | None | Not Applicable | ||||
Invesco High Income 2024 Target Term Fund | IHTA | 8,777,135.77 | None | Not Applicable | ||||
Invesco Municipal Income Opportunities Trust | OIA | 47,500,176.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 300 | ||||
Invesco Municipal Opportunity Trust | VMO | 67,414,527.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 3,676 | ||||
Invesco Municipal Trust | VKQ | 55,320,226.99 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,628 |
Legal Name | Common Shares Ticker Symbol | Common Shares Outstanding(1) | Preferred Shares | Preferred Shares Outstanding(1) | ||||
Invesco Advantage Municipal Income Trust II | VKI | 44,406,020.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,160 | ||||
Invesco Bond Fund | VBF | 11,418,446.00 | None | Not Applicable | ||||
Invesco California Value Municipal Income Trust | VCV | 47,890,524.57 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,083 | ||||
Invesco High Income 2023 Target Term Fund | IHIT | 24,145,611.00 | None | Not Applicable | ||||
Invesco High Income 2024 Target Term Fund | IHTA | 8,786,389.77 | None | Not Applicable | ||||
Invesco High Income Trust II | VLT | 6,498,037.20 | None | Not Applicable | ||||
Invesco Municipal Income Opportunities Trust | OIA | 47,631,787.64 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 300 | ||||
Invesco Municipal Opportunity Trust | VMO | 67,440,684.80 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 3,676 | ||||
Invesco Municipal Trust | VKQ | 55,335,514.99 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,628 |
A-1
Legal Name | Common Shares Ticker Symbol | Common Shares Outstanding(1) | Preferred Shares | Preferred Shares Outstanding(1) | Common Shares Ticker Symbol | Common Shares Outstanding(1) | Preferred Shares | Preferred Shares Outstanding(1) | ||||||||
Invesco Pennsylvania Value Municipal Income Trust | VPV | 23,829,544.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 1,376 | VPV | 23,829,544.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 1,376 | ||||||||
Invesco Quality Municipal Income Trust | IQI | 52,883,797.34 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,339 | IQI | 52,883,797.34 | Variable Rate Municipal Preferred Shares Series 2020/2023, liquidation preference $100,000 per share | 2,339 | ||||||||
Invesco Senior Income Trust | VVR | 180,036,160.00 | Variable Rate Term Preferred Shares, liquidation preference $100,000 per share | 750 | VVR | 153,030,736.00 | Variable Rate Term Preferred Shares, liquidation preference $100,000 per share | 1,000 | ||||||||
Invesco Trust for Investment Grade Municipals | VGM | 54,225,296.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,733 | VGM | 54,231,968.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,733 | ||||||||
Invesco Trust for Investment Grade New York Municipals | VTN | 19,477,753.00 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 904 | VTN | 19,477,753.17 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 904 | ||||||||
Invesco Value Municipal Income Trust | IIM | 47,056,518.32 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,331 | IIM | 47,068,439.32 | Variable Rate Municipal Preferred Shares, liquidation preference $100,000 per share | 2,331 |
| (1) | As of the Record Date. |
A-2
ANNEX B
TRUSTEE COMPENSATION
Set forth below is information regarding compensation paid or accrued for each Trustee who was not affiliated with the Adviser during the calendar year ended December 31, 2017,2022, unless otherwise noted. The term “Invesco Fund Complex” includes each of theopen-end andclosed-end registered investment companies advised by the Adviser.
Name of Trustee | Aggregate Compensation from the Funds(1) | Estimated Annual Benefits from Invesco Fund Complex Upon Retirement(2) | Total Compensation from Invesco Fund Complex(3) | |||||||||
Independent Trustees(4) | ||||||||||||
David C. Arch | $ | 25,409 | $ | 205,000 | $ | 388,122 | ||||||
Bruce L. Crockett | 44,490 | 205,000 | 691,672 | |||||||||
Jack M. Fields | 25,773 | 205,000 | 398,322 | |||||||||
Cynthia Hostetler(5) | 22,705 | — | 283,775 | |||||||||
Eli Jones | 24,140 | — | 372,372 | |||||||||
Prema Mathai-Davis | 25,773 | 205,000 | 398,322 | |||||||||
Teresa M. Ressel(5) | 22,487 | — | 286,275 | |||||||||
Ann Barnett Stern(5) | 22,212 | — | 276,275 | |||||||||
Raymond Stickel, Jr. | 27,242 | 205,000 | 427,522 | |||||||||
Robert C. Troccoli | 24,626 | — | 386,372 | |||||||||
Christopher L. Wilson(5) | 21,832 | — | 276,275 | |||||||||
Trustee | Aggregate Compensation From the Funds(1) | Retirement Benefits Accrued by All Invesco Funds | Estimated Annual Benefits Upon Retirement(2) | Total Compensation From Invesco Fund Complex Paid to Trustees(3) | ||||||||||||
Independent Trustees(4, 5) | ||||||||||||||||
Beth A. Brown | $ | 26,485 | $ | 509,167 | ||||||||||||
Cynthia Hostetler | 22,681 | — | — | 470,000 | ||||||||||||
Eli Jones | 20,759 | — | — | 430,000 | ||||||||||||
Elizabeth Krentzman | 22,687 | 467,500 | ||||||||||||||
Anthony J. Lacava Jr. | 23,523 | 487,500 | ||||||||||||||
Prema Mathai-Davis | 20,894 | — | 205,000 | 427,500 | ||||||||||||
Joel W. Motley | 20,514 | 427,500 | ||||||||||||||
Teresa M. Ressel | 21,483 | — | — | 445,000 | ||||||||||||
Robert C. Troccoli | 21,257 | — | — | 432,500 | ||||||||||||
Daniel S. Vandivort | 22,110 | 455,435 | ||||||||||||||
| (1) | Amounts shown are based on the fiscal year ended February 28, |
Fund | Arch | Crockett | Fields | Hostetler | Jones | Mathai-Davis | ||||||||||||||||||
VKI | $ | 1,746.44 | $ | 3,060.31 | $ | 1,772.90 | $ | 1,562.24 | $ | 1,660.68 | $ | 1,772.90 | ||||||||||||
VBF | 1,505.33 | 2,638.14 | 1,528.23 | 1,346.73 | 1,431.51 | 1,528.23 | ||||||||||||||||||
VCV | 1,825.88 | 3,199.39 | 1,853.50 | 1,633.28 | 1,736.20 | 1,853.50 | ||||||||||||||||||
VTA | 2,079.64 | 3,642.33 | 2,110.25 | 1,859.72 | 1,976.68 | 2,110.25 | ||||||||||||||||||
IHIT | 1,513.71 | 2,655.46 | 1,536.87 | 1,354.74 | 1,439.36 | 1,536.87 | ||||||||||||||||||
IHTA | 322.57 | 532.18 | 308.64 | 265.08 | 287.69 | 308.64 | ||||||||||||||||||
OIA | 1,607.25 | 2,816.83 | 1,631.70 | 1,437.78 | 1,528.41 | 1,631.70 | ||||||||||||||||||
VMO | 2,033.73 | 3,562.85 | 2,064.23 | 1,818.97 | 1,933.61 | 2,064.23 | ||||||||||||||||||
VKQ | 1,906.79 | 3,340.83 | 1,935.53 | 1,705.54 | 1,813.04 | 1,935.53 | ||||||||||||||||||
VPV | 1,586.87 | 2,781.01 | 1,610.98 | 1,419.58 | 1,509.01 | 1,610.98 | ||||||||||||||||||
IQI | 1,885.20 | 3,303.20 | 1,913.67 | 1,686.22 | 1,792.54 | 1,913.67 | ||||||||||||||||||
VVR | 2,010.78 | 3,522.34 | 2,040.57 | 1,798.28 | 1,911.40 | 2,040.57 | ||||||||||||||||||
VGM | 1,916.18 | 3,357.20 | 1,945.03 | 1,713.92 | 1,821.93 | 1,945.03 | ||||||||||||||||||
VTN | 1,549.47 | 2,715.72 | 1,573.11 | 1,386.20 | 1,473.54 | 1,573.11 | ||||||||||||||||||
IIM | 1,918.97 | 3,362.38 | 1,947.92 | 1,716.40 | 1,824.61 | 1,947.92 | ||||||||||||||||||
Fund | Lacava | Brown | Vandivort | Krentzman | Hostetler | Motley | Jones | |||||||||||||||||||||
VKI | $ | 1,745.08 | $ | 1,781.27 | $ | 1,576.14 | $ | 1,526.24 | $ | 1,531.49 | $ | 1,413.82 | $ | 1,786.82 | ||||||||||||||
VBF | 1,583.74 | 1,619.73 | 1,429.91 | 1,386.45 | 1,390.65 | 1,283.55 | 1,599.20 | |||||||||||||||||||||
VCV | 1,806.93 | 1,843.91 | 1,632.39 | 1,580.06 | 1,585.57 | 1,463.93 | 1,853.89 | |||||||||||||||||||||
VLT | 1,510.91 | 1,546.89 | 1,364.12 | 1,323.59 | 1,327.52 | 1,224.91 | 1,523.87 | |||||||||||||||||||||
OIA | 1,661.11 | 1,697.96 | 1,500.10 | 1,454.09 | 1,458.68 | 1,346.36 | 1,684.83 | |||||||||||||||||||||
VMO | 1,944.46 | 1,980.80 | 1,756.90 | 1,698.78 | 1,705.19 | 1,574.72 | 2,013.26 | |||||||||||||||||||||
VKQ | 1,858.14 | 1,894.48 | 1,678.64 | 1,624.08 | 1,629.94 | 1,505.05 | 1,913.68 | |||||||||||||||||||||
VPV | 1,644.08 | 1,680.84 | 1,484.74 | 1,439.32 | 1,443.95 | 1,332.62 | 1,669.93 | |||||||||||||||||||||
IQI | 1,843.13 | 1,879.45 | 1,665.10 | 1,611.07 | 1,616.82 | 1,492.95 | 1,896.11 | |||||||||||||||||||||
VVR | 1,878.08 | 1,922.39 | 1,700.06 | 1,646.43 | 1,652.41 | 1,524.57 | 1,944.86 | |||||||||||||||||||||
VGM | 1,861.87 | 1,898.13 | 1,682.00 | 1,627.29 | 1,633.19 | 1,508.04 | 1,918.67 | |||||||||||||||||||||
VTN | 1,610.61 | 1,647.06 | 1,454.40 | 1,410.10 | 1,414.54 | 1,305.48 | 1,633.20 | |||||||||||||||||||||
IIM | 1,876.75 | 1,913.59 | 1,695.65 | 1,640.41 | 1,646.32 | 1,520.23 | 1,931.64 | |||||||||||||||||||||
IHIT | 1,593.86 | 1,632.62 | 1,439.99 | 1,397.12 | 1,401.36 | 1,292.93 | 1,537.94 | |||||||||||||||||||||
IHTA | 1,508.98 | 1,545.59 | 1,362.27 | 1,322.38 | 1,326.21 | 1,223.58 | 1,380.41 | |||||||||||||||||||||
B-1
Fund | Ressel | Stern | Stickel | Troccoli | Wilson | Mathai- Davis | Ressel | Troccoli | ||||||||||||||||||||||||
VKI | $ | 1,547.68 | $ | 1,527.99 | $ | 1,874.40 | $ | 1,695.12 | $ | 1,502.08 | $ | 1,405.53 | $ | 1,445.23 | $ | 2,365.17 | ||||||||||||||||
VBF | 1,334.10 | 1,317.21 | 1,615.71 | 1,461.17 | 1,294.76 | 1,276.95 | 1,312.84 | 2,104.71 | ||||||||||||||||||||||||
VCV | 1,618.07 | 1,597.46 | 1,959.64 | 1,772.23 | 1,570.39 | 1,559.99 | 1,496.20 | 2,458.06 | ||||||||||||||||||||||||
VTA | 1,842.50 | 1,818.74 | 2,231.42 | 2,017.86 | 1,788.12 | |||||||||||||||||||||||||||
IHIT | 1,342.06 | 1,325.03 | 1,625.94 | 1,469.22 | 1,302.48 | |||||||||||||||||||||||||||
IHTA | 256.40 | 265.08 | 317.67 | 279.01 | 256.40 | |||||||||||||||||||||||||||
VLT | 1,267.22 | 1,253.27 | 2,001.15 | |||||||||||||||||||||||||||||
OIA | 1,424.35 | 1,406.31 | 1,725.12 | 1,560.03 | 1,382.43 | 1,515.45 | 1,376.90 | 2,220.89 | ||||||||||||||||||||||||
VMO | 1,802.07 | 1,779.04 | 2,182.41 | 1,973.78 | 1,748.95 | 1,625.81 | 1,608.68 | 2,680.13 | ||||||||||||||||||||||||
VKQ | 1,689.66 | 1,668.13 | 2,046.31 | 1,850.66 | 1,639.88 | 1,495.53 | 1,537.90 | 2,541.78 | ||||||||||||||||||||||||
VPV | 1,406.31 | 1,388.47 | 1,703.22 | 1,540.28 | 1,364.87 | 1,325.58 | 1,362.90 | 2,200.20 | ||||||||||||||||||||||||
IQI | 1,670.52 | 1,649.28 | 2,023.18 | 1,829.69 | 1,621.34 | 1,721.73 | 1,525.59 | 2,517.67 | ||||||||||||||||||||||||
VVR | 1,781.61 | 1,758.71 | 2,157.73 | 1,951.18 | 1,729.05 | 1,516.18 | 1,559.07 | 2,574.94 | ||||||||||||||||||||||||
VGM | 1,697.98 | 1,676.31 | 2,056.38 | 1,859.76 | 1,647.94 | 1,498.46 | 1,540.92 | 2,549.10 | ||||||||||||||||||||||||
VTN | 1,373.25 | 1,355.83 | 1,663.21 | 1,504.07 | 1,332.79 | 1,394.40 | 1,335.23 | 2,151.21 | ||||||||||||||||||||||||
IIM | 1,700.41 | 1,678.80 | 2,059.39 | 1,862.42 | 1,650.35 | 1,779.90 | 1,553.38 | 2,564.81 | ||||||||||||||||||||||||
IHIT | 1,286.80 | 1,322.94 | 1,918.88 | |||||||||||||||||||||||||||||
IHTA | 1,218.00 | 1,252.14 | 1,613.03 | |||||||||||||||||||||||||||||
| (2) | These amounts represent the estimated annual benefits payable by the Invesco Funds upon the trustees’ retirement and assumes each |
| (3) | These amounts represent the compensation paid from all Invesco Funds to the individuals who serve as trustees. All |
| (4) | On |
| (5) |
|
B-2
ANNEX C
SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
As of the Record Date, according to disclosure publicly filed with the SEC, the following record owners of Common Shares or Preferred Shares of each Fund held, directly or beneficially, more than 5% of the voting securities of a class of securities of each Fund. For purposes of the 1940 Act, any person who owns, directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to “control” such company. Accordingly, to the extent that a shareholder is identified in the following table as the beneficial owner and holder of record of more than 25% of the outstanding voting securities of a Fund and has voting and/or investment power, the shareholder may be presumed to control such Fund.
As of the Record Date, according to disclosure publicly filed with the SEC, there were no record owners of Common Shares or Preferred Shares of IHTA that held, directly or beneficially, more than 5% of the voting securities of a class of securities of IHTA.
Fund | Class of Shares | Name and Address of Holder | Amount of Shares Owned by Beneficial Owner | Percentage of Shares Outstanding as of Record Date | ||||||||
VKI | Common | First Trust Portfolios, L.P., First Trust Advisers, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | | 2,864,019 | | | 6.45 | % | ||||
| Preferred | Citibank, N.A. 388 Greenwich Street New York, NY 10013 | 2,160 | | 100 | % | |||||||
VBF | Common | First Trust Portfolios, L.P., First Trust Advisers, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | | 2,310,446 | | | 20.31 | % | ||||
| Common | Sit Investment Associates, Inc. 3300 IDS Center 80 South Eighth Street Minneapolis, MN 55402 | | 634,983 | | | 5.58 | % | |||||
VCV | Common | First Trust Portfolios, L.P., First Trust Advisers, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | | 2,911,628 | | | 6.08 | % | ||||
| Preferred | Citibank, N.A. 388 Greenwich Street New York, NY 10013 | | 2,083 | | | 100 | % | |||||
Fund | Class of Shares | Name and Address of Holder | Amount of Shares Owned by Beneficial Owner | Percentage of Shares Outstanding as of Record Date | ||||||||
VKI | Preferred | Bank of America Corporation Bank of America Preferred Funding Corporation 100 North Tryon Street Charlotte, North Carolina 28255 | 1,160 | 53.70 | % | |||||||
VBF | Common | 1607 Capital Partners, LLC 13 S. 13th Street, Suite 400 Richmond, VA 23219 | 802,206 | 7.00 | % | |||||||
| Common | Sit Investment Associates, Inc. 3300 IDS Center 80 South Eighth Street Minneapolis, MN 55402 | 1,095,392 | 9.60 | % | ||||||||
| Common | First Trust Portfolios, L.P., First Trust Advisors, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | 1,279,028 | 11.20 | % | ||||||||
IHIT | Common | Morgan Stanley Smith Barney LLC 1585 Broadway New York, NY 10036 | 1,904,571 | 7.90 | % | |||||||
IHTA | Common | Morgan Stanley Smith Barney LLC 1585 Broadway New York, NY 10036 | 888,060 | 10.10 | % | |||||||
C-1
Fund | Class of Shares | Name and Address of Holder | Amount of Shares Owned by Beneficial Owner | Percentage of Shares Outstanding as of Record Date | ||||||||||
VTA | Common | First Trust Portfolios, L.P., First Trust Advisers, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | | 7,460,921 | | | 10.07 | % | ||||||
| Common | Morgan Stanley 1585 Broadway New York, NY 10036 | | 7,163,820 | | | 9.60 | % | |||||||
| Preferred | Barclays Bank PLC 745 Seventh Avenue New York, NY 10019 | | 750 | | | 100 | % | |||||||
IHIT | Common | Morgan Stanley Smith Barney LLC 1585 Broadway New York, NY 10036 | | 3,284,795 | | | 13.70 | % | ||||||
OIA | Common | Advisor Asset Management, Inc. 18925 Base Camp Road Monument, CO 80132 | | 1,042,404 | | | 5.31 | % | ||||||
| Preferred | Bank of America Corp. 100 North Tryon Street Charlotte, NC 28255 | | 300 | | | 100 | % | |||||||
VMO | Preferred | JPMorgan Chase Bank, National Association 270 Park Avenue New York, NY 10017 | | 3,676 | | | 100 | % | ||||||
VKQ | Common | First Trust Portfolios L.P., First Trust Advisors L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | | 2,968,920 | | | 5.37 | % | ||||||
| Preferred | Wells Fargo & Company 420 Montgomery Street San Francisco, CA 94163 | | 2,628 | | | 100 | % | |||||||
VPV | Preferred | Royal Bank of Canada 200 Bay Street, South Tower Toronto, Ontario M5J 2J5 Canada | | 1,376 | | | 100 | % | ||||||
IQI | Preferred | Wells Fargo & Company 420 Montgomery Street San Francisco, CA 94163 | | 2,339 | | | 100 | % | ||||||
Fund | Class of Shares | Name and Address of Holder | Amount of Shares Owned by Beneficial Owner | Percentage of Shares Outstanding as of Record Date | ||||||||
| Common | Sit Investment Associates, Inc. 3300 IDS Center 80 South Eighth Street Minneapolis, MN 55402 | 689,416 | 7.85 | % | ||||||||
VLT | Common | Sit Investment Associates, Inc. 3300 IDS Center 80 South Eighth Street Minneapolis, MN 55402 | 363,445 | 5.59 | % | |||||||
| Common | First Trust Portfolios, L.P., First Trust Advisors, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | 424,690 | 6.54 | % | ||||||||
OIA | Preferred | Bank of America Corp. 100 North Tryon Street Charlotte, NC 28255 | 300 | 100 | % | |||||||
VMO | Preferred | JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 | 3,676 | 100 | % | |||||||
VPV | Common | Saba Capital Management, LP Saba Capital Management GP, LLC Boaz R. Weinstein 405 Lexington Avenue 58th Floor New York, NY 10174 | 1,197,906 | 5.03 | % | |||||||
| Common | Sit Investment Associates, Inc. 3300 IDS Center 80 South Eighth Street Minneapolis, MN 55402 | 1,205,102 | 5.06 | % | ||||||||
| Preferred | Bank of America Corporation Bank of America Preferred Funding Corporation 100 North Tryon Street Charlotte, North Carolina 28255 | 1,376 | 100 | % | ||||||||
IQI | Common | Karpus Management Inc. 183 Sully’s Train Pittsford, NY 14534 | 3,060,625 | 5.79 | % | |||||||
C-2
Fund | Class of Shares | Name and Address of Holder | Amount of Shares Owned by Beneficial Owner | Percentage of Shares Outstanding as of Record Date | ||||||||||
VVR | Common | First Trust Portfolios, L.P., First Trust Advisers, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | | 14,907,664 | | | 8.28 | % | ||||||
| Common | Baillie Gifford & Co. 1 Greenside Row Edinburgh EH1 3AN Scotland, U.K. | | 10,470,618 | | | 5.82 | % | |||||||
| Preferred | Barclays Bank PLC 745 Seventh Avenue New York, NY 10019 | | 750 | | | 100 | % | |||||||
VGM | Preferred | JPMorgan Chase Bank, National Association 270 Park Avenue New York, NY 10017 | | 2,733 | | | 100 | % | ||||||
VTN | Preferred | Royal Bank of Canada 200 Bay Street, South Tower Toronto, Ontario M5J 2J5 Canada | | 904 | | | 100 | % | ||||||
IIM | Common | Karpus Management, Inc. d/b/a Karpus Investment Management 183 Sully’s Trail Pittsford, NY 14534 | | 2,847,037 | | | 6.05 | % | ||||||
| Preferred | JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 | | 2,331 | | | 100 | % | |||||||
Fund | Class of Shares | Name and Address of Holder | Amount of Shares Owned by Beneficial Owner | Percentage of Shares Outstanding as of Record Date | ||||||||
| Preferred | JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 | 2,105 | 100 | % | ||||||||
VVR | Common | Morgan Stanley Smith Barney LLC 1585 Broadway New York, NY 10036 | 11,710,048 | 7.70 | % | |||||||
VGM | Common | First Trust Portfolios, L.P., First Trust Advisors, L.P., The Charger Corporation 120 East Liberty Drive, Suite 400 Wheaton, IL 60187 | 2,983,004 | 5.50 | % | |||||||
| Preferred | JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 | 2,733 | 100 | % | ||||||||
VTN | Common | Karpus Investment Management 183 Sully’s Trail Pittsford, NY 14534 | 1,339,675 | 6.88 | % | |||||||
| Preferred | Bank of America Corp. 100 North Tryon Street Charlotte, NC 28255 | 904 | 100 | % | ||||||||
IIM | Preferred | JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 | 2,331 | 100 | % | |||||||
VKQ | Common | Karpus Management Inc. 183 Sully’s Train Pittsford, NY 14534 | 3,039.432 | 5.49 | % | |||||||
| Preferred | Toronto-Dominion Investments, Inc. 1 Vanderbilt Avenue New York, NY 10017 | 2,628 | 100 | % | ||||||||
VCV | Preferred | Bank of America Corp. 100 North Tryon Street Charlotte, NC 28255 | 1,083 | 51.99 | % | |||||||
C-3
ANNEX D
TRUSTEE AND NOMINEE OWNERSHIP OF COMMON SHARES OF THE FUNDS
The table below indicates the number of Common Shares of the respective Funds listed below owned by each Trustee or Nominee listed below as of December 31, 2017. The percentage of each Trustee’s Common Shares to the total Common Shares outstanding for a Fund is shown in parenthesis when such ownership individually exceeds 1% of the total Common Shares outstanding. No Trustee or Nominee owns Preferred Shares.
Fund | VKI | VBF | VCV | VTA | IHIT | IHTA | OIA | VMO | VKQ | VPV | IQI | VVR | VGM | VTN | IIM | |||||||||||||||||||||||||||||||||||||||||||||
Independent Trustees and Nominees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arch | 500 | 500 | None | None | None | None | None | 1,777 | 1,126 | None | None | 500 | 637 | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Crockett | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Fields | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Hostetler | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Jones | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Mathai-Davis | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Ressel | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Stern | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Stickel | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Troccoli | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Wilson | None | None | None | None | 2,500 | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Interested Trustees and Nominees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flanagan | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
Taylor | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2017, the Trustees, Nominees and executive officers as a group owned less than 1% of a class of shares of any Fund.
D-1
TRUSTEE BENEFICIAL OWNERSHIP OF FUND SECURITIES
The table below indicates the aggregate dollar range of equity securities of the Funds and of all funds in the Invesco Fund Complex owned by each Trustee as of the calendar year ended December 31, 2017.2022.
Fund | VKI | VBF | VCV | IHIT | IHTA | OIA | VMO | VKQ | VPV | IQI | VVR | VGM | VTN | IIM | Aggregate Dollar Securities in all Registered Investment Companies Overseen by Trustee or Nominee in the Invesco Fund Complex | |||||||||||||||||||||||||||||||||||||||||||||||||
Interested | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flanagan | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | Over $100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Independent Trustees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brown | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hostetler1 | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | Over $100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Jones1 | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | Over | ||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||||||
LaCava1 | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mathai-Davis1 | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Motley1 | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ressel | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troccoli1 | None | None | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vandivort1 | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| None | None | None | None | None | None | None | None | None | None | Over | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| $100,000(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Includes the total amount of compensation deferred by the Trustee at his or her election pursuant to a deferred compensation plan. Such deferred compensation is placed in a deferral account and deemed to be invested in one or more of the funds in the Invesco Funds. |
D-2D-1
ANNEX E
FEES BILLED BY INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
During each Fund’s prior two fiscal years, the Funds were billed the amounts listed below by PricewaterhouseCoopers LLP (“PwC”), the Funds’ independent registered public accounting firm, for audit andnon-audit services rendered to the Funds. During each Fund’s prior two fiscal years, all audit ornon-audit services provided to the Funds by PwC were approved by each Fund’s Audit Committee in accordance with itspre-approval policies and procedures.
Fees Billed for Services Rendered to the Funds for Fiscal Year Ended February 28, 20182023
| Non-Audit Fees | Non-Audit Fees | |||||||||||||||||||||||||||||||||||||||||||||||
Fund | Audit Fees | Audit-Related Fees | Tax Fees(1) | All Other Fees | Total Non-Audit Fees | Total Fees | Audit Fees | Audit-Related Fees | Tax Fees(1) | All Other Fees | Total Non-Audit Fees | Total Fees | ||||||||||||||||||||||||||||||||||||
VKI | $ | 44,825 | $ | 0 | $3,650 | $ | 0 | $3,650 | $ | 48,475 | $ | 49,292 | $ | 0 | $14,203 | $ | 0 | $14,203 | $ | 63,495 | ||||||||||||||||||||||||||||
VBF | 36,950 | 0 | 8,395 | 0 | 8,395 | 45,345 | 38,942 | 0 | 15,053 | 0 | 15,053 | 53,995 | ||||||||||||||||||||||||||||||||||||
VCV | 44,825 | 0 | 5,650 | 0 | 5,650 | 50,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
VTA | 72,775 | 0 | 5,645 | 0 | 5,645 | 78,420 | ||||||||||||||||||||||||||||||||||||||||||
IHIT | 57,600 | 0 | 15,600 | 0 | 15,600 | 73,200 | 62,281 | 0 | 15,053 | 0 | 15,053 | 77,334 | ||||||||||||||||||||||||||||||||||||
IHTA(2) | 57,600 | 0 | 7,300 | 7,300 | 64,900 | |||||||||||||||||||||||||||||||||||||||||||
IHTA | 62,281 | 0 | 15,053 | 0 | 15,053 | 77,334 | ||||||||||||||||||||||||||||||||||||||||||
VLT | 38,942 | 0 | 15,053 | 0 | 15,053 | 53,995 | ||||||||||||||||||||||||||||||||||||||||||
OIA | 44,825 | 0 | 5,650 | 0 | 5,650 | 50,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
VMO | 44,825 | 0 | 5,650 | 0 | 5,650 | 50,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
VKQ | 44,825 | 0 | 7,650 | 0 | 7,650 | 52,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
VPV | 44,825 | 0 | 3,650 | 0 | 3,650 | 48,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
IQI | 44,825 | 0 | 4,650 | 0 | 4,650 | 49,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
VVR | 72,775 | 0 | 5,645 | 0 | 5,645 | 78,420 | 106,682 | 0 | 15,053 | 0 | 15,053 | 121,735 | ||||||||||||||||||||||||||||||||||||
VGM | 44,825 | 0 | 3,650 | 0 | 3,650 | 48,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
VTN | 44,825 | 0 | 3,650 | 0 | 3,650 | 48,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
IIM | 44,825 | 0 | 4,650 | 0 | 4,650 | 49,475 | 49,292 | 0 | 14,203 | 0 | 14,203 | 63,495 | ||||||||||||||||||||||||||||||||||||
Fees Billed for Services Rendered to the Funds for Fiscal Year Ended February 28, 20172022
| Non-Audit Fees | Non-Audit Fees | |||||||||||||||||||||||||||||||||||||||||||||||
Fund | Audit Fees | Audit-Related Fees | Tax Fees(1) | All Other Fees | Total Non-Audit Fees | Total Fees | Audit Fees | Audit-Related Fees | Tax Fees(1) | All Other Fees | Total Non-Audit Fees | Total Fees | ||||||||||||||||||||||||||||||||||||
VKI | $ | 43,100 | $0 | $ | 3,500 | $ | 0 | $3,500 | $ | 46,600 | $ | 47,625 | $0 | $ | 14,520 | $ | 0 | $14,520 | $ | 62,145 | ||||||||||||||||||||||||||||
VBF | 35,525 | 0 | 7,525 | 0 | 7,525 | 43,050 | 37,625 | 0 | 16,020 | 0 | 16,020 | 53,645 | ||||||||||||||||||||||||||||||||||||
VCV | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
VTA | 77,475 | 12,500 | (3) | 4,875 | 0 | 17,375 | 94,850 | |||||||||||||||||||||||||||||||||||||||||
IHIT(4) | 40,025 | 41,500 | (5) | 7,525 | 0 | 49,025 | 89,050 | |||||||||||||||||||||||||||||||||||||||||
IHIT | 60,175 | 0 | 14,520 | 0 | 14,520 | 74,695 | ||||||||||||||||||||||||||||||||||||||||||
IHTA | 60,175 | 0 | 16,020 | 0 | 16,020 | 76,195 | ||||||||||||||||||||||||||||||||||||||||||
VLT | 37,625 | 0 | 16,020 | 0 | 16,020 | 53,645 | ||||||||||||||||||||||||||||||||||||||||||
OIA | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
VMO | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
VKQ | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
VPV | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
IQI | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
VVR | 77,475 | 12,500 | (3) | 4,875 | 0 | 17,375 | 94,850 | 111,666 | 0 | 36,420 | 0 | 36,420 | 148,086 | |||||||||||||||||||||||||||||||||||
VGM | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
VTN | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
IIM | 43,100 | 0 | 3,500 | 0 | 3,500 | 46,600 | 47,625 | 0 | 14,520 | 0 | 14,520 | 62,145 | ||||||||||||||||||||||||||||||||||||
| (1) | Tax |
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Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Advisers, Inc. (“Invesco”Invesco”), the Funds’ adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Funds (“Invesco Affiliates”Affiliates”) aggregate fees forpre-approvednon-auditpre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as follows:
| �� | Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2018 That Were Required to bePre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2017 That Were Required to bePre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee | ||||||||||||
Audit-Related Fees | $ | 662,000 | $ | 635,000 | $ | 874,000 | $ | 801,000 | ||||||||
Tax Fees | $ | 0 | $ | 0 | 0 | 0 | ||||||||||
All Other Fees | $ | 611,000 | $ | 2,827,000 | 0 | 0 | ||||||||||
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Total Fees | $ | 1,273,000 | $ | 3,462,000 | 874,000 | 801,000 | ||||||||||
| (1) | Audit-Related fees for the years ended |
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(e)(2) There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimis exception under Rule2-01 of RegulationS-X. |
(f) Not applicable. |
(g) |
PwC provided audit services to the Investment Company complex of approximately |
(h) The Audit Committee also has considered whether the provision ofnon-audit services that were rendered to Invesco and Invesco Affiliates that were not required to bepre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence. |
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PRE-APPROVAL OF AUDIT ANDNON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees
of the Invesco Funds (the “Funds”)
Last Amended March 29, 2017
| I. | Statement of Principles |
The Audit Committees (the “Audit “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”“Board”) have adopted these policies and procedures (the “Procedures”) with respect to thepre-approval of audit andnon-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).
Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit andnon-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee.Rule 2-01 of RegulationS-X requires that the Audit Committee alsopre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).
These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee maypre-approve audit andnon-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).12 They address both generalpre-approvals without consideration of specificcase-by-case services (“general pre-approvals”) and pre-approvals on acase-by-case basis (“specific pre-approvals”). Any services requiringpre-approval that are not within the scope of generalpre-approvals hereunder are subject to specificpre-approval. These Procedures also address the delegation by the Audit Committee ofpre-approval authority to the Audit Committee Chair or Vice Chair.
| II. | Pre-Approval of Fund Audit Services |
The annual Fund audit services engagement, including terms and fees, is subject to specificpre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.
| 2 | Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on the NYSE. |
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In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically
|
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pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.
| III. | General and SpecificPre-Approval ofNon-Audit Fund Services |
The Audit Committee will consider, at least annually, the list of GeneralPre-ApprovedNon-AuditPre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of GeneralPre-ApprovedNon-AuditPre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.
Any services or fee ranges that are not within the scope of GeneralPre-ApprovedNon-AuditPre-Approved Non-Audit Services have not received generalpre-approval and require specificpre-approval. Each request for specificpre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee)and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether topre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.
| IV. | Non-Audit Service Types |
The Audit Committee may provide either general or specificpre-approval of audit-related, tax or other services, each as described in more detail below.
| a. | Audit-Related Services |
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.
| b. | Tax Services |
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction
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initially recommended by the Auditor, the sole business purpose of which may be tax
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avoidance and the tax treatment of which may not be supported in the Internal Revenue
Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Each request to provide tax services under either the general or specificpre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee orfee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.
| c. | Other Services |
The Audit Committee maypre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor.Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules.Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.
| V. | Pre-Approval of Service Affiliate’s Covered Engagements |
Rule2-01 of RegulationS-X requires that the Audit Committeepre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.Engagement.”
The Audit Committee may provide either general or specificpre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of GeneralPre-ApprovedNon-AuditPre-Approved Non-Audit Services have not received generalpre-approval and require specificpre-approval.
Each request for specificpre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee)and must include detailed information about the services to be provided,
E-5
the fees or fee ranges to be charged, a description of the current status of thepre-approval
E-5
process involving other audit committees in the Invesco investment company complex (as defined in Rule2-201 of RegulationS-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requirespre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.
Information about all Service Affiliate engagements of the Auditor fornon-audit services, whether or not subject topre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.
| VI. | Pre-Approved Fee Levels or Established Amounts |
Pre-approved fee levels or ranges for audit andnon-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under generalpre-approval or specificpre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximumpre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specificpre-approval by the Audit Committee before payment of any additional fees is made.
| VII. | Delegation |
The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, topre-approve audit andnon-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider andpre-approve any proposed services or engagements.
Notwithstanding the foregoing, the Audit Committee mustpre-approve: (a) anynon-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.
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| VIII. | Compliance with Procedures |
Notwithstanding anything herein to the contrary, failure topre-approve any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements arepre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X.
On at least an annual basis, the Auditor will provide the Audit Committee with a summary of allnon-audit services provided to any entity in the investment company complex (as defined in section2-01(f)(14) of RegulationS-X, including the Funds and Service Affiliates) that were notpre-approved, including the nature of services provided and the associated fees.
| IX. | Amendments to Procedures |
All material amendments to these Procedures must be approved in advance by the Audit Committee.Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.
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Appendix I
Non-Audit Services That May Impair the Auditor’s Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services:
Management functions;
Human resources;
Broker-dealer, investment adviser, or investment banking services ;services;
Legal services;
Expert services unrelated to the audit;
Any service or product provided for a contingent fee or a commission;
Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;
Tax services for persons in financial reporting oversight roles at the Fund; and
Any other service that the Public Company Oversight Board determines by regulation is impermissible.
An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:
Bookkeeping or other services related to the accounting records or financial statements of the audit client;
Financial information systems design and implementation;
Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports;
Actuarial services; and
Internal audit outsourcing services.
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CE-PROXY-1
|
PO Box 43131
Providence, RI 02940-3131 | EVERY SHAREHOLDER’S VOTE IS IMPORTANT | |||
| EASY VOTING OPTIONS: | ||||
|  VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours | |||
| VOTE BY PHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours | |||
| VOTE BY MAIL Vote, sign and date this Proxy Card and return in the postage-paid envelope | |||
Invesco Advantage Municipal Income Trust II (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018Please detach at perforation before mailing.
 | INVESCO FUNDS (the “Funds”) | |
| PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”) | ||
| PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON AUGUST 3, 2023 |
COMMON SHARES
The undersigned holder of Common Shares of the FundFund(s) listed on the reverse side hereby revokes all previous proxies for his/her Common Shares of the FundFund(s) and appoints Philip A. Taylor,Andrew Schlossberg, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. RimesVeronica Castillo, Taylor Edwards, Amanda Roberts and Louis Ducote,Adrienne Ruffle, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018,3, 2023, at 1:2:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the FundFund(s) which the undersigned would be entitled to vote if personally present.
Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.
THIS PROXY CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF THIS PROXY CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF“FOR ALL” THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
NOTE: If you vote by telephone or on the Internet, please do NOT return your proxy card as it may cancel out your telephone or Internet vote.
VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503 | ||||||||
INV_33297_061323_1A
PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.
| xxxxxxxxxxxxxx | code |
EVERY SHAREHOLDER’S VOTE IS IMPORTANT!
VOTE THIS PROXY CARD TODAY!
Important Notice Regarding the Availability of Proxy Materials for the
Joint Annual Meeting of Shareholders to Be Held on August 3, 2023
The Proxy Statement/Prospectus for this meeting is available at:
https://www.proxy-direct.com/inv-33297
Do you have questions?
QUESTIONS ABOUT THIS PROXY? If you have any questions about how to vote your proxy or about the meetingJoint Annual Meeting in general, please call toll-free (800) 331-7543.(866) 856-3065. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132E103
FUNDS | FUNDS | FUNDS | ||
| Invesco Advantage Municipal Income Trust II | Invesco California Value Municipal Income Trust | Invesco Municipal Income Opportunities Trust | ||
| Invesco Municipal Opportunity Trust | Invesco Municipal Trust | Invesco Pennsylvania Value Municipal Income Trust |
Please detach at perforation before mailing.
This proxy is solicited on behalf of the Board. The Board recommends voting “FOR ALL” of the nominees.
| TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. EXAMPLE: | X |
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| 1a. | Election of Trustees. To withhold authority to vote for any individual nominee(s) mark the “For All Except” and write the nominee number on the line provided. | |||||||||||
| 01. | Beth Ann Brown | 02. | Joel W. Motley | 03. | Teresa M. Ressel | |||||||
| ||||||||||||
| FOR | WITHHOLD | FOR ALL | FOR | WITHHOLD | FOR ALL | |||||||
| ALL | ALL | EXCEPT | ALL | ALL | EXCEPT | |||||||
| 01 Invesco Advantage Municipal Income Trust II | ☐ | ☐ | ☐ ____02 Invesco California Value Municipal Income Trust | ☐ | ☐ | ☐____ | ||||||
| 03 Invesco Municipal Income Opportunities Trust | ☐ | ☐ | ☐ ____04 Invesco Municipal Opportunity Trust | ☐ | ☐ | ☐____ | ||||||
| 05 Invesco Municipal Trust | ☐ | ☐ | ☐ ____06 Invesco Pennsylvania Value Municipal Income Trust | ☐ | ☐ | ☐____ |
| B | Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below |
| Note: |
|
| Date (mm/dd/yyyy) — Please print date below | Signature 1 — Please keep signature within the box | Signature 2 — Please keep signature within the box | ||||||
|
|
EXCEPT
| Scanner bar code |
| xxxxxxxxxxxxxx | INV1 33297 | xxxxxxxx |
PO Box 43131 Providence, RI 02940-3131 | EVERY SHAREHOLDER’S VOTE IS IMPORTANT | |||||||
| EASY VOTING OPTIONS: | ||||||||
| VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours | |||||||
| VOTE BY PHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours | |||||||
| ||||||||
| Vote, sign and date this Proxy Card and return in the postage-paid envelope | |||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTEPlease detach at perforation before mailing.
46132E103
|
|
| INVESCO FUNDS (the “Funds”) | ||||
| PROXY
| |||
|
Invesco Advantage Municipal Income Trust II (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018COMMON SHARES
The undersigned holder of PreferredCommon Shares of the FundFund(s) listed on the reverse side hereby revokes all previous proxies for his/her PreferredCommon Shares of the FundFund(s) and appoints Philip A. Taylor,Andrew Schlossberg, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. RimesVeronica Castillo, Taylor Edwards, Amanda Roberts and Louis Ducote,Adrienne Ruffle, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018,3, 2023, at 1:2:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the PreferredCommon Shares of the FundFund(s) which the undersigned would be entitled to vote if personally present.
Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.
THIS PROXY CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF THIS PROXY CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF“FOR ALL” THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
NOTE: If you vote by telephone or on the Internet, please do NOT return your proxy card as it may cancel out your telephone or Internet vote.
VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503 | ||||||||
INV_33297_061323_1A
PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.
| xxxxxxxxxxxxxx | code |
EVERY SHAREHOLDER’S VOTE IS IMPORTANT!
VOTE THIS PROXY CARD TODAY!
Important Notice Regarding the Availability of Proxy Materials for the
Joint Annual Meeting of Shareholders to Be Held on August 3, 2023
The Proxy Statement/Prospectus for this meeting is available at:
https://www.proxy-direct.com/inv-33297
Do you have questions?
QUESTIONS ABOUT THIS PROXY? If you have any questions about how to vote your proxy or about the meetingJoint Annual Meeting in general, please call toll-free (800) 331-7543.(866) 856-3065. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132E855
FUNDS | FUNDS | FUNDS | ||
| Invesco Quality Municipal Income Trust | Invesco Senior Income Trust | Invesco Trust for Investment Grade Municipals | ||
| Invesco Trust for Investment Grade NY Municipals | Invesco Value Municipal Income Trust |
Please detach at perforation before mailing.
This proxy is solicited on behalf of the Board. The Board recommends voting “FOR ALL” of the nominees.
| TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. EXAMPLE: | X |
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| 1a. | Election of Trustees. To withhold authority to vote for any individual nominee(s) mark the “For All Except” and write the nominee number on the line provided. | |||||||||||
| 01. | Beth Ann Brown | 02. | Joel W. Motley | 03. | Teresa M. Ressel | |||||||
| ||||||||||||
| FOR | WITHHOLD | FOR ALL | FOR | WITHHOLD | FOR ALL | |||||||
| ALL | ALL | EXCEPT | ALL | ALL | EXCEPT | |||||||
| 01 Invesco Quality Municipal Income Trust | ☐ | ☐ | ☐ ____02 Invesco Senior Income Trust | ☐ | ☐ | ☐____ | ||||||
| 03 Invesco Trust for Investment Grade Municipals | ☐ | ☐ | ☐ ____04 Invesco Trust for Investment Grade NY Municipals | ☐ | ☐ | ☐____ | ||||||
| 05 Invesco Value Municipal Income Trust | ☐ | ☐ |
| B | Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below |
| Note: |
|
| Date (mm/dd/yyyy) — Please print date below | Signature 1 — Please keep signature within the box | Signature 2 — Please keep signature within the box | ||||||
|
|
EXCEPT
| Scanner bar code |
| xxxxxxxxxxxxxx | INV1 33297 | xxxxxxxx | ||
PO Box 43131 Providence, RI 02940-3131 | EVERY SHAREHOLDER’S VOTE IS IMPORTANT | |||||||
| EASY VOTING OPTIONS: | ||||||||
| VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours | |||||||
| VOTE BY PHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours | |||||||
| ||||||||
| Vote, sign and date this Proxy Card and return in the postage-paid envelope | |||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTEPlease detach at perforation before mailing.
46132E855
|
|
| INVESCO FUNDS (the “Funds”) | ||||
| PROXY
| |||
|
Invesco Bond Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018COMMON SHARES
The undersigned holder of Common Shares of the FundFund(s) listed on the reverse side hereby revokes all previous proxies for his/her Common Shares of the FundFund(s) and appoints Philip A. Taylor,Andrew Schlossberg, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. RimesVeronica Castillo, Taylor Edwards, Amanda Roberts and Louis Ducote,Adrienne Ruffle, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018,3, 2023, at 1:2:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the FundFund(s) which the undersigned would be entitled to vote if personally present.
Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.
THIS PROXY CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF THIS PROXY CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF“FOR ALL” THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
NOTE: If you vote by telephone or on the Internet, please do NOT return your proxy card as it may cancel out your telephone or Internet vote.
VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503 | ||||||||
INV_33297_061323_1C
PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.
| xxxxxxxxxxxxxx | code |
EVERY SHAREHOLDER’S VOTE IS IMPORTANT!
VOTE THIS PROXY CARD TODAY!
Important Notice Regarding the Availability of Proxy Materials for the
Joint Annual Meeting of Shareholders to Be Held on August 3, 2023
The Proxy Statement/Prospectus for this meeting is available at: https://www.proxy-direct.com/inv-33297
Do you have questions?
QUESTIONS ABOUT THIS PROXY? If you have any questions about how to vote your proxy or about the meetingJoint Annual Meeting in general, please call toll-free (800) 331-7543.(866) 856-3065. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132L107
FUNDS | FUNDS | FUNDS | ||
| Invesco Bond Fund | Invesco High Income Trust II | Invesco High Income 2023 Target Term Fund | ||
| Invesco High Income 2024 Target Term Fund | ||||
This proxy is solicited on behalf of the Board. The Board recommends voting “FOR ALL” of the nominees.
| TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. EXAMPLE: | X |
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| 1c. | Election of Trustees. To withhold authority to vote for any individual nominee(s) mark the “For All Except” and write the nominee number on the line provided. | |||||||||||||||
| 01. | Beth Ann Brown | 02. | Anthony J. LaCava, Jr. | 03. | Joel W. Motley | 04. | Teresa M. Ressel | |||||||||
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||||||||
| FOR | WITHHOLD | FOR ALL | FOR | WITHHOLD | FOR ALL | |||||||
| ALL | ALL | EXCEPT | ALL | ALL | EXCEPT | |||||||
| 01 Invesco Bond Fund | ☐ | ☐ | ☐ ____02 Invesco High Income Trust II | ☐ | ☐ | ☐____ | ||||||
| 03 Invesco High Income 2023 Target Term Fund | ☐ | ☐ | ☐ ____04 Invesco High Income 2024 Target Term-Fund | ☐ | ☐ | ☐____ |
| B | Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below |
| Note: |
|
| Date (mm/dd/yyyy) — Please print date below | Signature 1 — Please keep signature within the box | Signature 2 — Please keep signature within the box | ||||||
|
|
EXCEPT
| Scanner bar code |
| xxxxxxxxxxxxxx | INV2 33297 | xxxxxxxx |
PO Box 43131 Providence, RI 02940-3131 | EVERY SHAREHOLDER’S VOTE IS IMPORTANT | |||||||
| EASY VOTING OPTIONS: | ||||||||
| VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours | |||||||
| VOTE BY PHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours | |||||||
| ||||||||
| Vote, sign and date this Proxy Card and return in the postage-paid envelope | |||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTEPlease detach at perforation before mailing.
46132L107
|
|
| INVESCO FUNDS (the “Funds”) | ||||
| PROXY
| |||
|
Invesco California Value Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018PREFERRED SHARES
The undersigned holder of CommonPreferred Shares of the FundFund(s) listed on the reverse side hereby revokes all previous proxies for his/her CommonPreferred Shares of the FundFund(s) and appoints Philip A. Taylor,Andrew Schlossberg, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. RimesVeronica Castillo, Taylor Edwards, Amanda Roberts and Louis Ducote,Adrienne Ruffle, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018,3, 2023, at 1:2:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the CommonPreferred Shares of the FundFund(s) which the undersigned would be entitled to vote if personally present.
Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.
THIS PROXY CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF THIS PROXY CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF“FOR ALL” THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
NOTE: If you vote by telephone or on the Internet, please do NOT return your proxy card as it may cancel out your telephone or Internet vote.
VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503 | ||||||||
INV_33297_061323_1A_Pref
PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.
| xxxxxxxxxxxxxx | code |
EVERY SHAREHOLDER’S VOTE IS IMPORTANT!
VOTE THIS PROXY CARD TODAY!
Important Notice Regarding the Availability of Proxy Materials for the
Joint Annual Meeting of Shareholders to Be Held on August 3, 2023
The Proxy Statement/Prospectus for this meeting is available at: https://www.proxy-direct.com/inv-33297
Do you have questions?
QUESTIONS ABOUT THIS PROXY? If you have any questions about how to vote your proxy or about the meetingJoint Annual Meeting in general, please call toll-free (800) 331-7543.(866) 856-3065. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132H106
FUNDS | FUNDS | FUNDS | ||
| Invesco Advantage Municipal Income Trust II | Invesco California Value Municipal Income Trust | Invesco Municipal Income Opportunities Trust | ||
| Invesco Municipal Opportunity Trust | Invesco Municipal Trust | Invesco Pennsylvania Value Municipal Income Trust | ||
This proxy is solicited on behalf of the Board. The Board recommends voting “FOR ALL” of the nominees.
| TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. EXAMPLE: | X |
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| 1a. | Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class. To withhold authority to vote for any individual nominee(s) mark the “For All Except” and write the nominee number on the line provided. | |||||||||||
| 01. | Beth Ann Brown | 02. | Joel W. Motley | 03. | Teresa M. Ressel | |||||||
| ||||||||||||
| FOR | WITHHOLD | FOR ALL | FOR | WITHHOLD | FOR ALL | |||||||
| ALL | ALL | EXCEPT | ALL | ALL | EXCEPT | |||||||
| 01 Invesco Advantage Municipal Income Trust II | ☐ | ☐ | ☐ ____02 Invesco California Value Municipal Income Trust | ☐ | ☐ | ☐____ | ||||||
| 03 Invesco Municipal Income Opportunities Trust | ☐ | ☐ | ☐ ____04 Invesco Municipal Opportunity Trust | ☐ | ☐ | ☐____ | ||||||
| 05 Invesco Municipal Trust | ☐ | ☐ | ☐ ____06 Invesco Pennsylvania Value Municipal Income Trust | ☐ | ☐ | ☐____ |
ALL
| 1b. |
| |||||||||||
| 01. | Anthony J. LaCava, Jr. | |||||||||||
| FOR | WITHHOLD | FOR | WITHHOLD | |||||||||
| 01 Invesco Advantage Municipal Income Trust II | ☐ | ☐ | 02 Invesco California Value Municipal Income Trust | ☐ | ☐ | |||||||
| 03 Invesco Municipal Income Opportunities Trust | ☐ | ☐ | 04 Invesco Municipal Opportunity Trust | ☐ | ☐ | |||||||
| 05 Invesco Municipal Trust | ☐ | ☐ | 06 Invesco Pennsylvania Value Municipal Income Trust | ☐ | ☐ |
| B | Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below |
| Note: | Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, one or more owners should sign personally. When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. |
| Date (mm/dd/yyyy) — Please print date below | Signature 1 — Please keep signature within the box | Signature 2 — Please keep signature within the box | ||||||
|
| Scanner bar code |
| xxxxxxxxxxxxxx | INV3 33297 | xxxxxxxx |
PO Box 43131 Providence, RI 02940-3131 | EVERY SHAREHOLDER’S VOTE IS IMPORTANT | |||||||
| EASY VOTING OPTIONS: | ||||||||
| VOTE ON THE INTERNET Log on to: www.proxy-direct.com or scan the QR code Follow the on-screen instructions available 24 hours | |||||||
| VOTE BY PHONE Call 1-800-337-3503 Follow the recorded instructions available 24 hours | |||||||
| ||||||||
| Vote, sign and date this Proxy Card and return in the postage-paid envelope | |||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTEPlease detach at perforation before mailing.
46132H106
|
|
| INVESCO FUNDS (the “Funds”) | ||||
| PROXY
| |||
|
Invesco California Value Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018PREFERRED SHARES
The undersigned holder of Preferred Shares of the FundFund(s) listed on the reverse side hereby revokes all previous proxies for his/her Preferred Shares of the FundFund(s) and appoints Philip A. Taylor,Andrew Schlossberg, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. RimesVeronica Castillo, Taylor Edwards, Amanda Roberts and Louis Ducote,Adrienne Ruffle, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018,3, 2023, at 1:2:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the FundFund(s) which the undersigned would be entitled to vote if personally present.
Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.
THIS PROXY CARD, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF THIS PROXY CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF“FOR ALL” THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
NOTE: If you vote by telephone or on the Internet, please do NOT return your proxy card as it may cancel out your telephone or Internet vote.
VOTE VIA THE INTERNET: www.proxy-direct.com VOTE VIA THE TELEPHONE: 1-800-337-3503 | ||||||||
INV_33297_061323_1A_Pref
PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.
| xxxxxxxxxxxxxx | code |
EVERY SHAREHOLDER’S VOTE IS IMPORTANT!
VOTE THIS PROXY CARD TODAY!
Important Notice Regarding the Availability of Proxy Materials for the
Joint Annual Meeting of Shareholders to Be Held on August 3, 2023
The Proxy Statement/Prospectus for this meeting is available at: https://www.proxy-direct.com/inv-33297
Do you have questions?
QUESTIONS ABOUT THIS PROXY? If you have any questions about how to vote your proxy or about the meetingJoint Annual Meeting in general, please call toll-free (800) 331-7543.(866) 856-3065. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
FUNDS | FUNDS | FUNDS | ||
| Invesco Quality Municipal Income Trust | Invesco Senior Income Trust | Invesco Trust for Investment Grade Municipals | ||
| Invesco Trust for Investment Grade NY Municipals | Invesco Value Municipal Income Trust | |||
46132H601Please detach at perforation before mailing.
| TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK. EXAMPLE: | X |
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| 1a. | Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class. To withhold authority to vote for any individual nominee(s) mark the “For All Except” and write the nominee number on the line provided. | |||||||||||
| 01. | Beth Ann Brown | 02. | Joel W. Motley | 03. | Teresa M. Ressel | |||||||
| ||||||||||||
| FOR ALL | FOR | WITHHOLD | FOR ALL | ||||||||
| ALL | ALL | EXCEPT | ALL | ALL | EXCEPT | |||||||
| 01 Invesco Quality Municipal Income Trust | ☐ | ☐ | ☐ ____02 Invesco Senior Income Trust | ☐ | ☐ | ☐____ | ||||||
| 03 Invesco Trust for Investment Grade Municipals | ☐ | ☐ | ☐ ____04 Invesco Trust for Investment Grade NY Municipals | ☐ | ☐ | ☐____ | ||||||
| 05 Invesco Value Municipal Income Trust | ☐ | ☐ | ☐ ____ |
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||||||||||||
|
| |||||||||||||||
| Election of Trustees by Preferred Shareholders voting as a separate class. | |||||||||||||||
| Anthony J. LaCava, Jr. | |||||||||||||||
| ||||||||||||||||
| ||||||||||||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
| FOR | WITHHOLD | FOR | WITHHOLD | |||||||||
| 01 Invesco Quality Municipal Income Trust | ☐ | ☐ | 02 Invesco Senior Income Trust | ☐ | ☐ | |||||||
| 03 Invesco Trust for Investment Grade Municipals | ☐ | ☐ | 04 Invesco Trust for Investment Grade NY Municipals | ☐ | ☐ | |||||||
| 05 Invesco Value Municipal Income Trust | ☐ | ☐ |
THANK YOU FOR CASTING YOUR VOTE
46132H601
| B | Authorized Signatures — This section must be completed for your vote to be counted. — Sign and Date Below |
| Note: |
Please sign exactly as your name(s) appear(s) on this Proxy Card, and date it. When shares are held jointly, one or more owners should sign personally. When signing as attorney, executor, guardian, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature. |
| |
Invesco Dynamic Credit Opportunities Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132R104
| Date (mm/dd/yyyy) — Please print date below | Signature 1 — Please keep signature within the box | Signature 2 — Please keep signature within the box | ||||||
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132R104
|
| |
Invesco Dynamic Credit Opportunities Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132R203
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132R203
|
| |
Invesco Dynamic Credit Opportunities Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132R302
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132R302
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Invesco Dynamic Credit Opportunities Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132R401
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132R401
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Invesco Dynamic Credit Opportunities Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132R500
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132R500
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Invesco Dynamic Credit Opportunities Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132R609
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132R609
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Invesco High Income 2023 Target Term Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46135X108
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46135X108
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Invesco High Income 2024 Target Term Fund (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46136K105
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46136K105
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Invesco Municipal Income Opportunities Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132X101
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132X101
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Invesco Municipal Income Opportunities Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132X200
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132X200
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Invesco Municipal Opportunity Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132C107
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132C107
|
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Invesco Municipal Opportunity Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132C800
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
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| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132C800
|
| |
Invesco Municipal Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131J103
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131J103
|
| |
Invesco Municipal Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131J707
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131J707
|
| |
Invesco Pennsylvania Value Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132K109
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132K109
|
| |
Invesco Pennsylvania Value Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present. IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132K604
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132K604
|
| |
Invesco Quality Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46133G107
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46133G107
|
| |
Invesco Quality Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46133G701
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46133G701
|
| |
Invesco Senior Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131H107
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131H107
|
| |
Invesco Senior Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131H800
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131H800
|
| |
Invesco Senior Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131H883
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
| ||||||
|
| |||||
| ||||||
| ||||||
| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131H883
|
| |
Invesco Senior Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131H875
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NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
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THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131H875
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Invesco Senior Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131H867
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NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131H867
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Invesco Senior Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131H859
|
|
NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131H859
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Invesco Trust For Investment Grade Municipals (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131M106
|
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NOTE: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
|
46131M106
| xxxxxxxxxxxxxx |
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Invesco Trust For Investment Grade Municipals (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131M866
|
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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| INV3 33297 | |||||
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| xxxxxxxx | |||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131M866
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Invesco Trust For Investment Grade New York Municipals (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131T101
|
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NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131T101
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Invesco Trust for Investment Grade New York Municipals (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46131T507
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46131T507
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| |
Invesco Value Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Common Shares of the Fund hereby revokes all previous proxies for his/her Common Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132P108
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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|
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| ||||||
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INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132P108
|
| |
Invesco Value Municipal Income Trust (the “Fund”)
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the “Board”)
PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 9, 2018
The undersigned holder of Preferred Shares of the Fund hereby revokes all previous proxies for his/her Preferred Shares of the Fund and appoints Philip A. Taylor, Jeffrey H. Kupor, Sheri S. Morris, Peter A. Davidson, Melanie Ringold, Stephen R. Rimes and Louis Ducote, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders to be held at 11 Greenway Plaza, Suite 1000 Houston, Texas 77046-1173 on August 9, 2018, at 1:00 p.m., Central Daylight Time, and at any adjournment(s), postponement(s) or delay(s) thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present.IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED “FOR” EACH OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.
Do you have questions?
If you have any questions about how to vote your proxy or about the meeting in general, please call toll-free (800) 331-7543. Representatives are available to assist you Monday through Friday 9 a.m. to 10 p.m. Eastern time.
Important Notice Regarding the Availability of Proxy Materials for this Joint Annual
Meeting of Shareholders to Be Held on August 9, 2018.
The Proxy Statement for this meeting is available at:https://www.proxyonline.com/docs/Invesco2018/
46132P70
|
|
NOTE:Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.
| ||
|
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN AND ABSENT DIRECTION WILL BE VOTED “FOR ALL” THE NOMINEES.
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE “FOR ALL” THE NOMINEES BELOW.
TO VOTE, MARK CIRCLES BELOW IN BLUE OR BLACK INK AS FOLLOWS. Example:🌑
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|
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| ||||||
| ||||||
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark the box “FOR ALL EXCEPT” and write the nominee’s number on the line provided below.
THANK YOU FOR CASTING YOUR VOTE
46132P70
