Invesco Value Municipal Trust (NYSE:IMT)
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Morgan Stanley Insured Municipal Trust (NYSE: IMT) (the “Trust”)
has received shareholder approval to adopt changes to the Trust’s
investment policies, as described below. These changes are designed to
expand the investment universe in which the Trust can invest, thereby
providing the Trust’s portfolio management
team with important flexibility to respond to ongoing developments in
the insured municipal bond market. The Trust seeks to achieve its
investment objective by providing income which is exempt from federal
income tax. The Trust is not changing its investment objective.
The Trust’s shareholders have approved the
following investment policy changes:
To allow the Trust to invest up to 20 percent of the Trust’s
net assets in taxable or tax-exempt fixed income securities rated at
least investment grade by a nationally recognized statistical rating
organization (“NRSRO”)
or, if not rated, determined by the Trust’s
Investment Adviser to be of comparable quality, including uninsured
municipal obligations, obligations of the U.S. government, its
respective agencies or instrumentalities, and other fixed income
obligations, and, during periods in which the Investment Adviser
believes that changes in economic, financial or political conditions
make it advisable to do so, to invest an unlimited extent in such
investments for temporary defensive purposes. The Trust may also
invest in options, futures, swaps and other derivatives.
The elimination and modification of certain fundamental investment
policies and restrictions of the Trust.
The Trust did not achieve the required quorum to pass the proposal to
invest, under normal market conditions, at least 80 percent of the Trust’s
net assets in municipal obligations which are covered by insurance
guaranteeing the timely payment of principal and interest thereon and
that are rated at least “A”
by a NRSRO or are unrated but judged to be of similar credit quality by
the Trust’s Investment Adviser, or covered by
insurance issued by insurers rated at least “A”
by a NRSRO. Therefore, the shareholder meeting was adjourned with
respect to this proposal only.
Morgan Stanley Investment Management, together with its investment
advisory affiliates, has nearly 1000 investment professionals around the
world and approximately $570 billion in assets under management or
supervision as of August 31, 2008. By leveraging its global ‘community
of boutiques’ structure and the strength of
Morgan Stanley, MSIM strives to provide outstanding long-term investment
performance, service and a comprehensive suite of investment
management solutions to a diverse client base, which includes
governments, institutions, corporations and individuals worldwide.
Morgan Stanley is a leading global financial services firm providing a
wide range of investment banking, securities, investment management,
wealth management and credit services. The Firm's employees serve
clients worldwide including corporations, governments, institutions and
individuals from more than 600 offices in 35 countries. For further
information about Morgan Stanley, please visit www.morganstanley.com.