Invesco Trimark simplifies and improves fund lineup

TORONTO, May 20, 2011 /CNW/ - Invesco Trimark is pleased to announce that it is proposing improvements to its product lineup to provide investors with a more cost-effective and enduring suite of products.

The improvements include:

  • 10 fund mergers
  • 5 fund name changes and series re-designations
  • termination of Series T4, T6 and T8 of Invesco Canadian Equity Private Pool

"We have proposed these improvements to our fund lineup with the best interests of investors in mind," said Peter Intraligi, President and Chief Operating Officer for Invesco Trimark. "If approved, the improvements will simplify our product offering and benefit investors over the long term."

The Manager expects the mergers, subject to any required shareholder or regulatory approval, to take effect after the close of business on or about July 29, 2011. All other changes outlined in this document will take effect after the close of business on or about July 22, 2011.

Proposed fund mergers

Invesco Trimark is proposing to merge eight of its Invesco and Trimark Private Pools into new series of existing Invesco Trimark mutual funds that are patterned portfolios of the Private Pools. These Private Pools, which are classes of Invesco Corporate Class Inc., were designed to provide affluent investors with a reduced fee structure and tax-deferred switching within the corporate structure. As a result of the fund mergers proposed in the following table, Invesco Trimark believes investors will benefit from reduced overall fund administration expenses (including trading expenses), which may lead to a reduction in the management expense ratio ("MER") for investors. In addition, affluent investors will continue to receive the same reduced fee structure in Series P as well as the continued tax-efficient benefits of the corporate structure.

Under the proposal, eight mutual funds (the "Non-continuing Funds") will be merged into new series of existing Invesco Trimark mutual funds (the "Continuing Funds") as follows:

Non-continuing Fund Non-continuing Fund, existing series held by shareholders Continuing Fund Continuing Fund, series held by shareholders after merger
Invesco EAFE Equity Growth Private Pool A, F Invesco International Growth Class P, PF respectively
Trimark Global Mid-Cap Equity Private Pool A, F Trimark Global Endeavour Class P, PF respectively
Trimark U.S. Equity Private Pool A, F Trimark U.S. Companies Class P, PF respectively
Trimark Global Equity Private Pool A, F, T4, T6, T8 Trimark Select Growth Class1, 2  P, PF, T4, T6, T8 respectively
Trimark World Balanced Private Pool A, F, T4, T6, T8 Trimark Global Balanced Class1 P, PF, T4, T6, T8 respectively
Trimark U.S. Equity Private Pool - Currency Neutral A, F Trimark U.S. Companies Class PH, FH respectively
Trimark Global Equity Private Pool - Currency Neutral A, F Trimark Select Growth Class2  PH, FH respectively
Trimark World Balanced Private Pool - Currency Neutral A, F Trimark Global Balanced Class PH, FH respectively

1 The merger of Series T4, T6 and T8 shares of the Non-continuing Funds into Series T4, T6 and T8 of the Continuing Funds is subject to approval of Series T4, T6 and T8 shareholders of the Continuing Funds at the July 25, 2011 Special Meetings of Shareholders.

2 On or around July 29, 2011, Trimark Select Growth Class will be renamed Trimark Global Fundamental Equity Class.

Other than as indicated above, these mergers do not require shareholder approval. These proposed mergers have been reviewed and approved by the Invesco Trimark Funds' Independent Review Committee. Shareholders will receive 60 days' notice of these proposed mergers.

In addition, Invesco Trimark proposes to merge two other funds. Under the proposal, the following mutual funds (the "Non-continuing Funds") will be merged into other Invesco Trimark mutual funds (the "Continuing Funds") as follows:

Non-continuing Fund Continuing Fund
Invesco Core Global Equity Class1 Invesco Intactive Maximum Growth Portfolio Class
Trimark Global Health Sciences Class Trimark U.S. Companies Class

1 Series I assets of the Non-continuing Fund will be merged into Series A of the Continuing Fund.

The mergers will require regulatory and shareholder approval. Shareholders will be asked to vote at Special Meetings of Shareholders to be held concurrently on July 25, 2011 in Toronto. Details of these proposals will be provided to investors in a management information circular and proxy package that will be mailed in late June 2011.

Fund and series name changes

The name and series of each of the following funds will change to their respective new name and series as indicated in the table below, effective on or about July 22, 2011:

Current name Current series New name New series
Trimark Canadian Bond Private Pool A, F, F4, T4 Trimark Canadian Bond Class P, PF, PF4, PT4 respectively
Invesco Canadian Equity Growth Private Pool A, F Invesco Canadian Equity Growth Class P, PF respectively
Trimark Monthly Income Private Pool A, F, F6, T4, T6, T8 Trimark Diversified Yield Class P, PF, PF6, PT4, PT6, PT8 respectively
Invesco Canadian Equity Private Pool A, F Invesco Select Canadian Equity Class P, PF respectively
Trimark EAFE Equity Private Pool A, F Trimark International Companies Class P, PF respectively

Series terminations

Series T4, T6 and T8 of Invesco Canadian Equity Private Pool will terminate effective on or about July 22, 2011 and shareholders will receive 60 days' notice of these terminations.

All of the proposed changes noted above demonstrate Invesco Trimark's continued commitment to acting in the best interests of investors.

Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing. Copies are available from your advisor or Invesco Trimark Ltd.

Invesco Trimark Ltd. is one of Canada's largest investment management companies. A subsidiary of Invesco Ltd., Invesco Trimark offers a diversified suite of investment solutions to institutions, organizations, companies and individual investors across Canada and around the world. Invesco is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high-net-worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.

Invesco and all associated trademarks are trademarks of Invesco Holding Company Limited, used under licence. Trimark and all associated trademarks are trademarks of Invesco Trimark Ltd.

 

SOURCE Invesco Trimark Ltd.

For further information:

Stephen Lee
AVP, Communications
Tel: 416.324.7668
stephen.lee@invescotrimark.com

Aysha Mawani
Vice President, Corporate Affairs
Tel: 647.338.2947
aysha.mawani@invescotrimark.com 

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Invesco Trimark Ltd.

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