Invesco Canada announced on July 17 that securityholders have approved changes to the investment objectives of Invesco Advantage Bond Fund, as well as changes to four PowerShares Funds.
The changes to the investment objectives of Invesco Advantage Bond Fund will enable it to take a global multi-sector approach. To reflect this change, the fund will be renamed Invesco Active Multi-Sector Credit Fund, effective July 27, 2018.
Invesco says, “the multi-sector approach will provide for increased diversification across four broad asset classes: global investment-grade credit; global high-yield credit; emerging-markets debt; and bank loans.
Invesco’s securityholders also approved changes to the investment objectives of the following funds: PowerShares 1-5 Year Laddered Corporate Bond Index Fund; PowerShares Canadian Dividend Index Class; PowerShares Canadian Preferred Share Index Class; and PowerShares FTSE RAFI Canadian Fundamental Index Class.
The changes will allow the portfolio management team to invest in the Invesco ETF that tracks each fund's respective index, rather than buying and selling the underlying securities that make up each index. “This change will provide an operationally efficient means of tracking the performance of each Fund's respective index,” says the company.