Last week, the Board of Trustees of AIM Sector Funds voted to revamp the Invesco Utilities Fund’s mandate, subject to the approval of the fund’s shareholders at a special meeting to be held in February 2013.
Specifically, the fund’s mandate of investing primarily in securities of utilities-related industries will be dropped and transition to a diversified high income-seeking equity fund, according to a filing.
The aim of the new investment strategy “would greatly expand the pool of potential investments for the fund by permitting the fund to focus on investments outside of the utilities sector,” according to the filing.
Also, the fund will be renamed to the Invesco Dividend Income Fund.
The $376 million fund was launched in June 1986 and is managed by Meggan Walsh and Robert Botard, according to Bloomberg. Year to date, it is up 5.13% versus the MSCI World NR, which is up 13.01%.