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Rating:Fund Changes Begin at Amvescap Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, April 07, 1999

Fund Changes Begin at Amvescap

Reported by Jason Shank

As part of a simplification of the Invesco Funds product line, the Denver-based fund company is seeking to liquidate its Environmental Services Fund, a move that has been considered for "quite awhile," according to a company spokesperson. The board of directors has approved the liquidation plan and shareholders are being asked to vote on the issue at a meeting scheduled for May 20.

The fund, which had assets of about $7.0 million on March 31, down from $13 million two months before, had a negative return of 11.5 percent in the first quarter of 1999 and a whopping 3 percent since its inception.

The largest holdings in the fund as of Feb. 28 were Waste Management Inc. (WMI), Allied Waste Industries Inc. (AW) and Browning-Ferris Industries Inc. (BFI).

Invesco will be making several other changes to its fund line-up in the near future, the total changes will include 8 fund mergers and 2 more fund closures.

AIM Funds introduced two new share classes for its Large Cap Growth Fund. The fund will now offer B and C shares in order to allow shareholders the ability to exchange Class B and C shares of other AIM Funds. This process is typical for a new fund--the Large Cap Growth fund is 1 month old-- according to the company, with A shares offered with the fund launch, and B and C shares added as the fund grows and exchange issues arise.

The AIM Large Cap Growth Fund, which seeks long-term growth of capital by investing large-capitalization securities, is managed by several members of AIM's large cap team, including Jonathan Schoolar, Monika Degan, Rob Shoss and Geoff Keeling. The Fund invests primarily in domestic "brand-name" companies that are domiciled in the U.S. and compete in the global marketplace.

 

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