Invesco [profile] shareholders approved the proposed reorganization of Invesco Constellation Fund into Invesco American Franchise Fund. The reorganization is expected to be completed on or near September 16, 2013, Invesco announced.

Invesco announced the proposed reorganization of seven funds into acquiring funds on December 6 of last year. On April 19, Invesco reorganized Invesco Dynamics Fund and Invesco Municipal Bond Fund into the Invesco Mid Cap Growth Fund and Invesco Municipal Income Fund, respectively.

A spokesman for Invesco, David Bachert, released this statement when asked to elaborate on why the funds are being reorganized at this time:

Invesco is continually reviewing its product line to sharpen its offerings to investors. A key goal of this effort is to reduce overlap and enhance efficiency across the product line for the benefit of Invesco Funds’ shareholders and Invesco.

With respect to the proposed reorganization of the Invesco Constellation Fund into the Invesco American Franchise Fund, the Board further considered that Constellation Fund shareholders would become shareholders of a fund with a lower effective management fee and estimated lower overall total expense ratios on a pro forma basis; the investment objective, strategies and related risks of the funds are similar; the funds have a high degree of portfolio overlap; and the funds have the same portfolio management team.

See the full press release below.

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HOUSTON, Aug. 27, 2013 /PRNewswire/ -- Invesco announced today that shareholders of the Invesco Constellation Fund have approved the proposed reorganization into Invesco American Franchise Fund, which is scheduled to be completed on or about September 16, 2013.

About Invesco Ltd. Invesco Ltd. is a leading independent global investment management firm, 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 clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds and the subdistributor for its STIC Global Funds. Both Invesco Advisers, Inc. and Invesco Distributors, Inc. are wholly owned, indirect subsidiaries of Invesco Ltd.

NOT FDIC INSURED, MAY LOSE VALUE, OFFER NO BANK GUARANTEE

Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisers for a prospectus/summary prospectus or visit invesco.com/fundprospectus.  

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