0001680359-21-000220.txt : 20211105 0001680359-21-000220.hdr.sgml : 20211105 20211105153011 ACCESSION NUMBER: 0001680359-21-000220 CONFORMED SUBMISSION TYPE: POS EX PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20211105 DATE AS OF CHANGE: 20211105 EFFECTIVENESS DATE: 20211105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Dynamic Credit Opportunity Fund CENTRAL INDEX KEY: 0001860151 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: POS EX SEC ACT: 1933 Act SEC FILE NUMBER: 333-256541 FILM NUMBER: 211384295 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 800-959-4246 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 1000 CITY: HOUSTON STATE: TX ZIP: 77046 POS EX 1 invdyncrdopptntyposex1152021.htm
As filed with the Securities and Exchange Commission on November 5, 2021


File No. 333-256541

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
 
[X]
Pre-Effective Amendment No. ____
  
[   ]
 
Post-Effective Amendment No. 1
  
[X]

(Check appropriate box or boxes)

Invesco Dynamic Credit Opportunity Fund
(Exact Name of Registrant as Specified in Charter)

1555 Peachtree Street, N.E., Suite 1800, Atlanta, Georgia  30309
(Address of Principal Executive Offices) (Number, Street, City, State, Zip Code)

(713) 626-1919
(Registrant's Area Code and Telephone Number)

Jeffrey H. Kupor, Esquire
11 Greenway Plaza, Suite 1000, Houston, TX  77046
(Name and Address of Agent for Service)


Copy to:

Taylor V. Edwards, Esquire
Matthew R. DiClemente, Esquire
Invesco Advisers, Inc.
Stradley Ronon Stevens & Young, LLP
225 Liberty Street, 15th Fl.
2005 Market Street, Suite 2600
New York, NY 10281-1087
Philadelphia, PA 19103-7018


The Prospectus/Proxy Statement and Statement of Additional Information, each in the form filed on July 16, 2021 on Form N-14 8C/A (File No. 333-256541) (Accession No. 0001680359-21-000145), as supplemented by the filing made pursuant to Rule 497(b) on July 22, 2021 (Accession No. 0001193125-21-221708), are incorporated herein by reference. This amendment is being filed in order to file, as Exhibit 12 to this Registration Statement, the tax opinion of Stradley Ronon Stevens & Young, LLP, special U.S. federal income tax counsel for the Registrant.
PART C. OTHER INFORMATION

Item 15.
Indemnification.
 
Please see Article VIII of the Registrant’s Agreement and Declaration of Trust (Exhibit (1)(a)) for indemnification of Trustees and officers. The Registrant’s Trustees and officers are also covered by an Errors and Omissions Policy. Section 16 of the Master Investment Advisory Agreement between the Registrant and the Adviser provides that in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties under the Master Investment Advisory Agreement on the part of the Adviser or any of its officers, directors or employees, the Adviser shall not be subject to liability to the Registrant or to any shareholder of the Registrant for any act or omission in the course of, or connected with, rendering services under the Master Investment Advisory Agreement or for any losses that may be sustained in the purchase, holding or sale of any security. Section 12 of the Master Distribution Agreement between the Registrant and Invesco Distributors provides that in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties under the Master Distribution Agreement on the part of Invesco Distributors, the Registrant shall indemnify Invesco Distributors against any and all claims, demands, liabilities and expenses which Invesco Distributors may incur under the Securities Act of 1933, or common law or otherwise, arising out of or based upon any alleged untrue statement of a material fact contained in any registration statement or prospectus, or any omission to state a material fact therein, the omission of which makes any statement contained therein misleading, unless such statement or omission was made in reliance upon, and in conformity with, information furnished to the Registrant in connection therewith by or on behalf of Invesco Distributors.

Insofar as indemnification for claims, demands expenses and liabilities arising under the Securities Act of 1933 may be permitted to Trustees, officers and controlling persons of the Registrant and the Adviser and any underwriter pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer, or controlling person or the Registrant and the principal underwriter in connection with the successful defense of any action, suit or proceeding) is asserted against the Registrant by such Trustee, officer or controlling person or Invesco Distributors in connection with the Shares being registered, such indemnification by it is against public policy, as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
   
 
(5)
Articles II, VI, VII, VIII and IX of the Agreement and Declaration of Trust and Articles IV, V and VI of the Bylaws define rights of holders of shares.
       
 
(6)
(a)
   
(b)
   
(c)
   
(d)
         
 
(7)
         
 
(8)
Not Applicable.
         
 
(9)
         
 
(10)
(a)
         
   
(b)
         
 
(11)
       
 
(12)
         
 
(13)
(a)
       
     
(1)
       
   
(b)
 
(14)
       
 
(15)
Omitted Financial Statements — None.
       
 
(16)
       
 
(17)
(a)
(1)
     
(2)
     
(3)
     
(4)
     
(5)
     
(6)
     
(7)
     
(8)
     
(9)

(1)
Incorporated by reference to the Registrant’s initial Registration Statement on Form N-2, filed on May 7, 2021.
(2)
Incorporated by reference to Pre-Effective Amendment No. 1 on Form N-2, filed on July 6, 2021.
(3)
Incorporated by reference to Pre-Effective Amendment No. 2 on Form N-2, filed on July 20, 2021.
(4)
Incorporated by reference to Post-Effective Amendment No. 89 to AIM Investment Securities Funds (Invesco Investment Securities Funds) Registration Statement on Form N-1A on June 27, 2019.
(5)
Incorporated herein by reference to PEA No. 191 to AIM Investment Funds (Invesco Investment Funds) Registration Statement on Form N-1A, filed on February 22, 2021.
(6)
Incorporated by reference to the Registrant’s initial Registration Statement on Form N-14, filed on May 27, 2021.
(7)
Incorporated by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-14, filed on July 16, 2021.
(*)
Filed herewith electronically.
Item 17.
Undertakings.
 
(1)
The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CRF 203.145c], the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.
 
(2)
The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.
 
(3)
The undersigned Registrant agrees to file by Post-Effective Amendment the opinion of counsel regarding the tax consequences of the proposed reorganization required by Item 16(12) of Form N-14 within a reasonable time after receipt of such opinion.
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Houston, State of Texas, on the 5th day of November, 2021.

 
INVESCO DYNAMIC CREDIT OPPORTUNITY FUND
  
     
 
By:
/s/ Sheri Morris
  
   
Sheri Morris, President
  

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form N-14 has been signed below by the following persons in the capacities and on the dates indicated.

SIGNATURES 
TITLE
DATE
 
  
 
/s/ Sheri Morris
President
November 5, 2021
(Sheri Morris)
(Principal Executive Officer)
 
 
  
 
/s/ Beth Ann Brown*
Trustee
November 5, 2021
(Beth Ann Brown)
  
 
 
  
 
/s/ Martin L. Flanagan*
Vice Chair & Trustee
November 5, 2021
(Martin L. Flanagan)
  
 
 
  
 
/s/ Cynthia Hostetler*
Trustee
November 5, 2021
(Cynthia Hostetler)
  
 
 
  
 
/s/ Eli Jones*
Trustee
November 5, 2021
(Eli Jones)
  
 
 
  
 
/s/ Elizabeth Krentzman*
Trustee
November 5, 2021
(Elizabeth Krentzman)
  
 
 
  
 
/s/ Anthony J. LaCava, Jr.*
Trustee
November 5, 2021
(Anthony J. LaCava, Jr.)
  
 
 
  
 
/s/ Prema Mathai-Davis*
Trustee
November 5, 2021
(Prema Mathai-Davis)
  
 
 
  
 
/s/ Joel W. Motley*
Trustee
November 5, 2021
(Joel W. Motley)
  
 
 
  
 
/s/ Teresa M. Ressel*
Trustee
November 5, 2021
(Teresa M. Ressel)
  
 
     
/s/ Ann Barnett Stern*
Trustee
November 5, 2021
(Ann Barnett Stern)
  
 
     
/s/ Robert C. Troccoli*
Trustee
November 5, 2021
(Robert C. Troccoli)
  
 
SIGNATURES 
TITLE
DATE
     
/s/ Daniel S. Vandivort*
Trustee
November 5, 2021
(Daniel S. Vandivort)
  
 
     
/s/ James D. Vaughn*
Trustee
November 5, 2021
(James D. Vaughn)
  
 
     
/s/ Christopher L. Wilson*
Chair & Trustee
November 5, 2021
(Christopher L. Wilson)
  
 
     
/s/ Adrien Deberghes
Vice President &Treasurer
November 5, 2021
(Adrien Deberghes)
(Principal Financial Officer)
 
     


By
/s/ Sheri Morris
  
 
Sheri Morris
  
 
Attorney-in-Fact
  

 
*
Sheri Morris, pursuant to Power of Attorney dated May 7, 2021, filed in the Registrant’s Registration Statement on Form N-14 on May 27, 2021.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
EXHIBITS
TO
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Exhibit Index

Exhibit No.
Exhibit
12
EX-99.12 2 taxopinion.htm OPINION OF STRADLEY RONON STEVENS & YOUNG, LLP, SUPPORTING THE TAX MATTERS AND CONSEQUENCES TO SHAREHOLDERS.
 
EX-99.12
   
Stradley Ronon Stevens & Young, LLP
2005 Market Street
Suite 2600
Philadelphia, PA 19103
Telephone  215.564.8000
Fax  215.564.8120
www.stradley.com

November 1, 2021

Board of Trustees, Invesco Dynamic Credit Opportunities Fund
11 Greenway Plaza, Suite 1000
Houston, TX  77046
Board of Trustees, Invesco Dynamic Credit Opportunity Fund
11 Greenway Plaza, Suite 1000
Houston, TX  77046

 
Re:
Agreement and Plan of Reorganization (“Agreement”) adopted as of July 15, 2021 by and among (i) Invesco Dynamic Credit Opportunities Fund, a registered closed-end investment company organized as a Delaware statutory trust (the “Target Fund”); (ii) a newly created Invesco closed-end registered investment company, Invesco Dynamic Credit Opportunity Fund, also organized as a Delaware statutory trust (the “Acquiring Fund”); and (iii) Invesco Advisers, Inc.

Ladies and Gentlemen:

You have requested our opinion as to certain federal income tax consequences of the Reorganization of the Target Fund, pursuant to which: (i) the Acquiring Fund will acquire the Assets and Liabilities of the Target Fund in exchange for Class AX shares of beneficial interest of the Acquiring Fund (“Acquiring Fund Shares”) of equal value to the net assets of the Target Fund, and (ii) the Target Fund will distribute such Acquiring Fund Shares to shareholders of the Target Fund’s common shares of beneficial interest (“Target Fund Common Shares”), in connection with the liquidation of the Target Fund, all upon the terms and conditions set forth in the Agreement (the “Reorganization”).  The Acquiring Fund is, and will be immediately prior to Closing, a shell fund, without assets (other than seed capital) or liabilities, created solely for the purpose of acquiring the Assets and Liabilities of the Target Fund. Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Agreement.


Philadelphia, PA • Malvern, PA • Cherry Hill, NJ • Wilmington, DE • Washington, DC • New York, NY • Chicago, IL
A Pennsylvania Limited Liability Partnership
Board of Trustees, Invesco Dynamic Credit Opportunities Fund
Board of Trustees, Invesco Dynamic Credit Opportunity Fund
November 1, 2021
Page 2 of 4


In rendering our opinion, we have reviewed and relied upon: (a) a copy of the executed Agreement, dated as of July 15, 2021; (b) the Proxy Statement/Prospectus provided to shareholders of the Target Fund dated July 21, 2021; (c) certain representations concerning the Reorganization made to us by the Acquiring Fund and the Target Fund in a letter dated November 1, 2021 (the “Representation Letter”); (d) all other documents, financial and other reports and corporate minutes we deemed relevant or appropriate; and (e) such statutes, regulations, rulings and decisions as we deemed material in rendering this opinion.

For purposes of this opinion, we have assumed that the Target Fund on the Closing Date of the Reorganization satisfies, and immediately following the Closing Date of the Reorganization, the Acquiring Fund will continue to satisfy, the requirements of Subchapter M of the Code, for qualification as regulated investment companies.

Based on the foregoing, and provided the Reorganization is carried out in accordance with the applicable laws of the State of Delaware, the terms of the Agreement and the statements in the Representation Letter for the Target Fund and the Acquiring Fund, it is our opinion that for federal income tax purposes:

1. The acquisition by the Acquiring Fund of all of the Assets of the Target Fund, as provided for in the Agreement, in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund Shares in complete liquidation of the Target Fund, will qualify as a reorganization within the meaning of Section 368(a)(1)(F) of the Code, and the Target Fund and the Acquiring Fund each will be a “party to the reorganization” within the meaning of Section 368(b) of the Code.
2. No gain or loss will be recognized by the Target Fund upon the transfer of all of its Assets to, and assumption of its Liabilities by, the Acquiring Fund in exchange solely for the Acquiring Fund Shares pursuant to Section 361(a) and Section 357(a) of the Code.
3. No gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the Assets of the Target Fund in exchange solely for the assumption of the Liabilities of the Target Fund and issuance of the Acquiring Fund Shares pursuant to Section 1032(a) of the Code.
4. No gain or loss will be recognized by the Target Fund upon the distribution of the Acquiring Fund Shares by the Target Fund to its shareholders in complete liquidation of the Target Fund pursuant to Section 361(c)(1) of the Code.
5. The tax basis of the Assets of the Target Fund received by the Acquiring Fund will be the same as the tax basis of such Assets in the hands of the Target Fund immediately prior to the transfer pursuant to Section 362(b) of the Code.
Board of Trustees, Invesco Dynamic Credit Opportunities Fund
Board of Trustees, Invesco Dynamic Credit Opportunity Fund
November 1, 2021
Page 3 of 4


6. The holding periods of the Assets of the Target Fund received by the Acquiring Fund will include the periods during which such Assets were held by the Target Fund pursuant to Section 1223(2) of the Code.
7. No gain or loss will be recognized by the Target Fund shareholders upon the exchange of all of their Target Fund Common Shares for the Acquiring Fund Shares (including fractional shares to which they may be entitled), pursuant to Section 354(a) of the Code.
8. The aggregate tax basis of the Acquiring Fund Shares to be received by each shareholder of the Target Fund (including fractional shares to which they may be entitled) will be the same as the aggregate tax basis of the Target Fund Common Shares exchanged therefor pursuant to Section 358(a)(1) of the Code.
9. The holding period of the Acquiring Fund Shares received by a shareholder of the Target Fund (including fractional shares to which they may be entitled) will include the holding period of the Target Fund Common Shares exchanged therefor, provided that the shareholder held such Target Fund Common Shares as a capital asset on the date of the Reorganization pursuant to Section 1223(1) of the Code.
10. For purposes of Section 381 of the Code, the Acquiring Fund will succeed to and take into account, as of the date of the transfer as defined in Section 1.381(b)-1(b) of the regulations issued by the United States Department of the Treasury (the “Income Tax Regulations”), the items of the Target Fund described in Section 381(c) of the Code as if there had been no Reorganization, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code, if applicable, and the Income Tax Regulations promulgated thereunder.
Notwithstanding anything to the contrary herein, we express no opinion as to the effect of the Reorganization on the Target Fund, the Acquiring Fund or any Target Fund shareholders with respect to any asset  (including without limitation any stock held in a passive foreign investment company as defined in Section 1297(a) of the Code or any contract described in Section 1256(b) of the Code) as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) regardless of whether such transfer would otherwise be a nonrecognition transaction under the Code.

Our opinion is based upon the Code, the applicable Income Tax Regulations, the present positions of the Internal Revenue Service (the “Service”) as are set forth in published revenue rulings and revenue procedures, present administrative positions of the Service, and existing judicial decisions, all of which are subject to change either prospectively or retroactively.  We do not undertake to make any continuing analysis of the facts or relevant law following the date of the Reorganization.
Board of Trustees, Invesco Dynamic Credit Opportunities Fund
Board of Trustees, Invesco Dynamic Credit Opportunity Fund
November 1, 2021
Page 4 of 4


Our opinion is conditioned upon the performance by the Acquiring Fund and the Target Fund of the undertakings in the Agreement and the Representation Letter. Except as expressly set forth above, we express no other opinion to any party as to the tax consequences, whether federal, state, local or foreign, with respect to (i) the Reorganization or any transaction related to or contemplated by such Reorganization (or incident thereto) or (ii) the effect, if any, of the Reorganization on any other transaction and/or the effect, if any, of any such other transaction on the Reorganization.

We hereby consent to the use of this opinion as an exhibit to the registration statement of each Acquiring Fund on Form N-14, and any amendments thereto, covering the registration of the Acquiring Fund Shares under the Securities Act of 1933, as amended, to be issued in the Reorganization.


 
Very truly yours,
   
 
/s/ Stradley Ronon Stevens & Young, LLP [CCS]
   
 
Stradley Ronon Stevens & Young, LLP
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