0001496688-13-000116.txt : 20130501 0001496688-13-000116.hdr.sgml : 20130501 20130501172036 ACCESSION NUMBER: 0001496688-13-000116 CONFORMED SUBMISSION TYPE: POS EX PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20130501 DATE AS OF CHANGE: 20130501 EFFECTIVENESS DATE: 20130501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Municipal Trust CENTRAL INDEX KEY: 0000877463 IRS NUMBER: 363779776 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: POS EX SEC ACT: 1933 Act SEC FILE NUMBER: 333-180599 FILM NUMBER: 13804381 BUSINESS ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: 2Q ZIP: 30309 BUSINESS PHONE: 404-439-3217 MAIL ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: 2Q ZIP: 30309 FORMER COMPANY: FORMER CONFORMED NAME: Invesco Van Kampen Municipal Trust DATE OF NAME CHANGE: 20100601 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN MUNICIPAL TRUST DATE OF NAME CHANGE: 19981006 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL MUNICIPAL TRUST DATE OF NAME CHANGE: 19960102 POS EX 1 vkqposex.htm vkqposex.htm
As filed with the Securities and Exchange Commission on May 1, 2013
1933 Act File No. 333-180599


U.S. 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 MUNICIPAL TRUST
 (Exact Name of Registrant as Specified in Charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309
 (Address of Principal Executive Offices) (Zip Code)

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


John M. Zerr, Esq.
11 Greenway Plaza
Suite 1000
Houston, Texas 77046
(713) 626-1919
(Name and Address of Agent for Service of Process)

Copies to:

Stephen R. Rimes, Esquire
Invesco Advisers, Inc.
11 Greenway Plaza, Suite 1000
Houston, Texas 77046-1173
Matthew R. DiClemente, Esquire
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, Pennsylvania 19103
 
Michael K. Hoffman
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036


It is proposed that this filing will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended.


 
 
 

EXPLANATORY NOTE


The Joint Proxy Statement/Prospectus and Statement of Additional Information filed with the Securities and Exchange Commission on June 22, 2012 pursuant to Rule 497(b) of the Securities Act of 1933, as amended, are incorporated herein by reference.

This Post-Effective Amendment is being filed for the purpose of filing the final tax opinion as Exhibit 12 to this Registration Statement on Form N-14.
 
Notice is hereby provided that pursuant to Rule 414 under the Securities Act of 1933, as amended, in connection with a reorganization pursuant to which Invesco Municipal Trust, a Delaware statutory trust (the “Successor Fund”), succeeded to the business of Invesco Van Kampen Municipal Trust, a Massachusetts business trust (the “Predecessor Fund”), the Successor Fund adopted the registration statement on Form N-2 of the Predecessor Fund as its own for all purposes of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended.


 
 
 
 

PART C

OTHER INFORMATION

Item 15.                      Indemnification.

Declaration of Trust

Except to the extent expressly set forth in the Governing Instrument, each Shareholder will be liable to the Trust for, and indemnify and hold harmless the Trust (and any subsidiaries or affiliates thereof) from and against, all costs, expenses, penalties, fines or other amounts, including without limitation, reasonable attorneys’ and other professional fees, whether third party or internal, arising from any action against the Trust in which such Shareholder is not the prevailing party, and shall pay such amounts on demand, together with interest on such amounts, which interest will accrue at the lesser of the Trust’s highest marginal borrowing rate, per annum compounded, and the maximum amount permitted by law, from the date such costs or the like are incurred until the receipt of payment.  The Trust is hereby permitted to redeem or repurchase Shares of any Shareholder liable to the Trust under this Section 8.5 at a value determined by the Board of Trustees in accordance with the 1940 Act and other applicable law, and to set off against and retain any distributions otherwise payable to any Shareholder liable to the Trust under this Section 8.5, in payment of amounts due hereunder.

By-Laws

(a). To the maximum extent permitted by law, the Trust shall indemnify any person who was or is a party or is threatened to be made a party to, or is involved as a witness in, any proceeding (other than a proceeding by or in the right of the Trust) by reason of the fact that such person is or was a Covered Person, against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such proceeding.
 
(b). To the maximum extent permitted by law, the Trust shall indemnify any person who was or is a party or is threatened to be made a party to, or is involved as a witness in, any proceeding by or in the right of the Trust to procure a judgment in its favor by reason of the fact that such person is or was a Covered Person, against expenses actually and reasonably incurred by that person in connection with the investigation, defense or settlement of such proceeding.
 
(c). Notwithstanding any provision to the contrary contained herein, no Covered Person shall be indemnified for any expenses, judgments, fines, amounts paid in settlement, or other liability or loss arising by reason of disabling conduct or for any proceedings by such Covered Person against the Trust. The termination of any proceeding by conviction, or a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the person engaged in disabling conduct.
 
(d). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1)
 

 
 
 

was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification.  The rights to indemnification set forth in these Bylaws shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives.  No amendment or restatement of these Bylaws or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.
 
Item 16.                      Exhibits.

(1)
Copies of the charter of the Registrant as now in effect;

 
(a)
Amended and Restated Declaration of Trust made as of May 15, 2012, is incorporated herein by reference to the Registrant’s Form 8-A filed on October 10, 2012.

(2)
Copies of the existing bylaws or corresponding instrument of the Registrant;

 
(a)
Amended and Restated Bylaws dated May 21, 2012, is incorporated herein by reference to the Registrant’s Form 8-A filed on October 10, 2012.

(3)
Copies of any voting trust agreement affecting more than 5 percent of any class of equity securities of the Registrant;

(a)
Form of Voting Trust Agreement, is incorporated herein by reference to the Registration Statement filed on June 8, 2012.

(4)
Copies of the agreement of acquisition, reorganization, merger, liquidation and any amendments to it;

 
(a)
Form of Agreement and Plan of Redomestication by and among the Registrant is incorporated herein by reference to the Registration Statement filed on June 8, 2012.

 
(b)
Form of Agreement and Plan of Merger by and among the Registrant is incorporated herein by reference to the Registration Statement filed on June 8, 2012.

(5)
Copies of all instruments defining the rights of holders of the securities being registered including, where applicable, the relevant portion of the articles of incorporation or by-laws of the Registrant;

 
(a)
Articles II, III, VI, and IX of the Amended and Restated Declaration of Trust

 
(b)
Article IV of the Amended and Restated Bylaws.

 
 
 


(6)
Copies of all investment advisory contracts relating to the management of the assets of the Registrant;

 
(a)
Master Investment Advisory Agreement, dated June 1, 2010, between the Registrant and Invesco Advisers, Inc. is incorporated into this filing by reference to the Registrant’s Form NSAR-B filed on December 29, 2010.

 
(b)
Master Intergroup Sub-Advisory Contract for Mutual Funds, dated June 1, 2010 between Invesco Advisers, Inc., on behalf of Registrant, and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Ltd., Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. Is incorporated into this filing by reference to the Registrant’s Form NSAR-B filed on December 29, 2010.

(7)
Copies of each underwriting or distribution contract between the Registrant and a principal underwriter, and specimens or copies of all agreements between principal underwriters and dealers;

 
Not applicable.

(8)
Copies of all bonus, profit sharing, pension, or other similar contracts or arrangements wholly or partly for the benefit of trustees or officers of the Registrant in their capacity as such. Furnish a reasonably detailed description of any plan that is not set forth in a formal document;

 
Not Applicable.

(9)
Copies of all custodian agreements and depository contracts under Section 17(f) of the Investment Company Act of 1940, as amended (the "1940 Act") for securities and similar investments of the Registrant, including the schedule of remuneration;

 
(a)
Amended and Restated Master Custodian Contract, dated June 1, 2010, between Registrant and State Street Bank and Trust Company is incorporated into this filing by reference to Post-Effective Amendment No. 97 to AIM Investment Funds (Invesco Investment Funds)’s registration statement filed on July 16, 2010.

(10)
Copies of any plan entered into by Registrant pursuant to Rule 12b-1 under the 1940 Act and any agreements with any person relating to implementation of the plan, and copies of any plan entered into by the Registrant pursuant to Rule 18f-3 under the 1940 Act, any agreement with any person relating to implementation of the plan, any amendment to the plan, and a copy of the portion of the minutes of the meeting of the Registrant's trustees describing any action taken to revoke the plan;

 
 
 


 
Not applicable.

(11)
An opinion and consent of counsel as to the legality of the securities being registered, indicating whether they will, when sold, be legally issued, fully paid and nonassessable;

 
(a)
Opinion and Consent of Stradley Ronon Stevens & Young, LLP, is incorporated herein by reference to the Registration Statement filed on June 8, 2012.

(12)
An opinion, and consent to their use, of counsel or, in lieu of an opinion, a copy of the revenue ruling from the Internal Revenue Service, supporting the tax matters and consequences to shareholders discussed in the prospectus;

 
(a)
Opinion of Stradley Ronon Stevens & Young, LLP, supporting the tax matters and consequences to shareholders relating to the Agreement and Plan of Redomestication, is filed herewith.
 
                (b)           Opinion of Stradley Ronon Stevens & Young, LLP, supporting the tax matters and consequences to shareholders relating to the Agreement and Plan of Merger, is filed herewith.

 
(13)
Copies of all material contracts of the Registrant not made in the ordinary course of business which are to be performed in whole or in part on or after the date of filing the registration statement;

 
(a)
Memorandum of Agreement, regarding expense limitations, dated November 16, 2010, between Registrant (on behalf of certain Funds) and Invesco Advisers, Inc. is incorporated into this filing by reference to the Registrant’s Form NSAR-BT filed on April 29, 2011.

 
(b)
Transfer Agency and Service Agreement, dated January 1, 2002, between Registrant, EquiServe Trust Company, N.A. and EquiServe, Inc., is incorporated herein by reference to the Registration Statement filed on June 8, 2012.

 
(c)
Amendment, dated June 1, 2010, to the Transfer Agency and Service Agreement, is incorporated herein by reference to the Registration Statement filed on June 8, 2012.

(14)
Copies of any other opinions, appraisals, or rulings, and consents to their use, relied on in preparing the registration statement and required by Section 7 of the 1933 Act;

 
(a)
Consent of Pricewaterhouse Coopers LLP, the Registrant’s independent registered public accountant, is incorporated herein by reference to the Registration Statement filed on June 8, 2012.

(15)
All financial statements omitted pursuant to Item 14(a)(1);

 
Not applicable.

(16)
Manually signed copies of any power of attorney pursuant to which the name of any person has been signed to the registration statement; and

 
 
 


 
(a)
Powers of Attorney for Colin Meadows, David C. Arch, Jerry D. Choate, Wayne W. Whalen, Linda Hutton Heagy, Rodney F. Dammeyer, R. Craig Kennedy, Howard J Kerr, Jack E. Nelson, Suzanne H. Woolsey, Hugo F. Sonnenschein is incorporated herein by reference to the Initial Registration Statement on Form N-14, filed on April 5, 2012.

(17)
Any additional exhibits which the Registrant may wish to file.

(a)           Form of Proxy Cards relating to Special Meeting of Shareholders, is incorporated herein by reference to the Registration Statement filed on June 8, 2012.


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 filled 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)
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant 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 the Act 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 director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

 
 
 

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 30th day of April, 2013.

                        Registrant:         Invesco Municipal Trust

                                                  By: /s/ Colin Meadows                                                                    
                                                               Colin Meadows, 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/ Colin Meadows
Trustee & President
April 30, 2013
(Colin Meadows)
(Principal Executive Officer)
  
     
/s/ David C. Arch*
Trustee
April 30, 2013
(David C. Arch)
    
     
/s/ Jerry D. Choate*
Trustee
April 30, 2013
(Jerry D. Choate)
    
     
/s/ Wayne W. Whalen*
 Trustee & Chair
April 30, 2013
(Wayne W. Whalen)
    
     
/s/ Linda Hutton Heagy*
Trustee
April 30, 2013
(Linda Hutton Heagy)
    
     
/s/ Rodney F. Dammeyer*
Trustee
April 30, 2013
(Rodney F. Dammeyer)
    
     
/s/ R. Craig Kennedy*
Trustee
April 30, 2013
(R. Craig Kennedy)
    
     

 
 
 


/s/ Howard J Kerr *
Trustee
April 30, 2013
(Howard J Kerr)
    
     
/s/ Jack E. Nelson*
Trustee
April 30, 2013
(Jack E. Nelson)
    
     
/s/ Suzanne H. Woolsey*
Trustee
April 30, 2013
(Suzanne H. Woolsey)
    
     
/s/ Hugo F. Sonnenschein*
Trustee
April 30, 2013
(Hugo F. Sonnenschein)
    
     
/s/ Sheri Morris
Vice President & Treasurer
April 30, 2013
(Sheri Morris)
(Principal Financial Officer)
 

*By: /s/ Philip A. Taylor                                                    
Philip A. Taylor
Attorney-in-Fact

*Philip A. Taylor, pursuant to powers of attorney dated November 30, 2011, incorporated herein by reference to the Initial Registration Statement on Form N-14, filed on April 5, 2012.




 
 
 

EXHIBIT INDEX

EXHIBIT NO.
EXHIBIT
12(a)
Form of Opinion and Consent of Counsel with respect to certain tax consequences relating to the Agreement and Plan of Redomestication
12(b)
Form of Opinion and Consent of Counsel with respect to certain tax consequences relating to the Agreement and Plan of Merger

EX-99.12 TAX OPINION 2 opinionpor.htm opinionpor.htm
 
Stradley Ronon Stevens & Young, LLP
 
Suite 2600
2005 Market Street
Philadelphia, PA  19103-7018
Telephone  215.564.8000
Fax  215.564.8120
www.stradley.com
 
October 15, 2012
 

 

To the Addressees set forth on Exhibit X


 
Re:
Agreement and Plan of Redomestication (“Agreement”) made as of the 2nd day of July, 2012 by and among (i) each of the Invesco closed-end registered investment companies identified as a Predecessor Fund on Exhibit A hereto (each a “Predecessor Fund”); (ii) each of the Invesco closed-end registered investment companies identified as a Successor Fund on Exhibit A hereto (each a “Successor Fund”); and (iii) Invesco Advisers, Inc. (“IAI”).

Ladies and Gentlemen:

You have requested our opinion concerning certain federal income tax consequences of the reorganization of each Predecessor Fund pursuant to which: (i) the transfer of all of the assets of a Predecessor Fund to the Successor Fund in exchange for the issuance by the Successor Fund to the Predecessor Fund of shares of beneficial interest of the Successor Fund (“Successor Fund Shares”), which are voting securities, (ii) the assumption by the Successor Fund of all liabilities of the Predecessor Fund, (iii) the distribution of the shares of beneficial interest of the Successor Fund to the holders of shares of beneficial interest of the Predecessor Fund (“Predecessor Fund Shares”) according to their respective interests in complete liquidation of the Predecessor Fund; and (iv) the dissolution of the Predecessor Fund as soon as practicable after the Closing (each such transaction, a “Reorganization” and collectively, the “Reorganizations”), all upon and subject to the terms and conditions of the Agreement.  Each Successor Fund currently is a shell series, without assets or liabilities, created for the purpose of acquiring the assets and liabilities of the corresponding Predecessor Fund.

In rendering our opinion, we have reviewed and relied upon:  (a) a copy of the executed Agreement, dated as of July 2, 2012; (b) the combined proxy statement/prospectus and, if applicable, the Schedule 14A proxy statement provided to shareholders of each Predecessor Fund in connection with a Special Meeting of Shareholders of each Predecessor Fund held on July 17, 2012, and, as applicable, adjourned until August 14, 2012 and adjourned again until September 25, 2012; (c) certain representations concerning the Reorganizations made to us by each Predecessor Fund and each Successor Fund in a letter dated October 15, 2012 (the “Representation Letter”); (d) all

 
 
 
To the Addressees set forth on Exhibit X
October 15, 2012
Page 2


other documents, financial and other reports and corporate minutes we deemed relevant or appropriate; and (f) such statutes, regulations, rulings and decisions as we deemed material in rendering this opinion.  Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Agreement.  References to the Predecessor Fund and the Successor Fund in the same paragraph mean the Predecessor Fund and the corresponding Successor Fund as set forth in the Agreement.

For purposes of this opinion, we have assumed that each Predecessor Fund, on the Closing Date of the Reorganization, satisfies, and immediately following the Closing Date of the Reorganization, each Successor Fund will continue to satisfy, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for qualification as regulated investment companies.

Based on the foregoing, and provided each Reorganization is carried out in accordance with the applicable laws of the Commonwealth of Massachusetts and the State of Delaware, the terms of the Agreement and the statements in the Representation Letter for the Predecessor Funds and the Successor Funds, it is our opinion with respect to each Predecessor Fund and its corresponding Successor Fund that for federal income tax purposes:
1. The acquisition by the Successor Fund of all of the Assets of the Predecessor Fund, as provided for in the Agreement, in exchange solely for Successor Fund Shares and the assumption by the Successor Fund of all of the liabilities of the Predecessor Fund, followed by the distribution by the Predecessor Fund to its shareholders of the Successor Fund Shares in complete liquidation of the Predecessor Fund, will qualify as a reorganization within the meaning of Section 368(a)(1)(F) of the Code, and the Predecessor Fund and the Successor Fund each will be a “party to a reorganization” within the meaning of Section 368(b) of the Code.

2. No gain or loss will be recognized by the Predecessor Fund upon the transfer of all of its Assets to, and assumption of its liabilities by, the Successor Fund in exchange solely for Successor Fund Shares pursuant to Section 361(a) and Section 357(a) of the Code.

3. No gain or loss will be recognized by the Successor Fund upon the receipt by it of all of the Assets of the Predecessor Fund in exchange solely for the assumption of the liabilities of the Predecessor Fund and issuance of the Successor Fund Shares pursuant to Section 1032(a) of the Code.

4. No gain or loss will be recognized by the Predecessor Fund upon the distribution of the Successor Fund Shares by the Predecessor Fund to its shareholders in complete liquidation (in pursuance of the Agreement) pursuant to Section 361(c)(1) of the Code.

5. The tax basis of the Assets of the Predecessor Fund received by the Successor Fund will be the same as the tax basis of such Assets in the hands of the Predecessor Fund immediately prior to the transfer pursuant to Section 362(b) of the Code.

 
 
 
To the Addressees set forth on Exhibit X
October 15, 2012
Page 3



6. The holding periods of the Assets of the Predecessor Fund in the hands of the Successor Fund will include the periods during which such Assets were held by the Predecessor Fund pursuant to Section 1223(2) of the Code.

7. No gain or loss will be recognized by the shareholders of the Predecessor Fund upon the exchange of all of their Predecessor Fund Shares solely for the Successor Fund Shares pursuant to Section 354(a) of the Code.

8. The aggregate tax basis of the Successor Fund Shares to be received by each shareholder of the Predecessor Fund will be the same as the aggregate tax basis of Predecessor Fund Shares exchanged therefor pursuant to Section 358(a)(1) of the Code.

9. The holding period of Successor Fund Shares received by a shareholder of the Predecessor Fund will include the holding period of the Predecessor Fund Shares exchanged therefor, provided that the shareholder held Predecessor Fund Shares as a capital asset on the Closing Date pursuant to Section 1223(1) of the Code.

10. For purposes of Section 381 of the Code, the Successor 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 income tax regulations issued by the United States Department of the Treasury (the “Income Tax Regulations”), the items of the Predecessor Fund described in Section 381(c) of the Code as if there had been no Reorganization.

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 Reorganizations.

Our opinion is conditioned upon the performance by each Predecessor Fund and each Successor Fund, of their undertakings in the Agreement and the Representation Letters. Our opinion is limited to the federal income tax consequences of the Reorganization set forth above, and 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 (other than a transaction pursuant to the Merger Agreement) on the Reorganization.


 
 
 
To the Addressees set forth on Exhibit X
October 15, 2012
Page 4


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

Very truly yours,

STRADLEY RONON STEVENS & YOUNG, LLP

/s/ Stradley Ronon Stevens & Young, LLP

 
 
 


EXHIBIT A

CHART OF REDOMESTICATIONS

Predecessor Funds
(and share classes)
Successor Funds
(and share classes)
Redomesticating Fund or Merging Fund
Invesco Value Municipal Income Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Value Municipal Income Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Value Municipal Bond Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Value Municipal Bond Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Value Municipal Securities, a Massachusetts business trust
Common Shares
Invesco Value Municipal Securities, a Delaware statutory trust
Common Shares
Merging Fund
Invesco Value Municipal Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Value Municipal Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Quality Municipal Income Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Quality Municipal Income Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Quality Municipal Investment Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Quality Municipal Investment Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Quality Municipal Securities, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Quality Municipal Securities, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Municipal Opportunity Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Municipal Opportunity Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
 
 
 
 
 
 
Invesco Municipal Premium Income Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Municipal Premium Income Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Select Sector Municipal Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Select Sector Municipal Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Trust for Value Municipals, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Trust for Value Municipals, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Municipal Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Municipal Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Massachusetts Value Municipal Income Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Massachusetts Value Municipal Income Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Ohio Quality Municipal Trust, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Ohio Quality Municipal Trust, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals, a Delaware statutory trust
Common Shares
Preferred Shares
Merging Fund
Invesco Van Kampen Senior Loan Fund, a Massachusetts business trust
Common Shares
Preferred Shares
Invesco Van Kampen Senior Loan Fund, a Delaware statutory trust
Common Shares
Preferred Shares
Redomesticating Fund

 
 
 

EXHIBIT X

ADDRESSEES

Predecessor Funds
Successor Funds
Board of Trustees
Invesco Value Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Bond Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Bond Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Securities
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Securities
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Investment Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Investment Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Securities
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Securities
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Municipal Opportunity Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Municipal Opportunity Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
 
 
 
 
 
 
Board of Directors
Invesco Municipal Premium Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Municipal Premium Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Select Sector Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Select Sector Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Trust for Value Municipals
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Trust for Value Municipals
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Massachusetts Value Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Massachusetts Value Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Ohio Quality Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Ohio Quality Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Senior Loan Fund
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Senior Loan Fund
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309

EX-99.12 TAX OPINION 3 opinionpom.htm opinionpom.htm
 
Stradley Ronon Stevens & Young, LLP
 
Suite 2600
2005 Market Street
Philadelphia, PA  19103-7018
Telephone  215.564.8000
Fax  215.564.8120
www.stradley.com
 
October 15, 2012
 

 

To the Addressees set forth on Exhibit X


 
Re:
Agreement and Plan of Merger (“Agreement”) adopted as of the 2nd day of July, 2012 by and among (i) each of the Invesco closed-end registered investment companies identified as a Merging Fund on Exhibit A hereto (each a “Merging Fund”); (ii) each of the Invesco closed-end registered investment companies identified as a Surviving Fund on Exhibit A hereto (each a “Surviving Fund”); and (iii) Invesco Advisers, Inc.(“IAI”). 

Ladies and Gentlemen:

You have requested our opinion concerning certain federal income tax consequences of the reorganization of each Merging Fund pursuant to which:  (i) the Merging Fund shall merge with and into the Surviving Fund, with the Surviving Fund as the surviving entity, and (ii) the separate existence of the Merging Fund as a Delaware Statutory Trust and registered investment company shall cease, all upon and subject to the terms and conditions of the Agreement (each such transaction, a “Reorganization” and collectively, the “Reorganizations”).

In rendering our opinion, we have reviewed and relied upon:  (a) a copy of the executed Agreement, dated as of July 2, 2012; (b) the combined proxy statement/prospectus and, if applicable, the Schedule 14A proxy statement provided to shareholders of each Merging Fund in connection with a Special Meeting of Shareholders of each Merging Fund held on July 17, 2012, and, as applicable, adjourned until August 14, 2012 and adjourned again until September 25, 2012; (c) certain representations concerning the Reorganizations made to us by each Merging Fund, Predecessor Merging Fund, Surviving Fund and Predecessor Surviving Fund in a letter dated October 15, 2012 (the “Representation Letter”); (d) all other documents, financial and other reports and corporate minutes we deemed relevant or appropriate; and (f) such statutes, regulations, rulings and decisions as we deemed material in rendering this opinion.

References to the “Merging Fund Shares” shall include the Merging Fund Common Shares and the Merging Fund Preferred Shares, if any, and references to the “Surviving Fund Shares” shall include the Surviving Fund Common Shares and the Surviving Fund Preferred Shares, if any.

 
 
 
To the Addressees set forth on Exhibit X
October 15, 2012
Page 2


References to the Merging Fund and the Surviving Fund in the same paragraph mean the Merging Fund and the corresponding Surviving Fund as set forth in the Agreement.  Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Agreement.

For purposes of this opinion, we have assumed that each Merging Fund, on the Closing Date of the Reorganization, satisfies, and immediately following the Closing Date of the Reorganization, each Surviving Fund will continue to satisfy, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for qualification as regulated investment companies.

Based on the foregoing, and provided each 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 Merging Funds and the Surviving Funds, it is our opinion with respect to each Merging Fund and its corresponding Surviving Fund that for federal income tax purposes:
(i)           The acquisition by Surviving Fund of all of the assets of Merging Fund in exchange for Surviving Fund Shares and the assumption of the liabilities of Merging Fund through a statutory merger will qualify as a reorganization within the meaning of Section 368(a)(1)(A) of the Code and the Surviving Fund and Merging Fund will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code.
 
(ii)           No gain or loss will be recognized by Merging Fund on the transfer of its assets to, and the assumption of Merging Fund liabilities by, Surviving Fund in exchange for Surviving Fund Shares pursuant to Sections 361(a) and 357(a) of the Code.
 
(iii)            No gain or loss will be recognized by Surviving Fund on the receipt of the Merging Fund assets in exchange for Surviving Fund Shares and the assumption by Surviving Fund of any liabilities of Merging Fund pursuant to Section 1032(a) of the Code.
 
(iv)           No gain or loss will be recognized by Merging Fund on the distribution of Surviving Fund Shares to the shareholders of Merging Fund pursuant to Section 361(c)(1) of the Code.
 
(v)           The tax basis of the Merging Fund assets received by the Surviving Fund will be the same as the tax basis of such assets in the hands of the Merging Fund immediately prior to the transfer pursuant to Section 362(b) of the Code.
 
(vi)           The holding periods of the Merging Fund assets in the hands of the Surviving Fund will include the periods during which such assets were held by the Merging Fund pursuant to Section 1223(2) of the Code.
 
(vii)           No gain or loss will be recognized by the shareholders of Merging Fund on the receipt of Surviving Fund Shares solely in exchange for Merging Fund Shares pursuant to Section 354(a)(1) of the Code.
 

 
 
 
To the Addressees set forth on Exhibit X
October 15, 2012
Page 3



 
(viii)           The aggregate tax basis in Surviving Fund Shares received by a shareholder of the Merging Fund will be the same as the aggregate tax basis of Merging Fund Shares surrendered in exchange therefor pursuant to Section 358(a)(1) of the Code.
 
(ix)           The holding period of Surviving Fund shares received by a shareholder of the Merging Fund will include the holding period of the Merging Fund Shares surrendered in exchange therefor, provided that the shareholder held Merging Fund Shares as a capital asset on the Closing Date pursuant to Section 1223(1) of the Code.
 
(x)           For purposes of Section 381 of the Code, the Surviving 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 income tax regulations issued by the United States Department of the Treasury (the “Income Tax Regulations”), the items of the Merging Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Income Tax Regulations thereunder.
 
Notwithstanding anything to the contrary herein, we express no opinion as to the effect of the Reorganizations on the Merging Funds, the Surviving Funds or any Merging Fund shareholder 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 non-taxable transaction under the Code.  In addition, notwithstanding anything to the contrary herein, we express no opinion to Merging Fund shareholders as to the effect, following the distribution by the Merging Fund to its shareholders of the Surviving Fund Shares received in the Reorganization, of any open-market sales of fractional share interests in Surviving Fund Shares made by broker-dealers or other nominees that received Surviving Fund Shares in the Reorganization for the account of holders of beneficial interest therein.

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 Reorganizations.

Our opinion is conditioned upon the performance by each Merging Fund, Predecessor Merging Fund, Surviving Fund and Predecessor Surviving Fund of their undertakings in the Agreement and the Representation Letter. Our opinion is limited to the federal income tax consequences of the Reorganization set forth above, and 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

 
 
 
To the Addressees set forth on Exhibit X
October 15, 2012
Page 4


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 (other than a transaction pursuant to a Redomestication) on the Reorganization.

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

Very truly yours,

STRADLEY RONON STEVENS & YOUNG, LLP

/s/ Stradley Ronon Stevens &  Young, LLP

 
 
 


EXHIBIT A

CHART OF MERGERS

Surviving Fund (and share classes)
Corresponding Merging Fund (and share classes)
Invesco Value Municipal Income Trust
Invesco Value Municipal Bond Trust
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Value Municipal Income Trust
Invesco Value Municipal Securities
Common Shares
Common Shares
Invesco Value Municipal Income Trust
Invesco Value Municipal Trust
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Quality Municipal Income Trust
Invesco Quality Municipal Investment Trust
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Quality Municipal Income Trust
Invesco Quality Municipal Securities
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Van Kampen Municipal Opportunity Trust
Invesco Municipal Premium Income Trust
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Van Kampen Municipal Opportunity Trust
Invesco Van Kampen Select Sector Municipal Trust
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Van Kampen Municipal Opportunity Trust
Invesco Van Kampen Trust for Value Municipals
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Van Kampen Municipal Trust
Invesco Van Kampen Massachusetts Value Municipal Income Trust
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Van Kampen Municipal Trust
Invesco Van Kampen Ohio Quality Municipal Trust
Common Shares
Common Shares
Preferred Shares
Preferred Shares
Invesco Van Kampen Municipal Trust
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals
Common Shares
Common Shares
Preferred Shares
Preferred Shares


 
 
 


EXHIBIT X

ADDRESSEES

Surviving Funds
Merging Funds
Board of Trustees
Invesco Value Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Bond Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Securities
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Municipal Opportunity Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Value Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Van Kampen Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
Board of Trustees
Invesco Quality Municipal Investment Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
 
Board of Trustees
Invesco Quality Municipal Securities
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
 
Board of Trustees
Invesco Municipal Premium Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309

 
 
 



 
Board of Trustees
Invesco Van Kampen Select Sector Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
 
Board of Trustees
Invesco Van Kampen Trust for Value Municipals
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
 
Board of Trustees
Invesco Van Kampen Massachusetts Value Municipal Income Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
 
Board of Trustees
Invesco Van Kampen Ohio Quality Municipal Trust
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309
 
Board of Trustees
Invesco Van Kampen Trust for Investment Grade New Jersey Municipals
1555 Peachtree Street, N.E.
Suite 1800
Atlanta, GA 30309

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