As filed with the Securities and Exchange Commission on May 23, 2000
FORM N-8F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Application Pursuant to Section 8(f) of the
Investment Company Act of 1940 ("Act")
and Rule 8f-1 Thereunder for Order Declaring
that a Registered Investment Company has Ceased
to be an Investment Company under the Act
INVESCO VALUE TRUST
(Name of Applicant)
File No.: 811-04595
(Securities and Exchange Commission File Number)
7800 E. Union Avenue
Denver, Colorado 80237
(Address of Principal Executive Office)
Copies of all Communications and Orders to:
Glen A. Payne, Esq. Clifford J. Alexander, Esq.
7800 E. Union Avenue Susan M. Casey, Esq.
Denver, Colorado 80237 Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, D.C. 20036-1800
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I. GENERAL IDENTIFYING INFORMATION
1. Reason fund is applying to deregister (check ONLY ONE; for
descriptions, SEE Instruction 1 above):
[x] Merger
[ ] Liquidation
[ ] Abandonment of Registration
(Note: Abandonments of Registration answer ONLY questions 1
through 15, 24 and 25 of this form and complete verification at
the end of the form.)
[ ] Election of status as a Business Development Company (Note:
Business Development Companies answer only questions 1 through
10 of this form and complete verification at the end of the
form.)
2. Name of fund: INVESCO Value Trust
3. Securities and Exchange Commission File No.: 811-04595
4. Is this an initial Form N-8F or an amendment to a previously filed Form
N-8F?
[x] Initial Application [ ] Amendment
5. Address of Principal Executive Office (include No. and Street, City,
State, Zip Code):
7800 E. Union Avenue
Denver, CO 80237
6. Name, address and telephone number of individual the Commission staff
should contact with any questions regarding this form:
Susan M. Casey, Esq.
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, D.C. 20036-1800
(202) 778-9000
7. Name, address and telephone number of individual or entity responsible
for maintenance and preservation of fund's records in accordance with
rules 31a-1 and 31a-2 under the Act [17 CFR 270.31a-1, .31a-2]:
INVESCO Funds Group, Inc.
7800 E. Union Avenue
Denver, CO 80237
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NOTE: ONCE DEREGISTERED, A FUND IS STILL REQUIRED TO MAINTAIN AND
PRESERVE THE RECORDS DESCRIBED IN RULES 31A-1 AND 31A-2 FOR THE PERIODS
SPECIFIED IN THOSE RULES.
8. Classification of fund (check only one):
[x] Management company;
[ ] Unit investment trust; or
[ ] Face-amount certificate company.
9. Subclassification if the fund is a management company (check only one):
[x] Open-end [ ] Closed-end
10. State law under which the fund was organized or formed (E.G., Delaware
or Massachusetts):
The fund is organized as a Massachusetts business trust.
11. Provide the name and address of each investment adviser of the fund
(including sub-advisers) during the last five years, even if the fund's
contracts with those advisers have been terminated:
INVESCO Funds Group, Inc., the fund's investment adviser, is located at
7800 E. Union Avenue, Denver, CO 80237.
12. Provide the name and address of each principal underwriter of the fund
during the last five years, even if the fund's contracts with those
principal underwriters have been terminated:
INVESCO Distributors, Inc., the fund's principal underwriter, is
located at 7800 E. Union Avenue, Denver, CO 80237.
13. If the fund is a unit investment trust ("UIT") provide:
(a) Depositor's name(s) and address(es):
(b) Trustee's name(s) and address(es):
Not Applicable.
14. Is there a UIT registered under the Act that served as a vehicle for
investment in the fund (E.G., an insurance company separate account)?
[ ] Yes [x] No
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If Yes, for each UIT state:
Name(s):
File No.: 811-______
Business Address:
Not Applicable.
15. (a) Did the fund obtain approval from the board of directors
concerning the decision to engage in a Merger, Liquidation or
Abandonment of Registration?
[x] Yes [ ] No
If Yes, state the date on which the board vote took place:
August 5, 1998
If No, explain:
(b) Did the fund obtain approval from the shareholders concerning
the decision to engage in a Merger, Liquidation or Abandonment
of Registration?
[x] Yes [ ] No
If Yes, state the date on which the shareholder vote took
place: May 20, 1999
If No, explain:
II. DISTRIBUTIONS TO SHAREHOLDERS
16. Has the fund distributed any assets to its shareholders in connection
with the Merger or Liquidation?
[x] Yes [ ] No
(a) If Yes, list the date(s) on which the fund made those distributions:
1) July 15, 1999 with respect to the reorganization of
INVESCO Value Equity Fund, a series of INVESCO Value
Trust, to become a series of INVESCO Stock Funds, Inc.
2) May 28, 1999 with respect to the reorganization of
INVESCO Total Return Fund, a series of INVESCO Value
Trust, to become a series of INVESCO Combination Stock &
Bond Funds, Inc.
3) June 4, 1999 with respect to the merger of INVESCO
Intermediate Government Bond Fund, a series of INVESCO
Value Trust, into INVESCO U.S. Government Securities
Fund, a series of INVESCO Bond Funds, Inc.
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(b) Were the distributions made on the basis of net assets?
[x] Yes [ ] No
(c) Were the distributions made PRO RATA based on share ownership?
[x] Yes [ ] No
(d) If No to (b) or (c) above, describe the method of
distributions to shareholders. For mergers, provide the
exchange ratio(s) used and explain how it was calculated.
(e) LIQUIDATIONS ONLY:
Were any distributions to shareholders made in kind?
[ ] Yes [ ] No
If yes, indicate the percentage of fund shares owned by
affiliates, or any other affiliation of shareholders:
17. CLOSED-END FUNDS ONLY: Not Applicable.
Has the fund issued senior securities?
[ ] Yes [ ] No
If Yes, describe the method of calculating payments to senior
securityholders and distributions to other shareholders:
Not Applicable.
18. Has the fund distributed ALL of its assets to the fund's shareholders?
[x] Yes [ ] No
If No,
(a) How many shareholders does the fund have as of the date this
form is filed?
(b) Describe the relationship of each remaining shareholder to the
fund:
19. Are there any shareholders who have not yet received distributions
in complete liquidation of their interests?
[ ] Yes [x] No
If Yes, describe briefly the plans (if any) for distributing to, or
preserving the interests of, those shareholders:
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III. ASSETS AND LIABILITIES
20. Does the fund have any assets as of the date this form is filed?
(SEE QUESTION 18 ABOVE)
[ ] Yes [x] No
If Yes,
(a) Describe the type and amount of each asset retained by the
fund as of the date this form is filed:
(b) Why has the fund retained the remaining assets?
(c) Will the remaining assets be invested in securities?
[ ] Yes [ ] No
21. Does the fund have any outstanding debts (other than face-amount
certificates if the fund is a face-amount certificate company) or any
other liabilities?
[ ] Yes [x] No
If Yes,
(a) Describe the type and amount of each debt or other liability:
(b) How does the fund intend to pay these outstanding debts or
other liabilities?
IV. INFORMATION ABOUT EVENT(S) LEADING TO REQUEST FOR DEREGISTRATION
22. (a) List the expenses incurred in connection with the Merger or
Liquidation:
(1) Reorganization involving INVESCO Value Equity Fund:
(i) Legal expenses: $ 9,255.76
(ii) Accounting expenses: 500.00
(iii) Other expenses:
Postage and Printing: 35,408.88
Proxy Solicitation: 24,154.82
(iv) Total expenses for Reorganization
involving INVESCO Value Trust: 69,319.46
(2) Reorganization involving INVESCO Total Return Fund:
(i) Legal expenses: $ 17,985.96
(ii) Accounting expenses: 680.08
(iii) Other expenses:
Postage and Printing: 71,485.16
Proxy Solicitation: 46,933.08
(iv) Total expenses for Reorganization
involving INVESCO Total
Return Fund: $137,084.28
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(3) Merger involving INVESCO Intermediate Government
Bond Fund:
(i) Legal expenses: $ 6,291.06
(ii) Accounting expenses: 7,941.68
(iii) Other expenses:
Postage and Printing: 57,761.64
Proxy Solicitation: 15,463.94
(iv) Total expenses for Merger involving
INVESCO Intermediate Government
Bond Fund $ 87,458.32
(b) How were those expenses allocated?
(1) Reorganization involving INVESCO Value Equity Fund:
INVESCO Funds Group, Inc. 50%
INVESCO Value Equity Fund 50%
(2) Reorganization involving INVESCO Total Return Fund:
INVESCO Funds Group, Inc. 50%
INVESCO Total Return Fund 50%
(3) Merger involving INVESCO Intermediate Government
Bond Fund
INVESCO Funds Group, Inc. 50%
INVESCO Intermediate Government Bond Fund 15%
INVESCO U.S. Government Securities Fund 35%
(c) Who paid those expenses?
(1) Reorganization involving INVESCO Value Equity Fund:
INVESCO Funds Group, Inc. $ 34,659.73
INVESCO Value Equity Fund $ 34,659.73
(2) Reorganization Involving INVESCO Total Return Fund:
INVESCO Funds Group, Inc. $ 68,542.14
INVESCO Total Return Fund $ 68,542.14
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(3) Merger involving INVESCO Intermediate Government
Bond Fund:
INVESCO Funds Group, Inc. $ 43,729.17
INVESCO Intermediate Government Bond Fund $ 13,524.51
INVESCO U.S. Government Securities Fund $ 30,204.64
(d) How did the fund pay for unamortized expenses (if any)?
(1) Reorganization involving INVESCO Value Equity Fund:
Not Applicable.
(2) Reorganization involving INVESCO Total Return Fund:
Not Applicable.
(3) Merger involving INVESCO Intermediate Government Bond
Fund:
INVESCO U.S. Government Securities Fund assumed all
liabilities of INVESCO Intermediate Government Bond
Fund.
23. Has the fund previously filed an application for an order of the
Commission regarding the Merger or Liquidation?
[ ] Yes [x] No
If Yes, cite the release numbers of the Commission's notice and order
or, if no notice or order has been issued, the file number and date the
application was filed:
V. CONCLUSION OF FUND BUSINESS
24. Is the fund a party to any litigation or administrative proceeding?
[ ] Yes [x] No
If Yes, describe the nature of any litigation or proceeding and the
position taken by the fund in that litigation:
25. Is the fund now engaged, or intending to engage, in any business
activities other than those necessary for winding up its affairs?
[ ] Yes [x] No
If Yes, describe the nature and extent of those activities:
<PAGE>
VI. MERGERS ONLY
26. (a) State the name of the fund surviving the Merger:
1) With respect to the reorganization involving INVESCO Value
Equity Fund, the surviving fund is INVESCO Value Equity
Fund, a series of INVESCO Stock Funds, Inc.
2) With respect to the reorganization involving INVESCO Total
Return Fund, the surviving fund is INVESCO Total Return
Fund, a series of INVESCO Combination Stock & Bond Funds,
Inc.
3) With respect to the merger involving INVESCO Intermediate
Government Bond Fund, the surviving Fund is INVESCO U.S.
Government Securities Fund, a series of INVESCO Bond
Funds, Inc.
(b) State the Investment Company Act file number of the fund
surviving the Merger:
1) INVESCO Stock Funds, Inc. 811-01474
2) INVESCO Combination Stock & Bond Funds, Inc. 811-08066
3) INVESCO Bond Funds, Inc. 811-02674
(c) If the merger or reorganization agreement has been filed with
the Commission, state the file number(s), form type used and
date the agreement was filed:
1) Reorganization of INVESCO Value Equity Fund, a series of
INVESCO Value Trust, to become a series of INVESCO Stock
Funds, Inc.
File number: 811-04595
Form type: DEF 14A
Date filed; March 26, 1999
2) Reorganization of INVESCO Total Return Fund, a series of
INVESCO Value Trust to become a series of INVESCO
Combination Stock & Bond Funds, Inc.
File number: 811-04595
Form type: DEF 14A
Date filed: March 26, 1999
<PAGE>
3) Merger of INVESCO Intermediate Government Bond Fund , a
series of INVESCO Value Trust, into INVESCO U.S.
Government Securities Fund, a series of INVESCO Bond
Funds, Inc.
File number: 002-57151
Form type: N-14/A
Date filed: March 17, 1999
(d) If the merger or reorganization agreement has not been filed
with the Commission, provide a copy of the agreement as an
exhibit to this form.
VERIFICATION
The undersigned states that (i) he has executed this Form N-8F
application for an order under section 8(f) of the Investment Company Act of
1940 on behalf of INVESCO Value Trust, (ii) he is the Secretary of INVESCO Value
Trust, and (iii) all actions by shareholders, directors, and any other body
necessary to authorize the undersigned to execute and file this Form N-8F
application have been taken. The undersigned also states that the facts set
forth in this Form N-8F application are true to the best of his knowledge,
information and belief.
Date: /s/ Glen A. Payne
May 22, 2000 ---------------------
Name: Glen A. Payne
Title: Secretary
