|
|
|
|
OMB APPROVAL
|
|
|
OMB Number: 3235-0570
Expires: January 31, 2014
Estimated average burden
hours per response: 20.6
|
|
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number
811-05597
Invesco Municipal Income Opportunities Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code:
(713) 626-1919
Date of fiscal year end:
2/28
Date of reporting period:
8/31/12
Item 1. Reports to Stockholders.
Invesco Municipal Income Opportunities Trust
Semiannual
Report to Shareholders
§
August 31, 2012
NYSE: OIA
|
|
|
|
|
|
|
2
|
|
Letters to Shareholders
|
3
|
|
Trust Performance
|
3
|
|
Trust Updates
|
4
|
|
Dividend Reinvestment Plan
|
5
|
|
Schedule of Investments
|
16
|
|
Financial Statements
|
19
|
|
Notes to Financial Statements
|
24
|
|
Financial Highlights
|
25
|
|
Approval of Investment Advisory and Sub-Advisory Agreements
|
27
|
|
Results of Proxy
|
|
|
|
|
|
|
|
|
|
Unless otherwise noted, all data provided by Invesco.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOT FDIC INSURED
|
|
|
MAY LOSE VALUE
|
|
|
NO BANK GUARANTEE
|
Letters to Shareholders
Bruce Crockett
Dear Fellow Shareholders:
One of our most important responsibilities as independent Trustees of the Invesco Funds is our
annual review of the funds advisory and sub-advisory contracts with Invesco. This annual review is
required by the Investment Company Act of 1940 and focuses on the nature and quality of the
services Invesco has provided as adviser to the Invesco Funds and the reasonableness of the fees
that it charges for those services.
In our roles as Trustees, we spend months reviewing thousands of pages of detailed information that
we request from Invesco in connection with our annual review. We focus on the quality and costs of
the services to be provided by Invesco and its affiliates. Some of the most important things we
look at are fund performance, expenses and fees.
We also use information from many independent sources during the review process, including
materials provided by the independent Senior Officer of the Invesco Funds, who reports directly to
the independent Trustees. We also meet in private sessions with independent legal counsel and
review performance and fee data on the Invesco Funds prepared by Lipper Inc., an independent,
third-party firm widely recognized as a leader in its field.
Im pleased to report that the Invesco Funds Board determined in June that renewing the investment
advisory agreement and the sub-advisory contracts with Invesco would serve the best interests of
each fund and its shareholders. For more detailed information about our assessment and conclusions
with respect to each of the Invesco Funds, visit invesco.com/us, click on the About Us section
and go to Legal Information. Information on the recent investment advisory renewal process can be
found by clicking the last item under Corporate Governance.
As always, please contact me at
bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we
look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair, Invesco Funds Board of Trustees
Philip Taylor
Dear Shareholders:
This report contains helpful information about your Trust, including its performance and a complete
list of your Trusts investments as of the close of the reporting period. Additional information,
including timely insight and information from many of Invescos investment professionals, is
available at our website, invesco.com/us.
Intentional
Investing
SM
is the science and art of investing with purpose, prudence and
diligence and its how Invescos investment professionals manage your money every day. This
highly disciplined process begins when specialized teams of investment professionals clearly define
an investment objective and then establish specific investment strategies to try to achieve that
objective. While our investment teams closely monitor economic and market conditions and issues
specific to individual holdings that could affect their value they maintain a long-term
investment perspective. Intentional Investing is also embedding risk controls and processes into
every aspect of our business; offering a diverse combination of investment strategies and vehicles
designed to meet your needs; and communicating clearly, delivering expert insights from our
portfolio managers and other investment professionals, and providing a website full of tools and
articles to help you stay informed. However, neither Intentional Investing nor diversification can
guarantee a profit or protect against loss.
If you have questions about your account, please contact an Invesco client services representative
at 800 341 2929. If you have an Invesco-related question or comment, feel free to email me directly
at phil@invesco.com. All of us at Invesco look forward to serving your investment management needs
for many years to come. Thank you for investing with us.
Sincerely,
Philip Taylor
Senior Managing Director, Invesco Ltd.
2
Invesco Municipal Income Opportunities Trust
Trust Performance
Performance summary
Cumulative total returns, 2/29/12 to 8/31/12
|
|
|
|
|
Trust at NAV
|
|
|
7.26
|
%
|
|
Trust at Market Value
|
|
|
5.14
|
|
|
Barclays High Yield Municipal Bond Index
▼
|
|
|
8.07
|
|
|
|
|
|
|
|
|
Market Price Discount to NAV as of 8/31/12
|
|
|
3.63
|
|
|
Source(s):
▼
Invesco, Barclays
The performance data quoted represent past performance and cannot guarantee comparable future
results; current performance may be lower or higher. Investment return, net asset value and common
share market price will fluctuate so that you may have a gain or loss when you sell shares. Please
visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust
expenses, the reinvestment of distributions (if any) and changes in net asset value (NAV) for
performance based on NAV and changes in market price for performance based on market price.
Since the Trust is a closed-end management investment company, shares of the Trust may trade at a
discount or premium from the NAV. This characteristic is separate and distinct from the risk that
NAV could decrease as a result of investment activities and may be a greater risk to investors
expecting to sell their shares after a short time. The Trust cannot predict whether shares will
trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It
is designed primarily for risk-tolerant long-term investors.
The
Barclays High Yield Municipal Bond Index
is an unmanaged index considered representative of
noninvestment-grade bonds.
The Trust is not managed to track the performance of any particular index, including the index(es)
defined here, and consequently, the performance of the Trust may deviate significantly from the
performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include
reinvested dividends, and they do not reflect sales charges.
Trust Updates
Mergers and Redomestication
At a shareholder meeting held on August 14, 2012, shareholders of the Trust approved the
merger of each of Invesco Municipal Income Opportunities Trust II and Invesco Municipal Income
Opportunities Trust III (the Target Funds) into the Trust. Shareholders also approved the
redomestication of the Trust to a Delaware statutory trust. The redomestication and mergers were
completed on August 27, 2012, and common shares of the Target Funds were converted into newly
issued common shares of the Trust.
3
Invesco Municipal Income Opportunities Trust
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your
dividends and capital gains distributions (Distributions) into additional shares of your Trust.
Under the Plan, the money you earn from dividends and capital gains distributions will be
reinvested automatically in more shares of your Trust, allowing you to potentially increase your
investment over time.
Plan benefits
n
|
|
Add to your account:
|
|
|
|
You may increase the amount of shares in your Trust easily and automatically with the Plan.
|
|
n
|
|
Low transaction costs:
|
|
|
|
Transaction costs are low because the new shares are bought in blocks and the brokerage commission
is shared among all participants.
|
|
n
|
|
Convenience:
|
|
|
|
You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent)
which administers the Plan. The statement shows your total Distributions, date of investment,
shares acquired, and price per share, as well as the total number of shares in your reinvestment
account. You can also access your account via the Internet. To do this, please go to
invesco.com/us.
|
|
n
|
|
Safekeeping:
|
|
|
|
The Agent will hold the shares it has acquired for you in safekeeping.
|
How to participate in the Plan
If you own shares in your own name, you can participate directly in the Plan. If your shares
are held in street name in the name of your brokerage firm, bank, or other financial
institution you must instruct that entity to participate on your behalf. If they are unable to
participate on your behalf, you may request that they reregister your shares in your own name so
that you may enroll in the Plan.
How to enroll
To enroll in the Plan, please read the Terms and Conditions in the Plan brochure. You can
enroll in the Plan by visiting invesco.com/us, calling toll-free 800 341 2929 or notifying us in
writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078. Please include your Trust name and account number and ensure that all shareholders
listed on the account sign these written instructions. Your participation in the Plan will begin
with the next Distribution payable after the Agent receives your authorization, as long as they
receive it before the record date, which is generally one week before such Distributions are
paid. If your authorization arrives after such record date, your participation in the Plan will
begin with the following Distributions.
How the Plan Works
If you choose to participate in the Plan, whenever your Trust declares such Distributions, it
will be invested in additional shares of your Trust that are purchased on the open market.
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plans fees are paid
by your Trust. However, you will pay your portion of any per share fees incurred when the new
shares are purchased on the open market. These fees are typically less than the standard brokerage
charges for individual transactions, because shares are purchased for all Participants in blocks,
resulting in lower commissions for each individual Participant. Any per share or service fees are
averaged into the purchase price. Per share fees include any applicable brokerage commissions the
Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions does not relieve you of any income tax that may be
due on Distributions. You will receive tax information annually to help you prepare your federal
income tax return.
Invesco does not offer tax advice. The tax information contained herein is general and is not
exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any
taxpayer for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws.
Federal and state tax laws are complex and constantly changing. Shareholders should always consult
a legal or tax adviser for information concerning their individual situation.
How to withdraw from the Plan
You may withdraw from the Plan at any time by calling 800 341 2929, visiting invesco.com/us or
by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078,
Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be
sure to include your Trust name and account number. Also, ensure that all shareholders listed on
the account have signed these written instructions. If you withdraw, you have three options with
regard to the shares held in the Plan:
|
|
1.
|
If you opt to continue to hold your non-certificated shares, whole shares will be held by the
Agent and fractional shares will be sold. The proceeds will be sent via check to your address of
record after deducting per share fees. Per share fees include any applicable brokerage commissions
the Agent is required to pay.
|
|
2.
|
If you opt to sell your shares through the Agent, we will sell all full and fractional shares
and send the proceeds via check to your address of record after deducting per share fees. Per share
fees include any applicable brokerage commissions the Agent is required to pay.
|
|
|
3.
|
You may sell your shares through your financial adviser through the Direct Registration System
(DRS). DRS is a service within the securities industry that allows Trust shares to be held in your
name in electronic format. You retain full ownership of your shares, without having to hold a stock
certificate. You should contact your financial adviser to learn more about any restrictions or fees
that may apply.
|
To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Services
department at 800 341 2929 or visit invesco.com/us.
4
Invesco Municipal Income Opportunities Trust
Schedule
of Investments
August 31,
2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Municipal Obligations105.91%
|
Alabama0.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Huntsville (City of) Special Care Facilities Financing Authority
(Redstone Village); Series 2007, Retirement Facility RB
|
|
|
5.50
|
%
|
|
|
01/01/43
|
|
|
$
|
925
|
|
|
$
|
926,684
|
|
|
Arizona3.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
Casa Grande (City of) Industrial Development Authority (Casa
Grande Regional Medical Center); Series 2001 A,
Ref. Hospital RB
|
|
|
7.63
|
%
|
|
|
12/01/29
|
|
|
|
1,000
|
|
|
|
1,032,870
|
|
|
Phoenix (City of) Industrial Development Authority (Great Hearts
Academies); Series 2012, Education RB
|
|
|
6.40
|
%
|
|
|
07/01/47
|
|
|
|
600
|
|
|
|
642,006
|
|
|
Pima (County of) Industrial Development Authority (Constellation
Schools); Series 2008, Lease RB
|
|
|
7.00
|
%
|
|
|
01/01/38
|
|
|
|
3,000
|
|
|
|
3,101,730
|
|
|
Pima (County of) Industrial Development Authority (Global Water
Resources, LLC); Series 2007, Water &
Wastewater RB
(a)
|
|
|
6.55
|
%
|
|
|
12/01/37
|
|
|
|
2,000
|
|
|
|
2,093,040
|
|
|
Pima (County of) Industrial Development Authority (Noah Webster
Basic Schools);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Education RB
|
|
|
6.00
|
%
|
|
|
12/15/24
|
|
|
|
1,000
|
|
|
|
1,020,640
|
|
|
Series 2004 A, Education RB
|
|
|
6.13
|
%
|
|
|
12/15/34
|
|
|
|
500
|
|
|
|
506,905
|
|
|
Pinal (County of) Electric District No. 4;
Series 2008, Electrical System RB
|
|
|
6.00
|
%
|
|
|
12/01/38
|
|
|
|
1,650
|
|
|
|
1,785,267
|
|
|
Quechan Indian Tribe of Fort Yuma (California &
Arizona Governmental); Series 2008, RB
|
|
|
7.00
|
%
|
|
|
12/01/27
|
|
|
|
1,330
|
|
|
|
1,185,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,368,379
|
|
|
California8.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alhambra (City of) (Atherton Baptist Homes);
Series 2010 A, RB
|
|
|
7.63
|
%
|
|
|
01/01/40
|
|
|
|
1,000
|
|
|
|
1,111,110
|
|
|
Anaheim (City of) Public Financing Authority (Anaheim Public
Improvements); Series 1997 C, Sub. Lease CAB
RB (INSAGM)
(b)(c)
|
|
|
0.00
|
%
|
|
|
09/01/34
|
|
|
|
1,000
|
|
|
|
325,670
|
|
|
Bakersfield (City of); Series 2007 A, Wastewater RB
(INSAGM)
(b)(d)
|
|
|
5.00
|
%
|
|
|
09/15/32
|
|
|
|
960
|
|
|
|
1,045,171
|
|
|
California (State of) Municipal Finance Authority (High Tech
High-Media Arts); Series 2008 A, Educational
Facility RB
(e)
|
|
|
5.88
|
%
|
|
|
07/01/28
|
|
|
|
855
|
|
|
|
873,733
|
|
|
California (State of) Municipal Finance Authority (Santa Rosa
Academy); Series 2012 A, Charter School Lease RB
|
|
|
6.00
|
%
|
|
|
07/01/42
|
|
|
|
1,000
|
|
|
|
1,013,240
|
|
|
California (State of) Statewide Communities Development
Authority (California Baptist University);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
11/01/38
|
|
|
|
1,500
|
|
|
|
1,559,250
|
|
|
Series 2011, RB
|
|
|
7.25
|
%
|
|
|
11/01/31
|
|
|
|
1,000
|
|
|
|
1,187,240
|
|
|
California (State of) Statewide Communities Development
Authority (Lancer Educational Student Housing);
Series 2007, RB
|
|
|
5.63
|
%
|
|
|
06/01/33
|
|
|
|
1,000
|
|
|
|
1,034,770
|
|
|
Daly City (City of) Housing Development Finance Agency
(Franciscan Mobile Home Park Acquisition);
Series 2007 C, Ref. Third Tier Mobile Home Park RB
|
|
|
6.50
|
%
|
|
|
12/15/47
|
|
|
|
980
|
|
|
|
982,479
|
|
|
Desert Community College District (Election of 2004);
Series 2007 C, Unlimited Tax CAB GO Bonds
(INSAGM)
(b)(c)
|
|
|
0.00
|
%
|
|
|
08/01/46
|
|
|
|
10,000
|
|
|
|
1,569,600
|
|
|
Golden State Tobacco Securitization Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007
A-1,
Sr. Tobacco Settlement Asset-Backed RB
|
|
|
4.50
|
%
|
|
|
06/01/27
|
|
|
|
1,000
|
|
|
|
865,320
|
|
|
Series 2007
A-1,
Sr. Tobacco Settlement Asset-Backed RB
|
|
|
5.13
|
%
|
|
|
06/01/47
|
|
|
|
6,500
|
|
|
|
5,013,060
|
|
|
National City (City of) Community Development Commission
(National City Redevelopment); Series 2011, Tax Allocation
RB
|
|
|
7.00
|
%
|
|
|
08/01/32
|
|
|
|
1,000
|
|
|
|
1,249,090
|
|
|
Palm Springs (City of) (Palm Springs International Airport);
Series 2006, Ref. Sub. Airport Passenger Facility
Charge RB
(a)
|
|
|
5.55
|
%
|
|
|
07/01/28
|
|
|
|
470
|
|
|
|
457,893
|
|
|
Poway Unified School District (School Facilities Improvement);
Series 2011, Unlimited Tax CAB GO
Bonds
(c)
|
|
|
0.00
|
%
|
|
|
08/01/39
|
|
|
|
10,890
|
|
|
|
2,855,902
|
|
|
Riverside (County of) Redevelopment Agency (Mid-County
Redevelopment Project Area); Series 2010 C, Tax
Allocation RB
|
|
|
6.25
|
%
|
|
|
10/01/40
|
|
|
|
1,000
|
|
|
|
1,029,950
|
|
|
Sacramento (County of) Community Facilities District
No. 2005-2
(North Vineyard Station No. 1); Series 2007 A,
Special Tax RB
|
|
|
6.00
|
%
|
|
|
09/01/37
|
|
|
|
1,000
|
|
|
|
1,018,980
|
|
|
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB
|
|
|
7.50
|
%
|
|
|
12/01/41
|
|
|
|
1,000
|
|
|
|
1,214,700
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
5 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
California(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco (City & County of) Redevelopment
Financing Authority (Mission Bay South Redevelopment);
Series 2011 D, Tax Allocation RB
|
|
|
7.00
|
%
|
|
|
08/01/41
|
|
|
$
|
1,400
|
|
|
$
|
1,599,668
|
|
|
Southern California Logistics Airport Authority;
Series 2008 A, Tax Allocation
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
12/01/44
|
|
|
|
18,085
|
|
|
|
879,474
|
|
|
Southern California Public Power Authority (Southern
Transmission); Series 2000 A, Ref. VRD Sub. RB
(INSAGM)
(b)(f)
|
|
|
0.22
|
%
|
|
|
07/01/23
|
|
|
|
1,320
|
|
|
|
1,320,000
|
|
|
Union City (City of) Community Redevelopment Agency (Community
Redevelopment); Series 2011, Sub. Lien Tax Allocation
RB
|
|
|
6.88
|
%
|
|
|
12/01/33
|
|
|
|
1,500
|
|
|
|
1,762,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,968,950
|
|
|
Colorado3.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Health Facilities Authority (Christian
Living Communities);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
01/01/37
|
|
|
|
1,500
|
|
|
|
1,546,170
|
|
|
Series 2009 A, RB
|
|
|
8.25
|
%
|
|
|
01/01/24
|
|
|
|
400
|
|
|
|
424,812
|
|
|
Series 2009 A, RB
|
|
|
9.00
|
%
|
|
|
01/01/34
|
|
|
|
750
|
|
|
|
797,370
|
|
|
Colorado (State of) Health Facilities Authority (Total Longterm
Care National Obligated Group); Series 2010 A, RB
|
|
|
6.25
|
%
|
|
|
11/15/40
|
|
|
|
1,000
|
|
|
|
1,120,700
|
|
|
Colorado (State of) Regional Transportation District (Denver
Transit Partners Eagle P3); Series 2010, Private Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/41
|
|
|
|
1,000
|
|
|
|
1,157,630
|
|
|
Copperleaf Metropolitan District No. 2;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Limited Tax GO Bonds
|
|
|
5.85
|
%
|
|
|
12/01/26
|
|
|
|
1,420
|
|
|
|
1,117,000
|
|
|
Series 2006, Limited Tax GO Bonds
|
|
|
5.95
|
%
|
|
|
12/01/36
|
|
|
|
2,000
|
|
|
|
1,436,800
|
|
|
Denver (City of) Convention Center Hotel Authority;
Series 2006, Ref. Sr. RB
(INSSGI)
(b)
|
|
|
5.00
|
%
|
|
|
12/01/35
|
|
|
|
925
|
|
|
|
948,699
|
|
|
Fossil Ridge Metropolitan District No. 1; Series 2010,
Ref. Tax Supported Limited Tax GO Bonds
|
|
|
7.25
|
%
|
|
|
12/01/40
|
|
|
|
500
|
|
|
|
530,790
|
|
|
Montrose (County of) Memorial Hospital Board of Trustees;
Series 2003, Enterprise RB
|
|
|
6.00
|
%
|
|
|
12/01/33
|
|
|
|
1,000
|
|
|
|
1,058,680
|
|
|
Northwest Metropolitan District No. 3; Series 2005,
Limited Tax GO Bonds
|
|
|
6.25
|
%
|
|
|
12/01/35
|
|
|
|
2,000
|
|
|
|
1,966,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,104,731
|
|
|
Connecticut0.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown (City of) Special Taxing District;
Series 2006 A, Unlimited Tax GO
Bonds
(e)(g)
|
|
|
5.13
|
%
|
|
|
10/01/36
|
|
|
|
2,955
|
|
|
|
1,376,557
|
|
|
Delaware0.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sussex (County of) (Cadbury at Lewes); Series 2006 A,
First Mortgage RB
|
|
|
6.00
|
%
|
|
|
01/01/35
|
|
|
|
1,000
|
|
|
|
947,030
|
|
|
District of Columbia0.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia (Cesar Chavez Charter School);
Series 2011, RB
|
|
|
7.88
|
%
|
|
|
11/15/40
|
|
|
|
1,000
|
|
|
|
1,140,350
|
|
|
District of Columbia; Series 2009 B, Ref.
Sec. Income
Tax RB
(d)
|
|
|
5.00
|
%
|
|
|
12/01/25
|
|
|
|
1,335
|
|
|
|
1,606,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,746,849
|
|
|
Florida11.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua (County of) (North Florida Retirement Village, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, IDR
|
|
|
5.25
|
%
|
|
|
11/15/17
|
|
|
|
1,000
|
|
|
|
1,023,440
|
|
|
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/36
|
|
|
|
2,000
|
|
|
|
1,966,840
|
|
|
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/42
|
|
|
|
1,000
|
|
|
|
977,780
|
|
|
Alachua (County of) Health Facilities Authority (Terraces at
Bonita Springs); Series 2011 A, RB
|
|
|
8.13
|
%
|
|
|
11/15/46
|
|
|
|
1,000
|
|
|
|
1,154,630
|
|
|
Beacon Lakes Community Development District;
Series 2003 A, Special Assessment RB
|
|
|
6.90
|
%
|
|
|
05/01/35
|
|
|
|
715
|
|
|
|
732,310
|
|
|
Broward (County of) (Civic Arena); Series 2006 A, Ref.
Professional Sports Facilities Tax RB
(INSAGM)
(b)(d)
|
|
|
5.00
|
%
|
|
|
09/01/23
|
|
|
|
7,245
|
|
|
|
8,040,284
|
|
|
Capital Trust Agency (Million Air One LLC);
Series 2011, RB
(a)
|
|
|
7.75
|
%
|
|
|
01/01/41
|
|
|
|
1,000
|
|
|
|
1,116,800
|
|
|
Collier (County of) Industrial Development Authority (Arlington
Naples); Series 2011, Continuing Care Community BAN
|
|
|
14.00
|
%
|
|
|
05/15/15
|
|
|
|
500
|
|
|
|
504,755
|
|
|
Florida (State of) Mid-Bay Bridge Authority;
Series 2011 A, Springing Lien RB
|
|
|
7.25
|
%
|
|
|
10/01/40
|
|
|
|
1,000
|
|
|
|
1,264,200
|
|
|
Florida Development Finance Corp. (Renaissance Charter School,
Inc.); Series 2010 A, Educational Facilities RB
|
|
|
6.00
|
%
|
|
|
09/15/40
|
|
|
|
1,000
|
|
|
|
1,071,660
|
|
|
Lee (County of) Industrial Development Authority (Cypress Cove
Health Park); Series 1997 A, Health Care Facilities RB
|
|
|
6.38
|
%
|
|
|
10/01/25
|
|
|
|
1,000
|
|
|
|
897,190
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
6 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Florida(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lee (County of) Industrial Development Authority (Lee County
Community Charter Schools, LLC);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, IDR
|
|
|
5.25
|
%
|
|
|
06/15/27
|
|
|
$
|
1,000
|
|
|
$
|
1,002,010
|
|
|
Series 2007 A, IDR
|
|
|
5.38
|
%
|
|
|
06/15/37
|
|
|
|
1,000
|
|
|
|
981,780
|
|
|
Miami-Dade (County of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Sub. Special Obligation
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
10/01/39
|
|
|
|
5,000
|
|
|
|
1,176,300
|
|
|
Series 2009, Sub. Special Obligation
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
10/01/42
|
|
|
|
7,900
|
|
|
|
1,560,250
|
|
|
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB
|
|
|
6.25
|
%
|
|
|
05/01/37
|
|
|
|
2,475
|
|
|
|
2,530,836
|
|
|
Orange (County of) Health Facilities Authority (Orlando Lutheran
Towers, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005, Ref. RB
|
|
|
5.38
|
%
|
|
|
07/01/20
|
|
|
|
850
|
|
|
|
870,230
|
|
|
Series 2005, Ref. RB
|
|
|
5.70
|
%
|
|
|
07/01/26
|
|
|
|
1,000
|
|
|
|
1,023,660
|
|
|
Series 2007, First Mortgage RB
|
|
|
5.50
|
%
|
|
|
07/01/32
|
|
|
|
1,000
|
|
|
|
1,015,160
|
|
|
Series 2007, First Mortgage RB
|
|
|
5.50
|
%
|
|
|
07/01/38
|
|
|
|
500
|
|
|
|
505,660
|
|
|
Pinellas (County of) Health Facilities Authority (The Oaks of
Clearwater); Series 2004, RB
|
|
|
6.25
|
%
|
|
|
06/01/34
|
|
|
|
1,500
|
|
|
|
1,540,365
|
|
|
Renaissance Commons Community Development District;
Series 2005 A, Special Assessment RB
|
|
|
5.60
|
%
|
|
|
05/01/36
|
|
|
|
1,815
|
|
|
|
1,686,952
|
|
|
South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); Series 2007,
Hospital RB
(d)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
7,000
|
|
|
|
7,594,790
|
|
|
St. Johns (County of) Industrial Development Authority
(Presbyterian Retirement Communities); Series 2010 A,
RB
|
|
|
6.00
|
%
|
|
|
08/01/45
|
|
|
|
1,000
|
|
|
|
1,113,360
|
|
|
University Square Community Development District;
Series 2007
A-1,
Capital
Improvement Special Assessment RB
|
|
|
5.88
|
%
|
|
|
05/01/38
|
|
|
|
625
|
|
|
|
639,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,990,354
|
|
|
Georgia1.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta (City of) (Beltline); Series 2009 B, Tax
Allocation RB
|
|
|
7.38
|
%
|
|
|
01/01/31
|
|
|
|
1,000
|
|
|
|
1,114,280
|
|
|
Atlanta (City of) (Eastside);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 B, Tax Allocation RB
|
|
|
5.40
|
%
|
|
|
01/01/20
|
|
|
|
800
|
|
|
|
869,112
|
|
|
Series 2005 B, Tax Allocation RB
|
|
|
5.60
|
%
|
|
|
01/01/30
|
|
|
|
1,500
|
|
|
|
1,617,105
|
|
|
Clayton (County of) Development Authority (Delta Air Lines,
Inc.); Series 2009 B, Special
Facilities RB
(a)
|
|
|
9.00
|
%
|
|
|
06/01/35
|
|
|
|
750
|
|
|
|
824,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,425,174
|
|
|
Hawaii1.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii (State of) Department of Budget & Finance (15
Craigside); Series 2009 A, Special Purpose Senior
Living RB
|
|
|
8.75
|
%
|
|
|
11/15/29
|
|
|
|
1,000
|
|
|
|
1,205,870
|
|
|
Hawaii (State of) Department of Budget & Finance
(Hawaiian Electric Co., Inc. & Subsidiary);
Series 2009, Special Purpose RB
|
|
|
6.50
|
%
|
|
|
07/01/39
|
|
|
|
1,000
|
|
|
|
1,172,250
|
|
|
Hawaii (State of) Department of Budget & Finance
(Kahala Nui); Series 2003 A, Special
Purpose RB
(h)(i)
|
|
|
8.00
|
%
|
|
|
11/15/13
|
|
|
|
2,500
|
|
|
|
2,781,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,159,570
|
|
|
Idaho0.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho (State of) Health Facilities Authority (Valley Vista Care
Corp.); Series 2007, Ref. RB
|
|
|
6.13
|
%
|
|
|
11/15/27
|
|
|
|
885
|
|
|
|
903,638
|
|
|
Illinois12.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolingbrook (Village of) Special Services Area No. 1
(Forest City); Series 2005, Special Tax RB
|
|
|
5.90
|
%
|
|
|
03/01/27
|
|
|
|
1,750
|
|
|
|
1,609,248
|
|
|
Bolingbrook (Village of); Series 2005, Sales Tax RB
|
|
|
6.25
|
%
|
|
|
01/01/24
|
|
|
|
2,000
|
|
|
|
1,412,840
|
|
|
Chicago (City of) (Lakeshore East); Series 2002, Special
Assessment Improvement RB
|
|
|
6.75
|
%
|
|
|
12/01/32
|
|
|
|
3,067
|
|
|
|
3,168,364
|
|
|
Chicago (City of); Series 2011, COP
|
|
|
7.13
|
%
|
|
|
05/01/25
|
|
|
|
1,030
|
|
|
|
1,118,642
|
|
|
Cook (County of) (Navistar International Corp.);
Series 2010, Recovery Zone Facility RB
|
|
|
6.50
|
%
|
|
|
10/15/40
|
|
|
|
1,000
|
|
|
|
1,040,740
|
|
|
Illinois (State of) Finance Authority (Collegiate Housing
FoundationDeKalb II, LLCNorthern Illinois
University); Series 2011, Student Housing RB
|
|
|
6.88
|
%
|
|
|
10/01/43
|
|
|
|
1,000
|
|
|
|
1,183,630
|
|
|
Illinois (State of) Finance Authority (Friendship Village of
Schaumburg); Series 2010, RB
|
|
|
7.00
|
%
|
|
|
02/15/38
|
|
|
|
1,445
|
|
|
|
1,496,442
|
|
|
Illinois (State of) Finance Authority (Greenfields of Geneva);
Series 2010 A, RB
|
|
|
8.00
|
%
|
|
|
02/15/30
|
|
|
|
1,130
|
|
|
|
1,226,773
|
|
|
Illinois (State of) Finance Authority (Kewanee Hospital);
Series 2006, RB
|
|
|
5.00
|
%
|
|
|
08/15/26
|
|
|
|
925
|
|
|
|
936,886
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
7 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Illinois(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (State of) Finance Authority (Luther Oaks);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 A, RB
|
|
|
5.70
|
%
|
|
|
08/15/28
|
|
|
$
|
500
|
|
|
$
|
500,115
|
|
|
Series 2006 A, RB
|
|
|
6.00
|
%
|
|
|
08/15/39
|
|
|
|
1,500
|
|
|
|
1,512,000
|
|
|
Illinois (State of) Finance Authority (Montgomery Place);
Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
05/15/38
|
|
|
|
2,000
|
|
|
|
2,022,780
|
|
|
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 A, RB
|
|
|
8.25
|
%
|
|
|
05/15/45
|
|
|
|
1,000
|
|
|
|
1,094,470
|
|
|
Illinois (State of) Finance Authority (The Admiral at the Lake);
Series 2010 A, RB
|
|
|
7.25
|
%
|
|
|
05/15/20
|
|
|
|
1,000
|
|
|
|
1,072,520
|
|
|
Illinois (State of) Finance Authority (The Landing at Plymouth
Place); Series 2005 A, RB
|
|
|
6.00
|
%
|
|
|
05/15/37
|
|
|
|
2,500
|
|
|
|
2,125,175
|
|
|
Illinois (State of) Finance Authority (United Neighborhood
Organization Charter School Network, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011, Ref. Charter School RB
|
|
|
6.88
|
%
|
|
|
10/01/31
|
|
|
|
500
|
|
|
|
558,340
|
|
|
Series 2011, Ref. Charter School RB
|
|
|
7.13
|
%
|
|
|
10/01/41
|
|
|
|
500
|
|
|
|
563,280
|
|
|
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2003
A-1, RB
(g)
|
|
|
6.90
|
%
|
|
|
11/15/33
|
|
|
|
1,750
|
|
|
|
717,360
|
|
|
Illinois (State of) Finance Authority; Series 2003 A,
RB
|
|
|
7.00
|
%
|
|
|
11/15/32
|
|
|
|
2,000
|
|
|
|
2,025,220
|
|
|
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, RB
(d)
|
|
|
5.50
|
%
|
|
|
06/15/50
|
|
|
|
960
|
|
|
|
1,079,750
|
|
|
Series 2010 B, Ref. CAB RB
(INSAGM)
(b)(c)
|
|
|
0.00
|
%
|
|
|
06/15/43
|
|
|
|
10,000
|
|
|
|
2,111,800
|
|
|
Illinois (State of) Regional Transportation Authority;
Series 2003 A, RB
(INSNATL)
(b)(d)
|
|
|
6.00
|
%
|
|
|
07/01/33
|
|
|
|
3,000
|
|
|
|
4,035,450
|
|
|
Illinois (State of) Toll Highway Authority;
Series 2008 B, RB
(d)
|
|
|
5.50
|
%
|
|
|
01/01/33
|
|
|
|
3,000
|
|
|
|
3,331,830
|
|
|
Long Grove (Village of) (Sunset Grove); Series 2010,
Limited Obligation Tax Increment Allocation RB
|
|
|
7.50
|
%
|
|
|
01/01/30
|
|
|
|
1,000
|
|
|
|
1,066,870
|
|
|
Pingree Grove (Village of) (Cambridge Lakes Learning Center);
Series 2011, RB
|
|
|
8.50
|
%
|
|
|
06/01/41
|
|
|
|
1,000
|
|
|
|
1,098,110
|
|
|
Pingree Grove (Village of) (Cambridge Lakes);
Series 2006-1,
Special Service Area No. 7 Special Tax RB
|
|
|
6.00
|
%
|
|
|
03/01/36
|
|
|
|
2,445
|
|
|
|
2,451,797
|
|
|
Southwestern Illinois Development Authority (U.S. Steel
Corp.)
Series 2012, RB
(a)
|
|
|
5.75
|
%
|
|
|
08/01/42
|
|
|
|
1,000
|
|
|
|
992,880
|
|
|
United City of Yorkville (City of) Special Service Area
No. 2006-113
(Cannonball/Beecher Road); Series 2007, Special Tax RB
|
|
|
5.75
|
%
|
|
|
03/01/28
|
|
|
|
975
|
|
|
|
986,047
|
|
|
Upper Illinois River Valley Development Authority (Pleasant View
Luther Home); Series 2010, RB
|
|
|
7.38
|
%
|
|
|
11/15/45
|
|
|
|
1,000
|
|
|
|
1,087,140
|
|
|
Will (County of) & Kankakee (City of) Regional Development
Authority (Senior Estates Supportive Living); Series 2007,
MFH RB
(a)
|
|
|
7.00
|
%
|
|
|
12/01/42
|
|
|
|
1,475
|
|
|
|
1,529,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,156,325
|
|
|
Indiana1.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Point (City of) (Wittenberg Village);
Series 2009 A, Economic Development RB
|
|
|
8.00
|
%
|
|
|
11/15/39
|
|
|
|
1,000
|
|
|
|
1,171,610
|
|
|
Indiana (State of) Finance Authority (Kings Daughters
Hospital & Health Services); Series 2010,
Hospital RB
|
|
|
5.50
|
%
|
|
|
08/15/45
|
|
|
|
745
|
|
|
|
778,130
|
|
|
St. Joseph (County of) (Holy Cross Village at Notre Dame);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 A, Economic Development RB
|
|
|
6.00
|
%
|
|
|
05/15/26
|
|
|
|
560
|
|
|
|
580,597
|
|
|
Series 2006 A, Economic Development RB
|
|
|
6.00
|
%
|
|
|
05/15/38
|
|
|
|
525
|
|
|
|
536,991
|
|
|
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007, RB
(e)
|
|
|
5.80
|
%
|
|
|
09/01/47
|
|
|
|
1,000
|
|
|
|
1,033,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,101,088
|
|
|
Iowa1.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cass (County of) (Cass County Memorial Hospital);
Series 2010 A, Hospital RB
|
|
|
7.25
|
%
|
|
|
06/01/35
|
|
|
|
1,000
|
|
|
|
1,131,550
|
|
|
Iowa (State of) Finance Authority (Bethany Life Communities);
Series 2006 A, Ref. Senior Housing RB
|
|
|
5.55
|
%
|
|
|
11/01/41
|
|
|
|
1,000
|
|
|
|
1,001,730
|
|
|
Iowa (State of) Finance Authority (Madrid Home);
Series 2007, Ref. Health Care Facility RB
|
|
|
5.90
|
%
|
|
|
11/15/37
|
|
|
|
750
|
|
|
|
748,553
|
|
|
Orange City (City of); Series 2008, Ref. Hospital Capital
Loan RN
|
|
|
5.60
|
%
|
|
|
09/01/32
|
|
|
|
1,000
|
|
|
|
1,020,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,902,063
|
|
|
Kansas0.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Senior Living Facility RB
|
|
|
6.00
|
%
|
|
|
11/15/38
|
|
|
|
1,400
|
|
|
|
1,455,608
|
|
|
Kentucky0.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Masonic Home Independent Living II); Series 2011, RB
|
|
|
7.38
|
%
|
|
|
05/15/46
|
|
|
|
1,000
|
|
|
|
1,134,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Louisiana1.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeshore Villages Master Community Development District;
Series 2007, Special
Assessment RB
(g)
|
|
|
5.25
|
%
|
|
|
07/01/17
|
|
|
$
|
1,984
|
|
|
$
|
793,898
|
|
|
Louisiana (State of) Local Government Environmental
Facilities & Community Development Authority
(Westlake Chemical Corp.); Series 2009 A, RB
|
|
|
6.50
|
%
|
|
|
08/01/29
|
|
|
|
1,000
|
|
|
|
1,176,330
|
|
|
Louisiana (State of) Public Facilities Authority (Lake Charles
Memorial Hospital); Series 2007, Ref.
Hospital RB
(e)
|
|
|
6.38
|
%
|
|
|
12/01/34
|
|
|
|
1,000
|
|
|
|
1,080,870
|
|
|
Tobacco Settlement Financing Corp.; Series 2001 B,
Tobacco Settlement Asset-Backed RB
|
|
|
5.88
|
%
|
|
|
05/15/39
|
|
|
|
2,000
|
|
|
|
2,020,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,071,298
|
|
|
Maine0.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine (State of) Health & Higher Educational
Facilities Authority (Maine General Medical Center);
Series 2011, RB
|
|
|
6.75
|
%
|
|
|
07/01/41
|
|
|
|
1,000
|
|
|
|
1,170,790
|
|
|
Maryland1.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore (City of) (East Baltimore Research Park);
Series 2008 A, Special Obligation Tax Allocation RB
|
|
|
7.00
|
%
|
|
|
09/01/38
|
|
|
|
1,000
|
|
|
|
1,079,490
|
|
|
Harford (County of); Series 2011, Special Obligation Tax
Allocation RB
|
|
|
7.50
|
%
|
|
|
07/01/40
|
|
|
|
1,000
|
|
|
|
1,120,090
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (King Farm Presbyterian Retirement
Community); Series 2007 A, RB
|
|
|
5.30
|
%
|
|
|
01/01/37
|
|
|
|
1,750
|
|
|
|
1,638,245
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (Washington Christian Academy);
Series 2006, RB
(g)
|
|
|
5.50
|
%
|
|
|
07/01/38
|
|
|
|
800
|
|
|
|
319,984
|
|
|
Maryland (State of) Industrial Development Financing Authority
(Our Lady of Good Counsel High School Facility);
Series 2005 A, Economic Development RB
|
|
|
6.00
|
%
|
|
|
05/01/35
|
|
|
|
1,000
|
|
|
|
1,048,760
|
|
|
Westminster (City of) (Carroll Lutheran Village);
Series 2004 A, Economic Development RB
|
|
|
6.25
|
%
|
|
|
05/01/34
|
|
|
|
1,000
|
|
|
|
1,007,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,213,599
|
|
|
Massachusetts2.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (State of) Development Finance Agency (Evergreen
Center Inc.); Series 2005, RB
|
|
|
5.50
|
%
|
|
|
01/01/35
|
|
|
|
800
|
|
|
|
804,800
|
|
|
Massachusetts (State of) Development Finance Agency (Linden
Ponds, Inc. Facility);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011
A-1,
RB
|
|
|
6.25
|
%
|
|
|
11/15/46
|
|
|
|
709
|
|
|
|
529,802
|
|
|
Series 2011
A-2,
RB
|
|
|
5.50
|
%
|
|
|
11/15/46
|
|
|
|
38
|
|
|
|
24,096
|
|
|
Series 2011 B, RB
(c)
|
|
|
0.00
|
%
|
|
|
11/15/56
|
|
|
|
187
|
|
|
|
977
|
|
|
Massachusetts (State of) Development Finance Agency (Loomis
Community);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999 A, First Mortgage RB
|
|
|
5.63
|
%
|
|
|
07/01/15
|
|
|
|
680
|
|
|
|
681,571
|
|
|
Series 1999 A, First Mortgage RB
|
|
|
5.75
|
%
|
|
|
07/01/23
|
|
|
|
3,000
|
|
|
|
3,002,370
|
|
|
Massachusetts (State of) Development Finance Agency
(Massachusetts Institute of Technology);
Series 2002 K, RB
(d)
|
|
|
5.50
|
%
|
|
|
07/01/32
|
|
|
|
505
|
|
|
|
725,402
|
|
|
Massachusetts (State of) Development Finance Agency (The Groves
in Lincoln); Series 2009 A, Senior Living Facility RB
|
|
|
7.75
|
%
|
|
|
06/01/39
|
|
|
|
1,000
|
|
|
|
522,950
|
|
|
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
|
|
6.88
|
%
|
|
|
01/01/41
|
|
|
|
1,000
|
|
|
|
1,206,300
|
|
|
Massachusetts (State of) Port Authority (Delta Airlines Inc.);
Series 2001 A, RB
(AMBAC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/27
|
|
|
|
1,000
|
|
|
|
967,340
|
|
|
Massachusetts (State of); Series 2004 A, Ref. Limited
Tax GO Bonds
(INSAMBAC)
(b)(d)
|
|
|
5.50
|
%
|
|
|
08/01/30
|
|
|
|
960
|
|
|
|
1,328,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,794,594
|
|
|
Michigan0.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
Dearborn Economic Development Corp. (Henry Ford Village, Inc.);
Series 2008, Ref. Limited Obligation RB
|
|
|
7.00
|
%
|
|
|
11/15/28
|
|
|
|
1,200
|
|
|
|
1,261,272
|
|
|
Michigan (State of) Strategic Fund (The Dow Chemical Co.);
Series 2003
A-1,
Ref.
Limited
Obligation RB
(a)(i)(j)
|
|
|
6.75
|
%
|
|
|
06/02/14
|
|
|
|
1,000
|
|
|
|
1,098,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,360,262
|
|
|
Minnesota3.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
Anoka (City of) (The Homestead at Anoka, Inc.);
Series 2011 A, Health Care Facilities RB
|
|
|
7.00
|
%
|
|
|
11/01/40
|
|
|
|
1,000
|
|
|
|
1,076,750
|
|
|
Baytown (Township of) (St. Croix Preparatory Academy);
Series 2012, Lease RB
|
|
|
5.75
|
%
|
|
|
08/01/42
|
|
|
|
500
|
|
|
|
500,965
|
|
|
Bloomington (City of) Port Authority (Radisson Blu Mall of
America, LLC); Series 2010, Recovery Zone Facility RB
|
|
|
9.00
|
%
|
|
|
12/01/35
|
|
|
|
1,000
|
|
|
|
1,191,380
|
|
|
Brooklyn Park (City of) (Prairie Seeds Academy);
Series 2009 A, Lease RB
|
|
|
9.25
|
%
|
|
|
03/01/39
|
|
|
|
1,000
|
|
|
|
1,165,120
|
|
|
Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB
|
|
|
6.75
|
%
|
|
|
11/15/32
|
|
|
|
1,500
|
|
|
|
1,792,335
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Minnesota(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota (State of) Tobacco Securitization Authority;
Series 2011 B, Tobacco Settlement RB
|
|
|
5.25
|
%
|
|
|
03/01/31
|
|
|
$
|
775
|
|
|
$
|
876,122
|
|
|
North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.);
Series 2007, Senior Housing RB
|
|
|
6.13
|
%
|
|
|
10/01/39
|
|
|
|
1,500
|
|
|
|
1,588,635
|
|
|
Rochester (City of) (Samaritan Bethany, Inc.);
Series 2009 A, Ref. Health Care & Housing RB
|
|
|
7.38
|
%
|
|
|
12/01/41
|
|
|
|
1,000
|
|
|
|
1,129,100
|
|
|
St. Paul (City of) Housing & Redevelopment Authority
(Emerald Gardens); Series 2010, Ref. Tax Increment
Allocation RB
|
|
|
6.25
|
%
|
|
|
03/01/25
|
|
|
|
1,000
|
|
|
|
1,066,120
|
|
|
Wayzata (City of) (Folkestone Senior Living Community);
Series 2012 A, Senior Housing RB
|
|
|
6.00
|
%
|
|
|
05/01/47
|
|
|
|
1,000
|
|
|
|
1,053,020
|
|
|
West St. Paul (City of) (Walker Thompson Hill, LLC);
Series 2011 A, Health Care Facilities RB
|
|
|
7.00
|
%
|
|
|
09/01/46
|
|
|
|
700
|
|
|
|
758,219
|
|
|
Winsted (City of) (St. Marys Care Center);
Series 2010 A, Health Care RB
|
|
|
6.88
|
%
|
|
|
09/01/42
|
|
|
|
1,000
|
|
|
|
1,064,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,262,546
|
|
|
Mississippi0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi Business Finance Corp. (System Energy Resources,
Inc.); Series 1998, PCR
|
|
|
5.88
|
%
|
|
|
04/01/22
|
|
|
|
1,000
|
|
|
|
1,002,880
|
|
|
Missouri3.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
Branson (City of) Regional Airport Transportation Development
District; Series 2007 B,
Airport RB
(g)
|
|
|
6.00
|
%
|
|
|
07/01/37
|
|
|
|
1,200
|
|
|
|
270,407
|
|
|
Branson Hills Infrastructure Facilities Community Improvement
District; Series 2007 A, Special Assessment RB
|
|
|
5.50
|
%
|
|
|
04/01/27
|
|
|
|
750
|
|
|
|
540,015
|
|
|
Bridgeton (City of) Industrial Development Authority (Sarah
Community); Series 2011 A, Ref. & Improvement
Senior Housing RB
|
|
|
6.38
|
%
|
|
|
05/01/35
|
|
|
|
1,000
|
|
|
|
1,061,570
|
|
|
Cass (County of); Series 2007, Hospital RB
|
|
|
5.63
|
%
|
|
|
05/01/38
|
|
|
|
1,000
|
|
|
|
1,017,160
|
|
|
Des Peres (City of) (West County Center);
Series 2002 A, Ref. Tax Increment Allocation RB
|
|
|
5.75
|
%
|
|
|
04/15/20
|
|
|
|
3,625
|
|
|
|
3,628,661
|
|
|
Kansas City (City of) Industrial Development Authority (Plaza
Library); Series 2004, RB
|
|
|
5.90
|
%
|
|
|
03/01/24
|
|
|
|
1,000
|
|
|
|
1,017,770
|
|
|
Kansas City (City of) Industrial Development Authority (Ward
Parkway Center Community Improvement District);
Series 2011, Sales Tax RB
|
|
|
6.75
|
%
|
|
|
10/01/41
|
|
|
|
1,000
|
|
|
|
1,048,050
|
|
|
Kirkwood (City of) Industrial Development Authority (Aberdeen
Heights); Series 2010 A, Retirement Community RB
|
|
|
8.25
|
%
|
|
|
05/15/39
|
|
|
|
1,000
|
|
|
|
1,197,120
|
|
|
St. Louis (County of) Industrial Development Authority (Grand
Center Redevelopment); Series 2011, Tax Increment
Allocation Improvement RB
|
|
|
6.38
|
%
|
|
|
12/01/25
|
|
|
|
1,000
|
|
|
|
1,071,370
|
|
|
St. Louis (County of) Industrial Development Authority
(Ranken-Jordan); Series 2007, Ref. Health Facilities RB
|
|
|
5.00
|
%
|
|
|
11/15/22
|
|
|
|
1,000
|
|
|
|
1,030,100
|
|
|
St. Louis (County of) Industrial Development Authority (St.
Andrews Resources for Seniors); Series 2007 A,
Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/41
|
|
|
|
1,500
|
|
|
|
1,566,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,448,988
|
|
|
Nebraska0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gage (County of) Hospital Authority No. 1 (Beatrice
Community Hospital & Health Center);
Series 2010 B, Health Care Facilities RB
|
|
|
6.75
|
%
|
|
|
06/01/35
|
|
|
|
1,000
|
|
|
|
1,107,470
|
|
|
Nevada1.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Director of the State of Nevada Department of
Business & Industry (Las Vegas Monorail);
Series 2000, Second
Tier RB
(g)
|
|
|
7.38
|
%
|
|
|
01/01/40
|
|
|
|
3,000
|
|
|
|
30
|
|
|
Henderson (City of) (Local Improvement District
No. T-18);
Series 2006, Special Assessment RB
|
|
|
5.30
|
%
|
|
|
09/01/35
|
|
|
|
1,625
|
|
|
|
902,054
|
|
|
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Increment Allocation RB
|
|
|
8.00
|
%
|
|
|
06/15/30
|
|
|
|
1,200
|
|
|
|
1,337,712
|
|
|
Mesquite (City of) (Special Improvement District
No. 07-01-Anthem
at Mesquite); Series 2007, Special Assessment Local
Improvement RB
|
|
|
6.00
|
%
|
|
|
08/01/23
|
|
|
|
945
|
|
|
|
927,905
|
|
|
Sparks (City of) (Local Improvement District
No. 3Legends at Sparks Marina); Series 2008,
Special Assessment Limited Obligation Improvement RB
|
|
|
6.50
|
%
|
|
|
09/01/20
|
|
|
|
1,190
|
|
|
|
1,263,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,431,540
|
|
|
New Hampshire0.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire (State of) Business Finance Authority (Huggins
Hospital); Series 2009, First Mortgage RB
|
|
|
6.88
|
%
|
|
|
10/01/39
|
|
|
|
1,000
|
|
|
|
1,099,070
|
|
|
New Hampshire (State of) Health & Education Facilities
Authority (Rivermead); Series 2011 A, RB
|
|
|
6.88
|
%
|
|
|
07/01/41
|
|
|
|
1,000
|
|
|
|
1,127,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,226,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
New Jersey4.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
Essex (County of) Improvement Authority (Newark);
Series 2010 A, RB
|
|
|
6.25
|
%
|
|
|
11/01/30
|
|
|
$
|
1,000
|
|
|
$
|
1,166,370
|
|
|
New Jersey (State of) Economic Development Authority
(Continental Airlines, Inc.);
Series 2012, RB
(a)
|
|
|
5.75
|
%
|
|
|
09/15/27
|
|
|
|
1,000
|
|
|
|
1,003,000
|
|
|
New Jersey (State of) Economic Development Authority (Lions
Gate);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 A, First Mortgage RB
|
|
|
5.75
|
%
|
|
|
01/01/25
|
|
|
|
710
|
|
|
|
719,429
|
|
|
Series 2005 A, First Mortgage RB
|
|
|
5.88
|
%
|
|
|
01/01/37
|
|
|
|
1,230
|
|
|
|
1,236,790
|
|
|
New Jersey (State of) Economic Development Authority
(Presbyterian Home at Montgomery);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 A, First Mortgage RB
|
|
|
6.25
|
%
|
|
|
11/01/20
|
|
|
|
500
|
|
|
|
500,465
|
|
|
Series 2001 A, First Mortgage RB
|
|
|
6.38
|
%
|
|
|
11/01/31
|
|
|
|
1,500
|
|
|
|
1,499,790
|
|
|
New Jersey (State of) Economic Development Authority (Seashore
Gardens Living Center); Series 2006, First Mortgage RB
|
|
|
5.38
|
%
|
|
|
11/01/36
|
|
|
|
700
|
|
|
|
659,106
|
|
|
New Jersey (State of) Economic Development Authority (United
Methodist Homes); Series 1998, Ref. RB
|
|
|
5.13
|
%
|
|
|
07/01/25
|
|
|
|
3,000
|
|
|
|
3,000,390
|
|
|
New Jersey (State of) Health Care Facilities Financing Authority
(St. Josephs Health Care System); Series 2008, RB
|
|
|
6.63
|
%
|
|
|
07/01/38
|
|
|
|
1,000
|
|
|
|
1,157,540
|
|
|
New Jersey (State of) Higher Education Student Assistance
Authority;
Series 2012-1B,
Ref. Student
Loan RB
(a)
|
|
|
5.75
|
%
|
|
|
12/01/39
|
|
|
|
2,000
|
|
|
|
2,060,880
|
|
|
Tobacco Settlement Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 1A, Asset-Backed RB
|
|
|
4.50
|
%
|
|
|
06/01/23
|
|
|
|
765
|
|
|
|
734,415
|
|
|
Series 2007 1A, Asset-Backed RB
|
|
|
5.00
|
%
|
|
|
06/01/29
|
|
|
|
1,000
|
|
|
|
919,940
|
|
|
Series 2007 1A, Asset-Backed RB
|
|
|
5.00
|
%
|
|
|
06/01/41
|
|
|
|
900
|
|
|
|
750,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,408,706
|
|
|
New Mexico0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico (State of) Hospital Equipment Loan Council (La Vida
Llena); Series 2010 A, First Mortgage RB
|
|
|
6.13
|
%
|
|
|
07/01/40
|
|
|
|
1,000
|
|
|
|
1,100,320
|
|
|
New York5.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena Local Development Corp. (Barclays Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, PILOT
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
07/15/35
|
|
|
|
1,475
|
|
|
|
457,928
|
|
|
Series 2009, PILOT
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
07/15/46
|
|
|
|
10,000
|
|
|
|
1,711,400
|
|
|
Mount Vernon (City of) Industrial Development Agency (Wartburg
Senior Housing, Inc./Meadowview);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999, Civic Facility RB
|
|
|
6.15
|
%
|
|
|
06/01/19
|
|
|
|
720
|
|
|
|
720,598
|
|
|
Series 1999, Civic Facility RB
|
|
|
6.20
|
%
|
|
|
06/01/29
|
|
|
|
500
|
|
|
|
500,225
|
|
|
Nassau (County of) Industrial Development Agency (Amsterdam at
Harborside); Series 2007 A, Continuing Care Retirement
Community RB
|
|
|
6.50
|
%
|
|
|
01/01/27
|
|
|
|
1,500
|
|
|
|
1,015,710
|
|
|
New York & New Jersey (States of) Port Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Hundred Sixty-Ninth Series 2011,
Consolidated RB
(a)(d)
|
|
|
5.00
|
%
|
|
|
10/15/27
|
|
|
|
1,700
|
|
|
|
1,965,846
|
|
|
One Hundred Sixty-Ninth Series 2011,
Consolidated RB
(a)(d)
|
|
|
5.00
|
%
|
|
|
10/15/28
|
|
|
|
1,300
|
|
|
|
1,501,058
|
|
|
New York (City of) Industrial Development Agency (Polytechnic
University); Series 2007, Ref. Civic Facility RB
(INSACA)
(b)
|
|
|
5.25
|
%
|
|
|
11/01/37
|
|
|
|
1,200
|
|
|
|
1,289,544
|
|
|
New York (City of) Municipal Water Finance Authority;
Series 2007, VRD Second General Water & Sewer
System RB
(f)
|
|
|
0.15
|
%
|
|
|
06/15/33
|
|
|
|
1,000
|
|
|
|
1,000,000
|
|
|
New York (City of) Trust for Cultural Resources (Lincoln
Center); Series 2008
A-1,
Ref.
VRD RB (LOCJPMorgan Chase
Bank, N.A.)
(f)(k)
|
|
|
0.20
|
%
|
|
|
12/01/35
|
|
|
|
1,700
|
|
|
|
1,700,000
|
|
|
New York (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subseries 1993
A-7,
VRD
Unlimited Tax GO Bonds (LOCJPMorgan Chase
Bank, N.A.)
(f)(k)
|
|
|
0.16
|
%
|
|
|
08/01/20
|
|
|
|
100
|
|
|
|
100,000
|
|
|
Subseries 1993
A-8,
VRD
Unlimited Tax GO Bonds (LOCJPMorgan Chase
Bank, N.A.)
(f)(k)
|
|
|
0.18
|
%
|
|
|
08/01/17
|
|
|
|
1,500
|
|
|
|
1,500,000
|
|
|
New York (State of) Dormitory Authority (Orange Regional Medical
Center); Series 2008, RB
|
|
|
6.25
|
%
|
|
|
12/01/37
|
|
|
|
1,000
|
|
|
|
1,088,660
|
|
|
New York Liberty Development Corp. (Bank of America Tower at One
Bryant Park); Series 2010, Ref. Second Priority Liberty RB
|
|
|
6.38
|
%
|
|
|
07/15/49
|
|
|
|
1,000
|
|
|
|
1,149,250
|
|
|
New York Liberty Development Corp. (National Sports Museum);
Series 2006 A, RB
(e)(g)
|
|
|
6.13
|
%
|
|
|
02/15/19
|
|
|
|
2,000
|
|
|
|
20
|
|
|
Seneca (County of) Industrial Development Agency (Seneca
Meadows, Inc.);
Series 2005, RB
(a)(e)(i)(j)
|
|
|
6.63
|
%
|
|
|
10/01/13
|
|
|
|
1,000
|
|
|
|
1,013,510
|
|
|
Suffolk (County of) Industrial Development Agency (Medford
Hamlet Assisted Living); Series 2005, Assisted Living
Facility RB
(a)
|
|
|
6.38
|
%
|
|
|
01/01/39
|
|
|
|
1,425
|
|
|
|
1,439,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,153,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
North Carolina0.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (State of) Medical Care Commission (WhiteStone);
Series 2011 A, First Mortgage Retirement Facilities RB
|
|
|
7.75
|
%
|
|
|
03/01/41
|
|
|
$
|
1,000
|
|
|
$
|
1,138,040
|
|
|
North Dakota0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Forks (City of) (4000 Valley Square); Series 2006,
Ref. Senior Housing RB
|
|
|
5.30
|
%
|
|
|
12/01/34
|
|
|
|
1,000
|
|
|
|
997,060
|
|
|
Ohio3.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority;
Series 2007 B, First Sub. Asset-Backed
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
06/01/47
|
|
|
|
40,000
|
|
|
|
2,654,800
|
|
|
Centerville (City of) (Bethany Lutheran Village Continuing Care
Facility Expansion); Series 2007 A, Health Care RB
|
|
|
6.00
|
%
|
|
|
11/01/38
|
|
|
|
1,500
|
|
|
|
1,556,385
|
|
|
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent
Living Facilities RB
|
|
|
5.75
|
%
|
|
|
05/15/27
|
|
|
|
2,000
|
|
|
|
2,060,760
|
|
|
Gallia (County of) (Holzer Health System Obligated Group);
Series 2012, Ref. & Improvement Hospital Facilities RB
|
|
|
8.00
|
%
|
|
|
07/01/42
|
|
|
|
1,000
|
|
|
|
1,121,520
|
|
|
Lorain (County of) Port Authority (U.S. Steel Corp.);
Series 2010, Recovery Zone Facility RB
|
|
|
6.75
|
%
|
|
|
12/01/40
|
|
|
|
1,000
|
|
|
|
1,095,780
|
|
|
Montgomery (County of) (St. Leonard); Series 2010, Ref.
& Improvement Health Care & MFH RB
|
|
|
6.63
|
%
|
|
|
04/01/40
|
|
|
|
1,000
|
|
|
|
1,068,290
|
|
|
Ohio (State of) Air Quality Development Authority (FirstEnergy
Generation Corp.); Series 2009 C, Ref. PCR
|
|
|
5.63
|
%
|
|
|
06/01/18
|
|
|
|
1,000
|
|
|
|
1,162,230
|
|
|
Toledo-Lucas (County of) Port Authority (Crocker Park Public
Improvement); Series 2003, Special Assessment RB
|
|
|
5.38
|
%
|
|
|
12/01/35
|
|
|
|
1,200
|
|
|
|
1,229,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,948,913
|
|
|
Oklahoma0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
Citizen Potawatomi Nation; Series 2004 A,
Sr. Obligation Tax RB
|
|
|
6.50
|
%
|
|
|
09/01/16
|
|
|
|
1,000
|
|
|
|
992,980
|
|
|
Oklahoma (State of) Development Finance Authority (Inverness
Village Community); Series 2012, Ref. Continuing Care
Retirement Community RB
|
|
|
6.00
|
%
|
|
|
01/01/32
|
|
|
|
1,000
|
|
|
|
1,080,750
|
|
|
Tulsa (County of) Industrial Authority (Montereau, Inc.);
Series 2010 A, Senior Living Community RB
|
|
|
7.25
|
%
|
|
|
11/01/45
|
|
|
|
1,000
|
|
|
|
1,133,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,206,960
|
|
|
Pennsylvania4.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny (County of) Industrial Development Authority (Propel
Charter School-Montour); Series 2010 A, Charter School
RB
|
|
|
6.75
|
%
|
|
|
08/15/35
|
|
|
|
950
|
|
|
|
1,051,621
|
|
|
Allegheny (County of) Redevelopment Authority (Pittsburgh
Mills); Series 2004, Tax Allocation RB
|
|
|
5.60
|
%
|
|
|
07/01/23
|
|
|
|
1,000
|
|
|
|
1,031,870
|
|
|
Bucks (County of) Industrial Development Authority (Anns
Choice, Inc. Facility);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 A, Retirement Community RB
|
|
|
6.13
|
%
|
|
|
01/01/25
|
|
|
|
1,500
|
|
|
|
1,520,910
|
|
|
Series 2005 A, Retirement Community RB
|
|
|
6.25
|
%
|
|
|
01/01/35
|
|
|
|
1,750
|
|
|
|
1,770,860
|
|
|
Chester (County of) Industrial Development Authority
(RHA/Pennsylvania Nursing Homes, Inc.); Series 2002, First
Mortgage RB
|
|
|
8.50
|
%
|
|
|
05/01/32
|
|
|
|
2,690
|
|
|
|
2,743,746
|
|
|
Cumberland (County of) Municipal Authority (Asbury Pennsylvania
Obligated Group); Series 2010, RB
|
|
|
6.13
|
%
|
|
|
01/01/45
|
|
|
|
965
|
|
|
|
1,029,481
|
|
|
Harrisburg (City of) Authority (Harrisburg University of
Science); Series 2007 B, University RB
|
|
|
6.00
|
%
|
|
|
09/01/36
|
|
|
|
1,800
|
|
|
|
1,349,712
|
|
|
Montgomery (County of) Industrial Development Authority
(Philadelphia Presbytery Homes, Inc.); Series 2010, RB
|
|
|
6.63
|
%
|
|
|
12/01/30
|
|
|
|
1,000
|
|
|
|
1,123,020
|
|
|
Pennsylvania (State of) Intergovernmental Cooperation Authority
(City of Philadelphia Funding Program); Series 2009, Ref.
Special
Tax RB
(d)
|
|
|
5.00
|
%
|
|
|
06/15/21
|
|
|
|
3,000
|
|
|
|
3,585,420
|
|
|
Washington (County of) Redevelopment Authority (Victory Centre
Tanger Outlet Development); Series 2006 A, Tax
Allocation RB
(j)
|
|
|
5.45
|
%
|
|
|
07/01/35
|
|
|
|
950
|
|
|
|
974,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,180,875
|
|
|
Puerto Rico0.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Subseries 2010 A,
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
08/01/34
|
|
|
|
4,000
|
|
|
|
1,206,280
|
|
|
First Subseries 2010 C,
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
08/01/39
|
|
|
|
3,000
|
|
|
|
649,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,856,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Rhode Island0.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp.; Series 2002 A,
Asset-Backed RB
|
|
|
6.25
|
%
|
|
|
06/01/42
|
|
|
$
|
835
|
|
|
$
|
845,588
|
|
|
South Carolina1.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown (County of) (International Paper Co.);
Series 2000 A, Ref. Environmental Improvement RB
|
|
|
5.95
|
%
|
|
|
03/15/14
|
|
|
|
700
|
|
|
|
750,379
|
|
|
Myrtle Beach (City of) (Myrtle Beach Air Force Base);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 A, Tax Increment Allocation RB
|
|
|
5.25
|
%
|
|
|
10/01/26
|
|
|
|
930
|
|
|
|
842,878
|
|
|
Series 2006 A, Tax Increment Allocation RB
|
|
|
5.30
|
%
|
|
|
10/01/35
|
|
|
|
2,000
|
|
|
|
1,723,520
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(The Woodlands at Furman);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Ref. RB
|
|
|
6.00
|
%
|
|
|
11/15/42
|
|
|
|
1,087
|
|
|
|
785,101
|
|
|
Series 2012, Ref.
Sub. CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
11/15/47
|
|
|
|
466
|
|
|
|
2,302
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Wesley Commons);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Ref. First Mortgage Health Facilities RB
|
|
|
5.13
|
%
|
|
|
10/01/26
|
|
|
|
1,000
|
|
|
|
1,003,240
|
|
|
Series 2006, Ref. First Mortgage Health Facilities RB
|
|
|
5.30
|
%
|
|
|
10/01/36
|
|
|
|
1,500
|
|
|
|
1,473,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,580,915
|
|
|
South Dakota0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sioux Falls (City of) (Dow Rummel Village); Series 2006,
Ref. Health Facilities RB
|
|
|
5.00
|
%
|
|
|
11/15/33
|
|
|
|
1,000
|
|
|
|
973,160
|
|
|
Tennessee2.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
Johnson City (City of) Health & Educational Facilities
Board (Mountain States Health Alliance);
Series 2006 A, First Mortgage Hospital RB
|
|
|
5.50
|
%
|
|
|
07/01/31
|
|
|
|
2,000
|
|
|
|
2,122,680
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (The Village at Germantown);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 A, Residential Care Facility Mortgage RB
|
|
|
7.25
|
%
|
|
|
12/01/34
|
|
|
|
2,500
|
|
|
|
2,535,575
|
|
|
Series 2006, Residential Care Facility Mortgage RB
|
|
|
6.25
|
%
|
|
|
12/01/34
|
|
|
|
475
|
|
|
|
478,548
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (Trezevant Manor); Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
09/01/37
|
|
|
|
2,000
|
|
|
|
2,037,820
|
|
|
Trenton (City of) Health & Educational Facilities
Board (RHA/Trenton MR, Inc.); Series 2009, RB
|
|
|
9.25
|
%
|
|
|
04/01/39
|
|
|
|
1,000
|
|
|
|
1,146,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,321,073
|
|
|
Texas9.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special
Facilities RB
(a)
|
|
|
4.85
|
%
|
|
|
04/01/21
|
|
|
|
1,200
|
|
|
|
1,286,592
|
|
|
Austin Convention Enterprises, Inc.; Series 2006 B,
Ref. Second Tier Convention
Center RB
(e)
|
|
|
5.75
|
%
|
|
|
01/01/34
|
|
|
|
1,100
|
|
|
|
1,127,401
|
|
|
Capital Area Cultural Education Facilities Finance Corp. (The
Roman Catholic Diocese of Austin); Series 2005 B, RB
|
|
|
6.13
|
%
|
|
|
04/01/45
|
|
|
|
1,000
|
|
|
|
1,098,670
|
|
|
Central Texas Regional Mobility Authority; Series 2011,
Sub. Lien RB
|
|
|
6.75
|
%
|
|
|
01/01/41
|
|
|
|
1,000
|
|
|
|
1,152,590
|
|
|
Clifton Higher Education Finance Corp. (Uplift Education);
Series 2010 A, Education RB
|
|
|
6.25
|
%
|
|
|
12/01/45
|
|
|
|
1,000
|
|
|
|
1,169,730
|
|
|
Decatur (City of) Hospital Authority (Wise Regional Health
System); Series 2004 A, RB
|
|
|
7.13
|
%
|
|
|
09/01/34
|
|
|
|
1,750
|
|
|
|
1,865,570
|
|
|
HFDC of Central Texas, Inc. (Sears Tyler Methodist);
Series 2009 A, RB
|
|
|
7.75
|
%
|
|
|
11/15/44
|
|
|
|
1,000
|
|
|
|
786,030
|
|
|
HFDC of Central Texas, Inc.; Series 2006 A, Retirement
Facilities RB
|
|
|
5.75
|
%
|
|
|
11/01/36
|
|
|
|
1,000
|
|
|
|
1,005,050
|
|
|
Houston (City of) (Continental Airlines, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 E, Airport System Special
Facilities RB
(a)
|
|
|
6.75
|
%
|
|
|
07/01/21
|
|
|
|
1,000
|
|
|
|
1,003,830
|
|
|
Series 2001 E, Airport System Special
Facilities RB
(a)
|
|
|
6.75
|
%
|
|
|
07/01/29
|
|
|
|
500
|
|
|
|
502,035
|
|
|
Series 2011 A, Ref. Airport System Special
Facilities RB
(a)
|
|
|
6.63
|
%
|
|
|
07/15/38
|
|
|
|
1,000
|
|
|
|
1,116,740
|
|
|
Houston Health Facilities Development Corp. (Buckingham Senior
Living Community); Series 2004 A, Retirement
Facilities RB
(h)(i)
|
|
|
7.13
|
%
|
|
|
02/15/14
|
|
|
|
1,000
|
|
|
|
1,107,800
|
|
|
Houston Higher Education Finance Corp. (Cosmos Foundation,
Inc.); Series 2011 A, RB
|
|
|
6.88
|
%
|
|
|
05/15/41
|
|
|
|
1,000
|
|
|
|
1,221,050
|
|
|
La Vernia Higher Education Finance Corp. (Knowledge is Power
Program, Inc.); Series 2009 A, RB
|
|
|
6.25
|
%
|
|
|
08/15/39
|
|
|
|
1,000
|
|
|
|
1,165,100
|
|
|
Lubbock Health Facilities Development Corp. (Carillon Senior
LifeCare Community); Series 2005 A, Ref. First
Mortgage RB
|
|
|
6.50
|
%
|
|
|
07/01/26
|
|
|
|
2,500
|
|
|
|
2,641,750
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Texas(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Tollway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Ref. First Tier System RB
(INSBHAC)
(b)(d)
|
|
|
5.75
|
%
|
|
|
01/01/48
|
|
|
$
|
3,000
|
|
|
$
|
3,486,330
|
|
|
Series 2011 B, Special Project System
CAB RB
(c)
|
|
|
0.00
|
%
|
|
|
09/01/37
|
|
|
|
7,000
|
|
|
|
1,854,930
|
|
|
San Antonio Convention Hotel Finance Corp. (Empowerment Zone);
Series 2005 A, Contract RB
(INSAMBAC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
07/15/39
|
|
|
|
1,000
|
|
|
|
1,023,150
|
|
|
Tarrant County Cultural Education Facilities Finance Corp.
(Mirador); Series 2010 A, Retirement Facility RB
|
|
|
8.13
|
%
|
|
|
11/15/39
|
|
|
|
1,000
|
|
|
|
1,115,900
|
|
|
Texas (State of) Turnpike Authority (Central Texas Turnpike
System); Series 2002, CAB RB
(INSAMBAC)
(b)(c)
|
|
|
0.00
|
%
|
|
|
08/15/33
|
|
|
|
4,160
|
|
|
|
1,204,736
|
|
|
Texas Private Activity Bond Surface Transportation Corp. (LBJ
Infrastructure); Series 2010, Sr. Lien RB
|
|
|
7.00
|
%
|
|
|
06/30/40
|
|
|
|
1,000
|
|
|
|
1,223,330
|
|
|
Texas Private Activity Bond Surface Transportation Corp. (NTE
Mobility Partners LLC North Tarrant Express Management Lanes);
Series 2009, Sr. Lien RB
|
|
|
6.88
|
%
|
|
|
12/31/39
|
|
|
|
1,000
|
|
|
|
1,202,940
|
|
|
Texas State Public Finance Authority Charter School Finance
Corp. (Odyssey Academy, Inc.); Series 2010 A,
Education RB
|
|
|
7.13
|
%
|
|
|
02/15/40
|
|
|
|
1,000
|
|
|
|
1,130,410
|
|
|
Travis County Health Facilities Development Corp. (Westminster
Manor); Series 2010, RB
|
|
|
7.00
|
%
|
|
|
11/01/30
|
|
|
|
1,000
|
|
|
|
1,185,730
|
|
|
Tyler Health Facilities Development Corp. (Mother Frances
Hospital Regional Health Care Center); Series 2007,
Ref. Hospital RB
|
|
|
5.00
|
%
|
|
|
07/01/33
|
|
|
|
1,000
|
|
|
|
1,040,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,717,554
|
|
|
Utah0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah (State of) Charter School Finance Authority (North Davis
Preparatory Academy); Series 2010, Charter School RB
|
|
|
6.38
|
%
|
|
|
07/15/40
|
|
|
|
1,000
|
|
|
|
1,080,070
|
|
|
Vermont0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
Vermont (State of) Economic Development Authority (Wake Robin
Corp.); Series 2012, Mortgage RB
|
|
|
5.40
|
%
|
|
|
05/01/33
|
|
|
|
1,200
|
|
|
|
1,255,464
|
|
|
Virginia1.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chesterfield (County of) Economic Development Authority
(Brandermill Woods); Series 1998, Ref.
Mortgage RB
(e)
|
|
|
6.50
|
%
|
|
|
01/01/28
|
|
|
|
2,046
|
|
|
|
2,051,131
|
|
|
Lexington (City of) Industrial Development Authority (Kendal at
Lexington); Series 2007 A, Residential Care Facilities
Mortgage RB
|
|
|
5.50
|
%
|
|
|
01/01/37
|
|
|
|
1,050
|
|
|
|
1,064,847
|
|
|
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligation RB
|
|
|
6.45
|
%
|
|
|
09/01/37
|
|
|
|
226
|
|
|
|
238,808
|
|
|
Virginia (State of) Small Business Financing Authority
(Elizabeth River Crossings Opco, LLC); Series 2012,
Sr. Lien RB
(a)
|
|
|
5.50
|
%
|
|
|
01/01/42
|
|
|
|
1,000
|
|
|
|
1,106,330
|
|
|
Virginia (State of) Small Business Financing Authority (Express
Lanes, LLC); Series 2012,
Sr. Lien RB
(a)
|
|
|
5.00
|
%
|
|
|
01/01/40
|
|
|
|
1,000
|
|
|
|
1,047,020
|
|
|
Virginia (State of) Small Business Financing Authority (Hampton
Roads Proton Beam Therapy Institute at Hampton University, LLC);
Series 2009, RB
(e)
|
|
|
9.00
|
%
|
|
|
07/01/39
|
|
|
|
1,200
|
|
|
|
1,299,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,807,928
|
|
|
Washington2.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
King (County of) Public Hospital District No. 4 (Snoqualmie
Valley Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. & Improvement Limited Tax GO Bonds
|
|
|
7.25
|
%
|
|
|
12/01/38
|
|
|
|
1,000
|
|
|
|
1,036,340
|
|
|
Series 2011, Ref. & Improvement Limited Tax GO Bonds
|
|
|
7.00
|
%
|
|
|
12/01/40
|
|
|
|
1,000
|
|
|
|
1,103,690
|
|
|
King (County of); Series 2011 B, Ref.
Sewer RB
(d)
|
|
|
5.00
|
%
|
|
|
01/01/34
|
|
|
|
3,000
|
|
|
|
3,435,810
|
|
|
Port of Seattle Industrial Development Corp. (Northwest
Airlines, Inc.); Series 2001, Special
Facilities RB
(a)
|
|
|
7.25
|
%
|
|
|
04/01/30
|
|
|
|
1,600
|
|
|
|
1,600,144
|
|
|
Washington (State of) Health Care Facilities Authority (Central
Washington Health Services Association); Series 2009, RB
|
|
|
7.00
|
%
|
|
|
07/01/39
|
|
|
|
1,000
|
|
|
|
1,161,210
|
|
|
Washington (State of) Health Care Facilities Authority (Seattle
Cancer Care Alliance); Series 2009, RB
|
|
|
7.38
|
%
|
|
|
03/01/38
|
|
|
|
1,200
|
|
|
|
1,466,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,803,498
|
|
|
West Virginia0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia (State of) Hospital Finance Authority (Thomas
Health System); Series 2008, RB
|
|
|
6.50
|
%
|
|
|
10/01/38
|
|
|
|
1,000
|
|
|
|
1,039,540
|
|
|
Wisconsin1.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Beaver Dam Community Hospitals, Inc.);
Series 2004 A, RB
|
|
|
6.75
|
%
|
|
|
08/15/34
|
|
|
|
1,250
|
|
|
|
1,288,350
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB
|
|
|
6.38
|
%
|
|
|
02/15/29
|
|
|
|
1,500
|
|
|
|
1,753,365
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (St. Johns Community, Inc.);
Series 2009 A, RB
|
|
|
7.63
|
%
|
|
|
09/15/39
|
|
|
|
1,000
|
|
|
|
1,162,820
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Wisconsin(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Wisconsin Illinois Senior Housing, Inc.);
Series 2012, RB
|
|
|
5.88
|
%
|
|
|
08/01/42
|
|
|
$
|
1,000
|
|
|
$
|
998,540
|
|
|
Wisconsin (State of) Public Finance Authority (Glenridge Palmer
Ranch); Series 2011 A, Continuing Care Retirement
Community RB
|
|
|
8.25
|
%
|
|
|
06/01/46
|
|
|
|
1,000
|
|
|
|
1,188,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,392,005
|
|
|
TOTAL
INVESTMENTS
(l)
105.91%
(Cost $354,432,822)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
373,565,992
|
|
|
FLOATING RATE NOTE OBLIGATIONS(6.61%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest rates ranging from 0.18% to 0.34% at
08/31/12
and
contractual maturities of collateral ranging from
06/15/21
to
06/15/50
(See
Note 1H)
(m)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,325,000
|
)
|
|
OTHER ASSETS LESS LIABILITIES0.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,492,167
|
|
|
NET ASSETS100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
352,733,159
|
|
|
Investment Abbreviations:
|
|
|
ACA
|
|
ACA Financial Guaranty Corp.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
American Municipal Bond Assurance Corp.
|
BAN
|
|
Bond Anticipation Notes
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
CAB
|
|
Capital Appreciation Bonds
|
COP
|
|
Certificates of Participation
|
GO
|
|
General Obligation
|
IDR
|
|
Indonesian Rupiah
|
INS
|
|
Insurer
|
LOC
|
|
Letter of Credit
|
MFH
|
|
Multi-Family Housing
|
NATL
|
|
National Public Finance Guarantee Corp.
|
PCR
|
|
Pollution Control Revenue Bonds
|
PILOT
|
|
Payment-in-Lieu-of-Tax
|
RB
|
|
Revenue Bonds
|
Ref.
|
|
Refunding
|
RN
|
|
Revenue Notes
|
Sec.
|
|
Secured
|
SGI
|
|
Syncora Guarantee, Inc.
|
Sr.
|
|
Senior
|
Sub.
|
|
Subordinated
|
VRD
|
|
Variable Rate Demand
|
Notes to Schedule of Investments:
|
|
|
(a)
|
|
Security subject to the alternative
minimum tax.
|
(b)
|
|
Principal
and/or
interest payments are secured by the bond insurance company
listed.
|
(c)
|
|
Zero coupon bond issued at a
discount.
|
(d)
|
|
Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1H.
|
(e)
|
|
Security purchased or received in a
transaction exempt from registration under the Securities Act of
1933, as amended. The security may be resold pursuant to an
exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these
securities at August 31, 2012 was $9,856,774, which
represented 2.79% of the Trusts Net Assets.
|
(f)
|
|
Demand security payable upon demand
by the Trust at specified time intervals no greater than
thirteen months. Interest rate is redetermined periodically.
Rate shown is the rate in effect on August 31, 2012.
|
(g)
|
|
Defaulted security. Currently, the
issuer is partially or fully in default with respect to interest
payments. The aggregate value of these securities at
August 31, 2012 was $3,478,256, which represented 0.99% of
the Trusts Net Assets.
|
(h)
|
|
Advance refunded; secured by an
escrow fund of U.S. Government obligations or other highly
rated collateral.
|
(i)
|
|
Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put.
|
(j)
|
|
Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
August 31, 2012.
|
(k)
|
|
Principal and interest payments are
fully enhanced by a letter of credit from the bank listed or a
predecessor bank, branch or subsidiary.
|
(l)
|
|
Entities may either issue,
guarantee, back or otherwise enhance the credit quality of a
security. The entities are not primarily responsible for the
issuers obligation but may be called upon to satisfy
issuers obligations. No concentration of any single entity was
greater than 5%.
|
(m)
|
|
Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at August 31, 2012. At August 31,
2012, the Trusts investments with a value of $42,762,626
are held by Dealer Trusts and serve as collateral for the
$23,325,000 in the floating rate note obligations outstanding at
that date.
|
By
credit sector, based on Total Investments
as
of August 31, 2012
|
|
|
|
|
Revenue Bonds
|
|
|
93.6
|
%
|
|
General Obligation Bonds
|
|
|
3.8
|
|
|
Pre-refunded Bonds
|
|
|
1.1
|
|
|
Other
|
|
|
1.5
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Municipal Income Opportunities Trust
Statement
of Assets and Liabilities
August 31,
2012
(Unaudited)
|
|
|
|
|
Assets:
|
Investments, at value (Cost $354,432,822)
|
|
$
|
373,565,992
|
|
|
Receivable for:
|
|
|
|
|
Investments sold
|
|
|
790,000
|
|
|
Interest
|
|
|
5,675,533
|
|
|
Investment for trustee deferred compensation and retirement plans
|
|
|
21,729
|
|
|
Other assets
|
|
|
53,664
|
|
|
Total assets
|
|
|
380,106,918
|
|
|
Liabilities:
|
Floating rate note obligations
|
|
|
23,325,000
|
|
|
Payable for:
|
|
|
|
|
Amount due custodian
|
|
|
3,750,078
|
|
|
Accrued other operating expenses
|
|
|
76,553
|
|
|
Trustee deferred compensation and retirement plans
|
|
|
222,128
|
|
|
Total liabilities
|
|
|
27,373,759
|
|
|
Net assets applicable to shares outstanding
|
|
$
|
352,733,159
|
|
|
Net assets consist of:
|
Shares of beneficial interest
|
|
$
|
362,506,758
|
|
|
Undistributed net investment income
|
|
|
945,606
|
|
|
Undistributed net realized gain (loss)
|
|
|
(29,852,375
|
)
|
|
Unrealized appreciation
|
|
|
19,133,170
|
|
|
|
|
$
|
352,733,159
|
|
|
Shares outstanding, no par value, with an unlimited number of
shares authorized:
|
Outstanding
|
|
|
47,425,494
|
|
|
Net asset value per share
|
|
$
|
7.44
|
|
|
Market value per share
|
|
$
|
7.17
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
16 Invesco
Municipal Income Opportunities Trust
Statement
of Operations
For
the six months ended August 31, 2012
(Unaudited)
|
|
|
|
|
Investment income:
|
Interest
|
|
$
|
4,683,069
|
|
|
Expenses:
|
Advisory fees
|
|
|
358,936
|
|
|
Administrative services fees
|
|
|
25,206
|
|
|
Custodian fees
|
|
|
1,380
|
|
|
Interest, facilities and maintenance fees
|
|
|
51,021
|
|
|
Transfer agent fees
|
|
|
4,200
|
|
|
Trustees and officers fees and benefits
|
|
|
19,107
|
|
|
Registration and filing fees
|
|
|
32,825
|
|
|
Other
|
|
|
55,586
|
|
|
Total expenses
|
|
|
548,261
|
|
|
Net investment income
|
|
|
4,134,808
|
|
|
Realized and unrealized gain (loss) from:
|
Net realized gain (loss) from investment securities
|
|
|
(914,458
|
)
|
|
Change in net unrealized appreciation of investment securities
|
|
|
6,894,051
|
|
|
Net realized and unrealized gain
|
|
|
5,979,593
|
|
|
Net increase in net assets resulting from operations
|
|
$
|
10,114,401
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
17 Invesco
Municipal Income Opportunities Trust
Statement
of Changes in Net Assets
For
the six months ended August 31, 2012 and the year ended
February 29, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
February 29,
|
|
|
2012
|
|
2012
|
|
Operations:
|
Net investment income
|
|
$
|
4,134,808
|
|
|
$
|
8,095,848
|
|
|
Net realized gain (loss)
|
|
|
(914,458
|
)
|
|
|
(1,997,358
|
)
|
|
Change in net unrealized appreciation
|
|
|
6,894,051
|
|
|
|
16,445,098
|
|
|
Net increase in net assets resulting from operations
|
|
|
10,114,401
|
|
|
|
22,543,588
|
|
|
Distributions to shareholders from net investment income
|
|
|
(4,120,302
|
)
|
|
|
(8,240,599
|
)
|
|
Share transactionsnet:
|
Net increase in net assets resulting from share transactions
|
|
|
206,659,387
|
|
|
|
|
|
|
Net increase in net assets
|
|
|
212,653,486
|
|
|
|
14,302,989
|
|
|
Net assets:
|
Beginning of period
|
|
|
140,079,673
|
|
|
|
125,776,684
|
|
|
End of period (includes undistributed net investment income of
$945,606 and $931,100, respectively)
|
|
$
|
352,733,159
|
|
|
$
|
140,079,673
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
18 Invesco
Municipal Income Opportunities Trust
Statement
of Cash Flows
For
the six months ended August 31, 2012
(Unaudited)
|
|
|
|
|
Cash provided by operating activities:
|
Net increase in net assets resulting from operations
|
|
$
|
10,114,401
|
|
|
Adjustments to reconcile the change in net assets applicable
from operations to net cash provided by (used in) operating
activities:
|
Purchases of investments
|
|
|
(11,476,346
|
)
|
|
Proceeds from sales of investments
|
|
|
8,124,488
|
|
|
Amortization of premium
|
|
|
224,010
|
|
|
Accretion of discount
|
|
|
324,218
|
|
|
Increase in receivables and other assets
|
|
|
(3,368,662
|
)
|
|
Increase in accrued expenses and other payables
|
|
|
145,608
|
|
|
Net realized loss from investment securities
|
|
|
914,458
|
|
|
Net change in unrealized appreciation on investment securities
|
|
|
(6,894,051
|
)
|
|
Net cash provided by (used in) operating activities
|
|
|
(1,891,876
|
)
|
|
Cash provided by financing activities:
|
Dividends paid to shareholders from net investment income
|
|
|
(4,120,302
|
)
|
|
Increase in payable for amount due custodian
|
|
|
3,750,078
|
|
|
Net proceeds from floating rate note obligations
|
|
|
2,000,000
|
|
|
Net cash provided by financing activities
|
|
|
1,629,776
|
|
|
Net increase (decrease) in cash
|
|
|
(262,100
|
)
|
|
Cash at beginning of period
|
|
|
262,100
|
|
|
Cash at end of period
|
|
$
|
|
|
|
Supplemental disclosure of cash flow information:
|
Cash paid during the period for interest, facilities and
maintenance fees
|
|
$
|
51,021
|
|
|
Notes
to Financial Statements
August 31,
2012
(Unaudited)
NOTE 1Significant
Accounting Policies
Invesco Municipal Income Opportunities Trust (the
Trust), a Delaware business trust, is registered
under the Investment Company Act of 1940, as amended (the
1940 Act), as a diversified, closed-end series
management investment company. Prior to August 27, 2012,
the Trust was organized as a Massachusetts business trust.
The Trusts investment objective is to provide
a high level of current income exempt from federal income tax.
The following is a summary of the significant
accounting policies followed by the Trust in the preparation of
its financial statements.
|
|
|
A.
|
|
Security
Valuations
Securities, including
restricted securities, are valued according to the following
policy.
|
|
|
Securities are fair valued using an
evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by
the pricing service may be determined without exclusive reliance
on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, individual
trading characteristics and other market data. Securities with a
demand feature exercisable within one to seven days are valued
at par. Debt securities are subject to interest rate and credit
risks. In addition, all debt securities involve some risk of
default with respect to interest and principal payments.
|
|
|
Securities for which market quotations
either are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the
supervision of the Trusts officers following procedures
approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental
analytical data relating to the investment; the nature and
duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable
companies; relevant political, economic or issuer specific news;
and other relevant factors under the circumstances.
|
|
|
Valuations change in response to many
factors including the historical and prospective earnings of the
issuer, the value of the issuers assets, general economic
conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially
differ from the value received upon actual sale of those
investments.
|
19 Invesco
Municipal Income Opportunities Trust
|
|
|
B.
|
|
Securities
Transactions and Investment Income
Securities transactions are accounted for on a trade date basis.
Realized gains or losses on sales are computed on the basis of
specific identification of the securities sold. Interest income
is recorded on the accrual basis from settlement date. Dividend
income (net of withholding tax, if any) is recorded on the
ex-dividend date. Bond premiums and discounts are amortized
and/or
accreted for financial reporting purposes.
|
|
|
The Trust may periodically participate
in litigation related to Trust investments. As such, the Trust
may receive proceeds from litigation settlements. Any proceeds
received are included in the Statement of Operations as realized
gain (loss) for investments no longer held and as unrealized
gain (loss) for investments still held.
|
|
|
Brokerage commissions and mark ups are
considered transaction costs and are recorded as an increase to
the cost basis of securities purchased
and/or
a
reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in
the Statement of Operations and the Statement of Changes in Net
Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction
costs are included in the calculation of the Trusts net
asset value and, accordingly, they reduce the Trusts total
returns. These transaction costs are not considered operating
expenses and are not reflected in net investment income reported
in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of
expenses and net investment income reported in the Financial
Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser.
|
C.
|
|
Country
Determination
For the purposes of making
investment selection decisions and presentation in the Schedule
of Investments, the investment adviser may determine the country
in which an issuer is located
and/or
credit risk exposure based on various factors. These factors
include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the
country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the
issuers securities, as well as other criteria. Among the
other criteria that may be evaluated for making this
determination are the country in which the issuer maintains 50%
or more of its assets, the type of security, financial
guarantees and enhancements, the nature of the collateral and
the sponsor organization. Country of issuer
and/or
credit risk exposure has been determined to be the United States
of America, unless otherwise noted.
|
D.
|
|
Distributions
The Trust declares and pays monthly dividends from net
investment income to common shareholders. Distributions from net
realized capital gain, if any, are generally paid annually and
are distributed on a pro rata basis to common and preferred
shareholders. The Trust may elect to treat a portion of the
proceeds from redemptions as distributions for federal income
tax purposes.
|
E.
|
|
Federal Income
Taxes
The Trust intends to comply with
the requirements of Subchapter M of the Internal Revenue
Code necessary to qualify as a regulated investment company and
to distribute substantially all of the Trusts taxable
earnings to shareholders. As such, the Trust will not be subject
to federal income taxes on otherwise taxable income (including
net realized capital gain) that is distributed to shareholders.
Therefore, no provision for federal income taxes is recorded in
the financial statements.
|
|
|
In addition, the Trust intends to invest
in such municipal securities to allow it to qualify to pay
shareholders exempt dividends, as defined in the
Internal Revenue Code.
|
|
|
The Trust files tax returns in the
U.S. Federal jurisdiction and certain other jurisdictions.
Generally, the Trust is subject to examinations by such taxing
authorities for up to three years after the filing of the return
for the tax period.
|
F.
|
|
Accounting
Estimates
The preparation of financial
statements in conformity with accounting principles generally
accepted in the United States of America (GAAP)
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of
revenues and expenses during the reporting period including
estimates and assumptions related to taxation. Actual results
could differ from those estimates by a significant amount. In
addition, the Trust monitors for material events or transactions
that may occur or become known after the period-end date and
before the date the financial statements are released to print.
|
G.
|
|
Indemnifications
Under the Trusts organizational documents, each Trustee,
officer, employee or other agent of the Trust is indemnified
against certain liabilities that may arise out of the
performance of their duties to the Trust. Additionally, in the
normal course of business, the Trust enters into contracts,
including the Trusts servicing agreements, that contain a
variety of indemnification clauses. The Trusts maximum
exposure under these arrangements is unknown as this would
involve future claims that may be made against the Trust that
have not yet occurred. The risk of material loss as a result of
such indemnification claims is considered remote.
|
H.
|
|
Floating Rate
Note Obligations
The Trust invests
in inverse floating rate securities, such as Residual Interest
Bonds (RIBs) or Tender Option Bonds
(TOBs) for investment purposes and to enhance the
yield of the Trust. Inverse floating rate investments tend to
underperform the market for fixed rate bonds in a rising
interest rate environment, but tend to outperform the market for
fixed rate bonds when interest rates decline or remain
relatively stable. Such transactions may be purchased in the
secondary market without first owning the underlying bond or by
the sale of fixed rate bonds by the Trust to special purpose
trusts established by a broker dealer (Dealer
Trusts) in exchange for cash and residual interests in the
Dealer Trusts assets and cash flows, which are in the form
of inverse floating rate securities. The Dealer Trusts finance
the purchases of the fixed rate bonds by issuing floating rate
notes to third parties and allowing the Trust to retain residual
interests in the bonds. The floating rate notes issued by the
Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date.
The residual interests held by the Trust (inverse floating rate
investments) include the right of the Trust (1) to cause
the holders of the floating rate notes to tender their notes at
par at the next interest rate reset date, and (2) to
transfer the municipal bond from the Dealer Trusts to the Trust,
thereby collapsing the Dealer Trusts.
|
|
|
TOBs are presently classified as private
placement securities. Private placement securities are subject
to restrictions on resale because they have not been registered
under the Securities Act of 1933, as amended or are otherwise
not readily marketable. As a result of the absence of a public
trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices
realized from these sales could be less than those originally
paid by the Trust or less than what may be considered the fair
value of such securities.
|
|
|
The Trust accounts for the transfer of
bonds to the Dealer Trusts as secured borrowings, with the
securities transferred remaining in the Trusts investment
assets, and the related floating rate notes reflected as Trust
liabilities under the caption
Floating rate note
obligations
on the Statement of
|
20 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
Assets and Liabilities. The Trust records the interest income
from the fixed rate bonds under the caption
Interest
and
records the expenses related to floating rate obligations and
any administrative expenses of the Dealer Trusts as a component
of
Interest, facilities and maintenance fees
on the
Statement of Operations.
|
|
|
The Trust generally invests in inverse
floating rate securities that include embedded leverage, thus
exposing the Trust to greater risks and increased costs. The
primary risks associated with inverse floating rate securities
are varying degrees of liquidity and the changes in the value of
such securities in response to changes in market rates of
interest to a greater extent than the value of an equal
principal amount of a fixed rate security having similar credit
quality, redemption provisions and maturity which may cause the
Trusts net asset value to be more volatile than if it had
not invested in inverse floating rate securities. In certain
instances, the short-term floating rate interests created by the
special purpose trust may not be able to be sold to third
parties or, in the case of holders tendering (or putting) such
interests for repayment of principal, may not be able to be
remarketed to third parties. In such cases, the special purpose
trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of
long-term fixed income bonds by the Trust, the Trust will then
be required to repay the principal amount of the tendered
securities. During times of market volatility, illiquidity or
uncertainty, the Trust could be required to sell other portfolio
holdings at a disadvantageous time to raise cash to meet that
obligation.
|
I.
|
|
Interest,
Facilities and Maintenance Fees
Interest,
Facilities and Maintenance Fees include interest and related
borrowing costs such as commitment fees and other expenses
associated with lines of credit and interest and administrative
expenses related to establishing and maintaining floating rate
note obligations, if any.
|
J.
|
|
Cash and Cash
Equivalents
For the purposes of the
Statement of Cash Flows the Trust defines Cash and Cash
Equivalents as cash (including foreign currency), money market
funds and other investments held in lieu of cash and excludes
investments made with cash collateral received.
|
K.
|
|
Other
Risks
The value of, payment of interest
on, repayment of principal for and the ability to sell a
municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative
regulations, voter initiatives and the economics of the regions
in which the issuers are located.
|
|
|
Since many municipal securities are
issued to finance similar projects, especially those relating to
education, health care, transportation and utilities, conditions
in those sectors can affect the overall municipal securities
market and a Trusts investments in municipal securities.
|
|
|
There is some risk that a portion or all
of the interest received from certain tax-free municipal
securities could become taxable as a result of determinations by
the Internal Revenue Service.
|
NOTE 2Advisory
Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory
agreement with Invesco Advisers, Inc. (the Adviser
or Invesco). Under the terms of the investment
advisory agreement, the Trust pays an advisory fee to the
Adviser based on the annual rate 0.50% of the Trusts
average weekly managed assets. Managed assets for this purpose
means the Trusts net assets, plus assets attributable to
outstanding preferred shares and the amount of any borrowings
incurred for the purpose of leverage (whether or not such
borrowed amounts are reflected in the Trusts financial
statements for purposes of GAAP).
Under the terms of a master
sub-advisory
agreement between the Adviser and each of Invesco Asset
Management Deutschland GmbH, Invesco Asset Management Limited,
Invesco Asset Management (Japan) Limited, Invesco Australia
Limited, Invesco Hong Kong Limited, Invesco Senior Secured
Management, Inc. and Invesco Canada Ltd. (collectively, the
Affiliated
Sub-Advisers)
the Adviser, not the Trust, may pay 40% of the fees paid to the
Adviser to any such Affiliated
Sub-Adviser(s)
that provide(s) discretionary investment management services to
the Trust based on the percentage of assets allocated to such
Sub-Adviser(s).
Effective August 27, 2012, the Adviser has
contractually agreed, through at least August 31, 2014, to
waive advisory fees
and/or
reimburse expenses to the extent necessary to limit the
Trusts expenses (excluding certain items discussed below)
to 0.67%. Prior to August 27, 2012, the Adviser had
contractually agreed to waive advisory fees
and/or
reimburse expenses to the extent necessary to limit the
Trusts expenses (excluding certain items discussed below)
to 0.73%. This fee waiver agreement was terminated on
June 30, 2012. In determining the Advisers obligation
to waive advisory fees
and/or
reimburse expenses, the following expenses are not taken into
account, and could cause the Trusts expenses to exceed the
limit reflected above: (1) interest, facilities and
maintenance fees; (2) taxes; (3) dividend expense on
short sales; (4) extraordinary or non-routine items,
including litigation expenses; and (5) expenses that the
Trust has incurred but did not actually pay because of an
expense offset arrangement. Unless the Board of Trustees and
Invesco mutually agree to amend or continue the fee waiver
agreement, it will terminate on August 31, 2014. The
Adviser did not waive fees
and/or
reimburse expenses during the period under this expense
limitation.
The Trust has entered into a master administrative
services agreement with Invesco pursuant to which the Trust has
agreed to pay Invesco for certain administrative costs incurred
in providing accounting services to the Trust. For the six
months ended August 31, 2012, expenses incurred under these
agreement are shown in the Statement of Operations as
Administrative services fees
.
Certain officers and trustees of the Trust are
officers and directors of Invesco.
NOTE 3Additional
Valuation Information
GAAP defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date,
under current market conditions. GAAP establishes a hierarchy
that prioritizes the inputs to valuation methods giving the
highest priority to readily available unadjusted quoted prices
in an active market for identical assets (Level 1) and
the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily
available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three
levels. Changes in valuation methods may result in transfers in
or out of an investments assigned level:
|
|
|
|
Level 1
|
Prices are determined using quoted prices in an active market
for identical assets.
|
|
Level 2
|
Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.
|
21 Invesco
Municipal Income Opportunities Trust
|
|
|
|
Level 3
|
Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market
activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the
Trusts own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information.
|
The following is a summary of the tiered valuation
input levels, as of August 31, 2012. The level assigned to
the securities valuations may not be an indication of the risk
or liquidity associated with investing in those securities.
Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from
the value received upon actual sale of those investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Obligations
|
|
$
|
|
|
|
$
|
373,565,992
|
|
|
$
|
|
|
|
$
|
373,565,992
|
|
|
NOTE 4Trustees
and Officers Fees and Benefits
Trustees and Officers Fees and Benefits
include amounts accrued by the Trust to pay remuneration to
certain Trustees and Officers of the Trust. Trustees have the
option to defer compensation payable by the Trust, and
Trustees and Officers Fees and Benefits
also include amounts accrued by the Trust to fund such deferred
compensation amounts. Those Trustees who defer compensation have
the option to select various Invesco Trusts in which their
deferral accounts shall be deemed to be invested. Finally,
certain current Trustees are eligible to participate in a
retirement plan that provides for benefits to be paid upon
retirement to Trustees over a period of time based on the number
of years of service. The Trust may have certain former Trustees
who also participate in a retirement plan and receive benefits
under such plan. Trustees and Officers Fees
and Benefits include amounts accrued by the Trust to fund
such retirement benefits. Obligations under the deferred
compensation and retirement plans represent unsecured claims
against the general assets of the Trust.
NOTE 5Cash
Balances and Borrowings
The Trust is permitted to temporarily carry a negative or
overdrawn balance in its account with State Street Bank, the
custodian bank. Such balances, if any at period end, are shown
in the Statement of Assets and Liabilities under the payable
caption
Amount due custodian
. To compensate the custodian
bank for such overdrafts, the overdrawn Fund may either
(1) leave funds as a compensating balance in the account so
the custodian bank can be compensated by earning the additional
interest; or (2) compensate by paying the custodian bank at
a rate agreed upon by the custodian bank and Invesco, not to
exceed the contractually agreed upon rate.
Inverse floating rate obligations resulting from the
transfer of bonds to Dealer Trusts are accounted for as secured
borrowings. The average floating rate notes outstanding and
average annual interest and fees related to inverse floating
rate note obligations during the six months ended
August 31, 2012 were $15,040,000 and 0.67%, respectively.
NOTE 6Tax
Information
The amount and character of income and gains to be distributed
are determined in accordance with income tax regulations, which
may differ from generally accepted accounting principles.
Reclassifications are made to the Trusts capital accounts
to reflect income and gains available for distribution (or
available capital loss carryforward) under income tax
regulations. The tax character of distributions paid during the
year and the tax components of net assets will be reported at
the Trusts fiscal year-end.
Capital loss carryforward is calculated and reported
as of a specific date. Results of transactions and other
activity after that date may affect the amount of capital loss
carryforward actually available for the Trust to utilize. The
Regulated Investment Company Modernization Act of 2010 (the
Act) eliminated the eight-year carryover period for
capital losses that arise in taxable years beginning after its
enactment date of December 22, 2010. Consequently, these
capital losses can be carried forward for an unlimited period.
However, capital losses with an expiration period may not be
used to offset capital gains until all net capital losses
without an expiration date have been utilized. Additionally,
post-enactment capital loss carryovers will retain their
character as either short-term or long-term capital losses
instead of as short-term capital losses as under prior law. The
ability to utilize capital loss carryforward in the future may
be limited under the Internal Revenue Code and related
regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of
February 29, 2012 which expires as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Loss Carryforward*
|
Expiration
|
|
Short-Term
|
|
Long-Term
|
|
Total
|
|
February 28, 2013
|
|
$
|
4,876,449
|
|
|
$
|
|
|
|
$
|
4,876,449
|
|
|
February 29, 2016
|
|
|
9,386,909
|
|
|
|
|
|
|
|
9,386,909
|
|
|
February 28, 2017
|
|
|
4,049,616
|
|
|
|
|
|
|
|
4,049,616
|
|
|
February 28, 2018
|
|
|
3,586,578
|
|
|
|
|
|
|
|
3,586,578
|
|
|
February 28, 2019
|
|
|
3,761,358
|
|
|
|
|
|
|
|
3,761,358
|
|
|
Not subject to expiration
|
|
|
43,813
|
|
|
|
3,051,561
|
|
|
|
3,095,374
|
|
|
|
|
$
|
25,704,723
|
|
|
$
|
3,051,561
|
|
|
$
|
28,756,284
|
|
|
|
|
*
|
Capital loss carryforward as of the
date listed above is reduced for limitations, if any, to the
extent required by the Internal Revenue Code.
|
22 Invesco
Municipal Income Opportunities Trust
NOTE 7Investment
Securities
The aggregate amount of investment securities (other than
short-term securities, U.S. Treasury obligations and money
market funds, if any) purchased and sold by the Trust during the
six months ended August 31, 2012 was $9,276,969 and
$8,898,985, respectively. Cost of investments on a tax basis
includes the adjustments for financial reporting purposes as of
the most recently completed federal income tax reporting
period-end.
|
|
|
|
|
Unrealized
Appreciation (Depreciation) of Investment Securities on a Tax
Basis
|
|
Aggregate unrealized appreciation of investment securities
|
|
$
|
35,053,013
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(15,875,934
|
)
|
|
Net unrealized appreciation of investment securities
|
|
$
|
19,177,079
|
|
|
Cost of investments for tax purposes is $354,388,913.
|
NOTE 8Shares
of Beneficial Interest
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Year ended
|
|
|
August 31,
|
|
February 29,
|
|
|
2012
|
|
2012
|
|
Beginning shares
|
|
|
19,620,474
|
|
|
|
19,620,474
|
|
|
Issued in connection with
acquisitions
(a)
|
|
|
27,805,020
|
|
|
|
|
|
|
Ending shares
|
|
|
47,425,494
|
|
|
|
19,620,474
|
|
|
|
|
|
(a)
|
|
As of the open of business on
August 27, 2012, the Trust acquired all the net assets of
Invesco Municipal Income Opportunities Trust II and Invesco
Municipal Income Opportunities Trust III (the Target
Trusts) pursuant to a plan of reorganization approved by
the Trustees of the Trust on November 28, 2011 and by the
shareholders of the Target Trusts on August 14, 2012. The
acquisition was accomplished by a tax-free exchange of
27,805,020 shares of the Trust for 16,184,386 shares
outstanding of Invesco Municipal Income Opportunities
Trust II and 8,501,253 shares outstanding of Invesco
Municipal Income Opportunities Trust III as of the close of
business on August 24, 2012. Each class of the Target
Trusts were exchanged for the like class of shares of the Trust,
based on the relative net asset value of the Target Trusts to
the net asset value of the Trust on the close of business,
August 24, 2012. Invesco Municipal Income Opportunities
Trust IIs net assets as of the close of business on
April 24, 2012 of $131,390,457, including $7,853,012 of
unrealized appreciation and Invesco Municipal Income
Opportunities Trust IIIs net assets as of the close
of business on August 24, 2012 of $74,859,704, including
$4,200,547 of unrealized appreciation, were combined with those
of the Trust. The net assets of the Trust immediately before the
acquisition were $145,494,861. The net assets immediately after
the acquisition were $351,745,022.
|
|
|
|
|
|
The pro forma results
of operations for the six months ended August 31, 2012
assuming the reorganization had been completed on March 1,
2012, the beginning of the annual reporting period are as
follows:
|
|
|
|
|
|
|
Net investment income
|
|
$
|
9,593,769
|
|
|
Net realized/unrealized gains
|
|
|
14,109,977
|
|
|
Change in net assets resulting from operations
|
|
$
|
23,703,746
|
|
|
|
|
|
|
|
The combined investment
portfolios have been managed as a single integrated portfolio
since the acquisition was completed, it is not practicable to
separate the amounts of revenue and earnings of the Target
Trusts that have been included in the Trusts Statement of
Operations since August 27, 2012.
|
The Trustees have approved share repurchases whereby the Trust
may, when appropriate, purchase shares in the open market or in
privately negotiated transactions at a price not above market
value or net asset value, whichever is lower at the time of
purchase.
NOTE 9Dividends
The Trust declared the following dividends to shareholders from
net investment income subsequent to August 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration
Date
|
|
Amount Per
Share
|
|
Record
Date
|
|
Payable
Date
|
|
September 4, 2012
|
|
$
|
0.035
|
|
|
|
September 18, 2012
|
|
|
|
September 28, 2012
|
|
|
October 1, 2012
|
|
$
|
0.035
|
|
|
|
October 12, 2012
|
|
|
|
October 31, 2012
|
|
|
23 Invesco
Municipal Income Opportunities Trust
NOTE 10Financial
Highlights
The following schedule presents financial highlights for a share
of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
|
|
Nine months
|
|
|
|
|
|
|
|
|
|
|
ended
|
|
Year ended
|
|
ended
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
February 29,
|
|
February 28,
|
|
Years ended May
31,
|
|
|
2012
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
Net asset value, beginning of period
|
|
$
|
7.14
|
|
|
$
|
6.41
|
|
|
$
|
6.79
|
|
|
$
|
5.90
|
|
|
$
|
7.38
|
|
|
$
|
8.28
|
|
|
$
|
8.02
|
|
|
Net investment
income
(a)
|
|
|
0.20
|
|
|
|
0.41
|
|
|
|
0.32
|
|
|
|
0.44
|
|
|
|
0.45
|
|
|
|
0.46
|
|
|
|
0.48
|
|
|
Net gains (losses) on securities (both realized and unrealized)
|
|
|
0.31
|
|
|
|
0.74
|
|
|
|
(0.38
|
)
|
|
|
0.87
|
|
|
|
(1.46
|
)
|
|
|
(0.87
|
)
|
|
|
0.32
|
|
|
Total from investment operations
|
|
|
0.51
|
|
|
|
1.15
|
|
|
|
(0.06
|
)
|
|
|
1.31
|
|
|
|
(1.01
|
)
|
|
|
(0.41
|
)
|
|
|
0.80
|
|
|
Less distributions from net investment income
|
|
|
(0.21
|
)
|
|
|
(0.42
|
)
|
|
|
(0.32
|
)
|
|
|
(0.42
|
)
|
|
|
(0.47
|
)
|
|
|
(0.49
|
)
|
|
|
(0.54
|
)
|
|
Anti-dilutive effect of shares
repurchased
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
7.44
|
|
|
$
|
7.14
|
|
|
$
|
6.41
|
|
|
$
|
6.79
|
|
|
$
|
5.90
|
|
|
$
|
7.38
|
|
|
$
|
8.28
|
|
|
Market value, end of period
|
|
$
|
7.17
|
|
|
$
|
7.02
|
|
|
$
|
6.02
|
|
|
$
|
6.51
|
|
|
$
|
5.67
|
|
|
$
|
7.87
|
|
|
$
|
9.68
|
|
|
Total return at net asset
value
(c)
|
|
|
7.26
|
%
|
|
|
18.92
|
%
|
|
|
(0.90
|
)%
|
|
|
23.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return at market
value
(d)
|
|
|
5.14
|
%
|
|
|
24.50
|
%
|
|
|
(2.93
|
)%
|
|
|
22.83
|
%
|
|
|
(22.15
|
)%
|
|
|
(13.65
|
)%
|
|
|
16.99
|
%
|
|
Net assets, end of period (000s omitted)
|
|
$
|
352,733
|
|
|
$
|
140,080
|
|
|
$
|
125,777
|
|
|
$
|
133,201
|
|
|
$
|
115,783
|
|
|
$
|
144,960
|
|
|
$
|
163,002
|
|
|
Portfolio turnover
rate
(e)
|
|
|
6
|
%
|
|
|
22
|
%
|
|
|
12
|
%
|
|
|
13
|
%
|
|
|
15
|
%
|
|
|
35
|
%
|
|
|
26
|
%
|
|
Ratios/supplemental data based on average net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses
|
|
|
0.73
|
%
(f)
|
|
|
0.73
|
%
|
|
|
0.72
|
%
(g)
|
|
|
0.78
|
%
|
|
|
0.89
|
%
(h)
|
|
|
0.95
|
%
(h)(i)
|
|
|
0.80
|
%
(i)
|
|
Ratio of expenses excluding interest, facilities and maintenance
fees
(j)
|
|
|
0.66
|
%
(f)
|
|
|
0.68
|
%
|
|
|
0.67
|
%
(g)
|
|
|
0.73
|
%
|
|
|
0.73
|
%
(h)
|
|
|
0.72
|
%
(h)(i)
|
|
|
0.72
|
%
(i)
|
|
Ratio of net investment income
|
|
|
5.54
|
%
(f)
|
|
|
6.15
|
%
|
|
|
6.28
|
%
(g)
|
|
|
6.90
|
%
|
|
|
7.25
|
%
|
|
|
5.89
|
%
|
|
|
5.88
|
%
|
|
Rebate from Morgan Stanley affiliate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
%
(k)
|
|
|
0.00
|
%
(k)
|
|
|
|
|
|
|
|
|
(a)
|
|
Calculated using average shares
outstanding.
|
(b)
|
|
Includes anti-dilutive effect of
acquiring treasury shares of less than $0.005.
|
(c)
|
|
Includes adjustments in accordance
with accounting principles generally accepted in the United
States of America and as such, the net asset value for financial
reporting purposes and the returns based upon those net asset
values may differ from the net asset value and returns for
shareholder transactions. Not annualized for periods less than
one year, if applicable.
|
(d)
|
|
Total return assumes an investment
at the market price at the beginning of the period indicated,
reinvestment of all distributions for the period in accordance
with the Trusts dividend reinvestment plan, and sale of
all shares at the closing market price at the end of the period
indicated. Not annualized for periods less than one year, if
applicable.
|
(e)
|
|
Portfolio turnover is not
annualized for periods less than one year, if applicable. For
the period ended August 31, 2012, the portfolio turnover
calculation excludes the value of securities purchased of
$188,960,770 and sold of $0 in the effort to realign the
Trusts portfolio holdings after the reorganization of
Invesco Municipal Income Opportunities Trust II and Invesco
Municipal Income Opportunities Trust III into the Trust.
|
(f)
|
|
Ratios are annualized based on
average daily net assets (000s) of $148,235.
|
(g)
|
|
Annualized.
|
(h)
|
|
The ratios reflect the rebate of
certain Trust expenses in connection with investments in a
Morgan Stanley affiliate during the period. The effect of the
rebate on the ratios is disclosed in the above table as
Rebate from Morgan Stanley affiliate.
|
(i)
|
|
Does not reflect the effect of
expense offset of 0.01%.
|
(j)
|
|
For the years ended May 31,
2010 and prior, ratio does not exclude facilities and
maintenance fees.
|
(k)
|
|
Amount is less than 0.005%
|
Note
11Subsequent Event
Effective September 25, 2012, the advisory fee for the
Trust changed from 0.50% to 0.55%.
24 Invesco
Municipal Income Opportunities Trust
Approval
of Investment Advisory and
Sub-Advisory
Contracts
The Board of Trustees (the Board) of Invesco Municipal Income
Opportunities Trust (the Fund) is required under the Investment
Company Act of 1940, as amended, to approve annually the renewal
of the Funds investment advisory agreement with Invesco
Advisers, Inc. (Invesco Advisers) and the Master Intergroup
Sub-Advisory
Contract for Mutual Funds (the
sub-advisory
contracts) with Invesco Asset Management Deutschland GmbH,
Invesco Asset Management Limited, Invesco Asset Management
(Japan) Limited, Invesco Australia Limited, Invesco Hong Kong
Limited, Invesco Senior Secured Management, Inc. and Invesco
Canada Ltd. (collectively, the Affiliated
Sub-Advisers).
During contract renewal meetings held on June
19-20,
2012,
the Board as a whole, and the disinterested or
independent Trustees, who comprise 80% of the Board,
voting separately, approved the continuance of the Funds
investment advisory agreement and the
sub-advisory
contracts for another year, effective July 1, 2012. In
doing so, the Board considered the process that it follows in
reviewing and approving the Funds investment advisory
agreement and
sub-advisory
contracts and the information that it is provided. The Board
determined that the Funds investment advisory agreement
and the
sub-advisory
contracts are in the best interests of the Fund and its
shareholders and the compensation to Invesco Advisers and the
Affiliated
Sub-Advisers
under the agreements is fair and reasonable.
The Boards
Fund Evaluation Process
The Boards Investments Committee has established three
Sub-Committees,
each of which is primarily responsible for overseeing the
management of a number of the closed-end funds and all of the
open-end funds advised by Invesco Advisers (the Invesco Funds).
The
Sub-Committees
meet throughout the year to review the performance of their
assigned funds, including reviewing materials prepared under the
direction of the independent Senior Officer, an officer of the
Invesco Funds who reports directly to the independent Trustees.
Over the course of each year, the
Sub-Committees
meet with portfolio managers for their assigned Invesco Funds
and other members of management to review the performance,
investment objective(s), policies, strategies, limitations and
investment risks of these funds. The
Sub-Committees
meet regularly and at designated contract renewal meetings each
year to conduct a review of the performance, fees, expenses and
other matters related to their assigned Invesco Funds. Each
Sub-Committee
recommends to the Investments Committee, which in turn
recommends to the full Board, whether and on what terms to
approve the continuance of each Invesco Funds investment
advisory agreement and
sub-advisory
contracts for another year.
During the contract renewal process, the Trustees
receive comparative performance and fee data regarding the
Invesco Funds prepared by Invesco Advisers and an independent
company, Lipper Inc. (Lipper). The Trustees also receive an
independent written evaluation from the Senior Officer. The
Senior Officers evaluation is prepared as part of his
responsibility to manage the process by which the Invesco
Funds proposed management fees are negotiated during the
annual contract renewal process to ensure they are negotiated in
a manner that is at arms length and reasonable. The
independent Trustees are assisted in their annual evaluation of
the Funds investment advisory agreement by the Senior
Officer and by independent legal counsel. In addition to
meetings with Invesco Advisers and fund counsel, the independent
Trustees also discuss the continuance of the investment advisory
agreement and
sub-advisory
contracts in private sessions with the Senior Officer and
independent legal counsel.
In evaluating the fairness and reasonableness of the
Funds investment advisory agreement and
sub-advisory
contracts, the Board considered, among other things, the factors
discussed below. The Trustees also considered information
provided in connection with fund mergers approved by the
Trustees. The Trustees recognized that the advisory fees for the
Invesco Funds include advisory fees that are the result of years
of review and negotiation between the Trustees and Invesco
Advisers as well as advisory fees previously approved by a
different board that, at the time, was responsible for
overseeing Morgan Stanley funds, which have become Invesco Funds
following the acquisition of the retail mutual fund business of
Morgan Stanley. The Trustees deliberations and conclusions
in a particular year may be based in part on their deliberations
and conclusions regarding these same arrangements throughout the
year and in prior years. One Trustee may have weighed a
particular piece of information or factor differently than
another Trustee.
The discussion below serves as the Senior
Officers independent written evaluation with respect to
the Funds investment advisory agreement as well as a
discussion of the material factors and related conclusions that
formed the basis for the Boards approval of the
Funds investment advisory agreement and
sub-advisory
contracts. Unless otherwise stated, this information is current
as of June 20, 2012, and may not reflect consideration of
factors that became known to the Board after that date,
including, for example, changes to the Funds performance,
advisory fees, expense limitations
and/or
fee
waivers.
Factors and
Conclusions and Summary of Independent Written Fee
Evaluation
|
|
A.
|
Nature, Extent
and Quality of Services Provided by Invesco Advisers and the
Affiliated
Sub-Advisers
|
The Board reviewed the advisory services provided to the Fund by
Invesco Advisers under the Funds investment advisory
agreement, the performance of Invesco Advisers in providing
these services, and the credentials and experience of the
officers and employees of Invesco Advisers who provide these
services, including the Funds portfolio manager or
managers, with whom the
Sub-Committees
met during the year. The Boards review of the
qualifications of Invesco Advisers to provide advisory services
included the Boards consideration of Invesco
Advisers performance and investment process oversight,
independent credit analysis and investment risk management.
In determining whether to continue the Funds
investment advisory agreement, the Board considered the prior
relationship between Invesco Advisers and the Fund, as well as
the Boards knowledge of Invesco Advisers operations,
and concluded that it is beneficial to maintain the current
relationship, in part because of such prior relationship and
knowledge. The Board also considered services that Invesco
Advisers and its affiliates provide to the Invesco Funds such as
various back office support functions, equity and fixed income
trading operations, internal audit, and legal and compliance.
The Board concluded that the nature, extent and quality of the
services provided to the Fund by Invesco Advisers are
appropriate and satisfactory and consistent with the terms of
the Funds investment advisory agreement.
The Board reviewed the services provided by the
Affiliated
Sub-Advisers
under the
sub-advisory
contracts and the credentials and experience of the officers and
employees of the Affiliated
Sub-Advisers
who provide these services. The Board concluded that the
sub-advisory
contracts benefit the Fund and its shareholders by permitting
Invesco Advisers to use the resources and talents of the
Affiliated
Sub-Advisers
in managing the Fund. The Board concluded that the nature,
extent and quality of the services provided by the Affiliated
Sub-Advisers
are appropriate and satisfactory and consistent with the terms
of the Funds
sub-advisory
contracts.
The Board considered Fund performance as a relevant factor in
considering whether to approve the investment advisory
agreement. The Board did not view Fund performance as a relevant
factor in considering whether to approve the
sub-advisory
contracts for the Fund, as no Affiliated
Sub-Adviser
currently manages assets of the Fund.
The Board compared the Funds performance
during the past one, three and five calendar years to the
performance of funds in the Lipper performance universe and
against the Lipper Closed-End High Yield Municipal
Debt Funds Index. The Board noted that the Funds
performance was in the fifth quintile of its performance
universe for the one and three year periods and the third
quintile for the five year period (the first quintile being the
best performing funds and the fifth quintile being the worst
performing funds). The
25 Invesco
Municipal Income Opportunities Trust
Board noted that the Funds performance was below the
performance of the Index for the one, three and five year
periods. The Trustees also reviewed more recent Fund performance
and this review did not change their conclusions.
|
|
C.
|
Advisory and
Sub-Advisory
Fees and Fee Waivers
|
The Board compared the Funds contractual advisory fee rate
to the contractual advisory fee rates of funds in the
Funds Lipper expense group at a common asset level. The
Board noted that the Funds contractual advisory fee rate
was below the median contractual advisory fee rate of funds in
its expense group. The Board also reviewed the methodology used
by Lipper in providing expense group information, which includes
using audited financial data from the most recent annual report
of each fund in the expense group that was publicly available as
of the end of the past calendar year and including only one fund
per investment adviser. The Board noted that comparative data is
as of varying dates, which may affect the comparability of data
during times of market volatility.
The Board also compared the Funds effective
fee rate (the advisory fee after advisory fee waivers and before
expense limitations/waivers) to the advisory fee rates of other
closed-end funds advised by Invesco Advisers and its affiliates
with investment strategies comparable to those of the Fund. The
Board noted that the Funds rate was the same as two other
closed-end funds with comparable investment strategies.
Other than the funds described above, the Board
noted that Invesco Advisers and the Affiliated
Sub-Advisers
do not manage other funds or client accounts in a manner
substantially similar to the management of the Fund.
The Board also considered the services provided by
the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts, as well as the allocation of fees between Invesco
Advisers and the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts. The Board noted that Invesco Advisers provides
services to
sub-advised
Invesco Funds, including oversight of the Affiliated
Sub-Advisers
as well as the additional services described above other than
day-to-day
portfolio management. The Board also noted that the
sub-advisory
fees have no direct effect on the Fund or its shareholders, as
they are paid by Invesco Advisers to the Affiliated
Sub-Advisers.
Based upon the information and considerations
described above, the Board concluded that the Funds
advisory and
sub-advisory
fees are fair and reasonable.
The Board noted that most closed-end funds do not have fund
level breakpoints because closed-end funds generally do not
experience substantial asset growth after the initial public
offering. The Board noted that although the Fund does not
benefit from economies of scale through contractual breakpoints,
the Fund shares directly in economies of scale through lower
fees charged by third party service providers based on the
combined size of the Invesco Funds and other clients advised by
Invesco Advisers. Invesco Advisers noted that the Fund does not
execute brokerage transactions through soft dollar
arrangements to any significant degree.
|
|
E.
|
Profitability and
Financial Resources
|
The Board reviewed information from Invesco Advisers concerning
the costs of the advisory and other services that Invesco
Advisers and its affiliates provide to the Fund and the
profitability of Invesco Advisers and its affiliates in
providing these services for the year ended December 31,
2011. The Board reviewed with Invesco Advisers the methodology
used to prepare the profitability information. The Board
considered the profitability of Invesco Advisers in connection
with managing the Fund and the Invesco Funds. The Board noted
that Invesco Advisers continues to operate at a net profit from
services Invesco Advisers and its subsidiaries provide to the
Invesco Funds and the Fund. The Board did not deem the level of
profits realized by Invesco Advisers and its affiliates from
providing services to the Fund to be excessive given the nature,
quality and extent of the services provided to the Invesco
Funds. The Board received and accepted information from Invesco
Advisers demonstrating that Invesco Advisers and each Affiliated
Sub-Adviser
are financially sound and have the resources necessary to
perform their obligations under the investment advisory
agreement and
sub-advisory
contracts.
|
|
F.
|
Collateral
Benefits to Invesco Advisers and its Affiliates
|
The Board considered various other benefits received by Invesco
Advisers and its affiliates from the relationship with the Fund,
including the fees received for their provision of
administrative, transfer agency and distribution services to the
Fund. The Board considered the performance of Invesco Advisers
and its affiliates in providing these services and the
organizational structure employed to provide these services. The
Board also considered that these services are provided to the
Fund pursuant to written contracts that are reviewed and
approved on an annual basis by the Board; that the services are
required for the operation of the Fund; that Invesco Advisers
and its affiliates can provide services, the nature and quality
of which are at least equal to those provided by others offering
the same or similar services; and that the fees for such
services are fair and reasonable in light of the usual and
customary charges by others for services of the same nature and
quality.
The Board considered the benefits realized by
Invesco Advisers and the Affiliated
Sub-Advisers
as a result of portfolio brokerage transactions executed through
soft dollar arrangements. Invesco Advisers noted
that the Fund does not execute brokerage transactions through
soft dollar arrangements to any significant degree.
The Board considered that the Funds uninvested
cash and cash collateral from any securities lending
arrangements may be invested in money market funds advised by
Invesco Advisers pursuant to procedures approved by the Board.
The Board noted that Invesco Advisers receives advisory fees
from these affiliated money market funds attributable to such
investments, although Invesco Advisers has contractually agreed
to waive through varying periods the advisory fees payable by
the Invesco Funds. The waiver is in an amount equal to 100% of
the net advisory fee Invesco Advisers receives from the
affiliated money market funds with respect to the Funds
investment in the affiliated money market funds of uninvested
cash, but not cash collateral. The Board concluded that the
Funds investment of uninvested cash and cash collateral
from any securities lending arrangements in the affiliated money
market funds is in the best interests of the Fund and its
shareholders.
26 Invesco
Municipal Income Opportunities Trust
Proxy
Results
An Annual Meeting (Meeting) of Shareholders of
Invesco Municipal Income Opportunities Trust (the
Fund) was held on July 17, 2012. The Meeting
was held for the following purpose:
|
|
(1)
|
Elect six Trustees to its Board of Trustees, each of whom will
serve for a three-year term or until their successors have been
duly elected and qualified.
|
The results of the voting on the above matter were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes
|
|
|
Matter
|
|
|
|
|
|
Votes
For
|
|
Against
|
|
(1)
|
|
James T. Bunch
|
|
|
16,091,032
|
|
|
|
747,418
|
|
|
|
Bruce L. Crockett
|
|
|
16,107,412
|
|
|
|
731,038
|
|
|
|
Rodney F. Dammeyer
|
|
|
16,093,577
|
|
|
|
744,873
|
|
|
|
Jack M. Fields
|
|
|
16,082,032
|
|
|
|
756,418
|
|
|
|
Martin L. Flanagan
|
|
|
16,093,756
|
|
|
|
744,694
|
|
|
|
Carl Frischling
|
|
|
16,088,634
|
|
|
|
749,816
|
|
The Meeting was adjourned until August 14, 2012, with
respect to the following proposals:
|
|
(1)
|
Approval of an Agreement and Plan of Redomestication that
provides for the reorganization of the Fund as a Delaware
statutory trust.
|
|
|
(2bi)
|
Approval of an Agreement and Plan of Merger that provides for
Invesco Municipal Income Opportunities Trust II to merge
with and into the Fund.
|
|
|
(2bii)
|
Approval of an Agreement and Plan of Merger that provides for
Invesco Municipal Income Opportunities Trust III to merge
with and into the Fund.
|
The results of the voting on the above matters were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes
|
|
Votes
|
|
Broker
|
|
|
Matters
|
|
Votes
For
|
|
Against
|
|
Abstain
|
|
Non-Votes
|
|
(1)
|
|
Approval of an Agreement and Plan of Redomestication that
provides for the reorganization of the Fund as a Delaware
statutory trust
|
|
|
10,186,656
|
|
|
|
539,852
|
|
|
|
355,063
|
|
|
|
2,334,726
|
|
(2bi)
|
|
Approval of an Agreement and Plan of Merger that provides for
Invesco Municipal Income Opportunities Trust II to merge
with and into the Fund
|
|
|
10,186,400
|
|
|
|
573,322
|
|
|
|
321,849
|
|
|
|
2,334,726
|
|
(2bii)
|
|
Approval of an Agreement and Plan of Merger that provides for
Invesco Municipal Income Opportunities Trust III to merge
with and into the Fund
|
|
|
10,181,399
|
|
|
|
580,279
|
|
|
|
319,893
|
|
|
|
2,334,726
|
|
The advisory fee proposal was adjourned until September 25,
2012. Results from the adjourned meeting will be reflected in
the next report to shareholders.
27 Invesco
Municipal Income Opportunities Trust
Correspondence information
Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.
Invesco privacy policy
You share personal and financial information with us that is necessary for your transactions
and your account records. We take very seriously the obligation to keep that information
confidential and private.
Invesco collects nonpublic personal information about you from account applications or other forms
you complete and from your transactions with us or our affiliates. We do not disclose information
about you or our former customers to service providers or other third parties except to the extent
necessary to service your account and in other limited circumstances as permitted by law. For
example, we use this information to facilitate the delivery of transaction confirmations, financial
reports, prospectuses and tax forms.
Even within Invesco, only people involved in the servicing of your accounts and compliance
monitoring have access to your information. To ensure the highest level of confidentiality and
security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed
federal standards. Special measures, such as data encryption and authentication, apply to your
communications with us on our website. More detail is available to you at invesco.com/privacy.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the
quarter-ends. For the second and fourth quarters, the lists appear in the Trusts semiannual and
annual reports to shareholders. For the first and third quarters, the Trust files the lists with
the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trusts
Forms N-Q on the SEC website at sec.gov. Copies of the Trusts Forms N-Q may be reviewed and copied
at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of
the Public Reference Room, including information about duplicating fee charges, by calling 202 551
8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.
The SEC file number for the Trust is shown below.
A description of the policies and procedures that the Trust uses to determine how to vote proxies
relating to portfolio securities is available without charge, upon request, from our Client
Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also
available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio securities during the 12
months ended June 30, 2012, is available at invesco.com/proxysearch. In addition, this information
is available on the SEC website at sec.gov.
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 US distributor for Invesco Ltd.s retail mutual funds, exchange-traded funds and institutional
money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEC file number: 811-05597
|
|
MS-CE-MIOPP-SAR-1
|
|
Invesco Distributors, Inc.
|
There were no amendments to the Code of Ethics (the Code) that applies to the
Registrants Principal Executive Officer (PEO) and Principal Financial Officer (PFO)
during the period covered by the report. The Registrant did not grant any waivers,
including implicit waivers, from any provisions of the Code to the PEO or PFO during the
period covered by this report.
|
|
|
ITEM 3.
|
|
AUDIT COMMITTEE FINANCIAL EXPERT.
|
Not applicable.
|
|
|
ITEM 4.
|
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
Not applicable.
|
|
|
ITEM 5.
|
|
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
Not applicable.
|
|
|
ITEM 6.
|
|
SCHEDULE OF INVESTMENTS.
|
Investments in securities of unaffiliated issuers is included as part of the
reports to stockholders filed under Item 1 of this Form.
|
|
|
ITEM 7.
|
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
|
Not applicable.
|
|
|
ITEM 8.
|
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
Not applicable.
|
|
|
ITEM 9.
|
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND
AFFILIATED PURCHASERS.
|
Not applicable.
|
|
|
ITEM 10.
|
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
None.
|
|
|
ITEM 11.
|
|
CONTROLS AND PROCEDURES.
|
(a)
|
|
As of August 13, 2012, an evaluation was performed under the supervision and with
the participation of the officers of the Registrant, including the Principal Executive Officer
(PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the
Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation,
the Registrants officers, including the PEO and PFO, concluded
that, as of August
13, 2012, the Registrants disclosure controls and procedures were reasonably
designed to ensure: (1) that information required to be disclosed by the Registrant on Form
N-CSR is
|
|
|
recorded, processed, summarized and reported within the time periods specified by the
rules and forms of the Securities and Exchange Commission; and (2) that material information
relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely
decisions regarding required disclosure.
|
|
|
|
(b)
|
|
There have been no changes in the Registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the
period covered by the report that has materially affected, or is reasonably likely to
materially affect, the Registrants internal control over financial reporting.
|
12(a) (1)
|
|
Not applicable.
|
|
12(a) (2)
|
|
Certifications of principal executive officer and principal financial officer as
required by Rule 30a-2(a) under the Investment Company Act of 1940.
|
|
12(a) (3)
|
|
Not applicable.
|
|
12(b)
|
|
Certifications of principal executive officer and principal financial officer as required by
Rule 30a-2(b) under the Investment Company Act of 1940.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: Invesco Municipal Income Opportunities Trust
|
|
|
|
|
By:
|
/s/ Philip A. Taylor
|
|
|
|
|
Philip A. Taylor
|
|
|
|
|
Principal Executive Officer
|
|
|
Date: November 8, 2012
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
|
|
|
|
|
By:
|
/s/ Philip A. Taylor
|
|
|
|
|
Philip A. Taylor
|
|
|
|
|
Principal Executive Officer
|
|
|
Date: November 8, 2012
|
|
|
|
|
By:
|
/s/ Sheri Morris
|
|
|
|
|
Sheri Morris
|
|
|
|
|
Principal Financial Officer
|
|
|
Date: November 8, 2012
EXHIBIT INDEX
|
|
|
12(a) (1)
|
|
Not applicable.
|
|
|
|
12(a) (2)
|
|
Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(a)
under the Investment Company Act of 1940.
|
|
|
|
12(a) (3)
|
|
Not applicable.
|
|
|
|
12(b)
|
|
Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(b)
under the Investment Company Act of 1940.
|
Invesco Municipal Income... (NYSE:OIA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Invesco Municipal Income... (NYSE:OIA)
Historical Stock Chart
From Jul 2023 to Jul 2024