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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: (404) 439-3217 | ||||
Date of fiscal year end: | 2/28 | |||
Date of reporting period: | 8/31/15 |
Item 1. Report to Stockholders.
| ||||
Semiannual Report to Shareholders
|
August 31, 2015 | |||
Invesco Municipal Income Opportunities Trust | ||||
NYSE: OIA |
| ||
2 Letters to Shareholders | ||
3 Trust Performance | ||
4 Portfolio Management Update | ||
5 Dividend Reinvestment Plan | ||
6 Schedule of Investments | ||
17 Financial Statements | ||
20 Notes to Financial Statements | ||
25 Financial Highlights | ||
26 Approval of Investment Advisory and Sub-Advisory Contracts | ||
28 Proxy Results | ||
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: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invescos mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management teams investment performance within the context of the funds investment strategy; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. |
We believe one of the most important services we provide our fund shareholders is the annual review of the funds advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
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 semiannual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest. Invescos efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, youll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. On our homepage, simply select Closed-End Funds in the Product Finder box and then click Account access in the Quick Links box to register. |
Invescos mobile apps for iPhone® and iPad® (both available free from the App StoreSM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.
In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 341 2929. For Invesco-related questions or comments, please 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.
iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.
2 Invesco Municipal Income Opportunities Trust
Trust Performance
3 Invesco Municipal Income Opportunities Trust |
Portfolio Management Update
4 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 Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
5 Invesco Municipal Income Opportunities Trust
Schedule of Investments
August 31, 2015
(Unaudited)
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations114.47%(a) |
| |||||||||||||||
Alabama1.73% | ||||||||||||||||
Birmingham (City of) Water Works Board; Series 2015 A, Ref. Water RB(b) |
5.00 | % | 01/01/42 | $ | 2,250 | $ | 2,484,585 | |||||||||
Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB |
5.50 | % | 01/01/43 | 925 | 927,277 | |||||||||||
Jefferson (County of); |
||||||||||||||||
Series 2013 C, Sr. Lien Sewer Revenue Conv. CAB Wts. (INSAGM)(c)(d) |
6.60 | % | 10/01/42 | 1,300 | 903,344 | |||||||||||
Series 2013 F, Sr. Lien Sewer Revenue Conv. CAB Wts.(c) |
7.75 | % | 10/01/46 | 1,700 | 1,150,390 | |||||||||||
Series 2013-F, Sub. Lien Sewer Revenue Conv. CAB Wts.(c) |
7.90 | % | 10/01/50 | 1,000 | 666,040 | |||||||||||
6,131,636 | ||||||||||||||||
American Samoa0.21% | ||||||||||||||||
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB |
6.63 | % | 09/01/35 | 750 | 750,270 | |||||||||||
Arizona3.38% | ||||||||||||||||
Phoenix (City of) Industrial Development Authority (Choice Academies); Series 2012, Education RB |
5.38 | % | 09/01/32 | 1,000 | 1,039,570 | |||||||||||
Phoenix (City of) Industrial Development Authority (Great Hearts Academies); Series 2012, Education RB |
6.40 | % | 07/01/47 | 600 | 636,990 | |||||||||||
Phoenix (City of) Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, Education Facility RB(e) |
6.75 | % | 07/01/44 | 750 | 839,040 | |||||||||||
Phoenix (City of) Industrial Development Authority (Phoenix Collegiate Academy); Series 2012, Education RB |
5.63 | % | 07/01/42 | 1,000 | 1,033,390 | |||||||||||
Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008, Lease |
7.00 | % | 01/01/16 | 2,000 | 2,085,500 | |||||||||||
Pima (County of) Industrial Development Authority (Coral Academy Science); Series 2008 A, Education Facilities RB |
7.25 | % | 12/01/38 | 1,000 | 1,047,680 | |||||||||||
Pima (County of) Industrial Development Authority (Edkey Charter Schools); Series 2013, Ref. Education Facility RB |
6.00 | % | 07/01/48 | 1,000 | 954,430 | |||||||||||
Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB(h) |
6.55 | % | 12/01/37 | 1,975 | 2,009,345 | |||||||||||
Quechan Indian Tribe of Fort Yuma (California & Arizona Governmental); Series 2008, RB |
7.00 | % | 12/01/27 | 1,330 | 1,269,432 | |||||||||||
Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School-Queen Creek and Casa Grande Campuses); Series 2013, Education RB |
6.00 | % | 07/01/43 | 1,000 | 1,074,800 | |||||||||||
11,990,177 | ||||||||||||||||
California13.68% | ||||||||||||||||
ABAG Finance Authority for Non-profit Corps. (Episcopal Senior Communities); Series 2012 A, Ref. RB |
5.00 | % | 07/01/47 | 1,000 | 1,071,880 | |||||||||||
Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB |
7.63 | % | 01/01/40 | 1,000 | 1,067,160 | |||||||||||
Bakersfield (City of); Series 2007 A, Wastewater RB(b)(f)(g) |
5.00 | % | 09/15/17 | 960 | 1,045,987 | |||||||||||
California (State of) Educational Facilities Authority (Stanford University); |
||||||||||||||||
Series 2010, RB(b) |
5.25 | % | 04/01/40 | 500 | 668,385 | |||||||||||
Series 2012 U-2, Ref. RB(b) |
5.00 | % | 10/01/32 | 3,000 | 3,806,610 | |||||||||||
Series 2014 U-6, RB(b) |
5.00 | % | 05/01/45 | 3,000 | 3,953,220 | |||||||||||
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); Series 2014 B, Sub. Mobile Home Park RB |
5.88 | % | 08/15/49 | 1,250 | 1,355,350 | |||||||||||
California (State of) Municipal Finance Authority (High Tech High-Media Arts); Series 2008 A, Educational Facility RB(e) |
5.88 | % | 07/01/28 | 780 | 813,556 | |||||||||||
California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2012 A, Charter School Lease RB |
6.00 | % | 07/01/42 | 1,000 | 1,045,990 | |||||||||||
California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB(e)(h) |
5.00 | % | 07/01/37 | 1,000 | 1,064,450 | |||||||||||
California (State of) School Finance Authority (New Designs Charter School); Series 2012, Educational Facilities RB |
5.50 | % | 06/01/42 | 695 | 709,060 | |||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2011, RB |
7.25 | % | 11/01/31 | 1,000 | 1,159,400 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California(continued) | ||||||||||||||||
California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB |
5.25 | % | 07/01/42 | $ | 750 | $ | 749,940 | |||||||||
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); |
||||||||||||||||
Series 2002, Tobacco Settlement Asset-Backed RB |
6.00 | % | 05/01/43 | 750 | 749,963 | |||||||||||
Series 2006 A, Tobacco Settlement CAB Turbo RB(i) |
0.00 | % | 06/01/46 | 10,000 | 988,500 | |||||||||||
California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.); Series 2005, Ref. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/38 | 1,000 | 846,090 | |||||||||||
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 | 955 | 982,313 | |||||||||||
Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INSAGM)(d)(i) |
0.00 | % | 08/01/46 | 10,000 | 1,995,900 | |||||||||||
Foothill-Eastern Transportation Corridor Agency; Series 2013 C, Ref. Jr. Lien Toll Road RB |
6.50 | % | 01/15/43 | 1,000 | 1,183,350 | |||||||||||
Golden State Tobacco Securitization Corp.; |
||||||||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
4.50 | % | 06/01/27 | 930 | 887,638 | |||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/33 | 1,000 | 850,110 | |||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/47 | 2,000 | 1,568,220 | |||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.75 | % | 06/01/47 | 2,000 | 1,718,940 | |||||||||||
Inland Empire Tobacco Securitization Authority; Series 2007 C-1, Asset-Backed Tobacco Settlement CAB RB(i) |
0.00 | % | 06/01/36 | 8,000 | 1,538,560 | |||||||||||
National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB |
7.00 | % | 08/01/32 | 1,000 | 1,248,690 | |||||||||||
Palm Springs (City of) (Palm Springs International Airport); Series 2006, Ref. Sub. Airport Passenger Facility Charge RB(h) |
5.55 | % | 07/01/28 | 410 | 413,604 | |||||||||||
Poway Unified School District (School Facilities Improvement); Series 2011, Unlimited Tax CAB GO Bonds(i) |
0.00 | % | 08/01/39 | 8,000 | 2,808,560 | |||||||||||
Riverside (County of) Redevelopment Agency (Mid-County Redevelopment Project Area); Series 2010 C, Tax Allocation RB |
6.25 | % | 10/01/40 | 1,000 | 1,108,780 | |||||||||||
Riverside (County of) Transportation Commission; Series 2013 A, Sr. Lien Toll RB |
5.75 | % | 06/01/48 | 1,000 | 1,131,060 | |||||||||||
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 | 1,025,690 | |||||||||||
San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB |
7.50 | % | 12/01/41 | 1,000 | 1,216,770 | |||||||||||
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 | 1,677,032 | |||||||||||
San Francisco (City & County of) Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 C, Special Tax CAB RB(i) |
0.00 | % | 08/01/37 | 5,000 | 1,519,350 | |||||||||||
Southern California Logistics Airport Authority; Series 2008 A, Tax Allocation CAB RB(i) |
0.00 | % | 12/01/44 | 18,085 | 564,071 | |||||||||||
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/46 | 1,000 | 838,610 | |||||||||||
Union City (City of) Community Redevelopment Agency (Community Redevelopment); Series 2011, Sub. Lien Tax Allocation RB |
6.88 | % | 12/01/33 | 1,500 | 1,857,135 | |||||||||||
Victor Valley Union High School District (Election of 2008); Series 2013 B, Unlimited Tax CAB GO Bonds(i) |
0.00 | % | 08/01/48 | 8,310 | 1,367,909 | |||||||||||
48,597,833 | ||||||||||||||||
Colorado4.94% | ||||||||||||||||
Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2006 A, RB |
5.75 | % | 01/01/37 | 1,500 | 1,521,855 | |||||||||||
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB(b) |
5.50 | % | 01/01/35 | 3,000 | 3,510,660 | |||||||||||
Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group); Series 2010 A, RB |
6.25 | % | 11/15/40 | 1,000 | 1,099,050 | |||||||||||
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB |
6.00 | % | 01/15/41 | 1,000 | 1,129,200 | |||||||||||
Colorado Springs (City of) Urban Renewal Authority (University Village Colorado); Series 2008 A, Tax Increment Allocation RB |
7.00 | % | 12/01/29 | 1,120 | 987,627 | |||||||||||
Copperleaf Metropolitan District No. 2; |
||||||||||||||||
Series 2006, Limited Tax GO Bonds |
5.85 | % | 12/01/26 | 1,420 | 1,431,218 | |||||||||||
Series 2006, Limited Tax GO Bonds |
5.95 | % | 12/01/36 | 2,000 | 2,009,800 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Colorado(continued) | ||||||||||||||||
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INSSGI)(d) |
5.00 | % | 12/01/35 | $ | 925 | $ | 943,028 | |||||||||
Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. Tax Supported Limited Tax GO Bonds |
7.25 | % | 12/01/40 | 500 | 550,950 | |||||||||||
Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB |
6.00 | % | 12/01/33 | 1,000 | 1,008,390 | |||||||||||
University of Colorado; Series 2013 A, Enterprise RB(b) |
5.00 | % | 06/01/43 | 3,000 | 3,348,270 | |||||||||||
17,540,048 | ||||||||||||||||
Connecticut0.33% | ||||||||||||||||
Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds(e)(j) |
5.13 | % | 10/01/36 | 2,955 | 1,168,466 | |||||||||||
Delaware0.28% | ||||||||||||||||
Sussex (County of) (Cadbury at Lewes); Series 2006 A, First Mortgage RB |
6.00 | % | 01/01/35 | 1,000 | 1,003,700 | |||||||||||
District of Columbia1.72% | ||||||||||||||||
District of Columbia (Cesar Chavez Charter School); Series 2011, RB |
7.88 | % | 11/15/40 | 1,000 | 1,166,710 | |||||||||||
District of Columbia; |
||||||||||||||||
Series 2009 B, Ref. Sec. Income Tax RB(b) |
5.00 | % | 12/01/25 | 1,335 | 1,526,653 | |||||||||||
Series 2014 C, Unlimited Tax GO Bonds(b) |
5.00 | % | 06/01/38 | 3,000 | 3,409,140 | |||||||||||
6,102,503 | ||||||||||||||||
Florida10.84% | ||||||||||||||||
Alachua (County of) (North Florida Retirement Village, Inc.); |
||||||||||||||||
Series 2007, IDR |
5.25 | % | 11/15/17 | 1,000 | 1,038,030 | |||||||||||
Series 2007, IDR |
5.88 | % | 11/15/36 | 2,000 | 2,041,180 | |||||||||||
Series 2007, IDR |
5.88 | % | 11/15/42 | 1,000 | 1,020,590 | |||||||||||
Alachua (County of) Health Facilities Authority (East Ridge Retirement Village, Inc.); Series 2014, RB |
6.38 | % | 11/15/49 | 900 | 998,415 | |||||||||||
Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB |
8.13 | % | 11/15/46 | 1,000 | 1,174,920 | |||||||||||
Broward (County of) (Civic Arena); Series 2006 A, Ref. Professional Sports Facilities Tax RB (INSAGM)(b)(d) |
5.00 | % | 09/01/23 | 7,245 | 7,564,070 | |||||||||||
Capital Trust Agency (Million Air One LLC); Series 2011, RB(h) |
7.75 | % | 01/01/41 | 995 | 949,588 | |||||||||||
Collier (County of) Industrial Development Authority (The Arlington of Naples); Series 2014 A, Continuing Care Community RB(e) |
8.25 | % | 05/15/49 | 1,200 | 1,423,884 | |||||||||||
Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB(f)(g) |
7.25 | % | 10/01/21 | 1,000 | 1,309,480 | |||||||||||
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2012 A, Educational Facilities RB |
6.13 | % | 06/15/43 | 1,000 | 1,015,120 | |||||||||||
Lee (County of) Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB |
5.75 | % | 10/01/42 | 1,000 | 1,071,610 | |||||||||||
Miami-Dade (County of); Series 2009, Sub. Special Obligation CAB RB(i) |
0.00 | % | 10/01/42 | 7,900 | 2,100,531 | |||||||||||
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.); |
||||||||||||||||
Series 2005, Ref. RB |
5.70 | % | 07/01/26 | 500 | 500,885 | |||||||||||
Series 2007, First Mortgage RB |
5.50 | % | 07/01/32 | 1,000 | 1,026,200 | |||||||||||
Series 2007, First Mortgage RB |
5.50 | % | 07/01/38 | 500 | 512,210 | |||||||||||
Orlando (City of); Series 2014 A, Contract Tourist Development Tax Payments RB(b) |
5.00 | % | 11/01/39 | 3,000 | 3,338,520 | |||||||||||
Palm Beach (County of) Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014 A, RB |
7.50 | % | 06/01/49 | 750 | 868,845 | |||||||||||
Renaissance Commons Community Development District; Series 2005 A, Special Assessment RB |
5.60 | % | 05/01/36 | 1,700 | 1,478,541 | |||||||||||
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB(b) |
5.00 | % | 08/15/32 | 7,000 | 7,355,180 | |||||||||||
St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities); Series 2010 A, RB |
6.00 | % | 08/01/45 | 1,000 | 1,112,710 | |||||||||||
University Square Community Development District; Series 2007 A-1, Capital Improvement Special Assessment RB |
5.88 | % | 05/01/38 | 590 | 596,832 | |||||||||||
38,497,341 | ||||||||||||||||
Georgia2.15% | ||||||||||||||||
Americus (City of) & Sumter (County of) Hospital Authority (Magnolia Manor Obligated Group); Series 2013 A, Ref. RB |
6.38 | % | 05/15/43 | 1,000 | 1,092,620 | |||||||||||
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB |
7.38 | % | 01/01/31 | 1,000 | 1,156,330 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Georgia(continued) | ||||||||||||||||
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB |
5.60 | % | 01/01/30 | $ | 1,500 | $ | 1,505,400 | |||||||||
Atlanta (City of); Series 2015, Ref. Water & Wastewater RB(b) |
5.00 | % | 11/01/40 | 2,490 | 2,811,409 | |||||||||||
DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC |
6.13 | % | 09/01/40 | 1,000 | 1,086,400 | |||||||||||
7,652,159 | ||||||||||||||||
Hawaii0.67% | ||||||||||||||||
Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose Senior Living RB |
8.75 | % | 11/15/29 | 1,000 | 1,254,750 | |||||||||||
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2009, Special Purpose RB |
6.50 | % | 07/01/39 | 1,000 | 1,139,410 | |||||||||||
2,394,160 | ||||||||||||||||
Idaho0.53% | ||||||||||||||||
Idaho (State of) Health Facilities Authority (Terraces of Boise); Series 2014 A, RB |
8.13 | % | 10/01/49 | 1,000 | 1,070,430 | |||||||||||
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB |
6.13 | % | 11/15/27 | 775 | 801,924 | |||||||||||
1,872,354 | ||||||||||||||||
Illinois14.73% | ||||||||||||||||
Bolingbrook (Village of) Special Services Area No. 1 (Forest City); Series 2005, Special Tax RB |
5.90 | % | 03/01/27 | 1,750 | 1,756,177 | |||||||||||
Bolingbrook (Village of); Series 2005, Sales Tax RB |
6.25 | % | 01/01/24 | 2,000 | 1,993,500 | |||||||||||
Chicago (City of) (Lakeshore East); Series 2002, Special Assessment Improvement RB |
6.75 | % | 12/01/32 | 1,900 | 1,908,094 | |||||||||||
Chicago (City of) Metropolitan Water Reclamation District; Series 2015 A, Unlimited Tax GO Green Bonds(b) |
5.00 | % | 12/01/44 | 3,000 | 3,362,880 | |||||||||||
Chicago (City of) Transit Authority; Series 2014, Sales Tax Receipts RB(b) |
5.25 | % | 12/01/49 | 3,000 | 3,191,910 | |||||||||||
Chicago (City of); |
||||||||||||||||
Series 2007 F, Ref. Unlimited Tax GO Bonds |
5.50 | % | 01/01/42 | 1,250 | 1,137,025 | |||||||||||
Series 2011, COP |
7.13 | % | 05/01/25 | 1,030 | 1,104,366 | |||||||||||
Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB |
6.50 | % | 10/15/40 | 1,000 | 1,061,050 | |||||||||||
Hillside (Village of) (Mannheim Redevelopment); Series 2008, Sr. Lien Tax Increment Allocation RB |
7.00 | % | 01/01/28 | 1,000 | 1,071,340 | |||||||||||
Illinois (State of) Finance Authority (Collegiate Housing Foundation-DeKalb II, LLCNorthern Illinois University); Series 2011, Student Housing RB |
6.88 | % | 10/01/43 | 1,000 | 1,156,280 | |||||||||||
Illinois (State of) Finance Authority (Friendship Village of Schaumburg); Series 2010, RB |
7.00 | % | 02/15/38 | 1,445 | 1,447,269 | |||||||||||
Illinois (State of) Finance Authority (Greenfields of Geneva); |
||||||||||||||||
Series 2010 A, RB |
8.00 | % | 02/15/30 | 1,130 | 1,197,732 | |||||||||||
Series 2010 A, RB |
8.25 | % | 02/15/46 | 775 | 822,717 | |||||||||||
Illinois (State of) Finance Authority (Luther Oaks); |
||||||||||||||||
Series 2006 A, RB |
5.70 | % | 08/15/28 | 500 | 500,370 | |||||||||||
Series 2006 A, RB |
6.00 | % | 08/15/39 | 1,500 | 1,513,290 | |||||||||||
Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB |
5.75 | % | 05/15/46 | 1,000 | 1,056,420 | |||||||||||
Illinois (State of) Finance Authority (Montgomery Place); Series 2006 A, RB |
5.75 | % | 05/15/38 | 2,000 | 2,018,040 | |||||||||||
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 A, RB |
8.25 | % | 05/15/45 | 1,000 | 598,400 | |||||||||||
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB |
7.00 | % | 08/15/43 | 1,000 | 1,092,210 | |||||||||||
Illinois (State of) Finance Authority (Plymouth Place); Series 2013, Ref. RB |
6.00 | % | 05/15/43 | 1,000 | 1,006,580 | |||||||||||
Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. Sr. Educational Facilities RB |
6.13 | % | 02/01/45 | 500 | 512,680 | |||||||||||
Illinois (State of) Finance Authority (The Admiral at the Lake); Series 2010 A, RB |
7.25 | % | 05/15/20 | 1,000 | 1,002,830 | |||||||||||
Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB |
6.00 | % | 05/15/37 | 2,500 | 2,500,575 | |||||||||||
Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network, Inc.); |
||||||||||||||||
Series 2011, Ref. Charter School RB |
6.88 | % | 10/01/31 | 470 | 524,619 | |||||||||||
Series 2011, Ref. Charter School RB |
7.13 | % | 10/01/41 | 500 | 562,405 | |||||||||||
Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB(b) |
5.25 | % | 10/01/52 | 3,000 | 3,336,540 | |||||||||||
Illinois (State of) Finance Authority (Villa St. Benedict); |
||||||||||||||||
Series 2003 A-1, RB(j) |
6.90 | % | 11/15/33 | 1,750 | 1,758,802 | |||||||||||
Series 2015, Ref. RB |
6.38 | % | 11/15/43 | 775 | 777,790 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Illinois(continued) | ||||||||||||||||
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, RB(b) |
5.50 | % | 06/15/50 | $ | 960 | $ | 983,011 | |||||||||
Illinois (State of) Toll Highway Authority; Series 2008 B, RB(b) |
5.50 | % | 01/01/33 | 3,000 | 3,273,360 | |||||||||||
Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB |
7.50 | % | 01/01/30 | 960 | 1,036,426 | |||||||||||
Pingree Grove (Village of) (Cambridge Lakes Learning Center); Series 2011, RB |
8.50 | % | 06/01/41 | 1,000 | 1,108,150 | |||||||||||
Pingree Grove (Village of) (Cambridge Lakes); Series 2006-1, Special Service Area No. 7 Special Tax RB(f)(g) |
6.00 | % | 03/01/16 | 2,355 | 2,469,524 | |||||||||||
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 | 900 | 909,423 | |||||||||||
Upper Illinois River Valley Development Authority (Pleasant View Luther Home); Series 2010, RB |
7.38 | % | 11/15/45 | 1,000 | 1,067,240 | |||||||||||
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB(h) |
7.00 | % | 12/01/42 | 1,420 | 1,482,707 | |||||||||||
52,301,732 | ||||||||||||||||
Indiana2.27% | ||||||||||||||||
Carmel (City of) (Barrington Carmel); Series 2012 A, RB |
7.13 | % | 11/15/47 | 515 | 571,671 | |||||||||||
Crown Point (City of) (Wittenberg Village); Series 2009 A, Economic Development RB |
8.00 | % | 11/15/39 | 1,000 | 1,125,710 | |||||||||||
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2015 A, Ref. Hospital RB(b) |
5.00 | % | 12/01/40 | 2,250 | 2,485,530 | |||||||||||
Indianapolis (City of) (Ritter Affordable Assisted Living); Series 2014, MFH RB |
6.90 | % | 12/01/33 | 500 | 526,020 | |||||||||||
St. Joseph (County of) (Holy Cross Village at Notre Dame); |
||||||||||||||||
Series 2006 A, Economic Development RB |
6.00 | % | 05/15/26 | 560 | 566,838 | |||||||||||
Series 2006 A, Economic Development RB |
6.00 | % | 05/15/38 | 525 | 529,546 | |||||||||||
Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB(h) |
7.00 | % | 01/01/44 | 1,000 | 1,214,310 | |||||||||||
Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB(e) |
5.80 | % | 09/01/47 | 1,000 | 1,037,970 | |||||||||||
8,057,595 | ||||||||||||||||
Iowa2.63% | ||||||||||||||||
Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB |
7.25 | % | 06/01/35 | 1,000 | 1,083,510 | |||||||||||
Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB |
4.75 | % | 08/01/42 | 1,000 | 1,019,860 | |||||||||||
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, Midwestern Disaster Area RB |
5.25 | % | 12/01/25 | 2,000 | 2,179,060 | |||||||||||
Iowa (State of) Finance Authority (Madrid Home); Series 2007, Ref. Health Care Facility RB |
5.90 | % | 11/15/37 | 750 | 751,980 | |||||||||||
Iowa (State of) Tobacco Settlement Authority; |
||||||||||||||||
Series 2005 B, Asset-Backed RB |
5.60 | % | 06/01/34 | 700 | 664,888 | |||||||||||
Series 2005 C, Asset-Backed RB |
5.38 | % | 06/01/38 | 1,125 | 984,038 | |||||||||||
Series 2005 C, Asset-Backed RB |
5.63 | % | 06/01/46 | 1,000 | 892,580 | |||||||||||
Series 2005 D, Asset-Backed CAB RB(i) |
0.00 | % | 06/01/46 | 8,000 | 736,400 | |||||||||||
Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN |
5.60 | % | 09/01/32 | 1,000 | 1,020,160 | |||||||||||
9,332,476 | ||||||||||||||||
Kansas1.03% | ||||||||||||||||
Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB |
6.00 | % | 11/15/38 | 1,400 | 1,411,578 | |||||||||||
Wichita (City of) (Larksfield Place); Series 2013 III, Ref. Health Care Facilities & Improvement RB |
7.38 | % | 12/15/43 | 1,000 | 1,145,930 | |||||||||||
Wichita (City of) (Presbyterian Manors, Inc.); Series 2013 IV-A, Health Care Facilities RB |
6.50 | % | 05/15/48 | 1,000 | 1,089,790 | |||||||||||
3,647,298 | ||||||||||||||||
Kentucky0.72% | ||||||||||||||||
Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II); Series 2011, RB |
7.38 | % | 05/15/46 | 1,000 | 1,132,100 | |||||||||||
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 C, First Tier Toll Conv. CAB RB(c) |
6.88 | % | 07/01/46 | 2,000 | 1,410,960 | |||||||||||
2,543,060 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Louisiana1.24% | ||||||||||||||||
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB(j) |
5.25 | % | 07/01/17 | $ | 1,984 | $ | 694,737 | |||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2009 A, RB |
6.50 | % | 08/01/29 | 750 | 878,190 | |||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; Series 2015 A, Ref. RB |
6.25 | % | 11/15/45 | 750 | 751,035 | |||||||||||
Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB(e) |
6.38 | % | 12/01/34 | 1,000 | 1,085,630 | |||||||||||
Louisiana (State of) Public Facilities Authority (Louisiana Pellets Inc.); Series 2015, Waste Disposal Facilities RB(e)(h) |
7.75 | % | 07/01/39 | 1,000 | 998,220 | |||||||||||
4,407,812 | ||||||||||||||||
Maine0.32% | ||||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB |
6.75 | % | 07/01/41 | 1,000 | 1,134,520 | |||||||||||
Maryland0.93% | ||||||||||||||||
Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB |
7.00 | % | 09/01/38 | 1,000 | 1,072,060 | |||||||||||
Frederick (County of) (Jefferson Technology Park); Series 2013 B, Tax Increment & Special Tax RB |
7.13 | % | 07/01/43 | 1,000 | 1,123,530 | |||||||||||
Harford (County of); Series 2011, Special Obligation Tax Allocation RB |
7.50 | % | 07/01/40 | 1,000 | 1,121,830 | |||||||||||
3,317,420 | ||||||||||||||||
Massachusetts1.09% | ||||||||||||||||
Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.); Series 2005, RB |
5.50 | % | 01/01/35 | 800 | 800,504 | |||||||||||
Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(b) |
5.50 | % | 07/01/32 | 505 | 678,478 | |||||||||||
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB |
6.88 | % | 01/01/41 | 1,000 | 1,175,870 | |||||||||||
Massachusetts (State of); Series 2004 A, Ref. Limited Tax GO Bonds (INSAMBAC)(b)(d) |
5.50 | % | 08/01/30 | 960 | 1,230,816 | |||||||||||
3,885,668 | ||||||||||||||||
Michigan1.07% | ||||||||||||||||
Charyl Stockwell Academy; Series 2015, Public School Academy Ref. RB |
5.75 | % | 10/01/45 | 635 | 599,510 | |||||||||||
Dearborn Economic Development Corp. (Henry Ford Village, Inc.); Series 2008, Ref. Limited Obligation RB |
7.00 | % | 11/15/28 | 1,200 | 1,216,260 | |||||||||||
Detroit (City of) Water and Sewerage Department; Series 2012 A, Ref. Sr. Lien Sewage Disposal System RB |
5.25 | % | 07/01/39 | 1,000 | 1,072,180 | |||||||||||
Wayne Charter County Economic Development Corp. (Rivers of Grosse Point); Series 2013, First Mortgage RB |
7.88 | % | 12/01/43 | 1,000 | 904,760 | |||||||||||
3,792,710 | ||||||||||||||||
Minnesota3.55% | ||||||||||||||||
Anoka (City of) (The Homestead at Anoka, Inc.); Series 2011 A, Health Care Facilities RB |
7.00 | % | 11/01/40 | 1,000 | 1,072,500 | |||||||||||
Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC); Series 2010, Recovery Zone Facility RB |
9.00 | % | 12/01/35 | 1,000 | 1,149,430 | |||||||||||
Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB(f)(g) |
9.25 | % | 03/01/17 | 1,000 | 1,146,290 | |||||||||||
Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB(f)(g) |
6.75 | % | 11/15/18 | 1,500 | 1,754,925 | |||||||||||
North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB |
6.13 | % | 10/01/39 | 1,500 | 1,568,670 | |||||||||||
Rochester (City of) (Homestead at Rochester, Inc.); Series 2013 A, Health Care & Housing RB |
6.88 | % | 12/01/48 | 1,000 | 1,122,530 | |||||||||||
Rochester (City of) (Samaritan Bethany, Inc.); Series 2009 A, Ref. Health Care & Housing RB |
7.38 | % | 12/01/41 | 1,000 | 1,113,470 | |||||||||||
St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. Tax Increment Allocation RB |
6.25 | % | 03/01/25 | 1,000 | 1,049,220 | |||||||||||
Wayzata (City of) (Folkestone Senior Living Community); Series 2012 A, Senior Housing RB |
6.00 | % | 05/01/47 | 1,000 | 1,083,980 | |||||||||||
West St. Paul (City of) (Walker Thompson Hill, LLC); Series 2011A, Health Care Facilities RB |
7.00 | % | 09/01/46 | 700 | 743,120 | |||||||||||
Winsted (City of) (St. Marys Care Center); Series 2010 A, Health Care RB |
6.88 | % | 09/01/42 | 1,000 | 804,270 | |||||||||||
12,608,405 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Mississippi0.24% | ||||||||||||||||
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR |
5.88 | % | 04/01/22 | $ | 840 | $ | 844,200 | |||||||||
Missouri2.36% | ||||||||||||||||
Branson (City of) Regional Airport Transportation Development District; Series 2007 B, Airport RB(h)(j) |
6.00 | % | 07/01/37 | 1,200 | 84,000 | |||||||||||
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB |
5.50 | % | 04/01/27 | 750 | 452,220 | |||||||||||
Bridgeton (City of) Industrial Development Authority (Sarah Community); Series 2011 A, Ref. & Improvement Senior Housing RB |
6.38 | % | 05/01/35 | 1,000 | 1,042,590 | |||||||||||
Cass (County of); Series 2007, Hospital RB |
5.63 | % | 05/01/38 | 1,000 | 1,010,030 | |||||||||||
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 | 1,043,920 | |||||||||||
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 A, Retirement Community RB |
8.25 | % | 05/15/39 | 1,000 | 1,138,250 | |||||||||||
St. Louis (County of) Industrial Development Authority (Grand Center Redevelopment); Series 2011, Tax Increment Allocation Improvement RB |
6.38 | % | 12/01/25 | 1,000 | 1,048,210 | |||||||||||
St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB |
5.00 | % | 11/15/22 | 1,000 | 1,010,600 | |||||||||||
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 | 1,548,555 | |||||||||||
8,378,375 | ||||||||||||||||
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 | 1,085,830 | |||||||||||
Nevada0.75% | ||||||||||||||||
Henderson (City of) (Local Improvement District No. T-18); Series 2006, Special Assessment RB |
5.30 | % | 09/01/35 | 505 | 383,002 | |||||||||||
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB |
8.00 | % | 06/15/30 | 700 | 798,077 | |||||||||||
Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite); Series 2007, Special Assessment Local Improvement RB |
6.00 | % | 08/01/23 | 850 | 867,858 | |||||||||||
Sparks (City of) (Local Improvement District No. 3-Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB |
6.50 | % | 09/01/20 | 560 | 602,426 | |||||||||||
2,651,363 | ||||||||||||||||
New Hampshire0.60% | ||||||||||||||||
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB |
6.88 | % | 10/01/39 | 945 | 1,011,462 | |||||||||||
New Hampshire (State of) Health & Education Facilities Authority (Rivermead); Series 2011 A, RB |
6.88 | % | 07/01/41 | 1,000 | 1,129,190 | |||||||||||
2,140,652 | ||||||||||||||||
New Jersey2.71% | ||||||||||||||||
Essex (County of) Improvement Authority (Newark); Series 2010 A, RB |
6.25 | % | 11/01/30 | 1,000 | 1,112,400 | |||||||||||
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); |
||||||||||||||||
Series 1999, Special Facility RB(h) |
5.25 | % | 09/15/29 | 1,000 | 1,089,130 | |||||||||||
Series 2012, RB(h) |
5.75 | % | 09/15/27 | 1,000 | 1,083,140 | |||||||||||
New Jersey (State of) Economic Development Authority (Leap Academy); Series 2014 A, RB |
6.30 | % | 10/01/49 | 1,200 | 1,229,844 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (St. Josephs Health Care System); Series 2008, RB |
6.63 | % | 07/01/38 | 1,000 | 1,113,850 | |||||||||||
Tobacco Settlement Financing Corp.; |
||||||||||||||||
Series 2007 1A, Asset-Backed RB |
4.63 | % | 06/01/26 | 1,000 | 966,210 | |||||||||||
Series 2007 1A, Asset-Backed RB |
4.75 | % | 06/01/34 | 1,500 | 1,130,850 | |||||||||||
Series 2007 1A, Asset-Backed RB |
5.00 | % | 06/01/41 | 2,500 | 1,905,950 | |||||||||||
9,631,374 | ||||||||||||||||
New Mexico0.30% | ||||||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB |
6.13 | % | 07/01/40 | 1,000 | 1,066,680 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York8.58% | ||||||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center); |
||||||||||||||||
Series 2009, PILOT CAB RB(i) |
0.00 | % | 07/15/35 | $ | 1,475 | $ | 582,536 | |||||||||
Series 2009, PILOT CAB RB(i) |
0.00 | % | 07/15/46 | 10,000 | 2,190,200 | |||||||||||
Erie (County of) Industrial Development Agency (Orchard Park CCRC, Inc.); Series 2006 A, RB(f)(g) |
6.00 | % | 11/15/16 | 1,000 | 1,061,850 | |||||||||||
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); |
||||||||||||||||
Series 2014 A, Continuing Care Retirement Community RB |
6.50 | % | 01/01/32 | 1,125 | 1,125,709 | |||||||||||
Series 2014 C, Continuing Care Retirement Community RB |
2.00 | % | 01/01/49 | 405 | 22,238 | |||||||||||
New York & New Jersey (States of) Port Authority; |
||||||||||||||||
One Hundred Sixty-Ninth Series 2011, Consolidated RB(b)(h) |
5.00 | % | 10/15/27 | 1,700 | 1,930,809 | |||||||||||
One Hundred Sixty-Ninth Series 2011, Consolidated RB(b)(h) |
5.00 | % | 10/15/28 | 1,300 | 1,473,186 | |||||||||||
New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INSACA)(d) |
5.25 | % | 11/01/37 | 1,200 | 1,294,080 | |||||||||||
New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2006, PILOT RB (INSAMBAC)(d) |
5.00 | % | 01/01/39 | 500 | 511,765 | |||||||||||
New York (City of) Municipal Water Finance Authority; Series 2012 BB, Water & Sewer System Second General Resolution RB(b) |
5.00 | % | 06/15/47 | 3,000 | 3,316,620 | |||||||||||
New York (City of) Transitional Finance Authority; |
||||||||||||||||
Series 2013 I, Sub. Future Tax Sec. RB(b) |
5.00 | % | 05/01/42 | 2,400 | 2,678,568 | |||||||||||
Subseries 2012 F-1, Future Tax Sec. RB(b) |
5.00 | % | 05/01/39 | 6,000 | 6,768,240 | |||||||||||
New York (State of) Dormitory Authority; Series 2014 C, Personal Income Tax RB(b) |
5.00 | % | 03/15/41 | 3,000 | 3,370,830 | |||||||||||
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref. Liberty RB(e) |
7.25 | % | 11/15/44 | 1,000 | 1,187,450 | |||||||||||
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 | 1,132,250 | |||||||||||
New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/06; Cost $1,697,125)(e)(j) |
6.13 | % | 02/15/19 | 2,000 | 20 | |||||||||||
Suffolk (County of) Industrial Development Agency (Medford Hamlet Assisted Living); Series 2005, Assisted Living Facility RB(h) |
6.38 | % | 01/01/39 | 1,365 | 1,377,626 | |||||||||||
TSASC, Inc.; Series 2006 1, Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/42 | 500 | 436,230 | |||||||||||
30,460,207 | ||||||||||||||||
North Carolina0.55% | ||||||||||||||||
North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. First Mortgage Retirement Facilities RB |
6.25 | % | 07/01/35 | 750 | 812,610 | |||||||||||
North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB |
7.75 | % | 03/01/41 | 1,000 | 1,146,840 | |||||||||||
1,959,450 | ||||||||||||||||
Ohio4.68% | ||||||||||||||||
Buckeye Tobacco Settlement Financing Authority; |
||||||||||||||||
Series 2007 A-2, Sr. Asset-Backed Turbo RB |
5.13 | % | 06/01/24 | 1,000 | 836,710 | |||||||||||
Series 2007 A-2, Sr. Asset-Backed Turbo RB |
5.88 | % | 06/01/30 | 1,000 | 839,450 | |||||||||||
Series 2007 A-2, Sr. Asset-Backed Turbo RB |
5.88 | % | 06/01/47 | 1,000 | 806,340 | |||||||||||
Series 2007 A-3, Sr. Asset-Backed RB |
6.25 | % | 06/01/37 | 1,000 | 863,830 | |||||||||||
Series 2007 B, First Sub. Asset-Backed CAB RB(i) |
0.00 | % | 06/01/47 | 40,000 | 2,489,200 | |||||||||||
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 A, Health Care RB |
6.00 | % | 11/01/38 | 1,500 | 1,563,165 | |||||||||||
Cleveland-Cuyahoga (County of) Port Authority (Constellation Schools); Series 2014 A, Ref. & Improvement Lease RB(e) |
6.75 | % | 01/01/44 | 1,000 | 1,065,030 | |||||||||||
Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB |
5.75 | % | 05/15/27 | 2,000 | 2,045,400 | |||||||||||
Franklin (County of) (First Community Village Obligated Group); Series 2013, Ref. Health Care Facilities RB |
5.63 | % | 07/01/47 | 600 | 575,028 | |||||||||||
Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB |
8.00 | % | 07/01/42 | 990 | 1,116,670 | |||||||||||
Lorain (County of) Port Authority (U.S. Steel Corp.); Series 2010, Recovery Zone Facility RB |
6.75 | % | 12/01/40 | 1,000 | 1,086,600 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Ohio(continued) | ||||||||||||||||
Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care & MFH RB |
6.63 | % | 04/01/40 | $ | 1,000 | $ | 1,087,830 | |||||||||
Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB |
5.00 | % | 02/15/44 | 1,000 | 1,039,700 | |||||||||||
Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB |
5.38 | % | 12/01/35 | 1,200 | 1,203,420 | |||||||||||
16,618,373 | ||||||||||||||||
Oklahoma0.97% | ||||||||||||||||
Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB |
6.50 | % | 09/01/16 | 280 | 280,529 | |||||||||||
Oklahoma (State of) Development Finance Authority (Inverness Village Community); |
||||||||||||||||
Series 2012, Ref. Continuing Care Retirement Community RB |
6.00 | % | 01/01/32 | 1,000 | 1,050,310 | |||||||||||
Series 2013, Ref. Continuing Care Retirement Community RB |
5.75 | % | 01/01/37 | 1,000 | 1,031,560 | |||||||||||
Tulsa (County of) Industrial Authority (Montereau, Inc.); Series 2010 A, Senior Living Community RB |
7.25 | % | 11/01/45 | 1,000 | 1,096,440 | |||||||||||
3,458,839 | ||||||||||||||||
Pennsylvania4.72% | ||||||||||||||||
Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB |
6.75 | % | 08/15/35 | 925 | 1,013,319 | |||||||||||
Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB |
5.60 | % | 07/01/23 | 920 | 930,368 | |||||||||||
Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB |
6.13 | % | 01/01/45 | 965 | 1,030,939 | |||||||||||
Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB(j) |
6.00 | % | 09/01/36 | 1,765 | 1,058,806 | |||||||||||
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB |
5.25 | % | 07/01/42 | 1,000 | 1,032,060 | |||||||||||
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB |
6.63 | % | 12/01/30 | 1,000 | 1,142,930 | |||||||||||
Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax GO Bonds(b) |
5.00 | % | 06/15/34 | 3,000 | 3,376,440 | |||||||||||
Pennsylvania (State of) Economic Development Financing Authority (USG Corp.); Series 1999, Solid Waste Disposal RB(h) |
6.00 | % | 06/01/31 | 1,000 | 999,970 | |||||||||||
Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB(b) |
5.00 | % | 06/15/21 | 3,000 | 3,374,730 | |||||||||||
Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB |
7.25 | % | 06/15/43 | 750 | 846,555 | |||||||||||
Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB(e) |
6.75 | % | 06/15/43 | 1,000 | 1,054,670 | |||||||||||
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB |
5.45 | % | 07/01/35 | 900 | 912,420 | |||||||||||
16,773,207 | ||||||||||||||||
Puerto Rico0.66% | ||||||||||||||||
Childrens Trust; Series 2005 A, Tobacco Settlement Asset-Backed RB(i) |
0.00 | % | 05/15/50 | 15,000 | 1,241,550 | |||||||||||
Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds |
8.00 | % | 07/01/35 | 1,500 | 1,091,640 | |||||||||||
2,333,190 | ||||||||||||||||
South Carolina1.10% | ||||||||||||||||
Myrtle Beach (City of) (Myrtle Beach Air Force Base); |
||||||||||||||||
Series 2006 A, Tax Increment Allocation RB |
5.25 | % | 10/01/26 | 795 | 795,406 | |||||||||||
Series 2006 A, Tax Increment Allocation RB |
5.30 | % | 10/01/35 | 2,000 | 2,000,940 | |||||||||||
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman); |
||||||||||||||||
Series 2012, Ref. RB |
6.00 | % | 11/15/42 | 1,087 | 1,061,642 | |||||||||||
Series 2012, Ref. Sub. CAB RB(i) |
0.00 | % | 11/15/47 | 466 | 46,582 | |||||||||||
3,904,570 | ||||||||||||||||
Tennessee1.18% | ||||||||||||||||
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 | 2,069,700 | |||||||||||
Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor); Series 2013 A, Ref. RB |
5.50 | % | 09/01/47 | 1,000 | 1,017,850 | |||||||||||
Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB |
9.25 | % | 04/01/39 | 930 | 1,107,360 | |||||||||||
4,194,910 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas9.13% | ||||||||||||||||
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB(h) |
4.85 | % | 04/01/21 | $ | 1,200 | $ | 1,218,300 | |||||||||
Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, Education RB |
7.13 | % | 03/01/44 | 800 | 848,024 | |||||||||||
Austin Convention Enterprises, Inc.; Series 2006 B, Ref. Second Tier Convention Center RB(e) |
5.75 | % | 01/01/34 | 1,100 | 1,135,618 | |||||||||||
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB |
6.13 | % | 04/01/45 | 1,000 | 1,150,310 | |||||||||||
Central Texas Regional Mobility Authority; Series 2011, Sub. Lien RB |
6.75 | % | 01/01/41 | 1,000 | 1,200,420 | |||||||||||
Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB |
6.25 | % | 12/01/45 | 1,000 | 1,147,530 | |||||||||||
HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 A, RB(j) |
7.75 | % | 11/15/44 | 1,000 | 100 | |||||||||||
Houston (City of) (Continental Airlines, Inc.); Series 2011 A, Ref. Airport System Special Facilities |
6.63 | % | 07/15/38 | 1,000 | 1,156,490 | |||||||||||
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB(f)(g) |
6.88 | % | 05/15/21 | 1,000 | 1,284,940 | |||||||||||
La Vernia Higher Education Finance Corp. (Amigos Por Vida Friends for Life); Series 2008, RB |
6.25 | % | 02/15/26 | 1,465 | 1,470,933 | |||||||||||
La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.); Series 2009 A, |
6.25 | % | 08/15/19 | 1,000 | 1,193,460 | |||||||||||
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(e) |
5.50 | % | 08/15/45 | 750 | 751,553 | |||||||||||
Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB |
6.50 | % | 07/01/26 | 2,500 | 2,562,175 | |||||||||||
North Texas Tollway Authority; |
||||||||||||||||
Series 2008 A, Ref. First Tier System RB (INSBHAC)(b)(d) |
5.75 | % | 01/01/48 | 3,000 | 3,289,020 | |||||||||||
Series 2011 B, Special Project System CAB RB(i) |
0.00 | % | 09/01/37 | 7,000 | 2,559,690 | |||||||||||
Red River Health Facilities Development Corp. (Parkview on Hollybrook); Series 2013 A, First Mortgage RB |
7.38 | % | 07/01/48 | 1,000 | 957,730 | |||||||||||
Red River Health Facilities Development Corp. (Sears Methodist Retirement System); Series 2013, Retirement Facility RB(j) |
6.15 | % | 11/15/49 | 1,000 | 0 | |||||||||||
Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB(h) |
8.00 | % | 07/01/38 | 990 | 1,066,180 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Mirador); |
||||||||||||||||
Series 2010 A, Retirement Facility RB |
8.00 | % | 11/15/29 | 485 | 472,109 | |||||||||||
Series 2010 A, Retirement Facility RB |
8.13 | % | 11/15/39 | 1,000 | 949,810 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2009 A, Retirement Facility RB |
8.25 | % | 11/15/44 | 1,000 | 1,000,500 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, Sr. Lien RB |
7.00 | % | 06/30/40 | 1,000 | 1,192,070 | |||||||||||
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 | 1,171,620 | |||||||||||
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC); Series 2013, Sr. Lien RB(h) |
6.75 | % | 06/30/43 | 1,000 | 1,215,340 | |||||||||||
Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.); Series 2010 A, Education RB(f)(g) |
7.13 | % | 02/15/20 | 1,000 | 1,251,010 | |||||||||||
Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB |
7.00 | % | 11/01/30 | 1,000 | 1,159,440 | |||||||||||
Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2007, Ref. Hospital RB |
5.00 | % | 07/01/33 | 1,000 | 1,028,970 | |||||||||||
32,433,342 | ||||||||||||||||
Utah0.30% | ||||||||||||||||
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, Charter School RB |
6.38 | % | 07/15/40 | 1,000 | 1,081,380 | |||||||||||
Virginia0.07% | ||||||||||||||||
Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB |
6.45 | % | 09/01/37 | 226 | 238,859 | |||||||||||
Washington2.51% | ||||||||||||||||
King (County of) Public Hospital District No. 4 (Snoqualmie Valley Hospital); Series 2011, Ref. & Improvement Limited Tax GO Bonds |
7.00 | % | 12/01/40 | 1,000 | 1,093,780 | |||||||||||
King (County of) Public Hospital District No. 4; Series 2015 A, RB |
6.25 | % | 12/01/45 | 1,000 | 989,160 | |||||||||||
King (County of); Series 2011 B, Ref. Sewer RB(b) |
5.00 | % | 01/01/34 | 3,000 | 3,390,120 | |||||||||||
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB(f)(g) |
7.00 | % | 07/01/19 | 1,000 | 1,218,530 | |||||||||||
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB(f)(g) |
7.38 | % | 03/01/19 | 1,200 | 1,455,492 | |||||||||||
Washington (State of) Housing Finance Commission (Herons Key Senior Living); Series 2015 A, RB(e) |
7.00 | % | 07/01/50 | 740 | 751,448 | |||||||||||
8,898,530 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco Municipal Income Opportunities Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
West Virginia0.61% | ||||||||||||||||
Kanawha (County of) (The West Virginia State University Foundation); Series 2013, Student Housing RB |
6.75 | % | 07/01/45 | $ | 1,000 | $ | 1,115,280 | |||||||||
West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB |
6.50 | % | 10/01/38 | 1,000 | 1,042,320 | |||||||||||
2,157,600 | ||||||||||||||||
Wisconsin2.10% | ||||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB(f)(g) |
6.38 | % | 02/15/19 | 1,500 | 1,767,840 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (St. Johns Community, Inc.); Series 2009 A, RB |
7.63 | % | 09/15/39 | 1,000 | 1,185,300 | |||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing, Inc.); |
||||||||||||||||
Series 2012, RB |
5.88 | % | 08/01/42 | 1,000 | 1,028,310 | |||||||||||
Series 2013, RB |
7.00 | % | 08/01/43 | 1,025 | 1,101,783 | |||||||||||
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB |
8.25 | % | 06/01/46 | 1,000 | 1,166,250 | |||||||||||
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB |
5.88 | % | 04/01/45 | 660 | 662,897 | |||||||||||
Wisconsin (State of) Public Finance Authority (Voyager Foundation Inc.); Series 2012 A, Charter School RB |
6.20 | % | 10/01/42 | 500 | 536,010 | |||||||||||
7,448,390 | ||||||||||||||||
TOTAL INVESTMENTS(k)114.47% (Cost $381,894,277) |
406,488,664 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS(15.82)% |
||||||||||||||||
Notes with interest and fee rates ranging from 0.54% to 1.07% at 08/31/15 and contractual maturities of collateral ranging from 06/15/21 to 10/01/52 (See Note 1J)(l) |
(56,180,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES1.35% |
4,791,778 | |||||||||||||||
NET ASSETS100.00% |
$ | 355,100,442 |
Investment Abbreviations:
Notes to Schedule of Investments:
(a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trusts use of leverage. |
(b) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
(c) | Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(d) | Principal and/or interest payments are secured by the bond insurance company listed. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the 1933 Act). 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, 2015 was $14,377,005, which represented 4.05% of the Trusts Net Assets. |
(f) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(g) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(h) | Security subject to the alternative minimum tax. |
(i) | Zero coupon bond issued at a discount. |
(j) | 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, 2015 was $4,764,931, which represented 1.34% of the Trusts Net Assets. |
(k) | 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% each. |
(l) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2015. At August 31, 2015, the Trusts investments with a value of $96,333,777 are held by TOB Trusts and serve as collateral for the $56,180,000 in the floating rate note obligations outstanding at that date. |
Portfolio Composition
By credit sector, based on Total Investments
as of August 31, 2015
Revenue Bonds |
88.9 | % | ||
General Obligation Bonds |
6.4 | |||
Pre-Refunded Bonds |
4.7 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco Municipal Income Opportunities Trust
Statement of Assets and Liabilities
August 31, 2015
(Unaudited)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco Municipal Income Opportunities Trust
Statement of Operations
For the six months ended August 31, 2015
(Unaudited)
Investment income: |
| |||
Interest |
$ | 11,591,987 | ||
Expenses: |
||||
Advisory fees |
1,135,386 | |||
Administrative services fees |
41,124 | |||
Custodian fees |
6,150 | |||
Interest, facilities and maintenance fees |
193,660 | |||
Transfer agent fees |
7,316 | |||
Trustees and officers fees and benefits |
28,567 | |||
Other |
103,990 | |||
Total expenses |
1,516,193 | |||
Net investment income |
10,075,794 | |||
Realized and unrealized gain (loss) from: |
||||
Net realized gain from investment securities |
151,178 | |||
Change in net unrealized appreciation (depreciation) of investment securities |
(5,394,952 | ) | ||
Net realized and unrealized gain (loss) |
(5,243,774 | ) | ||
Net increase in net assets resulting from operations |
$ | 4,832,020 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco Municipal Income Opportunities Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2015 and the year ended February 28, 2015
(Unaudited)
August 31, 2015 |
February 28, 2015 |
|||||||
Operations: |
||||||||
Net investment income |
$ | 10,075,794 | $ | 19,260,728 | ||||
Net realized gain |
151,178 | 596,965 | ||||||
Change in net unrealized appreciation (depreciation) |
(5,394,952 | ) | 24,468,568 | |||||
Net increase in net assets resulting from operations |
4,832,020 | 44,326,261 | ||||||
Distributions to shareholders from net investment income |
(9,333,337 | ) | (19,150,415 | ) | ||||
Net increase (decrease) in net assets |
(4,501,317 | ) | 25,175,846 | |||||
Net assets: |
||||||||
Beginning of period |
359,601,759 | 334,425,913 | ||||||
End of period (includes undistributed net investment income of $1,359,957 and $617,500, respectively) |
$ | 355,100,442 | $ | 359,601,759 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Invesco Municipal Income Opportunities Trust
Statement of Cash Flows
For the six months ended August 31, 2015
(Unaudited)
Cash provided by operating activities: |
| |||
Net increase in net assets resulting from operations |
$ | 4,832,020 | ||
Adjustments to reconcile the change in net assets applicable from operations to net cash provided by operating activities: |
| |||
Purchases of investments |
(22,447,473 | ) | ||
Proceeds from sales of investments |
19,750,649 | |||
Amortization of premium |
286,778 | |||
Accretion of discount |
(1,002,073 | ) | ||
Increase in receivables and other assets |
(84,048 | ) | ||
Decrease in accrued expenses and other payables |
(2,531 | ) | ||
Net realized gain from investment securities |
(151,178 | ) | ||
Net change in unrealized depreciation on investment securities |
5,394,952 | |||
Net cash provided by operating activities |
6,577,096 | |||
Cash provided by (used in) financing activities: |
||||
Dividends paid to shareholders from net investment income |
(9,333,027 | ) | ||
Decrease in payable for amount due custodian |
(289,069 | ) | ||
Proceeds from TOB Trusts |
3,045,000 | |||
Net cash provided by (used in) financing activities |
(6,577,096 | ) | ||
Net increase in cash and cash equivalents |
| |||
Cash at beginning of period |
| |||
Cash at end of period |
$ | | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 193,660 |
Notes to Financial Statements
August 31, 2015
(Unaudited)
NOTE 1Significant Accounting Policies
Invesco Municipal Income Opportunities Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company.
The Trusts investment objective is to provide a high level of current income which is 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, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became 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.
The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
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.
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 (net of withholding tax, if any) is |
20 Invesco Municipal Income Opportunities Trust
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 the Statement of Changes in Net Assets, or the net investment income per share and the 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 Distributions from net investment income are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (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. |
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trusts uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
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. | 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. |
G. | 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. |
H. | 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. |
I. | 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. |
J. | Floating Rate Note Obligations The Trust invests in inverse floating rate securities, such as Tender Option Bonds (TOBs), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (TOB Trusts) in exchange for cash and residual interests in the TOB Trusts assets and cash flows, which are in the form of inverse floating rate securities. The TOB 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 TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) 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 TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities 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. |
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 decreases in the value of
21 Invesco Municipal Income Opportunities Trust
such securities in response to changes in interest rates to a greater extent than fixed rate securities 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 notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (liquidity shortfall). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Trust accounts for the transfer of fixed rate bonds to the TOB 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 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 TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker Rule) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities investments in, and relationships with, covered funds, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as sponsors of TOB Trusts. These duties may be performed by a third-party service provider. The Trusts expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trusts net asset value, distribution rate and ability to achieve its investment objective.
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 (the 1933 Act), 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 atypical, 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.
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 the 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 of 0.55% 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 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 Affiliated Sub-Adviser(s).
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, 2015, 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.
22 Invesco Municipal Income Opportunities Trust
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. |
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. |
As of August 31, 2015, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.
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 were eligible to participate in a retirement plan that provided 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 and Trust Company, 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 Trust 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 TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2015 were $55,221,857 and 0.56%, 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 GAAP. 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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. 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. Capital loss carryforwards with no expiration date 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 carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
23 Invesco Municipal Income Opportunities Trust
The Trust had a capital loss carryforward as of February 28, 2015 which expires as follows:
Capital Loss Carryforward* | ||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
February 29, 2016 |
$ | 15,719,918 | $ | | $ | 15,719,918 | ||||||
February 28, 2017 |
11,373,118 | | 11,373,118 | |||||||||
February 28, 2018 |
9,120,629 | | 9,120,629 | |||||||||
February 28, 2019 |
3,761,358 | | 3,761,358 | |||||||||
Not subject to expiration |
4,292,240 | 10,244,523 | 14,536,763 | |||||||||
$ | 44,267,263 | $ | 10,244,523 | $ | 54,511,786 |
* | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
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, 2015 was $19,183,467 and $16,230,285, 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 |
$ | 38,280,713 | ||
Aggregate unrealized (depreciation) of investment securities |
(13,173,958 | ) | ||
Net unrealized appreciation of investment securities |
$ | 25,106,755 |
Cost of investments for tax purposes is $381,381,909.
NOTE 8Shares of Beneficial Interest
Transactions in shares of beneficial interest were as follows:
Six months ended August 31, 2015 |
Year ended February 28, 2015 |
|||||||
Beginning shares |
47,425,494 | 47,425,494 | ||||||
Shares issued through dividend reinvestment |
| | ||||||
Ending shares |
47,425,494 | 47,425,494 |
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 common shareholders from net investment income subsequent to August 31, 2015:
Declaration Date | Amount per Share | Record Date | Payable Date | |||||||||
September 1, 2015 |
$ | 0.033 | September 14, 2015 | September 30, 2015 | ||||||||
October 1, 2015 |
$ | 0.033 | October 15, 2015 | October 30, 2015 |
24 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 ended August 31, 2015 |
Years ended February 28, | Year ended February 29, 2012 |
Nine Months ended February 28, 2011 |
Year ended 2010 |
||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 7.58 | $ | 7.05 | $ | 7.56 | $ | 7.14 | $ | 6.41 | $ | 6.79 | $ | 5.90 | ||||||||||||||
Net investment income(a) |
0.21 | 0.40 | 0.42 | 0.41 | 0.41 | 0.32 | 0.44 | |||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
(0.10 | ) | 0.53 | (0.51 | ) | 0.43 | 0.74 | (0.38 | ) | 0.87 | ||||||||||||||||||
Total from investment operations |
0.11 | 0.93 | (0.09 | ) | 0.84 | 1.15 | (0.06 | ) | 1.31 | |||||||||||||||||||
Less distributions from net investment income |
(0.20 | ) | (0.40 | ) | (0.42 | ) | (0.42 | ) | (0.42 | ) | (0.32 | ) | (0.42 | ) | ||||||||||||||
Net asset value, end of period |
$ | 7.49 | $ | 7.58 | $ | 7.05 | $ | 7.56 | $ | 7.14 | $ | 6.41 | $ | 6.79 | ||||||||||||||
Market value, end of period |
$ | 6.63 | $ | 6.99 | $ | 6.52 | $ | 7.26 | $ | 7.02 | $ | 6.02 | $ | 6.51 | ||||||||||||||
Total return at net asset value(b) |
1.68 | % | 13.96 | % | (0.53 | )% | 12.07 | % | 18.92 | % | (0.90 | )% | 23.12 | % | ||||||||||||||
Total return at market value(c) |
(2.39 | )% | 13.63 | % | (4.21 | )% | 9.47 | % | 24.50 | % | (2.93 | )% | 22.83 | % | ||||||||||||||
Net assets, end of period (000s omitted) |
$ | 355,100 | $ | 359,602 | $ | 334,426 | $ | 358,329 | $ | 140,080 | $ | 125,777 | $ | 133,201 | ||||||||||||||
Portfolio turnover rate(d) |
4 | % | 11 | % | 24 | % | 13 | % | 22 | % | 12 | % | 13 | % | ||||||||||||||
Ratios/supplemental data based on average net assets: |
|
|||||||||||||||||||||||||||
Ratio of expenses: |
||||||||||||||||||||||||||||
With fee waivers and/or expense reimbursements |
0.85 | %(e) | 0.79 | % | 0.72 | % | 0.73 | % | 0.73 | % | 0.72 | %(f) | 0.78 | % | ||||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees(g) |
0.74 | %(e) | 0.69 | % | 0.67 | % | 0.67 | % | 0.68 | % | 0.67 | %(f) | 0.73 | % | ||||||||||||||
Without fee waivers and/or expense reimbursements |
0.85 | %(e) | 0.84 | % | 0.77 | % | 0.77 | % | 0.73 | % | 0.72 | %(f) | 0.78 | % | ||||||||||||||
Ratio of net investment income to average net assets |
5.63 | %(e) | 5.51 | % | 5.92 | % | 5.50 | % | 6.15 | % | 6.28 | %(f) | 6.90 | % |
(a) | Calculated using average shares outstanding. |
(b) | 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. |
(c) | Total return assumes an investment at the common share 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 common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended February 28, 2013, the portfolio turnover calculation excludes the value of securities purchased of $188,960,770 and sold of $14,007,508 in the effort to realign the Trusts portfolio holdings after the reorganization of Invesco Municipal Opportunities Trust II and Invesco Municipal Opportunities Trust III into the Trust. |
(e) | Ratios are annualized and based on average daily net assets (000s omitted) of $355,661. |
(f) | Annualized. |
(g) | For the years ended May 31, 2010 and prior, ratio does not exclude facilities and maintenance fees. |
25 Invesco Municipal Income Opportunities Trust
Approval of Investment Advisory and Sub-Advisory Contracts
26 Invesco Municipal Income Opportunities Trust
27 Invesco Municipal Income Opportunities Trust
Proxy Results
A Joint Annual Meeting (Meeting) of Shareholders of Invesco Municipal Income Opportunities Trust (the Fund) was held on August 26, 2015. The Meeting was held for the following purposes:
(1) | Election of Trustees by Common Shareholders. |
(2) | To eliminate the fundamental restriction prohibiting investments in investment companies, as reflected in the Funds registration statement. |
The results of the voting on the above matters were as follows:
Matters | Votes For | Votes Withheld |
||||||||||||
(1) | James T. Bunch | 42,282,413 | 1,469,414 | |||||||||||
Bruce L. Crockett | 41,990,200 | 1,761,627 | ||||||||||||
Rodney F. Dammeyer | 41,981,810 | 1,770,017 | ||||||||||||
Jack M. Fields | 41,967,461 | 1,784,366 | ||||||||||||
Martin L. Flanagan | 42,277,387 | 1,474,440 | ||||||||||||
Votes Abstain |
||||||||||||||
(2) | To eliminate the fundamental restriction prohibiting investments in investment companies, as reflected in the Funds registration statement | 39,106,855 | 3,220,446 | 1,424,526 |
28 Invesco Municipal Income Opportunities Trust
Correspondence information
Send general correspondence to Computershare Trust Company, N.A., P.O. Box 30170, College Station, TX 77842-3170.
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. The most recent list of portfolio holdings is available at invesco.com/us. 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 most recent 12-month period ended June 30 is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov. |
SEC file number: 811-05597 MS-CE-MIOPP-SAR-1 |
ITEM 2. | CODE OF ETHICS. | |
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, 2015, 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, 2015, 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. | |
ITEM 12. | EXHIBITS. | |
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 9, 2015 | |||
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 9, 2015 | |||
By: | /s/ Sheri Morris |
|||
Sheri Morris | ||||
Principal Financial Officer | ||||
Date: | November 9, 2015 |
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. |