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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
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)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 5/31/11
 
 

 

 

Item 1. Schedule of Investments.

 

 

Invesco Municipal Income Opportunities Trust
Quarterly Schedule of Portfolio Holdings
May 31, 2011
(INVESCO LOGO)

invesco.com/us                MS-CE-MIOPP-QTR-1   05/11                Invesco Advisers, Inc.

 

 

Schedule of Investments
May 31, 2011
(Unaudited)
                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Municipal Obligations—104.75%
                                
 
                                
Alabama—0.95%
                                
Colbert (County of) Northwest Alabama Health Care Authority; Series 2003, Health Care Facilities RB
     5.75 %     06/01/27     $ 1,000     $ 950,850  
Huntsville-Redstone Village (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facilities RB
     5.50 %     01/01/43       370       265,020  
 
 
                             1,215,870  
 
 
                                
Arizona—2.67%
                                
Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008, Lease RB
     7.00 %     01/01/38       1,225       1,118,217  
Pima (County of) Industrial Development Authority (Global Water Resources LLC); Series 2007, Water & Wastewater RB (a)
     6.55 %     12/01/37       800       706,432  
Pima (County of) Industrial Development Authority (Noah Webster Basic Schools); Series 2004 A, Education RB
     6.00 %     12/15/24       500       474,685  
Pinal (County of) Electrical District No. 4; Series 2008, Electrical System RB
     6.00 %     12/01/38       660       635,111  
Quechan Indian Tribe of Fort Yuma (Indian Reservation California and Governmental Projects); Series 2008, RB
     7.00 %     12/01/27       530       493,987  
 
 
                             3,428,432  
 
 
                                
California—6.10%
                                
Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB
     7.63 %     01/01/40       335       342,722  
Bakersfield (City of); Series 2007 A, Wastewater RB (INS-AGM) (b)(c)
     5.00 %     09/15/32       390       395,324  
California (County of) Tobacco Securitization Agency (Gold Country); Series 2006 CAB, RB (d)
     0.00 %     06/01/33       1,680       147,470  
California (State of) Municipal Finance Authority (High Tech High); Series 2008 A, Educational Facility RB (e)
     5.88 %     07/01/28       335       298,063  
California (State of) Statewide Communities Development Authority (Aspire Public Schools); Series 2010, School Facility RB
     6.38 %     07/01/45       400       378,288  
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB
     5.50 %     11/01/38       1,000       838,250  
California (State of) Statewide Communities Development Authority (Thomas Jefferson School of Law); Series 2008 A, RB
     7.25 %     10/01/38       200       202,746  
Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB
     7.00 %     08/01/32       400       415,264  
Daly (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier RB
     6.50 %     12/15/47       985       827,755  
Golden State Tobacco Securitization Corp.; Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB
     5.13 %     06/01/47       2,850       1,772,785  
Riverside (County of) Redevelopment Agency (Mid County Redevelopment); Series 2010 C, Tax Allocation RB
     6.25 %     10/01/40       400       352,920  
Sacramento (County of) Community Facilities District No. 05-2 (North Vineyard Station No. 1); Series 2007 A, Special Tax Bonds
     6.00 %     09/01/37       400       310,200  
San Francisco (City of) Redevelopment Financial Authority (Mission Bay South); Series 2011 D, Tax Allocation, RB
     7.00 %     08/01/41       560       573,339  
Southern California Logistics Airport Authority; Series 2008 A, Sub. Tax Allocation CAB RB (d)
     0.00 %     12/01/44       7,235       356,613  
Union (City of) Communities Redevelopment Agancy; Series 2011, Tax Allocation RB
     6.88 %     12/01/33       600       620,388  
 
 
                             7,832,127  
 
 
                                
Colorado—2.77%
                                
Colorado (State of) Health Facilities Authority (Christian Living Communities);
                               
Series 2006 A, RB
     5.75 %     01/01/37       600       513,768  
Series 2009 A, RB
     9.00 %     01/01/34       500       526,190  
Colorado (State of) Housing & Finance Authority; Series 1998 D-2, RB (a)
     6.35 %     11/01/29       220       234,995  
Colorado (State of) Regional Transportation District (Denver Transit Partners); Series 2010, Private Activity RB
     6.00 %     01/15/41       400       401,080  
Copperleaf Metropolitan District No. 2; Series 2006, Limited Tax GO Bonds
     5.95 %     12/01/36       1,000       680,950  
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Colorado—(continued)
                                
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (c)
     5.00 %     12/01/35     $ 250     $ 200,715  
Montrose (County of) Memorial Hospital; Series 2003, RB
     6.00 %     12/01/33       400       377,428  
Northwest Metropolitan District No. 3; Series 2005, Limited Tax GO Bonds
     6.25 %     12/01/35       800       617,792  
 
 
                             3,552,918  
 
 
                                
Connecticut—0.75%
                                
Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds (e)(f)
     5.13 %     10/01/36       1,970       964,532  
 
                                
District of Columbia—0.92%
                                
District of Columbia (Cesar Chavez Charter School); Series 2011, RB
     7.88 %     11/15/40       400       403,096  
District of Columbia; Series 2009 B, Ref. Sec. Income Tax RB (b)
     5.00 %     12/01/25       540       593,568  
Metropolitan Washington Airports Authority (Caterair International Corp.); Series 1991, Special Facility RB (a)
     10.13 %     09/01/11       180       179,417  
 
 
                             1,176,081  
 
 
                                
Florida—15.51%
                                
Alachua (County of) (North Florida Retirement Village, Inc.);
                               
Series 2007, IDR
     5.25 %     11/15/17       500       465,960  
Series 2007, IDR
     5.88 %     11/15/36       800       615,256  
Series 2007, IDR
     5.88 %     11/15/42       400       298,968  
Beacon Lakes Community Development District; Series 2003 A, Special Assessment Bonds
     6.90 %     05/01/35       1,725       1,643,615  
Bellalago Educational Facilities Benefit District; Series 2004 B, Capital Improvement Special Assessment RB
     5.80 %     05/01/34       900       747,297  
Brevard (County of) Health Facilities Authority (Buena Vida Estates, Inc.); Series 2008, Residential Care Facility RB
     6.75 %     01/01/37       635       577,431  
Broward (County of) (Civic Arena); Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS-AGM/AMBAC) (b)(c)
     5.00 %     09/01/23       2,960       3,110,901  
Escambia (County of) (Pensacola Care Development Centers);
                               
Series 1989, RB
     10.25 %     07/01/11       1,015       1,016,695  
Series 1989 A, Unlimited Tax GO Bonds
     10.25 %     07/01/11       235       235,392  
Florida (State of) Development Finance Corp. (Renaissance Charter School, Inc.); Series 2010 A, Educational Facilities RB
     6.00 %     09/15/40       400       346,884  
Lee (County of) Industrial Development Authority (County Community Charter Schools, LLC); Series 2007 A, RB
     5.38 %     06/15/37       1,000       772,280  
Lee (County of) Industrial Development Authority (Cypress Cove Health Park); Series 1997 A, Health Care Facilities RB
     6.38 %     10/01/25       400       304,940  
Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB
     7.25 %     10/01/40       400       405,336  
Midtown Miami Community Development District; Series 2004 A, Special Assessment RB
     6.25 %     05/01/37       1,000       950,820  
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
                               
Series 2005, Ref. Health Care Facility RB
     5.70 %     07/01/26       500       434,040  
Series 2007, First Mortgage RB
     5.50 %     07/01/32       2,000       1,615,480  
Orange (County of) Health Facilities Authority (Westminster Community Care); Series 1999, RB
     6.75 %     04/01/34       1,000       917,970  
Pinellas (County of) Health Facilities Authority (The Oaks of Clearwater); Series 2004, Health Care Facilities RB
     6.25 %     06/01/34       600       605,094  
Renaissance Commons Community Development District; Series 2005 A, Special Assessment RB
     5.60 %     05/01/36       920       724,941  
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB (b)
     5.00 %     08/15/32       2,860       2,837,635  
St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities); Series 2010 A, RB
     6.00 %     08/01/45       400       374,720  
Tolomato Community Development District;
                               
Series 2007, Special Assessment RB
     6.55 %     05/01/27       600       392,394  
Series 2007 A, Special Assessment RB
     5.25 %     05/01/39       485       293,280  
University Square Community Development District; Series 2007
A-1, Capital Improvement RB
     5.88 %     05/01/38       250       213,180  
 
 
                             19,900,509  
 
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Georgia—1.31%
                                
Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB
     7.38 %     01/01/31     $ 400     $ 407,264  
Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB
     5.60 %     01/01/30       1,000       956,580  
Clayton (County of) Development Authority (Delta Air Lines, Inc.); Series 2009 B, Special Facilities RB (a)
     9.00 %     06/01/35       300       322,671  
 
 
                             1,686,515  
 
 
                                
Hawaii—2.53%
                                
Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose RB
     8.75 %     11/15/29       400       435,412  
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Company); Series 2009, Special Purpose RB
     6.50 %     07/01/39       400       402,492  
Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2003 A, Special Purpose RB
     8.00 %     11/15/33       1,000       1,048,260  
Hawaii (State of); Series 2008 DK, GO Bonds (b)
     5.00 %     05/01/23       1,220       1,365,619  
 
 
                             3,251,783  
 
 
                                
Idaho—0.59%
                                
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB
     6.13 %     11/15/27       915       760,365  
 
                                
Illinois—11.07%
                                
Bolingbrook (Village of) (Forest City); Series 2005, Special Services Area No. 1 Special Tax Bonds
     5.90 %     03/01/27       750       605,085  
Bolingbrook (Village of); Series 2005, Sales Tax RB
     6.25 %     01/01/24       1,000       662,450  
Chicago (City of) (Lakeshore East); Series 2003, Special Assessment Improvement Bonds
     6.75 %     12/01/32       1,999       1,954,282  
Chicago (City of) Increment Revenue Series 2011 C, COP
     7.13 %     05/01/25       430       430,774  
Cook (County of) Finance Authority (Navistar International Corp.); Series 2010, Recovery Zone Facility RB
     6.50 %     10/15/40       280       287,860  
Illinois (State of) Finance Authority (Elmhurst Memorial Healthcare); Series 2008 A, RB
     5.63 %     01/01/37       480       429,576  
Illinois (State of) Finance Authority (Friendship Village of Schaumburg); Series 2010, RB
     7.00 %     02/15/38       580       543,495  
Illinois (State of) Finance Authority (Kewanee Hospital); Series 2006, RB
     5.00 %     08/15/26       400       332,048  
Illinois (State of) Finance Authority (Luther Oaks); Series 2006 A, RB
     6.00 %     08/15/39       1,000       773,590  
Illinois (State of) Finance Authority (Montgomery Place); Series 2006 A, RB
     5.75 %     05/15/38       800       651,496  
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 A, RB
     8.25 %     05/15/45       400       395,036  
Illinois (State of) Finance Authority (Smith Crossing); Series 2003 A, Health Facilities RB
     7.00 %     11/15/32       800       726,104  
Illinois (State of) Finance Authority (The Admiral at the Lake); Series 2010 A, RB
     7.25 %     05/15/20       400       388,736  
Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB
     6.00 %     05/15/37       1,000       808,350  
Illinois (State of) Financial Authority (Dekalb-Northern Student Housing); Series 2011, RB
     6.88 %     10/01/43       400       404,132  
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
                                
Series 2010 A, Dedicated State Tax RB (b)
     5.50 %     06/15/50       390       381,112  
Series 2010 B, Ref. CAB RB (INS-AGM) (c)(d)
     0.00 %     06/15/43       4,000       515,240  
Illinois (State of) Toll Highway Authority; Series 2008 B, RB (b)
     5.50 %     01/01/33       1,200       1,231,560  
Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB
     7.50 %     01/01/30       400       376,740  
Pingree Grove (Village of) Special Service Area No. 7 (Cambridge Lakes); Series 2006-1, Special Tax Bonds
     6.00 %     03/01/36       992       858,308  
United City of Yorkville (City of) (Cannonball/Beecher Road); Series 2007, Special Tax Bonds
     5.75 %     03/01/28       985       877,891  
Will-Kankakee Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB (a)
     7.00 %     12/01/42       650       572,942  
 
 
                             14,206,807  
 
 
                                
Indiana—1.02%
                                
Crown Point (City of) (Wittenberg Village); Series 2009 A, Economic Development RB
     8.00 %     11/15/39       400       403,388  
Indiana (State of) Finance Authority (King’s Daughters Hospital & Health Services); Series 2010, Hospital RB
     5.50 %     08/15/45       400       331,704  
St. Joseph (County of) (Holy Cross Village at Notre Dame); Series 2006 A, Economic Development RB
     6.00 %     05/15/26       285       263,542  
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Indiana—(continued)
                                
Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, Hospital RB (e)
     5.80 %     09/01/47     $ 400     $ 315,240  
 
 
                             1,313,874  
 
 
                                
Iowa—1.66%
                                
Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB
     7.25 %     06/01/35       400       413,756  
Iowa (State of) Finance Authority (Bethany Life Communities); Series 2006 A, Ref. Senior Housing RB
     5.55 %     11/01/41       1,000       797,420  
Iowa (State of) Finance Authority (Madrid Home); Series 2007, Ref. Health Care Facility RB
     5.90 %     11/15/37       750       576,203  
Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN
     5.60 %     09/01/32       400       336,708  
 
 
                             2,124,087  
 
 
                                
Kansas—0.37%
                                
Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB
     6.00 %     11/15/38       560       478,262  
 
                                
Louisiana—2.01%
                                
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB (f)
     5.25 %     07/01/17       794       397,000  
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2009 A, RB
     6.50 %     08/01/29       400       412,480  
Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB (e)
     6.38 %     12/01/34       600       545,358  
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB
     5.13 %     06/01/37       500       482,735  
Tobacco Settlement Financing Corp.; Series 2001 B, Tobacco Settlement Asset-Backed RB
     5.88 %     05/15/39       800       739,776  
 
 
                             2,577,349  
 
 
                                
Maryland—1.34%
                                
Harford (County of) Series 2011, Special Obligation Tax Allocation RB
     7.50 %     07/01/40       400       406,784  
Maryland (State of) Health & Higher Educational Facilities Authority (King Farm Presbyterian Retirement Community); Series 2007 A, RB
     5.30 %     01/01/37       750       515,543  
Maryland (State of) Health & Higher Educational Facilities Authority (Washington Christian Academy); Series 2006, RB (f)
     5.50 %     07/01/38       800       319,648  
Maryland (State of) Industrial Development Financing Authority (Our Lady of Good Counsel High School Facility); Series 2005 A, Economic Development RB
     6.00 %     05/01/35       500       478,590  
 
 
                             1,720,565  
 
 
                                
Massachusetts—3.44%
                                
Massachusetts (Commonwealth of); Series 2004 A, Ref. Limited Obligation RB (INS-AMBAC) (b)(c)
     5.50 %     08/01/30       390       460,535  
Massachusetts (State of) Development Finance Agency (Linden Ponds Inc.); Series 2007 A, RB
     5.75 %     11/15/42       425       228,357  
Massachusetts (State of) Development Finance Agency (Loomis Community); Series 1999 A, First Mortgage RB
     5.75 %     07/01/23       1,500       1,459,230  
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 A, Senior Living Facilities RB
     7.75 %     06/01/39       400       398,412  
Massachusetts (State of) Development Finance Agency (The New England Center For Children, Inc.); Series 1998, RB
     5.88 %     11/01/18       1,335       1,223,340  
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB
     6.88 %     01/01/41       400       408,260  
Massachusetts (State of) Health & Educational Facilities Authority (Massachusetts Institute of Technology); Series 2002 K, RB (b)
     5.50 %     07/01/32       195       236,549  
 
 
                             4,414,683  
 
 
                                
Michigan—0.71%
                                
Dearborn (City of) Economic Development Corp. (Henry Ford Village, Inc.); Series 2008, Ref. Limited Obligation RB
     7.00 %     11/15/28       500       472,155  
Michigan (State of) Strategic Fund (The Dow Chemical Co.); Series 2003 A-1, Ref. Limited Obligation RB (a)(g)(h)
     6.75 %     06/02/14       400       443,520  
 
 
                             915,675  
 
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Minnesota—2.36%
                                
Bloomington (City of) Port Authority (Radisson Blu Moa LLC); Series 2010, Recovery Zone Facilities RB
     9.00 %     12/01/35     $ 400     $ 405,712  
Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB
     9.25 %     03/01/39       450       491,819  
Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB
     6.75 %     11/15/32       600       652,218  
North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB
     6.13 %     10/01/39       750       699,982  
St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. Tax Increment RB
     6.25 %     03/01/25       400       392,372  
Winstead (City of) (St. Mary’s Care Center); Series 2010 A, Health Care RB
     6.88 %     09/01/42       400       381,012  
 
 
                             3,023,115  
 
 
                                
Mississippi—0.31%
                                
Mississippi (State of) Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR
     5.88 %     04/01/22       400       398,128  
 
                                
Missouri—6.13%
                                
Branson (City of) Regional Airport Transportation Development District; Series 2007 B, Airport RB (a)
     6.00 %     07/01/37       500       216,100  
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB
     5.50 %     04/01/27       750       488,737  
Des Peres (City of) (West County Center); Series 2002 A, Ref. Tax Increment Allocation RB
     5.75 %     04/15/20       2,000       1,911,560  
Fenton (City of) (Gravois Bluffs); Series 2001, Ref. Improvement Tax Increment Allocation RB (g)(i)
     7.00 %     10/01/11       3,850       3,970,505  
Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 A, Retirement Community RB
     8.25 %     05/15/39       400       408,584  
St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB
     5.00 %     11/15/22       250       221,693  
St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Senior Living Facilities RB
     6.38 %     12/01/41       750       652,365  
 
 
                             7,869,544  
 
 
                                
Nebraska—0.30%
                                
Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital & Health Center); Series 2010 B, Health Care Facilities RB
     6.75 %     06/01/35       400       388,004  
 
                                
Nevada—1.71%
                                
Director of the State of Nevada Department of Business & Industry (Las Vegas Monorail); Series 2000, Second Tier RB (f)
     7.38 %     01/01/40       1,000       1,750  
Henderson (City of) Local Improvement District No. T-18; Series 2006, Special Assessment RB
     5.30 %     09/01/35       450       234,315  
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment RB
     8.00 %     06/15/30       500       563,360  
Mesquite (City of) Local Improvement (Anthem at Mesquite); Series 2007, Local Improvement Bonds
     6.00 %     08/01/23       985       844,401  
Sparks (City of) Local Improvement Districts No. 3 (Legends at Sparks Marina); Series 2008, Limited Obligation Bonds
     6.50 %     09/01/20       560       546,286  
 
 
                             2,190,112  
 
 
                                
New Hampshire—0.83%
                                
New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB
     6.88 %     10/01/39       400       405,512  
New Hampshire (State of) Housing Finance Authority; Series 1983 CAB, RB (CEP-FHA/VA) (c)(d)
     0.00 %     01/01/15       950       656,792  
 
 
                             1,062,304  
 
 
                                
New Jersey—4.94%
                                
Essex (County of) Improvement Authority (Newark); Series 2010 A, Lease RB
     6.25 %     11/01/30       400       418,656  
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
                               
Series 1999, Special Facility RB (a)
     6.25 %     09/15/19       400       383,256  
Series 1999, Special Facility RB (a)
     6.40 %     09/15/23       210       203,492  
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
New Jersey—(continued)
                                
New Jersey (State of) Economic Development Authority (Franciscan Oaks); Series 1997, First Mortgage RB
     5.70 %     10/01/17     $ 1,000     $ 964,920  
New Jersey (State of) Economic Development Authority (Lions Gate); Series 2005 A, First Mortgage RB
     5.88 %     01/01/37       730       616,113  
New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center); Series 2006, First Mortgage RB
     5.38 %     11/01/36       700       505,183  
New Jersey (State of) Economic Development Authority (The Presbyterian Home at Montgomery); Series 2001 A, First Mortgage RB
     6.38 %     11/01/31       1,000       857,970  
New Jersey (State of) Economic Development Authority (United Methodist Homes of New Jersey Obligated Group); Series 1998, Ref. Economic Development RB
     5.13 %     07/01/25       2,000       1,676,940  
New Jersey (State of) Health Care Facilities Financing Authority (Raritan Bay Medical Center); Series 1994, RB
     7.25 %     07/01/27       600       469,668  
New Jersey (State of) Tobacco Settlement Financing Corp.; Series 2007 1-A, Tobacco Settlement Asset-Backed RB
     5.00 %     06/01/41       380       243,253  
 
 
                             6,339,451  
 
 
                                
New Mexico—0.30%
                                
New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB
     6.13 %     07/01/40       400       387,072  
 
                                
New York—4.19%
                                
Brookhaven (Town of) Industrial Development Agency (The Woodcrest Estates Facility); Series 1998 A, Sr. Residential Housing RB (a)
     6.38 %     12/01/37       500       433,865  
Brooklyn (City of) Arena Local Development Corp. (Barclays Center);
                               
Series 2009, CAB RB (d)
     0.00 %     07/15/35       560       113,831  
Series 2009, CAB RB (d)
     0.00 %     07/15/46       4,000       349,160  
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement Community RB
     6.50 %     01/01/27       625       595,587  
New York City (City of) Industrial Development Agency (7 World Trade Center, LLC); Series 2005 A, Liberty RB
     6.50 %     03/01/35       640       641,792  
New York City (City of) Industrial Development Agency (Polytechnic University); Series 2007, Civic Facility Ref. RB (INS-ACA) (c)
     5.25 %     11/01/37       500       475,990  
New York City (City of) Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority Liberty RB
     6.38 %     07/15/49       400       413,836  
New York (City of) Liberty Development Corp. (National Sports Museum); Series 2006 A, Liberty RB (e)(f)
     6.13 %     02/15/19       1,000       10  
New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2008, RB
     6.25 %     12/01/37       400       373,840  
New York City (City of); Subseries 2008 L-5, VRD Unlimited Tax GO Bonds (j)
     0.75 %     04/01/35       500       500,000  
Seneca (County of) Industrial Development Agency (Seneca Meadows, Inc.); Series 2005, Solid Waste Disposal RB (a)(e)(g)(h)
     6.63 %     10/01/13       400       400,028  
Suffolk (County of) Industrial Development Agency (Medford
Hamlet Assisted Living); Series 2005, Assisted Living Facility RB (a)
     6.38 %     01/01/39       1,440       1,077,595  
 
 
                             5,375,534  
 
 
                                
North Carolina—0.56%
                                
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); Series 2005 A, Health Care Facilities RB
     6.13 %     10/01/35       400       317,672  
North Carolina (State of) Medical Care Commission (Whitestone); Series 2011 A, First Mortgage Retirement Facilities RB
     7.75 %     03/01/41       400       400,332  
 
 
                             718,004  
 
 
                                
North Dakota—0.90%
                                
Grand Forks (City of) (4000 Valley Square); Series 2006, Ref. Senior Housing RB
     5.30 %     12/01/34       1,500       1,150,140  
 
                                
Ohio—2.33%
                                
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 A, Healthcare RB
     6.00 %     11/01/38       600       497,094  
Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Healthcare & Independent Living Facilities RB
     5.75 %     05/15/27       850       749,929  
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Ohio—(continued)
                                
Lorain (County of) Port Authority (U.S. Steel Corp. Project); Series 2010, Recovery Zone Facility RB
     6.75 %     12/01/40     $ 400     $ 405,396  
Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care MFH RB
     6.63 %     04/01/40       400       380,520  
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR
     5.63 %     06/01/18       400       433,152  
Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB
     5.38 %     12/01/35       480       398,462  
Tuscarawas (County of) (Twin City Hospital); Series 2007, Hospital Facilities RB (f)
     6.35 %     11/01/37       450       121,410  
 
 
                             2,985,963  
 
 
                                
Oklahoma—0.68%
                                
Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB
     6.50 %     09/01/16       500       476,970  
Tulsa (County of) Industrial Authority (Montereau, Inc.); Series 2010 A, Senior Living Community RB
     7.25 %     11/01/45       400       396,460  
 
 
                             873,430  
 
 
                                
Pennsylvania—4.78%
                                
Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB
     6.75 %     08/15/35       400       354,344  
Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility); Series 2005 A, Retirement Community RB
     6.13 %     01/01/25       1,500       1,407,240  
Chester (County of) Health & Education Facilities Authority (Jenner’s Pond, Inc.); Series 2002, Sr. Living Facility RB (g)(i)
     7.63 %     07/01/12       1,000       1,097,700  
Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB
     6.00 %     09/01/36       750       647,400  
Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB
     6.63 %     12/01/30       400       404,976  
Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB (b)
     5.00 %     06/15/21       1,230       1,398,338  
Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation
RB (g)(h)
     5.45 %     07/01/35       995       827,671  
 
 
                             6,137,669  
 
 
                                
Puerto Rico—0.27%
                                
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.; Series 2010 A, Sales Tax CAB RB (d)
     0.00 %     08/01/34       1,600       349,936  
 
                                
South Carolina—1.58%
                                
Georgetown (County of) (International Paper Co.); Series 2000 A, Ref. Environmental Improvement RB
     5.95 %     03/15/14       300       324,537  
Myrtle Beach (City of) (Myrtle Beach Air Force Base); Series 2006 A, Tax Increment RB
     5.30 %     10/01/35       1,250       886,437  
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman); Series 2007 A, RB
     6.00 %     11/15/37       625       249,813  
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB
     5.30 %     10/01/36       750       567,960  
 
 
                             2,028,747  
 
 
                                
Tennessee—2.06%
                                
Johnson (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB
     5.50 %     07/01/31       800       735,272  
Shelby (County of) Health Educational & Housing Facilities Board (The Village at Germantown);
                                
Series 2003 A, Residential Care Facility Mortgage RB
     7.25 %     12/01/34       750       691,185  
Series 2006, Residential Care Facility Mortgage RB
     6.25 %     12/01/34       475       392,070  
Shelby (County of) Health Educational & Housing Facilities Board (Trezevant Manor); Series 2006 A, RB
     5.75 %     09/01/37       500       421,135  
Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB
     9.25 %     04/01/39       400       404,696  
 
 
                             2,644,358  
 
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Texas—9.34%
                                
Alliance Airport Authority Inc. (American Airlines Inc.); Series 2007, Ref. Special Facilities RB (a)
     5.25 %     12/01/29     $ 400     $ 266,032  
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB (a)
     4.85 %     04/01/21       500       516,130  
Austin (City of) Convention Enterprises, Inc.; Series 2006 B, Ref. Convention Center Hotel Second Tier RB (e)
     5.75 %     01/01/34       600       499,920  
Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB
     6.13 %     04/01/45       400       400,636  
Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB
     6.25 %     12/01/45       400       356,892  
Decatur (City of) Hospital Authority (Wise Regional Health System); Series 2004 A, Hospital RB
     7.13 %     09/01/34       700       673,659  
HFDC of Central Texas, Inc. (Legacy at Willow Bend); Series 2006 A, Retirement Facilities RB
     5.75 %     11/01/36       400       318,352  
HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 A, RB
     7.75 %     11/15/44       400       375,428  
Houston (City of) (Continental Airlines, Inc. Terminal E);
                                
Series 2001 E, Airport System Special Facilities RB (a)
     6.75 %     07/01/21       425       419,785  
Series 2001 E, Airport System Special Facilities RB (a)
     6.75 %     07/01/29       215       210,378  
Houston (City of) Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, Higher Education RB
     6.88 %     05/15/41       400       409,292  
Love Field Airport Modernization Corp. (Southwest Airlines Co. — Love Field Modernization Program); Series 2010, Special Facilities RB
     5.25 %     11/01/40       400       361,768  
Lubbock (City of) Health Facilities Development Corp. (Carillon); Series 2005 A, Ref. First Mortgage RB
     6.50 %     07/01/26       875       795,952  
North Texas Tollway Authority; Series 2008 A, First Tier RB (INS-BHAC-CR) (b)(c)
     5.75 %     01/01/48       1,200       1,254,348  
Tarrant (County of) Cultural Education Facilities Finance Corp. (Mirador); Series 2010 A, Retirement Facility RB
     8.13 %     11/15/39       600       592,620  
Tarrant (County of) Cultural Education Facilities Finance Corp. (Northwest Senior Housing Corp.-Edgemere); Series 2006 A, Retirement Facilities RB
     6.00 %     11/15/36       450       414,315  
Texas (State of) Department of Housing & Community Affairs; Series 2007 B, Single Family Mortgage RB (INS- GNMA/FNMA/FHLMC) (a)(b)(c)
     5.15 %     09/01/27       2,507       2,517,304  
Texas (State of) Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.); Series 2010 A, Educational RB
     7.13 %     02/15/40       400       396,464  
Texas (State of) Turnpike Authority; Series 2002, CAB RB (INS-AMBAC) (c)(d)
     0.00 %     08/15/33       1,665       392,041  
Texas (State of) Private Activity Bond Surface Transportation Corp. (North Transit Express Mobility); Series 2009, Sr. Lien RB
     6.88 %     12/31/39       400       420,448  
Travis (County of) Health Facilities Development Corp. (Westminster Manor); Series 2010, RB
     7.00 %     11/01/30       400       399,968  
 
 
                             11,991,732  
 
 
                                
Utah—1.05%
                                
Emery (County of) (Pacificorp); Series 1996, Environmental Improvement RB (a)
     6.15 %     09/01/30       1,000       982,080  
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, Charter School RB
     6.38 %     07/15/40       400       359,300  
 
 
                             1,341,380  
 
 
                                
Virginia—0.90%
                                
Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB
     6.45 %     09/01/37       695       635,334  
Virginia (State of) Small Business Financing Authority (Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC); Series 2009, RB (e)
     9.00 %     07/01/39       500       524,425  
 
 
                             1,159,759  
 
 
                                
Washington—1.56%
                                
King (County of) Public Hospital District No. 4 (Snoqualime Valley Hospital); Series 2009, Ref. Improvement Limited Tax GO Bonds
     7.25 %     12/01/38       400       404,780  
Seattle (Port of) Industrial Development Corp. (Northwest Airlines, Inc.); Series 2001, Special Facilities RB (a)
     7.25 %     04/01/30       650       636,532  
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB
     7.00 %     07/01/39       400       411,128  
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

                                 
                    Principal    
    Interest   Maturity   Amount    
    Rate   Date   (000)   Value
 
Washington—(continued)
                                
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB
     7.38 %     03/01/38     $ 500     $ 545,280  
 
 
                             1,997,720  
 
 
                                
West Virginia—0.60%
                                
West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, Hospital RB
     6.50 %     10/01/38       825       767,407  
 
                                
Wisconsin—0.80%
                                
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB
     6.38 %     02/15/29       600       637,194  
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB
     8.25 %     06/01/46       400       392,152  
 
 
                             1,029,346  
 
 
                                
Wyoming—0.55%
                                
Uinta (County of) (Chevron U.S.A. Inc.); Series 1993, Ref. VRD PCR (j)
     0.08 %     08/15/20       700       700,000  
 
TOTAL INVESTMENTS(k) —104.75% (Cost $146,580,707)
                             134,429,289  
 
 
                                
Floating Rate Note Obligations—(6.63)%
                                
Notes with interest rates ranging from 0.18% to 0.32% at 05/31/11 and contractual maturities of collateral ranging from 06/15/21 to 06/15/50 (See Note 1D) (l)
                             (8,505,000 )
 
OTHER ASSETS LESS LIABILITIES—1.88%
                             2,404,970  
 
NET ASSETS—100.00%
                           $ 128,329,259  
 
Investment Abbreviations:
     
ACA
  — ACA Financial Guaranty Corp.
 
AGM
  — Assured Guaranty Municipal Corp.
 
AMBAC
  — American Municipal Bond Assurance Corp. (AMBAC filed for bankruptcy on November 8, 2010)
 
BHAC
  — Berkshire Hathaway Assurance Corp.
 
CAB
  — Capital Appreciation Bonds
 
CEP
  — Credit Enhancement Provider
 
COP
  — Certificates of Participation
 
CR
  — Custodial Receipts
 
FHA
  — Federal Housing Administration
 
FHLMC
  — Federal Home Loan Mortgage Corp.
 
FNMA
  — Federal National Mortgage Association
 
GNMA
  — Government National Mortgage Association
 
GO
  — General Obligation
 
IDR
  — Industrial Development Revenue Bonds
 
INS
  — Insurer
 
MFH
  — Multi-Family Housing
 
PCR
  — Pollution Control Revenue Bonds
 
RB
  — Revenue Bonds
 
Ref.
  — Refunding
 
RN
  — Revenue Notes
 
SGI
  — Syncora Guarantee, Inc.
 
Sr.
  — Senior
 
Sub.
  — Subordinated
 
VA
  — Department of Veterans Affairs
 
VRD
  — Variable Rate Demand
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

Notes to Schedule of Investments:
 
(a)   Security subject to the alternative minimum tax.
 
(b)   Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.
 
(c)   Principal and/or interest payments are secured by the bond insurance company listed.
 
(d)   Zero coupon bond issued at a discount.
 
(e)   Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2011 was $3,547,576, which represented 2.76% of the Trust’s Net Assets.
 
(f)   Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2011 was $1,804,350, which represented 1.41% of the Trust’s Net Assets
 
(g)   Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
 
(h)   Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2011.
 
(i)   Advance refunded.
 
(j)   Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2011.
 
(k)   Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5%.
 
(l)   Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2011. At May 31, 2011, the Trust’s investments with a value of $15,782,793 are held by Dealer Trusts and serve as collateral for the $8,505,000 in the floating rate note obligations outstanding at that date.
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust

 

 

Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2011
(Unaudited)
NOTE 1 — Significant Accounting Policies
A.   Security Valuations — Securities, including restricted securities, are valued according to the following policy.
     Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
     Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s 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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
     The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
     Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
C.   Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s 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.   Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such
Invesco Municipal Income Opportunities Trust

 

 

transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
     TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
     The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s 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 Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
     The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
E.   Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
     Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s 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 2 — Additional Valuation Information
     Generally Accepted Accounting Principles (“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 investment’s 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,
Invesco Municipal Income Opportunities Trust

 

 

         
 
      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 Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
     The following is a summary of the tiered valuation input levels, as of May 31, 2011. 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.
     During the three months ended May 31, 2011, there were no significant transfers between investment levels.
                                 
    Level 1   Level 2   Level 3   Total
 
Municipal Obligations
   $ —     $ 134,429,289     $ —     $ 134,429,289  
 
NOTE 3 — Investment Securities
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
Aggregate unrealized appreciation of investment securities
   $ 3,188,237  
Aggregate unrealized (depreciation) of investment securities
     (15,069,679 )
 
Net unrealized appreciation (depreciation) of investment securities
   $ (11,881,442 )
 
Cost of investments for tax purposes is $146,310,731.
        
Invesco Municipal Income Opportunities Trust

 

 

Item 2. Controls and Procedures.
  (a)   As of June 10, 2011, 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 Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of June 10, 2011, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q 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 Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
      Certifications of PEO and PFO as required by Rule 30a-2(a) 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: July 29, 2011
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: July 29, 2011
         
   
By:   /s/ Sheri Morris    
  Sheri Morris    
  Principal Financial Officer   
 
Date: July 29, 2011

 

 

EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.