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OMB
APPROVAL
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OMB Number:
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3235-0570
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Expires:
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January 31, 2014
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Estimated average burden
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hours per response:
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20.6
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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
811-06567
Invesco Municipal Opportunity Trust
(Exact name of registrant as specified in charter)
1555
Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 2/28/13
Item 1. Report to Stockholders.
Managements Discussion of Trust Performance
Performance summary
The Trusts return can be calculated based on either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the
value of the Trusts portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. Market price reflects the supply and demand for Trust shares. As a result, the two
returns can differ, as they did during the reporting period. A main contributor to the Trusts return on an NAV basis was its exposure to the long end of the curve and hospital allocation.
Performance
Total returns, 2/29/12 to 2/28/13
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Trust at NAV
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9.76
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%
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Trust at Market Value
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2.12
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Barclays Municipal Bond Index
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5.01
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Market Price Discount to NAV as of 2/28/13
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-0.28
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Source(s):
Lipper Inc.
The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, NAV and common share market price will
fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for
performance based on NAV and changes in market price for performance based on market price.
Since the
Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may
be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily
for risk-tolerant long-term investors.
How we
invest
We seek to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.
We seek to achieve the Trusts investment objective by investing primarily in municipal securities that are rated investment
grade by at least one nationally recognized statistical rating organization and that are exempt from federal taxes. Municipal obligations include municipal bonds, municipal notes, municipal commercial paper and lease obligations. The Trust also may
invest up to 20% of its net assets in non-investment-grade and unrated securities that we determine to be of comparable quality. From time to time, we may invest in municipal securities that pay interest that is subject to the federal alternative
minimum tax.
We employ a bottom-up, research-driven approach to identify securities that have attractive
risk-reward characteristics for the sectors in which we invest. We also integrate macroeconomic analysis and forecasting into our evaluation and ranking of various sectors and individual securities. Finally, we employ leverage in an effort to
enhance the Trusts income and total return.
Sell decisions generally are based on:
n
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A deterioration or likely deterioration of an individual issuers capacity to meet its debt obligations on a timely basis.
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A deterioration or likely deterioration of the broader fundamentals of a particular industry or sector.
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Opportunities in the secondary or primary market to purchase a security with better relative value.
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Market conditions and your Trust
For
the fiscal year ended February 28, 2013, the municipal market produced yet another year of positive performance. The Barclays Municipal Bond Index returned 5.01%, outperforming other fixed income indexes such as the Barclays U.S. Aggregate
Index, which returned 3.12%; the Barclays Asset-Backed Securities Index, which returned 2.64%; the Barclays U.S. Mortgage-Backed Securities Index, which returned 1.92%; and the Barclays U.S. Agency Index, which returned 1.88%.
1
During the reporting period, municipal issuance, or lack thereof, coupled with strong net inflows into municipal bond funds, resulted in a favorable environment for municipal performance.
Municipal bond issuance ended 2012 with $379 billion in gross new issues.
2
While the gross figure reflects a 29% increase from the 2011 level, it also marks the second consecutive year of net negative
supply.
2
Concerns regarding tax reform and general economic uncertainty led
investors to flock into municipal bond funds, and net inflows for calendar year 2012 were over $50 billion
3
, a stark contrast from the $12 billion in net outflows that the category experienced in calendar year 2011.
3
The financial situation at the state level generally continues to improve, as evidenced by the growth in tax revenues,
which have increased for 11 consecutive quarters, according to data collected by the Rockefeller Institute.
4
The 11 quarters of growth in state tax collections came after five straight quarters of declines in collections were posted immediately following the recession.
4
Year-over-year state tax revenues increased by 2.7% in the third quarter of 2012, the most recent data available.
4
Despite these positive trends, overall tax collections remain weak compared to recent
history. Nevertheless, state tax revenues were 1.4% higher in the third quarter of 2012 than they were in the same quarter of
2008.
4
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Portfolio Composition
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By credit sector, based on total investments
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Revenue Bonds
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86.9
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%
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General Obligation Bonds
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8.8
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Pre-refunded Bonds
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3.5
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Other
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0.8
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Total Net Assets
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Applicable to Common Shares
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$979.8 million
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Total Number of Holdings
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622
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Top Five Fixed Income Holdings
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Coupon
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Maturity
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% of Total
Net Assets
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1. New Jersey (State of) Economic Development Authority
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5.90
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%
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03/15/21
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3.7
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%
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2. New York and New Jersey (States of) Port Authority
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5.00
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10/01/35
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2.5
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3. Houston (City of)
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5.00
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11/15/36
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1.5
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4. Charleston Educational Excellence Finance Corp.
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5.25
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12/01/25
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1.4
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5. New York (City of) Municipal Water Finance Authority
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5.00
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06/15/31
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1.3
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The Trusts holdings are subject to change, and there is no assurance that the Trust will continue to hold any particular
security.
2 Invesco Municipal Opportunity Trust
As we approached the end of the reporting period, we expected political, headline and event
risk to remain elevated in 2013 as lawmakers consider various options to close the federal spending gap. We recognize that difficult budget and policy decisions are needed, and as a result we are avoiding investments that are highly dependent on
federal aid.
Trust performance was also driven by BBB-AAA
5
credit quality spread tightening for most of the reporting period, largely a result of continued declining yields, strong demand
and low tax-exempt issuance. As a result, BBB-rated and lower credit quality sectors outperformed higher-rated credits and contributed to performance as we held overweight exposure to these market segments. The Trusts non-rated allocation also
contributed to relative performance. Additionally, strong security selection among AA bonds added to performance for the period.
At a sector level, our exposure to hospital bonds was the main contributor to Trust returns for the reporting period. Our allocation of
state general obligation bonds detracted from relative returns.
In terms of yield curve positioning, the Trusts exposure
to the intermediate (15-to 20-year) and the long end (20+ years) of the curve contributed to returns as yields declined during most of the reporting period. Some of our yield curve and duration positioning was implemented through the use of
structural leverage.
One important factor affecting the return of the Trust relative to the Barclays Municipal Bond Index was
the Trusts use of structural leverage. The Trust uses leverage because we believe that, over time, leveraging can provide opportunities for additional income and total return for common shareholders. However, the use of leverage also can
expose common shareholders to additional volatility. For example, if the prices of securities held by a trust decline, the negative effect of these valuation changes on common share net asset value and common shareholder total return is magnified by
the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a trust generally are rising.
During the reporting period, the Trust achieved a leveraged position through the use of inverse floating rate securities and Variable Rate Muni Term Preferred (VMTP) shares. Inverse floating
rate securities are instruments that have an inverse relationship to a referenced interest rate. VMTPs are a variable rate form
of preferred stock with a mandatory redemption date. Inverse floating rate securities and VMTPs can be a more
efficient means by which to manage duration, yield curve exposure and credit exposure and potentially can enhance yield. As of the close of the reporting period, leverage accounted for 39% of the Trusts total assets. During the reporting
period, the use of leverage added to returns. For more information about the Trusts use of leverage, see the Notes to Financial Statements later in this report.
As stated earlier, the Trust trades at a market price that may be at a premium or discount to NAV. The market price of the Trust traded at a premium for most of the reporting period. Briefly
in February and December, the Trust fluctuated from trading at a discount to a premium and vice versa at various times during the reporting period. The Trust traded at a slight discount at the end of the reporting period.
Thank you for investing in Invesco Municipal Opportunity Trust and for sharing our long-term investment horizon.
2
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Source: Securities Industry and Financial Markets Association
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4
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Source: The Nelson A. Rockefeller Institute of Government
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5
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Standard & Poors. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer
with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice.
Non-Rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poors rating methodology, please visit standardandpoors.com and select
Understanding Ratings under Rating Resources on the homepage.
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The views and opinions expressed in managements
discussion of Trust performance are those of Invesco Advisers, Inc. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment
advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Trust. Statements of fact are from sources considered reliable, but
Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.
See important Trust and, if applicable, index disclosures later in this report.
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Thomas Byron
Portfolio manager, is manager
of Invesco Municipal Opportunity Trust. He joined Invesco in 2010.
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Mr. Byron was associated with the Trusts previous investment adviser or its investment advisory affiliates in an investment management capacity from 1981 to 2010 and
began managing the Trust in 2009. He earned a BS in finance from Marquette University and an MBA in finance from DePaul University.
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Robert Stryker
Chartered Financial Analyst,
portfolio manager, is manager of Invesco Municipal Opportunity Trust. He
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joined Invesco in 2010. Mr. Stryker was associated with the Trusts previous investment adviser or its investment advisory affiliates in an investment management
capacity from 1994 to 2010 and began managing the Trust in 2009. He earned a BS in finance from the University of Illinois at Chicago.
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Robert Wimmel
Portfolio manager, is manager
of Invesco Municipal Opportunity Trust. He joined Invesco in 2010.
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Mr. Wimmel was associated with the Trusts previous investment adviser or its investment advisory affiliates in an investment management capacity from 1996 to 2010 and
began managing the Trust in 2001. He earned a BA in anthropology from the University of Cincinnati and an MA in economics from the University of Illinois at Chicago.
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3 Invesco Municipal Opportunity Trust
Supplemental Information
Invesco Municipal Opportunity
Trusts investment objective is to provide common shareholders with a high level of current income exempt from federal income tax, consistent with preservation of capital.
n
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Unless otherwise stated, information presented in this report is as of February 28, 2013, and is based on total net assets applicable to common shares.
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n
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Unless otherwise noted, all data provided by Invesco.
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n
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To access your Trusts reports, visit invesco.com/fundreports.
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About
indexes used in this report
n
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The
Barclays Municipal Bond Index
is an unmanaged index considered representative of the tax-exempt bond market.
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n
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The
Barclays U.S. Aggregate Index
is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
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n
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The
Barclays Asset-Backed Securities Index
tracks the performance of debt securities backed by assets including credit card, home equity and auto loans
that are rated investment grade or higher.
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n
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|
The
Barclays U.S. Mortgage-Backed Securities Index
represents mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac.
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n
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|
The
Barclays U.S. Agency Index
measures the performance of the agency sector of the US government bond market and is composed of investment-grade US
dollar-denominated debentures issued by government and government-related agencies, including FNMA and FHLMC.
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n
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The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust
may deviate significantly from the performance of the index(es).
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n
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A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges.
Performance of the peer group, if applicable, reflects trust expenses; performance of a market index does not.
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Other
information
n
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|
The returns shown in managements discussion of Trust performance are based on net asset values calculated for shareholder transactions. Generally accepted
accounting principles require adjustments to be made to the net assets of the Trust at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may
differ from the net asset values and returns reported in the Financial Highlights.
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NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
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NYSE Symbol
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VMO
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4 Invesco Municipal Opportunity Trust
Dividend
Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains
distributions (Distributions) into additional shares of your Trust. Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of your Trust, allowing you to potentially increase your investment over time.
Plan
benefits
You may increase the amount of shares in your Trust easily and automatically with the Plan.
Shareholders who participate in the Plan are able to buy shares at below-market prices when the Trust is trading at a premium to its net asset
value (NAV). In addition, transaction costs are low because when new shares are issued by a Trust, there is no fee, and when shares are bought in blocks on the open market, the per share fee is shared among all Participants.
You will
receive a detailed account statement from Computershare Trust Company, N.A. (the Agent) which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number
of shares in your reinvestment account. You can also access your account via the Internet. To do this, please go to invesco.com/us.
The
Agent will hold the shares it has acquired for you in safekeeping.
How to participate in the Plan
If you own shares in your own name, you can participate directly in the Plan. If your shares are held in street name in the name of your
brokerage firm, bank, or other financial institution you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you
may enroll in the Plan.
How to enroll
To enroll in the Plan, please read the Terms
and Conditions in the Plan Brochure. You can enroll in the Plan by visiting invesco.com/us, calling toll-free 800 341 2929 or notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI
02940-3078. Please include your Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent
receives your authorization, as long as they receive it before the record date, which is generally 10 business days before such Distributions are paid. If your authorization arrives after such record date, your participation in the Plan
will begin with the following Distributions.
How the
Plan works
If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your
reinvestment shares. If the Trust is trading at a share price that is equal to its NAV, youll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:
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1.
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Premium: If the Trust is trading at a premium a market price that is higher than its NAV youll pay either the NAV or 95 percent of the market price, whichever
is greater. When the Trust trades at a premium, youll pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares
at less than market price.
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2.
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Discount: If the Trust is trading at a discount a market price that is lower than its NAV youll pay the market price for your reinvested shares.
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Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plans fees
are paid by your Trust. If your Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if your Trust is trading at a discount, the shares are purchased on the open
market, and you will pay your portion of per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all Participants in blocks, resulting in lower fees for
each individual Participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions does not relieve you of any income tax that may
be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.
Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended
or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult
a legal or tax adviser for information concerning their individual situation.
How to
withdraw from the Plan
You may withdraw from the Plan at any time by calling 800 341 2929, visiting invesco.com/us or by writing to Invesco
Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all
shareholders listed on the account have signed these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:
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1.
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If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares
(Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees.
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2.
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If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting a $2.50
service fee and applicable per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay.
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3.
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You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to
be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.
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Note that the Plan may be amended or supplemented by the Trust at any time upon 30 days written notice to Plan participants.
To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800
341 2929 or visit invesco.com/us.
5 Invesco Municipal Opportunity Trust
Schedule of Investments
February 28, 2013
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Interest
Rate
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Maturity
Date
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Principal
Amount
(000)
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Value
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Municipal Obligations162.47%
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Alabama2.44%
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Alabama (State of) Incentives Financing Authority; Series 2012 A, Special Obligation RB
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5.00
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%
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09/01/42
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$
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3,950
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$
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4,485,580
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Bessemer Governmental Utility Services Corp.; Series 2008 A, Ref. Water Supply RB (INSAGC)
(a)(b)
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5.00
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%
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06/01/39
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3,250
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3,571,198
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Birmingham (City of) Airport Authority; Series 2010, RB
(INSAGM)
(a)
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5.25
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%
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07/01/30
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3,350
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3,778,499
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Birmingham (City of) Water Works Board; Series 2011, Water RB
(INSAGM)
(a)(b)
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5.00
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%
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01/01/36
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|
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1,815
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2,031,239
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Courtland (City of) Industrial Development Board (International Paper Co.); Series 2005 A, Ref. Solid Waste Disposal RB
(c)
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5.20
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%
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06/01/25
|
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1,250
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1,305,100
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Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB
|
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5.50
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%
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01/01/43
|
|
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1,600
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|
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1,572,240
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Mobile (City of) Industrial Development Board (Mobile Energy Services Co.); Series 1995, Ref. Solid Waste Disposal RB
|
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6.95
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%
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01/01/20
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5
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0
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Phenix City (City of) Industrial Development Board (MeadWestvaco Coated Board); Series 2012, Ref. Environmental Improvement RB
(c)
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4.13
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%
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05/15/35
|
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1,000
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985,630
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Selma (City of) Industrial Development Board; Series 2009 A, Gulf Opportunity Zone RB
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6.25
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%
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11/01/33
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|
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3,050
|
|
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3,529,521
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University of Alabama Board of Trustees; Series 2004 A, General RB
(d)
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5.25
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%
|
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07/01/20
|
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2,500
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|
|
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2,664,175
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23,923,182
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Alaska0.68%
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Alaska (State of) Industrial Development & Export Authority (Providence Health Services);
Series 2011 A, RB
(b)
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5.50
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%
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10/01/41
|
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5,730
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6,701,235
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Arizona4.61%
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|
|
|
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|
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Apache (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2012 A, PCR
|
|
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4.50
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%
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|
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03/01/30
|
|
|
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3,765
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|
|
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3,911,985
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Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-2, RB (INSAGM)
(a)
|
|
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5.00
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%
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03/01/41
|
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435
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|
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474,354
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Arizona (State of) Transportation Board;
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Series 2008 B, Highway RB
(b)
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|
|
5.00
|
%
|
|
|
07/01/25
|
|
|
|
2,005
|
|
|
|
2,367,063
|
|
Series 2008 B, Highway RB
|
|
|
5.00
|
%
|
|
|
07/01/25
|
|
|
|
610
|
|
|
|
720,154
|
|
Series 2008 B, Highway RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/26
|
|
|
|
3,925
|
|
|
|
4,620,510
|
|
Series 2011 A, Ref. Sub. Highway RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/36
|
|
|
|
4,095
|
|
|
|
4,736,154
|
|
Glendale (City of) Industrial Development Authority (John C. Lincoln Health Network);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005, Ref. Hospital RB
|
|
|
5.00
|
%
|
|
|
12/01/35
|
|
|
|
1,155
|
|
|
|
1,190,447
|
|
Series 2005 B, Ref. Hospital RB
|
|
|
5.00
|
%
|
|
|
12/01/37
|
|
|
|
1,075
|
|
|
|
1,105,723
|
|
Glendale (City of) Industrial Development Authority (Midwestern University);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, RB
|
|
|
5.00
|
%
|
|
|
05/15/35
|
|
|
|
750
|
|
|
|
801,645
|
|
Series 2010, RB
|
|
|
5.13
|
%
|
|
|
05/15/40
|
|
|
|
1,500
|
|
|
|
1,598,460
|
|
Goodyear (City of) McDowell Road Commercial Corridor Improvement District; Series 2007, Special Assessment Improvement RB
(INSAMBAC)
(a)
|
|
|
5.25
|
%
|
|
|
01/01/32
|
|
|
|
2,775
|
|
|
|
2,928,097
|
|
Maricopa (County of) Industrial Development Authority (Catholic Healthcare West); Series 2009 C, Health Facilities RB (e)(f)
|
|
|
5.00
|
%
|
|
|
07/01/14
|
|
|
|
3,425
|
|
|
|
3,599,778
|
|
Maricopa County Pollution Control Corp. (Arizona Public Service Co.Palo Verde); Series 2009 A, Ref. PCR
(e)(f)
|
|
|
6.00
|
%
|
|
|
05/01/14
|
|
|
|
300
|
|
|
|
316,266
|
|
Navajo County Pollution Control Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 C, PCR
(e)(f)
|
|
|
5.50
|
%
|
|
|
06/01/14
|
|
|
|
800
|
|
|
|
841,704
|
|
Series 2009 E, PCR
(e)(f)
|
|
|
5.75
|
%
|
|
|
06/01/16
|
|
|
|
950
|
|
|
|
1,071,590
|
|
Phoenix (City of) Industrial Development Authority (Career Success Schools);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Education RB
|
|
|
7.00
|
%
|
|
|
01/01/29
|
|
|
|
735
|
|
|
|
772,309
|
|
Series 2009, Education RB
|
|
|
7.00
|
%
|
|
|
01/01/39
|
|
|
|
835
|
|
|
|
863,240
|
|
Series 2009, Education RB
|
|
|
7.13
|
%
|
|
|
01/01/45
|
|
|
|
790
|
|
|
|
820,044
|
|
Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB
|
|
|
5.00
|
%
|
|
|
06/01/42
|
|
|
|
3,870
|
|
|
|
4,218,339
|
|
Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB
(c)
|
|
|
6.55
|
%
|
|
|
12/01/37
|
|
|
|
2,900
|
|
|
|
3,032,443
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Arizona(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR
|
|
|
5.25
|
%
|
|
|
10/01/40
|
|
|
$
|
550
|
|
|
$
|
601,007
|
|
Salt River Project Agricultural Improvement & Power District; Series 2009 A, Electric
System RB
(b)
|
|
|
5.00
|
%
|
|
|
01/01/28
|
|
|
|
2,680
|
|
|
|
3,151,010
|
|
University Medical Center Corp.; Series 2005, Hospital RB
|
|
|
5.00
|
%
|
|
|
07/01/35
|
|
|
|
1,405
|
|
|
|
1,466,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,209,212
|
|
|
California16.63%
|
|
Anaheim (City of) Public Financing Authority (Anaheim Public Improvements); Series 1997 C, Sub. Lease CAB RB (INSAGM)
(a)(g)
|
|
|
0.00
|
%
|
|
|
09/01/20
|
|
|
|
2,630
|
|
|
|
2,159,572
|
|
Bay Area Governments Association (California Redevelopment Agency Pool); Series 2004 A, Tax Allocation RB (INSSGI)
(a)
|
|
|
5.25
|
%
|
|
|
09/01/29
|
|
|
|
2,400
|
|
|
|
2,417,952
|
|
Bay Area Toll Authority (San Francisco Bay Area); Series 2008 F-1, Toll Bridge
RB
(b)
|
|
|
5.00
|
%
|
|
|
04/01/39
|
|
|
|
5,905
|
|
|
|
6,636,570
|
|
Beverly Hills Unified School District (Election of 2008); Series 2009, Unlimited Tax CAB GO Bonds
(g)
|
|
|
0.00
|
%
|
|
|
08/01/28
|
|
|
|
1,050
|
|
|
|
626,588
|
|
California (State of) Department of Water Resources (Central Valley);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 AE, Water System RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/24
|
|
|
|
1,200
|
|
|
|
1,434,516
|
|
Series 2008 AE, Water System RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/25
|
|
|
|
1,450
|
|
|
|
1,728,473
|
|
Series 2008 AE, Water System RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/26
|
|
|
|
1,450
|
|
|
|
1,728,473
|
|
Series 2008 AE, Water System RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
900
|
|
|
|
1,068,903
|
|
Series 2008 AE, Water System RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/28
|
|
|
|
1,450
|
|
|
|
1,716,452
|
|
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2009 A, RB
|
|
|
6.00
|
%
|
|
|
07/01/34
|
|
|
|
1,400
|
|
|
|
1,673,420
|
|
California (State of) Housing Finance Agency;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 K, Home Mortgage RB
(c)
|
|
|
5.30
|
%
|
|
|
08/01/23
|
|
|
|
3,525
|
|
|
|
3,663,391
|
|
Series 2008 K, Home Mortgage RB
(c)
|
|
|
5.45
|
%
|
|
|
08/01/28
|
|
|
|
5,700
|
|
|
|
5,937,348
|
|
California (State of) Pollution Control Finance Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Water Furnishing RB
(c)
|
|
|
5.00
|
%
|
|
|
07/01/30
|
|
|
|
2,025
|
|
|
|
2,155,451
|
|
Series 2012, Water Furnishing RB
(c)
|
|
|
5.00
|
%
|
|
|
07/01/37
|
|
|
|
4,445
|
|
|
|
4,643,780
|
|
California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2002 B, Solid Waste Disposal RB
(c)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
|
2,500
|
|
|
|
2,638,100
|
|
California (State of) Public Works Board (Department of Mental HealthCoalinga State Hospital); Series 2004 A, Lease RB
|
|
|
5.00
|
%
|
|
|
06/01/25
|
|
|
|
2,000
|
|
|
|
2,089,000
|
|
California (State of) Statewide Communities Development Authority (Adventist Health System/West); Series 2005 A, Health Facility
RB
|
|
|
5.00
|
%
|
|
|
03/01/30
|
|
|
|
5,000
|
|
|
|
5,348,000
|
|
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB
|
|
|
5.00
|
%
|
|
|
08/15/28
|
|
|
|
1,260
|
|
|
|
1,396,773
|
|
California (State of) Statewide Communities Development Authority (Kaiser Permanente);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, RB
|
|
|
5.00
|
%
|
|
|
04/01/19
|
|
|
|
1,750
|
|
|
|
2,108,680
|
|
Series 2012 A, RB
|
|
|
5.00
|
%
|
|
|
04/01/42
|
|
|
|
2,205
|
|
|
|
2,490,834
|
|
California (State of) Statewide Communities Development Authority (Pooled Financing Program); Series 2004 A, Water & Wastewater RB
(d)
|
|
|
5.25
|
%
|
|
|
10/01/19
|
|
|
|
1,565
|
|
|
|
1,621,653
|
|
California (State of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.75
|
%
|
|
|
04/01/31
|
|
|
|
1,575
|
|
|
|
1,884,661
|
|
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds
|
|
|
5.25
|
%
|
|
|
07/01/21
|
|
|
|
2,500
|
|
|
|
3,072,700
|
|
Series 2010, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.50
|
%
|
|
|
03/01/40
|
|
|
|
5,090
|
|
|
|
6,028,341
|
|
Series 2012, Ref. Unlimited Tax GO Bonds
|
|
|
5.25
|
%
|
|
|
02/01/30
|
|
|
|
730
|
|
|
|
872,591
|
|
Series 2012, Ref. Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
02/01/38
|
|
|
|
455
|
|
|
|
514,928
|
|
Series 2012, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.25
|
%
|
|
|
04/01/35
|
|
|
|
3,430
|
|
|
|
4,032,582
|
|
Series 2012, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
04/01/42
|
|
|
|
3,430
|
|
|
|
3,871,750
|
|
California Infrastructure & Economic Development Bank (The Scripps Research Institute); Series 2005 A, RB
|
|
|
5.00
|
%
|
|
|
07/01/29
|
|
|
|
2,000
|
|
|
|
2,178,100
|
|
Camarillo (City of) Public Finance Authority; Series 2005, Wastewater RB
(INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
06/01/36
|
|
|
|
2,000
|
|
|
|
2,196,740
|
|
Coachella (City of) Redevelopment Agency (Merged Project Areas); Series 2006 A, Sub. Tax Allocation RB (INSAMBAC)
(a)
|
|
|
5.25
|
%
|
|
|
09/01/36
|
|
|
|
3,390
|
|
|
|
3,472,207
|
|
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
|
|
|
|
605
|
|
|
|
621,940
|
|
Desert Community College District (Election of 2004); Series 2007 B, Unlimited Tax GO Bonds (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
08/01/32
|
|
|
|
500
|
|
|
|
551,495
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
California(continued)
|
|
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System
RB
(b)
|
|
|
5.00
|
%
|
|
|
06/01/36
|
|
|
$
|
5,795
|
|
|
$
|
6,778,238
|
|
Golden State Tobacco Securitization Corp.; Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB
|
|
|
5.00
|
%
|
|
|
06/01/45
|
|
|
|
2,000
|
|
|
|
2,089,520
|
|
Kern (County of) Board of Education; Series 2006 A, Ref. COP
(INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
06/01/31
|
|
|
|
1,000
|
|
|
|
1,025,750
|
|
Los Angeles (City of) Department of Water & Power;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 C, Water System RB
(d)(e)
|
|
|
5.00
|
%
|
|
|
07/01/14
|
|
|
|
3,000
|
|
|
|
3,191,370
|
|
Series 2012 B, Waterworks RB
|
|
|
5.00
|
%
|
|
|
07/01/37
|
|
|
|
1,000
|
|
|
|
1,164,950
|
|
Los Angeles (County of) Public Works Financing Authority; Series 1996 A, Ref. Sr. Lien RB (INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
10/01/18
|
|
|
|
1,235
|
|
|
|
1,389,437
|
|
Morongo Band of Mission Indians (The) (Enterprise Casino); Series 2008 B,
RB
(h)
|
|
|
5.50
|
%
|
|
|
03/01/18
|
|
|
|
215
|
|
|
|
228,403
|
|
Oxnard (City of) Finance Authority (Redwood Trunk Sewer & Headworks); Series 2004 A, Wastewater RB (INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
06/01/29
|
|
|
|
3,000
|
|
|
|
3,072,090
|
|
Palm Springs (City of) Financing Authority (Convention Center Expansion); Series 2004 A, Lease RB (INSNATL)
(a)
|
|
|
5.50
|
%
|
|
|
11/01/35
|
|
|
|
3,500
|
|
|
|
3,665,585
|
|
Palomar Pomerado Health; Series 2009, COP
|
|
|
6.75
|
%
|
|
|
11/01/39
|
|
|
|
1,450
|
|
|
|
1,641,096
|
|
Regents of the University of California;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 B, Limited Project RB
(d)(e)
|
|
|
5.00
|
%
|
|
|
05/15/13
|
|
|
|
2,000
|
|
|
|
2,040,880
|
|
Series 2012 G, Limited Project RB
|
|
|
5.00
|
%
|
|
|
05/15/37
|
|
|
|
3,025
|
|
|
|
3,499,532
|
|
Sacramento (County of); Series 2010, Sr. Airport System RB
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
2,750
|
|
|
|
3,030,802
|
|
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB
|
|
|
5.00
|
%
|
|
|
07/01/34
|
|
|
|
525
|
|
|
|
589,843
|
|
San Diego (County of) Water Authority; Series 2004 A, COP
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
05/01/29
|
|
|
|
3,000
|
|
|
|
3,234,000
|
|
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
08/01/36
|
|
|
|
8,460
|
|
|
|
9,796,426
|
|
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds (INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
06/15/28
|
|
|
|
460
|
|
|
|
499,045
|
|
San Francisco (City & County of) Airport Commission (San Francisco International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 F, Second Series RB
|
|
|
5.00
|
%
|
|
|
05/01/40
|
|
|
|
1,000
|
|
|
|
1,108,790
|
|
Series 2011 F, Ref. Second Series RB
(c)
|
|
|
5.00
|
%
|
|
|
05/01/25
|
|
|
|
1,210
|
|
|
|
1,398,663
|
|
Series 2011 F, Ref. Second Series RB
(c)
|
|
|
5.00
|
%
|
|
|
05/01/26
|
|
|
|
2,420
|
|
|
|
2,760,567
|
|
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB
(b)
|
|
|
5.00
|
%
|
|
|
11/01/36
|
|
|
|
5,250
|
|
|
|
6,153,735
|
|
San Francisco (City & County of) Public Utilities Commission; Series 2012, Water RB
|
|
|
5.00
|
%
|
|
|
11/01/33
|
|
|
|
3,800
|
|
|
|
4,460,402
|
|
Southern California Metropolitan Water District; Series 2005 A, RB
(INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
07/01/35
|
|
|
|
1,000
|
|
|
|
1,090,630
|
|
Southern California Public Power Authority (Milford Wind Corridor Phase II); Series 2011-1, RB
(b)
|
|
|
5.25
|
%
|
|
|
07/01/29
|
|
|
|
1,950
|
|
|
|
2,342,496
|
|
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INSAGM)
(a)(e)(f)
|
|
|
3.50
|
%
|
|
|
05/31/13
|
|
|
|
1,500
|
|
|
|
1,504,335
|
|
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO
BAN
(g)
|
|
|
0.00
|
%
|
|
|
04/01/14
|
|
|
|
600
|
|
|
|
594,210
|
|
Vernon (City of); Series 2009 A, Electric System RB
|
|
|
5.13
|
%
|
|
|
08/01/21
|
|
|
|
3,300
|
|
|
|
3,748,239
|
|
West Contra Costa Unified School District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005, Unlimited Tax CAB GO Bonds (INSNATL)
(a)(g)
|
|
|
0.00
|
%
|
|
|
08/01/25
|
|
|
|
1,485
|
|
|
|
886,872
|
|
Series 2005, Unlimited Tax CAB GO Bonds (INSNATL)
(a)(g)
|
|
|
0.00
|
%
|
|
|
08/01/26
|
|
|
|
1,350
|
|
|
|
759,078
|
|
West Sacramento (City of) Financing Authority; Series 2006 A, Special Tax RB (INSSGI)
(a)
|
|
|
5.00
|
%
|
|
|
09/01/26
|
|
|
|
2,500
|
|
|
|
2,715,350
|
|
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax
CAB GO Bonds
(g)
|
|
|
0.00
|
%
|
|
|
08/01/32
|
|
|
|
4,650
|
|
|
|
1,862,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162,905,181
|
|
|
Colorado4.69%
|
|
Colorado (State of) Board of Governors; Series 2012 A, University Enterprise System RB
|
|
|
5.00
|
%
|
|
|
03/01/41
|
|
|
|
3,500
|
|
|
|
4,002,915
|
|
Colorado (State of) Educational & Cultural Facilities Authority (Academy of Charter Schools); Series 2004, Charter School RB
(INSSGI)
(a)
|
|
|
5.50
|
%
|
|
|
05/01/36
|
|
|
|
5,000
|
|
|
|
5,200,800
|
|
Colorado (State of) Educational & Cultural Facilities Authority (Challenge to Excellence Charter School); Series 2007, Ref.
Charter School RB (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
06/01/37
|
|
|
|
2,500
|
|
|
|
2,643,475
|
|
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2009 A, RB
|
|
|
5.00
|
%
|
|
|
07/01/39
|
|
|
|
1,500
|
|
|
|
1,633,575
|
|
Colorado (State of) Health Facilities Authority (Catholic Health); Series 2006 C5, RB (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
09/01/36
|
|
|
|
7,400
|
|
|
|
7,964,842
|
|
Colorado (State of) Health Facilities Authority (Evangelical Lutheran); Series 2005, Health Facilities RB
|
|
|
5.00
|
%
|
|
|
06/01/35
|
|
|
|
2,790
|
|
|
|
2,909,356
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Colorado(continued)
|
|
Colorado (State of) Health Facilities Authority (Volunteers of America Care);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Health & Residential Care Facilities RB
|
|
|
5.25
|
%
|
|
|
07/01/27
|
|
|
$
|
420
|
|
|
$
|
422,587
|
|
Series 2007 A, Health & Residential Care Facilities RB
|
|
|
5.30
|
%
|
|
|
07/01/37
|
|
|
|
650
|
|
|
|
640,770
|
|
Colorado (State of) Housing & Finance Authority; Series 1997 B-2, MFH Mortgage RB (CEPFHA)
(c)
|
|
|
5.80
|
%
|
|
|
10/01/28
|
|
|
|
230
|
|
|
|
230,396
|
|
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, Private Activity RB
|
|
|
6.50
|
%
|
|
|
01/15/30
|
|
|
|
1,850
|
|
|
|
2,243,680
|
|
Series 2010, Private Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/34
|
|
|
|
1,500
|
|
|
|
1,735,125
|
|
Series 2010, Private Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/41
|
|
|
|
700
|
|
|
|
815,654
|
|
Denver (City & County of); Series 2012 B, Airport System RB
|
|
|
5.00
|
%
|
|
|
11/15/37
|
|
|
|
2,500
|
|
|
|
2,869,675
|
|
Denver (City of) Convention Center Hotel Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Ref. Sr. RB (INSSGI)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/30
|
|
|
|
2,000
|
|
|
|
2,108,520
|
|
Series 2006, Ref. Sr. RB (INSSGI)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/35
|
|
|
|
1,400
|
|
|
|
1,462,174
|
|
Fort Collins (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Lease COP
(d)(e)
|
|
|
5.38
|
%
|
|
|
06/01/14
|
|
|
|
2,040
|
|
|
|
2,168,805
|
|
Series 2004 A, Lease COP
(d)(e)
|
|
|
5.38
|
%
|
|
|
06/01/14
|
|
|
|
2,155
|
|
|
|
2,291,067
|
|
Montezuma (County of) Hospital District; Series 2007, Ref. RB
|
|
|
5.90
|
%
|
|
|
10/01/37
|
|
|
|
880
|
|
|
|
904,649
|
|
Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB
|
|
|
6.00
|
%
|
|
|
12/01/33
|
|
|
|
1,500
|
|
|
|
1,576,230
|
|
Salida (City of) Hospital District; Series 2006, RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
2,118
|
|
|
|
2,158,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,982,749
|
|
|
Connecticut1.08%
|
|
Connecticut (State of) (Bradley International Airport); Series 2000 A, Special Obligation Parking RB (INSACA)
(a)(c)
|
|
|
6.60
|
%
|
|
|
07/01/24
|
|
|
|
3,800
|
|
|
|
3,814,630
|
|
Connecticut (State of) Development Authority (Aquarion Water Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Ref. Water Facilities RB (INSSGI)
(a)(c)
|
|
|
5.10
|
%
|
|
|
09/01/37
|
|
|
|
2,750
|
|
|
|
2,953,857
|
|
Series 2011, Water Facilities RB
(c)
|
|
|
5.50
|
%
|
|
|
04/01/21
|
|
|
|
1,000
|
|
|
|
1,177,060
|
|
Connecticut (State of) Housing Finance Authority; Subseries 2010 D-2, Housing Mortgage Finance Program RB
(c)
|
|
|
5.00
|
%
|
|
|
05/15/31
|
|
|
|
2,010
|
|
|
|
2,193,815
|
|
Hamden (Town of) (Whitney Center); Series 2009 B, Entrance Fee Principal Redemption
RB
|
|
|
6.13
|
%
|
|
|
01/01/14
|
|
|
|
490
|
|
|
|
490,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,630,112
|
|
|
District of Columbia2.66%
|
|
District of Columbia (Provident GroupHoward Properties LLC); Series 2013, Student Dormitory RB
|
|
|
5.00
|
%
|
|
|
10/01/45
|
|
|
|
1,750
|
|
|
|
1,843,975
|
|
District of Columbia (Sibley Memorial Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Hospital RB
|
|
|
6.50
|
%
|
|
|
10/01/29
|
|
|
|
1,990
|
|
|
|
2,371,543
|
|
Series 2009, Hospital RB
|
|
|
6.38
|
%
|
|
|
10/01/34
|
|
|
|
3,115
|
|
|
|
3,665,046
|
|
District of Columbia Water & Sewer Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Public Utility Sub. Lien RB (INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
10/01/41
|
|
|
|
8,000
|
|
|
|
9,192,080
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB (INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/29
|
|
|
|
1,225
|
|
|
|
1,430,273
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB (INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/34
|
|
|
|
2,350
|
|
|
|
2,728,609
|
|
District of Columbia;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 B-1, Ballpark RB (INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
02/01/31
|
|
|
|
3,000
|
|
|
|
3,111,720
|
|
Series 2008 E, Unlimited Tax GO Bonds (INSBHAC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
06/01/26
|
|
|
|
380
|
|
|
|
435,070
|
|
Series 2008 E, Unlimited Tax GO Bonds (INSBHAC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
06/01/27
|
|
|
|
380
|
|
|
|
434,845
|
|
Series 2008 E, Unlimited Tax GO Bonds (INSBHAC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
06/01/28
|
|
|
|
760
|
|
|
|
867,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,080,899
|
|
|
Florida12.02%
|
|
Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/36
|
|
|
|
1,000
|
|
|
|
993,570
|
|
Broward (County of) Educational Facilities Authority (Nova Southeastern University); Series 2006, RB (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
04/01/31
|
|
|
|
2,000
|
|
|
|
2,118,720
|
|
Broward (County of); Series 2012 A, Water & Sewer Utility RB
|
|
|
5.00
|
%
|
|
|
10/01/37
|
|
|
|
4,125
|
|
|
|
4,802,490
|
|
Cape Coral (City of); Series 2011, Ref. Water & Sewer RB
(INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
10/01/41
|
|
|
|
870
|
|
|
|
978,793
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Florida(continued)
|
|
Citizens Property Insurance Corp. (High Risk Account);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A-1, Sr. Sec. RB
|
|
|
5.00
|
%
|
|
|
06/01/14
|
|
|
$
|
2,000
|
|
|
$
|
2,114,440
|
|
Series 2010 A-1, Sr. Sec. RB
|
|
|
5.25
|
%
|
|
|
06/01/17
|
|
|
|
2,970
|
|
|
|
3,447,309
|
|
Escambia (County of) Health Facilities Authority (Florida Health Care Facility Loan Veterans Health Administration Program);
Series 2000, RB (INSAMBAC)
(a)
|
|
|
5.95
|
%
|
|
|
07/01/20
|
|
|
|
515
|
|
|
|
537,675
|
|
Florida (State of) Board of Education; Series 2007 B, Lottery RB
(INSBHAC)
(a)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
|
6,000
|
|
|
|
6,853,800
|
|
Florida (State of) Department of Transportation;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Ref. Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/26
|
|
|
|
2,540
|
|
|
|
2,927,477
|
|
Series 2008 A, Ref. Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
|
2,580
|
|
|
|
2,963,491
|
|
Series 2008 A, Ref. Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/28
|
|
|
|
2,805
|
|
|
|
3,221,935
|
|
Series 2008 A, Ref. Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/32
|
|
|
|
2,500
|
|
|
|
2,856,300
|
|
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB
(c)
|
|
|
5.13
|
%
|
|
|
06/01/27
|
|
|
|
1,080
|
|
|
|
1,261,775
|
|
Hillsborough (County of) Aviation Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB (INSAGC)
(a)(b)(c)
|
|
|
5.38
|
%
|
|
|
10/01/33
|
|
|
|
1,500
|
|
|
|
1,681,275
|
|
Series 2008 A, RB (INSAGC)
(a)(b)(c)
|
|
|
5.50
|
%
|
|
|
10/01/38
|
|
|
|
3,325
|
|
|
|
3,738,963
|
|
Hillsborough (County of) Industrial Development Authority (Tampa Electric Co.); Series 2007 B, Ref. PCR
(e)(f)
|
|
|
5.15
|
%
|
|
|
09/01/13
|
|
|
|
1,075
|
|
|
|
1,100,725
|
|
Jacksonville (City of) (Better Jacksonville); Series 2012 A, Ref. Sales Tax RB
|
|
|
5.00
|
%
|
|
|
10/01/30
|
|
|
|
1,600
|
|
|
|
1,870,048
|
|
JEA;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 B, Water & Sewer System RB (INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
10/01/24
|
|
|
|
2,460
|
|
|
|
2,617,194
|
|
Series 2012 Three B, Electric System RB
|
|
|
5.00
|
%
|
|
|
10/01/39
|
|
|
|
4,000
|
|
|
|
4,545,040
|
|
Martin (County of) Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB
|
|
|
5.00
|
%
|
|
|
11/15/27
|
|
|
|
1,895
|
|
|
|
2,107,562
|
|
Miami-Dade (County of) (Florida Public Improvement); Series 1988 DD, Unlimited Tax GO Bonds
(INSAMBAC)
(a)
|
|
|
7.75
|
%
|
|
|
10/01/15
|
|
|
|
830
|
|
|
|
975,665
|
|
Miami-Dade (County of) (Miami International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004, Aviation RB (INSAGC)
(a)(c)
|
|
|
4.75
|
%
|
|
|
10/01/36
|
|
|
|
1,030
|
|
|
|
1,064,515
|
|
Series 2005, Aviation RB (INSAGC)
(a)(c)
|
|
|
5.00
|
%
|
|
|
10/01/38
|
|
|
|
790
|
|
|
|
843,910
|
|
Miami-Dade (County of) (Miami International Airport-Hub of the Americas); Series 2009 B, Aviation RB (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
10/01/25
|
|
|
|
650
|
|
|
|
760,442
|
|
Miami-Dade (County of) Educational Facilities Authority (University of Miami); Series 2008 A, RB
(INSBHAC)
(a)
|
|
|
5.50
|
%
|
|
|
04/01/38
|
|
|
|
1,370
|
|
|
|
1,519,124
|
|
Miami-Dade (County of) Expressway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Ref. Toll System RB
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
5,000
|
|
|
|
5,466,400
|
|
Series 2010 A, Ref. Toll System RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
07/01/35
|
|
|
|
720
|
|
|
|
806,918
|
|
Miami-Dade (County of) Health Facilities Authority (Miami Childrens Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Ref. Hospital RB
|
|
|
6.00
|
%
|
|
|
08/01/30
|
|
|
|
360
|
|
|
|
432,594
|
|
Series 2010 A, Ref. Hospital RB
|
|
|
6.13
|
%
|
|
|
08/01/42
|
|
|
|
825
|
|
|
|
977,048
|
|
Miami-Dade (County of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, Water & Sewer System RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
10/01/39
|
|
|
|
1,000
|
|
|
|
1,119,370
|
|
Series 2012 A, Ref. Sub. Special Obligation RB
|
|
|
5.00
|
%
|
|
|
10/01/28
|
|
|
|
1,000
|
|
|
|
1,162,430
|
|
Series 2012 B, Ref. Sub. Special Obligation RB
|
|
|
5.00
|
%
|
|
|
10/01/32
|
|
|
|
1,450
|
|
|
|
1,637,847
|
|
Series 2012 B, Ref. Sub. Special Obligation RB
|
|
|
5.00
|
%
|
|
|
10/01/35
|
|
|
|
2,295
|
|
|
|
2,580,337
|
|
Midtown Miami Community Development District; Series 2004 A, Special Assessment RB
|
|
|
6.00
|
%
|
|
|
05/01/24
|
|
|
|
495
|
|
|
|
502,232
|
|
Orlando (City of) Utilities Commission;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 B, Ref. RB
(d)(e)
|
|
|
5.00
|
%
|
|
|
04/01/13
|
|
|
|
3,445
|
|
|
|
3,460,434
|
|
Series 2003 B, Ref. RB
(d)(e)
|
|
|
5.00
|
%
|
|
|
04/01/13
|
|
|
|
1,555
|
|
|
|
1,561,966
|
|
Overoaks Community Development District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Capital Improvement Special Assessment RB
(i)
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
160
|
|
|
|
2
|
|
Series 2010 A-2, Capital Improvement RB
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
175
|
|
|
|
161,739
|
|
Series 2010 B, Capital Improvement RB
|
|
|
5.13
|
%
|
|
|
05/01/17
|
|
|
|
385
|
|
|
|
366,281
|
|
Palm Beach (County of) Health Facilities Authority (The Waterford); Series 2007, RB
|
|
|
5.88
|
%
|
|
|
11/15/37
|
|
|
|
1,400
|
|
|
|
1,474,158
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Florida(continued)
|
|
Palm Beach (County of) Solid Waste Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Improvement RB (INSBHAC)
(a)(b)
|
|
|
5.50
|
%
|
|
|
10/01/23
|
|
|
$
|
4,150
|
|
|
$
|
5,153,636
|
|
Series 2009, Improvement RB (INSBHAC)
(a)
|
|
|
5.50
|
%
|
|
|
10/01/23
|
|
|
|
600
|
|
|
|
745,104
|
|
Series 2011, Ref. RB
(b)
|
|
|
5.00
|
%
|
|
|
10/01/31
|
|
|
|
4,650
|
|
|
|
5,343,920
|
|
Putnam (County of) Development Authority (Seminole Electric Cooperative); Series 2007 A, Ref. PCR (INSAMBAC)
(a)(e)(f)
|
|
|
5.35
|
%
|
|
|
05/01/18
|
|
|
|
5,000
|
|
|
|
5,925,100
|
|
Reunion East Community Development District; Series 2005, Special Assessment
RB
(i)
|
|
|
5.80
|
%
|
|
|
05/01/36
|
|
|
|
490
|
|
|
|
269,515
|
|
Seminole Indian Tribe of Florida; Series 2007 A, Special Obligation RB
(h)
|
|
|
5.75
|
%
|
|
|
10/01/22
|
|
|
|
1,000
|
|
|
|
1,113,480
|
|
Seven Oaks Community Development District II; Series 2004 A, Special Assessment RB
|
|
|
5.88
|
%
|
|
|
05/01/35
|
|
|
|
1,145
|
|
|
|
871,711
|
|
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Hospital RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
7,510
|
|
|
|
8,290,589
|
|
Series 2007, Hospital RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/42
|
|
|
|
4,000
|
|
|
|
4,356,640
|
|
Series 2007, Hospital RB
|
|
|
5.00
|
%
|
|
|
08/15/42
|
|
|
|
4,000
|
|
|
|
4,356,640
|
|
St. Johns (County of) Industrial Development Authority (Glenmoor); Series 2006 A, Health Care RB
|
|
|
5.25
|
%
|
|
|
01/01/26
|
|
|
|
1,000
|
|
|
|
917,470
|
|
Sterling Hill Community Development District; Series 2003 A, Capital Improvement Special
Assessment RB
|
|
|
6.20
|
%
|
|
|
05/01/35
|
|
|
|
1,050
|
|
|
|
842,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117,798,057
|
|
|
Georgia4.77%
|
|
Atlanta (City of) (Beltline);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
420
|
|
|
|
536,038
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
755
|
|
|
|
963,591
|
|
Series 2009 B, Tax Allocation RB
|
|
|
7.38
|
%
|
|
|
01/01/31
|
|
|
|
265
|
|
|
|
331,931
|
|
Atlanta (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999 A, Water & Wastewater RB (INSNATL)
(a)
|
|
|
5.50
|
%
|
|
|
11/01/22
|
|
|
|
3,000
|
|
|
|
3,691,950
|
|
Series 2004 C, Airport Passenger Facility Charge & Sub. Lien General RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
6,250
|
|
|
|
6,567,625
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
5.25
|
%
|
|
|
11/01/17
|
|
|
|
1,675
|
|
|
|
1,992,815
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/27
|
|
|
|
1,600
|
|
|
|
1,965,216
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/28
|
|
|
|
1,750
|
|
|
|
2,143,015
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/29
|
|
|
|
1,600
|
|
|
|
1,948,288
|
|
Series 2010 A, General Airport RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
01/01/35
|
|
|
|
2,000
|
|
|
|
2,226,700
|
|
Fulton (County of) Development Authority (Georgia Tech Athletic Association); Series 2012, Ref. RB
|
|
|
5.00
|
%
|
|
|
10/01/42
|
|
|
|
1,340
|
|
|
|
1,499,634
|
|
Georgia (State of) Municipal Electric Authority; Series 1997 A, Power RB
(INSNATL)
(a)
|
|
|
6.50
|
%
|
|
|
01/01/20
|
|
|
|
6,330
|
|
|
|
7,440,345
|
|
Georgia (State of) Road & Tollway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003, RB
(d)(e)
|
|
|
5.00
|
%
|
|
|
10/01/13
|
|
|
|
2,000
|
|
|
|
2,057,520
|
|
Series 2003, RB
|
|
|
5.00
|
%
|
|
|
10/01/23
|
|
|
|
3,000
|
|
|
|
3,081,180
|
|
Metropolitan Atlanta Rapid Transit Authority; Series 2007 B, Ref. Third Indenture Sales Tax RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
07/01/34
|
|
|
|
660
|
|
|
|
750,625
|
|
Newton (County of) Industrial Development Authority (GPC Foundation Real Estate Newton, LLC Academic BuildingNewton Campus);
Series 2005, RB (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
06/01/34
|
|
|
|
2,000
|
|
|
|
2,120,440
|
|
Oconee (County of) Industrial Development Authority (OIIT); Series 2003,
RB
(d)(e)
|
|
|
5.25
|
%
|
|
|
07/01/13
|
|
|
|
1,000
|
|
|
|
1,017,500
|
|
Private Colleges & Universities Authority (Emory University); Series 2009 B,
RB
(b)
|
|
|
5.00
|
%
|
|
|
09/01/29
|
|
|
|
3,200
|
|
|
|
3,772,416
|
|
Private Colleges & Universities Authority (Mercer University);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 A, RB
|
|
|
5.25
|
%
|
|
|
10/01/27
|
|
|
|
455
|
|
|
|
523,095
|
|
Series 2012 A, RB
|
|
|
5.00
|
%
|
|
|
10/01/32
|
|
|
|
250
|
|
|
|
275,370
|
|
Putnam (County of) Development Authority (Georgia Power Co.); First Series 1996,
PCR
|
|
|
5.10
|
%
|
|
|
06/01/23
|
|
|
|
1,800
|
|
|
|
1,822,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,727,704
|
|
|
Hawaii0.68%
|
|
Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 B, Special Purpose RB
|
|
|
5.63
|
%
|
|
|
07/01/30
|
|
|
|
1,000
|
|
|
|
1,128,540
|
|
Series 2010 B, Special Purpose RB
|
|
|
5.75
|
%
|
|
|
07/01/40
|
|
|
|
370
|
|
|
|
418,481
|
|
Hawaii (State of); Series 2010 A, Airport System RB
|
|
|
5.00
|
%
|
|
|
07/01/39
|
|
|
|
3,525
|
|
|
|
3,904,255
|
|
Honolulu (City & County of); Series 2012 A, Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
11/01/36
|
|
|
|
1,000
|
|
|
|
1,175,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,626,836
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial
statements.
11 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Idaho0.76%
|
|
Idaho (State of) Health Facilities Authority (St. Lukes Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
|
|
|
6.50
|
%
|
|
|
11/01/23
|
|
|
$
|
1,000
|
|
|
$
|
1,192,270
|
|
Series 2008 A, RB
|
|
|
6.75
|
%
|
|
|
11/01/37
|
|
|
|
1,400
|
|
|
|
1,655,570
|
|
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB
|
|
|
6.13
|
%
|
|
|
11/15/27
|
|
|
|
1,010
|
|
|
|
1,042,350
|
|
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2008 A, Grant & RAB (INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
07/15/24
|
|
|
|
1,240
|
|
|
|
1,460,236
|
|
Regents of the University of Idaho; Series 2011, Ref. General RB
(e)(f)
|
|
|
5.25
|
%
|
|
|
04/01/21
|
|
|
|
1,755
|
|
|
|
2,082,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,432,646
|
|
|
Illinois17.92%
|
|
Bartlett (Village of) (Quarry Redevelopment); Series 2007, Ref. Sr. Lien Tax Increment Allocation RB
|
|
|
5.60
|
%
|
|
|
01/01/23
|
|
|
|
1,750
|
|
|
|
1,697,115
|
|
Bolingbrook (Village of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999 B, Unlimited Tax CAB GO Bonds (INSNATL)
(a)(g)
|
|
|
0.00
|
%
|
|
|
01/01/30
|
|
|
|
1,365
|
|
|
|
539,735
|
|
Series 1999 B, Unlimited Tax CAB GO Bonds (INSNATL)
(a)(g)
|
|
|
0.00
|
%
|
|
|
01/01/32
|
|
|
|
725
|
|
|
|
256,259
|
|
Bourbonnais (Village of) (Olivet Nazarene University); Series 2010, Industrial Project RB
|
|
|
5.50
|
%
|
|
|
11/01/40
|
|
|
|
945
|
|
|
|
1,027,413
|
|
Chicago (City of) (OHare International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 B-2, Third Lien General Airport RB (INSAGM)
(a)(c)
|
|
|
5.75
|
%
|
|
|
01/01/22
|
|
|
|
5,000
|
|
|
|
5,203,050
|
|
Series 2005 A, Third Lien General Airport RB (INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/24
|
|
|
|
10,900
|
|
|
|
12,098,782
|
|
Series 2005 A, Third Lien General Airport RB (INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/25
|
|
|
|
10,000
|
|
|
|
11,079,000
|
|
Series 2005 A, Third Lien General Airport RB (INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/26
|
|
|
|
3,855
|
|
|
|
4,240,307
|
|
Series 2005 A, Third Lien General Airport RB (INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
01/01/26
|
|
|
|
4,000
|
|
|
|
4,399,800
|
|
Series 2008 A, Third Lien General Airport RB (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
1,400
|
|
|
|
1,581,468
|
|
Series 2012 B, Ref. Passenger Facility Charge RB
(c)
|
|
|
5.00
|
%
|
|
|
01/01/30
|
|
|
|
4,320
|
|
|
|
4,800,254
|
|
Chicago (City of) Board of Education;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 C, Ref. Unlimited Tax GO Bonds (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
4,525
|
|
|
|
5,001,890
|
|
Series 2008 C, Ref. Unlimited Tax GO Bonds (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
6,750
|
|
|
|
7,461,382
|
|
Series 2011 A, Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
12/01/41
|
|
|
|
2,830
|
|
|
|
3,084,134
|
|
Chicago (City of) Park District; Series 2004 A, Limited Tax GO Bonds
(INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
01/01/28
|
|
|
|
2,500
|
|
|
|
2,625,675
|
|
Chicago (City of) Transit Authority; Series 2011, Sales Tax Receipts RB
(b)
|
|
|
5.25
|
%
|
|
|
12/01/36
|
|
|
|
6,900
|
|
|
|
7,947,006
|
|
Chicago (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1996 A-2, Ref. Unlimited Tax GO Bonds (INSAMBAC)
(a)
|
|
|
5.50
|
%
|
|
|
01/01/18
|
|
|
|
700
|
|
|
|
808,689
|
|
Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/37
|
|
|
|
3,300
|
|
|
|
3,492,786
|
|
Series 2008 A, Unlimited Tax GO Bonds (INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/24
|
|
|
|
1,000
|
|
|
|
1,130,730
|
|
Series 2008 A, Unlimited Tax GO Bonds (INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/25
|
|
|
|
3,875
|
|
|
|
4,364,568
|
|
Series 2011, COP
|
|
|
7.13
|
%
|
|
|
05/01/21
|
|
|
|
875
|
|
|
|
964,136
|
|
Series 2011, COP
|
|
|
7.13
|
%
|
|
|
05/01/21
|
|
|
|
445
|
|
|
|
490,332
|
|
Series 2011 A, Sales Tax RB
(b)
|
|
|
5.25
|
%
|
|
|
01/01/38
|
|
|
|
2,400
|
|
|
|
2,761,224
|
|
Series 2012 A, Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
4,475
|
|
|
|
4,997,680
|
|
Cook (County of); Series 2012 C, Ref. Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
11/15/33
|
|
|
|
2,300
|
|
|
|
2,638,031
|
|
Cook County School District No. 100 (Berwyn South); Series 1997, Unlimited Tax GO Bonds (INSAGM)
(a)
|
|
|
8.10
|
%
|
|
|
12/01/15
|
|
|
|
285
|
|
|
|
335,035
|
|
Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal
RB
(c)(e)(f)
|
|
|
3.50
|
%
|
|
|
05/01/13
|
|
|
|
1,100
|
|
|
|
1,104,928
|
|
Illinois (State of) Finance Authority (Art Institute of Chicago); Series 2012 A, RB
|
|
|
5.00
|
%
|
|
|
03/01/34
|
|
|
|
1,000
|
|
|
|
1,136,970
|
|
Illinois (State of) Finance Authority (Christian Homes, Inc.); Series 2007 A, Ref. RB
|
|
|
5.75
|
%
|
|
|
05/15/26
|
|
|
|
2,300
|
|
|
|
2,454,974
|
|
Illinois (State of) Finance Authority (Kish Health System Obligated Group); Series 2008, Ref. Hospital RB
|
|
|
5.50
|
%
|
|
|
10/01/22
|
|
|
|
1,850
|
|
|
|
2,064,008
|
|
Illinois (State of) Finance Authority (Little Company of Mary Hospital & Health Care Centers); Series 2010, RB
|
|
|
5.38
|
%
|
|
|
08/15/40
|
|
|
|
625
|
|
|
|
676,963
|
|
Illinois (State of) Finance Authority (Loyola University of Chicago); Series 2012 B, RB
|
|
|
5.00
|
%
|
|
|
07/01/42
|
|
|
|
1,000
|
|
|
|
1,127,520
|
|
Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, RB
(b)
|
|
|
5.38
|
%
|
|
|
08/15/24
|
|
|
|
3,070
|
|
|
|
3,609,399
|
|
Series 2009 A, RB
(b)
|
|
|
5.75
|
%
|
|
|
08/15/30
|
|
|
|
1,900
|
|
|
|
2,229,783
|
|
Series 2009 B, RB
|
|
|
5.00
|
%
|
|
|
08/15/16
|
|
|
|
380
|
|
|
|
432,083
|
|
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2007 A, RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
4,500
|
|
|
|
4,963,995
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Illinois(continued)
|
|
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 D-2, TEMPS-65sm RB
|
|
|
7.00
|
%
|
|
|
11/15/15
|
|
|
$
|
2,200
|
|
|
$
|
2,201,144
|
|
Illinois (State of) Finance Authority (Resurrection Health Care Corp.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999 A, RB (INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
05/15/24
|
|
|
|
6,000
|
|
|
|
6,572,100
|
|
Series 2009, Ref. RB
|
|
|
6.13
|
%
|
|
|
05/15/25
|
|
|
|
775
|
|
|
|
894,133
|
|
Illinois (State of) Finance Authority (Riverside Health System); Series 2009, RB
|
|
|
6.25
|
%
|
|
|
11/15/35
|
|
|
|
1,650
|
|
|
|
1,926,293
|
|
Illinois (State of) Finance Authority (Robert Morris College); Series 2000, RB
(INSNATL)
(a)
|
|
|
5.80
|
%
|
|
|
06/01/30
|
|
|
|
1,000
|
|
|
|
1,001,580
|
|
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB
|
|
|
5.50
|
%
|
|
|
04/01/37
|
|
|
|
1,000
|
|
|
|
1,052,200
|
|
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB
|
|
|
7.25
|
%
|
|
|
11/01/38
|
|
|
|
2,845
|
|
|
|
3,579,408
|
|
Illinois (State of) Finance Authority (Sherman Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1997, RB (INSAMBAC)
(a)
|
|
|
5.25
|
%
|
|
|
08/01/22
|
|
|
|
1,185
|
|
|
|
1,187,275
|
|
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
08/01/37
|
|
|
|
7,500
|
|
|
|
8,214,375
|
|
Illinois (State of) Finance Authority (Swedish American Hospital); Series 2004, RB (INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
11/15/31
|
|
|
|
2,190
|
|
|
|
2,234,720
|
|
Illinois (State of) Finance Authority (Swedish Covenant Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Ref. RB
|
|
|
5.75
|
%
|
|
|
08/15/29
|
|
|
|
1,105
|
|
|
|
1,263,700
|
|
Series 2010 A, Ref. RB
|
|
|
6.00
|
%
|
|
|
08/15/38
|
|
|
|
2,480
|
|
|
|
2,816,734
|
|
Illinois (State of) Finance Authority (The University of Chicago Medical Center); Series 2011 C, RB
(b)
|
|
|
5.50
|
%
|
|
|
08/15/41
|
|
|
|
1,530
|
|
|
|
1,739,350
|
|
Illinois (State of) Finance Authority (Waste Management Inc.); Series 2005 A, Solid Waste Disposal RB
(c)
|
|
|
5.05
|
%
|
|
|
08/01/29
|
|
|
|
1,335
|
|
|
|
1,411,589
|
|
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, RB
|
|
|
5.50
|
%
|
|
|
06/15/50
|
|
|
|
2,750
|
|
|
|
3,119,325
|
|
Series 2012 A, RB
|
|
|
5.00
|
%
|
|
|
06/15/42
|
|
|
|
1,500
|
|
|
|
1,685,415
|
|
Series 2012 B, RB
|
|
|
5.00
|
%
|
|
|
12/15/28
|
|
|
|
1,110
|
|
|
|
1,303,173
|
|
Peoria (County of); Series 2011, Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
12/15/41
|
|
|
|
3,900
|
|
|
|
4,399,512
|
|
Railsplitter Tobacco Settlement Authority; Series 2010, RB
|
|
|
5.50
|
%
|
|
|
06/01/23
|
|
|
|
6,030
|
|
|
|
7,287,979
|
|
Regional Transportation Authority; Series 1994 B, RB (INSAMBAC)
(a)
|
|
|
8.00
|
%
|
|
|
06/01/17
|
|
|
|
5,000
|
|
|
|
6,162,800
|
|
Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates
Supportive Living); Series 2007, MFH RB
(c)
|
|
|
7.00
|
%
|
|
|
12/01/42
|
|
|
|
680
|
|
|
|
710,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
175,590,244
|
|
|
Indiana2.99%
|
|
East Chicago Elementary School Building Corp.; Series 1996, Ref. First Mortgage RB (INSAMBAC)
(a)
|
|
|
6.25
|
%
|
|
|
01/05/16
|
|
|
|
1,610
|
|
|
|
1,716,308
|
|
Indiana (State of) Finance Authority (Ascension Health Senior Credit); Series 2006 B-6,
RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
9,200
|
|
|
|
9,902,144
|
|
Indiana (State of) Finance Authority (Clarion Health Obligated Group); Series 2006 A, Hospital RB
|
|
|
5.25
|
%
|
|
|
02/15/40
|
|
|
|
1,080
|
|
|
|
1,180,451
|
|
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, Second Lien Wastewater Utility RB
|
|
|
5.25
|
%
|
|
|
10/01/31
|
|
|
|
3,625
|
|
|
|
4,171,903
|
|
Indiana (State of) Finance Authority (Deaconess Hospital Obligated Group); Series 2009 A, Hospital RB
|
|
|
6.75
|
%
|
|
|
03/01/39
|
|
|
|
1,360
|
|
|
|
1,605,303
|
|
Indiana (State of) Finance Authority (Indianapolis Power & Light Co.); Series 2009 A, Ref. Environmental Facilities RB
|
|
|
4.90
|
%
|
|
|
01/01/16
|
|
|
|
2,125
|
|
|
|
2,323,050
|
|
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, Midwestern Disaster Relief RB
|
|
|
5.00
|
%
|
|
|
06/01/32
|
|
|
|
1,535
|
|
|
|
1,644,108
|
|
Indiana (State of) Health Facility Financing Authority (Columbus Regional Hospital); Series 1993, Ref. RB (INSAGM)
(a)
|
|
|
7.00
|
%
|
|
|
08/15/15
|
|
|
|
975
|
|
|
|
1,047,940
|
|
Lake Central Multi-District School Building Corp.; Series 2012 B, First Mortgage RB
|
|
|
5.00
|
%
|
|
|
07/15/32
|
|
|
|
2,375
|
|
|
|
2,786,255
|
|
New Albany Floyd County School Building Corp.; Series 2005, Ref. First Mortgage RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
07/15/25
|
|
|
|
1,800
|
|
|
|
1,973,718
|
|
Rockport (City of) (Indiana Michigan Power Co.); Series 2009 B, Ref.
PCR
(e)(f)
|
|
|
6.25
|
%
|
|
|
06/02/14
|
|
|
|
375
|
|
|
|
399,979
|
|
Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB
(h)
|
|
|
5.75
|
%
|
|
|
09/01/42
|
|
|
|
500
|
|
|
|
519,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,270,414
|
|
|
Iowa0.76%
|
|
Coralville (City of); Series 2006 D, COP
|
|
|
5.25
|
%
|
|
|
06/01/26
|
|
|
|
1,125
|
|
|
|
1,163,317
|
|
Iowa (State of) (IJOBS Program);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Special Obligation RB
(b)
|
|
|
5.00
|
%
|
|
|
06/01/25
|
|
|
|
975
|
|
|
|
1,165,866
|
|
Series 2009 A, Special Obligation RB
(b)
|
|
|
5.00
|
%
|
|
|
06/01/26
|
|
|
|
730
|
|
|
|
867,415
|
|
Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB
|
|
|
4.75
|
%
|
|
|
08/01/42
|
|
|
|
2,500
|
|
|
|
2,543,650
|
|
Iowa (State of) Finance Authority (Iowa Health System); Series 2008 A, Health Facilities RB
(INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
08/15/29
|
|
|
|
1,500
|
|
|
|
1,704,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,445,223
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial
statements.
13 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Kansas0.98%
|
|
Cowley County Unified School District No. 465 (Winfield); Series 2003, Unlimited Tax GO Bonds (INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
10/01/21
|
|
|
$
|
70
|
|
|
$
|
71,681
|
|
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 C, Hospital RB
|
|
|
5.50
|
%
|
|
|
11/15/23
|
|
|
|
1,250
|
|
|
|
1,499,212
|
|
Series 2009 C, Hospital RB
|
|
|
5.50
|
%
|
|
|
11/15/29
|
|
|
|
335
|
|
|
|
393,019
|
|
Series 2009 C, Hospital RB
(b)
|
|
|
5.75
|
%
|
|
|
11/15/38
|
|
|
|
3,400
|
|
|
|
4,014,414
|
|
Wamego (City of) (Kansas Gas & Electric Co.); Series 2004, Ref. PCR (INSNATL)
(a)
|
|
|
5.30
|
%
|
|
|
06/01/31
|
|
|
|
3,500
|
|
|
|
3,591,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,569,431
|
|
|
Kentucky2.27%
|
|
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Authority, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subseries 2008 A-1, RB (INSAGC)
(a)
|
|
|
5.75
|
%
|
|
|
12/01/28
|
|
|
|
2,000
|
|
|
|
2,251,620
|
|
Subseries 2008 A-1, RB (INSAGC)
(a)
|
|
|
6.00
|
%
|
|
|
12/01/42
|
|
|
|
1,000
|
|
|
|
1,092,740
|
|
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.) Series 2010 B, Ref. Hospital RB
|
|
|
6.38
|
%
|
|
|
03/01/40
|
|
|
|
1,985
|
|
|
|
2,390,913
|
|
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Hospital RB
|
|
|
6.38
|
%
|
|
|
06/01/40
|
|
|
|
1,950
|
|
|
|
2,348,755
|
|
Series 2010 A, Hospital RB
|
|
|
6.50
|
%
|
|
|
03/01/45
|
|
|
|
2,550
|
|
|
|
3,071,806
|
|
Kentucky (State of) Property & Building Commission (No. 93);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. RB (INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
02/01/24
|
|
|
|
2,110
|
|
|
|
2,508,980
|
|
Series 2009, Ref. RB (INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
02/01/25
|
|
|
|
2,370
|
|
|
|
2,807,929
|
|
Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare,
Inc.); Series 2006, Health System RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
5,405
|
|
|
|
5,748,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,221,447
|
|
|
Louisiana1.76%
|
|
Lafayette (City of) Public Trust Financing Authority (Ragin Cajun Facilities, Inc.Housing & Parking);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, RB (INSAGM)
(a)
|
|
|
5.25
|
%
|
|
|
10/01/30
|
|
|
|
550
|
|
|
|
628,029
|
|
Series 2010, RB (INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
10/01/35
|
|
|
|
960
|
|
|
|
1,099,046
|
|
Lakeshore Villages Master Community Development District; Series 2007, Special Assessment
RB
(i)
|
|
|
5.25
|
%
|
|
|
07/01/17
|
|
|
|
1,360
|
|
|
|
544,503
|
|
Louisiana (State of) Public Facilities Authority (Entergy Louisiana LLC); Series 2010, RB
|
|
|
5.00
|
%
|
|
|
06/01/30
|
|
|
|
1,450
|
|
|
|
1,572,728
|
|
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002 B,
RB
(d)(e)
|
|
|
5.50
|
%
|
|
|
05/15/26
|
|
|
|
2,000
|
|
|
|
2,680,400
|
|
Louisiana Citizens Property Insurance Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 B, Assessment RB (INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
06/01/20
|
|
|
|
1,000
|
|
|
|
1,110,870
|
|
Series 2009 C-2, Assessment RB (INSAGC)
(a)
|
|
|
6.75
|
%
|
|
|
06/01/26
|
|
|
|
2,650
|
|
|
|
3,307,041
|
|
St. Charles (Parish of) (Valero Energy Corp.); Series 2010, Gulf Opportunity Zone
RB
(e)(f)
|
|
|
4.00
|
%
|
|
|
06/01/22
|
|
|
|
1,750
|
|
|
|
1,932,193
|
|
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB
|
|
|
5.13
|
%
|
|
|
06/01/37
|
|
|
|
4,125
|
|
|
|
4,411,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,286,250
|
|
|
Maryland0.76%
|
|
Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB
|
|
|
5.00
|
%
|
|
|
01/01/37
|
|
|
|
505
|
|
|
|
525,256
|
|
Maryland (State of) Health & Higher Educational Facilities Authority (Maryland Institute College of Art); Series 2006, RB
|
|
|
5.00
|
%
|
|
|
06/01/40
|
|
|
|
770
|
|
|
|
801,978
|
|
Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center); Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
07/01/42
|
|
|
|
2,715
|
|
|
|
2,957,504
|
|
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB
|
|
|
5.75
|
%
|
|
|
06/01/35
|
|
|
|
1,815
|
|
|
|
2,072,149
|
|
Maryland Economic Development Corp. (Transportation Facilities); Series 2010 A, RB
|
|
|
5.38
|
%
|
|
|
06/01/25
|
|
|
|
930
|
|
|
|
1,064,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,421,467
|
|
|
Massachusetts2.21%
|
|
Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB
|
|
|
5.00
|
%
|
|
|
01/01/35
|
|
|
|
2,010
|
|
|
|
2,282,033
|
|
Massachusetts (State of) Development Finance Agency (Berklee College of Music); Series 2007 A, RB
|
|
|
5.00
|
%
|
|
|
10/01/32
|
|
|
|
2,800
|
|
|
|
3,128,244
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Massachusetts(continued)
|
|
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 A-1, RB
|
|
|
6.25
|
%
|
|
|
11/15/39
|
|
|
$
|
282
|
|
|
$
|
212,607
|
|
Series 2011 A-1, RB
|
|
|
6.25
|
%
|
|
|
11/15/46
|
|
|
|
496
|
|
|
|
364,474
|
|
Series 2011 A-2, RB
|
|
|
5.50
|
%
|
|
|
11/15/46
|
|
|
|
41
|
|
|
|
26,065
|
|
Series 2011 B, CAB RB
(g)
|
|
|
0.00
|
%
|
|
|
11/15/56
|
|
|
|
206
|
|
|
|
1,096
|
|
Massachusetts (State of) Development Finance Agency (Partners Healthcare);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 L, RB
|
|
|
5.00
|
%
|
|
|
07/01/31
|
|
|
|
1,230
|
|
|
|
1,430,515
|
|
Series 2012 L, RB
|
|
|
5.00
|
%
|
|
|
07/01/36
|
|
|
|
4,025
|
|
|
|
4,591,116
|
|
Massachusetts (State of) Development Finance Agency (The Groves in Lincoln); Series 2009 B-2, Senior Living Facility RB
|
|
|
6.25
|
%
|
|
|
06/01/14
|
|
|
|
855
|
|
|
|
427,517
|
|
Massachusetts (State of) Development Finance Agency (Tufts Medical Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 I, RB
|
|
|
7.25
|
%
|
|
|
01/01/32
|
|
|
|
1,050
|
|
|
|
1,327,389
|
|
Series 2011 I, RB
|
|
|
6.75
|
%
|
|
|
01/01/36
|
|
|
|
275
|
|
|
|
335,283
|
|
Massachusetts (State of) School Building Authority; Series 2011 B, Sr. Dedicated Sales
Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
10/15/35
|
|
|
|
6,450
|
|
|
|
7,539,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,665,486
|
|
|
Michigan1.38%
|
|
Detroit (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 C-1, Ref. Sr. Lien Sewage Disposal System RB (INSAGM)
(a)
|
|
|
7.00
|
%
|
|
|
07/01/27
|
|
|
|
2,900
|
|
|
|
3,573,699
|
|
Series 2003 B, Sr. Lien Sewage Disposal System RB (INSAGM)
(a)
|
|
|
7.50
|
%
|
|
|
07/01/33
|
|
|
|
1,250
|
|
|
|
1,559,063
|
|
Kent (County of) Hospital Finance Authority (Spectrum Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
(e)(f)
|
|
|
5.25
|
%
|
|
|
01/15/14
|
|
|
|
1,125
|
|
|
|
1,170,371
|
|
Series 2008 A, RB
(e)(f)
|
|
|
5.50
|
%
|
|
|
01/15/15
|
|
|
|
625
|
|
|
|
680,831
|
|
Lansing (City of) Board of Water & Light; Series 2011 A, Utility System RB
|
|
|
5.00
|
%
|
|
|
07/01/37
|
|
|
|
750
|
|
|
|
859,050
|
|
Monroe County Economic Development Corp. (Detroit Edison Co.); Series 1992 AA, Ref. RB (INSNATL)
(a)
|
|
|
6.95
|
%
|
|
|
09/01/22
|
|
|
|
1,000
|
|
|
|
1,352,300
|
|
Oakland University; Series 2012, General RB
|
|
|
5.00
|
%
|
|
|
03/01/42
|
|
|
|
3,000
|
|
|
|
3,309,750
|
|
Wayne State University Board of Governors; Series 2008, Ref. General RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
11/15/25
|
|
|
|
870
|
|
|
|
1,013,968
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,519,032
|
|
|
Minnesota0.56%
|
|
Chaska (City of); Series 2000 A, Electric RB
|
|
|
6.10
|
%
|
|
|
10/01/30
|
|
|
|
10
|
|
|
|
10,043
|
|
Minneapolis (City of) (Fairview Health Services);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Health Care System RB
|
|
|
6.38
|
%
|
|
|
11/15/23
|
|
|
|
2,850
|
|
|
|
3,478,111
|
|
Series 2008 A, Health Care System RB
|
|
|
6.63
|
%
|
|
|
11/15/28
|
|
|
|
1,600
|
|
|
|
1,974,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,462,506
|
|
|
Missouri2.30%
|
|
Cape Girardeau (County of) Industrial Development Authority (Southeast Missouri Hospital Association);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, Health Facilities RB
|
|
|
5.50
|
%
|
|
|
06/01/22
|
|
|
|
350
|
|
|
|
350,620
|
|
Series 2002, Health Facilities RB
|
|
|
5.63
|
%
|
|
|
06/01/27
|
|
|
|
205
|
|
|
|
205,330
|
|
Cape Girardeau (County of) Industrial Development Authority (St. Francis Medical Center); Series 2009 A, Health Facilities
RB
|
|
|
5.50
|
%
|
|
|
06/01/29
|
|
|
|
500
|
|
|
|
558,565
|
|
Cass (County of); Series 2007, Hospital RB
|
|
|
5.63
|
%
|
|
|
05/01/38
|
|
|
|
500
|
|
|
|
513,540
|
|
Fenton (City of) (Gravois Bluffs Redevelopment); Series 2006, Ref. Tax Increment Allocation RB
|
|
|
4.50
|
%
|
|
|
04/01/21
|
|
|
|
585
|
|
|
|
596,764
|
|
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 A, Ref. RB
|
|
|
5.50
|
%
|
|
|
09/01/24
|
|
|
|
1,175
|
|
|
|
1,430,093
|
|
Series 2011 A, Ref. RB
|
|
|
5.50
|
%
|
|
|
09/01/25
|
|
|
|
305
|
|
|
|
367,421
|
|
Series 2011 A, Ref. RB
|
|
|
5.50
|
%
|
|
|
09/01/27
|
|
|
|
1,375
|
|
|
|
1,616,986
|
|
Series 2011 A, Ref. RB
|
|
|
5.50
|
%
|
|
|
09/01/28
|
|
|
|
2,380
|
|
|
|
2,768,535
|
|
Maryland Heights (City of) (South Heights Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB
|
|
|
5.50
|
%
|
|
|
09/01/18
|
|
|
|
555
|
|
|
|
577,966
|
|
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 A, Senior Living Facilities RB
|
|
|
5.38
|
%
|
|
|
02/01/35
|
|
|
|
2,375
|
|
|
|
2,425,777
|
|
Series 2010, Senior Living Facilities RB
|
|
|
5.50
|
%
|
|
|
02/01/42
|
|
|
|
1,325
|
|
|
|
1,421,354
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Missouri(continued)
|
|
Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2012, RB
|
|
|
4.00
|
%
|
|
|
11/15/42
|
|
|
$
|
2,030
|
|
|
$
|
2,061,810
|
|
Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist Medical Center); Series 1989, Health Facilities RB
(d)
|
|
|
7.63
|
%
|
|
|
07/01/18
|
|
|
|
1,015
|
|
|
|
1,103,884
|
|
Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point); Series 2006, Power Project RB (INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
01/01/21
|
|
|
|
1,000
|
|
|
|
1,063,180
|
|
Nixa (City of); Series 2005, Electric System RB
(d)(e)
|
|
|
5.00
|
%
|
|
|
04/01/13
|
|
|
|
1,175
|
|
|
|
1,180,229
|
|
St. Charles (City of); Series 2003 B, COP
(d)(e)
|
|
|
5.50
|
%
|
|
|
05/01/13
|
|
|
|
1,250
|
|
|
|
1,261,575
|
|
St. Louis (City of) Industrial Development Authority (Loughborough Commons Redevelopment); Series 2007, Ref. Community Improvement
District Tax Increment Allocation RB
|
|
|
5.75
|
%
|
|
|
11/01/27
|
|
|
|
825
|
|
|
|
836,905
|
|
St. Louis (County of) Industrial Development Authority (St. Andrews Resources for Seniors);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/30
|
|
|
|
615
|
|
|
|
650,147
|
|
Series 2007 A, Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/41
|
|
|
|
1,450
|
|
|
|
1,520,368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,511,049
|
|
|
Montana0.09%
|
|
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR
|
|
|
5.00
|
%
|
|
|
05/01/33
|
|
|
|
800
|
|
|
|
919,568
|
|
|
Nebraska1.14%
|
|
Nebraska (State of) Municipal Energy Agency;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Ref. Power Supply System RB (INSBHAC)
(a)
|
|
|
5.13
|
%
|
|
|
04/01/29
|
|
|
|
1,000
|
|
|
|
1,163,280
|
|
Series 2009 A, Ref. Power Supply System RB (INSBHAC)
(a)
|
|
|
5.38
|
%
|
|
|
04/01/39
|
|
|
|
1,000
|
|
|
|
1,161,800
|
|
Nebraska (State of) Public Power District; Series 2007 B, General RB
(INSBHAC)
(a)
|
|
|
5.00
|
%
|
|
|
01/01/37
|
|
|
|
2,000
|
|
|
|
2,196,920
|
|
Omaha (City of) Public Power District; Series 2011 B, RB
(b)
|
|
|
5.00
|
%
|
|
|
02/01/36
|
|
|
|
5,775
|
|
|
|
6,652,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,174,338
|
|
|
Nevada2.52%
|
|
Clark (County of) (Las Vegas-McCarran International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Passenger Facility Charge RB
|
|
|
5.13
|
%
|
|
|
07/01/34
|
|
|
|
500
|
|
|
|
563,115
|
|
Series 2010 A, Passenger Facility Charge RB (INSAGM)
(a)
|
|
|
5.25
|
%
|
|
|
07/01/39
|
|
|
|
1,000
|
|
|
|
1,129,280
|
|
Clark (County of) (Southwest Gas Corp.); Series 2004 A, IDR
(INSAMBAC)
(a)(c)
|
|
|
5.25
|
%
|
|
|
07/01/34
|
|
|
|
11,000
|
|
|
|
11,334,400
|
|
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB
|
|
|
6.25
|
%
|
|
|
06/15/16
|
|
|
|
290
|
|
|
|
314,989
|
|
Las Vegas Valley Water District; Series 2012 B, Limited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
06/01/42
|
|
|
|
3,000
|
|
|
|
3,392,370
|
|
Nevada (State of) (Municipal Bond BankR9A Thru R13F); Series 2005, Limited Tax GO Bonds (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/23
|
|
|
|
1,500
|
|
|
|
1,639,845
|
|
Nevada (State of); Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
06/01/26
|
|
|
|
1,600
|
|
|
|
1,852,432
|
|
Reno (City of) (Renown Regional Medical Center); Series 2007 A, Hospital RB
|
|
|
5.25
|
%
|
|
|
06/01/37
|
|
|
|
4,250
|
|
|
|
4,471,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,698,409
|
|
|
New Hampshire0.19%
|
|
Manchester (City of); Series 2009 A, Ref. General Airport RB
(INSAGM)
(a)
|
|
|
5.13
|
%
|
|
|
01/01/30
|
|
|
|
1,000
|
|
|
|
1,106,560
|
|
New Hampshire (State of) Business Finance Authority (Pennichuck Water Works, Inc.); Series 1997,
Water Facility RB (INSAMBAC)
(a)(c)
|
|
|
6.30
|
%
|
|
|
05/01/22
|
|
|
|
750
|
|
|
|
753,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,860,025
|
|
|
New Jersey5.28%
|
|
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student
Housing);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, RB
|
|
|
5.75
|
%
|
|
|
06/01/31
|
|
|
|
440
|
|
|
|
505,529
|
|
Series 2010 A, RB
|
|
|
5.88
|
%
|
|
|
06/01/42
|
|
|
|
2,100
|
|
|
|
2,386,839
|
|
New Jersey (State of) Economic Development Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1992, RB (INSNATL)
(a)
|
|
|
5.90
|
%
|
|
|
03/15/21
|
|
|
|
30,000
|
|
|
|
35,925,000
|
|
Series 2007 U, School Facilities RB (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
09/01/32
|
|
|
|
3,000
|
|
|
|
3,312,360
|
|
New Jersey (State of) Transportation Trust Fund Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 A, Transportation System RB
|
|
|
5.00
|
%
|
|
|
06/15/42
|
|
|
|
4,300
|
|
|
|
4,777,257
|
|
Series 2012 AA, Transportation Program RB
|
|
|
5.00
|
%
|
|
|
06/15/38
|
|
|
|
2,450
|
|
|
|
2,752,845
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
New Jersey(continued)
|
|
Passaic Valley Sewage Commissioners; Series 2003 F, Sewer System RB (INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/19
|
|
|
$
|
2,000
|
|
|
$
|
2,057,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,717,530
|
|
|
New Mexico1.02%
|
|
Farmington (City of) (Public Service Co. of New Mexico San Juan);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Ref. PCR
(e)(f)
|
|
|
5.20
|
%
|
|
|
06/01/20
|
|
|
|
1,000
|
|
|
|
1,135,930
|
|
Series 2010 C, Ref. PCR
|
|
|
5.90
|
%
|
|
|
06/01/40
|
|
|
|
3,250
|
|
|
|
3,622,450
|
|
Jicarilla Apache Nation;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 A, RB
(h)
|
|
|
5.00
|
%
|
|
|
09/01/18
|
|
|
|
1,500
|
|
|
|
1,500,420
|
|
Series 2003 A, RB
(h)
|
|
|
5.50
|
%
|
|
|
09/01/23
|
|
|
|
1,250
|
|
|
|
1,249,000
|
|
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Health Care Services);
Series 2008 A, Hospital RB
(b)
|
|
|
6.38
|
%
|
|
|
08/01/32
|
|
|
|
2,100
|
|
|
|
2,513,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,021,479
|
|
|
New York13.89%
|
|
Brooklyn Arena Local Development Corp. (Barclays Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, PILOT RB
|
|
|
6.25
|
%
|
|
|
07/15/40
|
|
|
|
2,150
|
|
|
|
2,582,881
|
|
Series 2009, PILOT RB
|
|
|
6.38
|
%
|
|
|
07/15/43
|
|
|
|
900
|
|
|
|
1,081,953
|
|
Long Island Power Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Electrical System General RB (INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
09/01/34
|
|
|
|
2,250
|
|
|
|
2,371,230
|
|
Series 2011 A, Electric System General RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
05/01/36
|
|
|
|
1,045
|
|
|
|
1,177,318
|
|
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Continuing Care Retirement Community RB
|
|
|
6.50
|
%
|
|
|
01/01/27
|
|
|
|
2,000
|
|
|
|
1,385,620
|
|
Series 2007 A, Continuing Care Retirement Community RB
|
|
|
6.70
|
%
|
|
|
01/01/43
|
|
|
|
2,000
|
|
|
|
1,356,720
|
|
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1997 6, Special Obligation RB (INSNATL)
(a)(c)
|
|
|
5.75
|
%
|
|
|
12/01/25
|
|
|
|
3,000
|
|
|
|
3,000,900
|
|
Series 2010 8, Special Obligation RB
|
|
|
6.00
|
%
|
|
|
12/01/36
|
|
|
|
2,700
|
|
|
|
3,207,438
|
|
New York & New Jersey (States of) Port Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Hundred Fifty-Second Series 2008, Consolidated RB
(b)(c)
|
|
|
5.00
|
%
|
|
|
11/01/28
|
|
|
|
6,300
|
|
|
|
7,067,655
|
|
One Hundred Forty-Fourth Series 2006, Consolidated RB
(b)
|
|
|
5.00
|
%
|
|
|
10/01/35
|
|
|
|
21,900
|
|
|
|
24,783,574
|
|
New York (City of) Municipal Water Finance Authority; Series 2010 FF, Second General Resolution Water & Sewer System RB
|
|
|
5.00
|
%
|
|
|
06/15/31
|
|
|
|
10,500
|
|
|
|
12,214,020
|
|
New York (City of) Transitional Finance Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Future Tax Sec. RB
(b)
|
|
|
5.00
|
%
|
|
|
05/01/28
|
|
|
|
935
|
|
|
|
1,115,427
|
|
Series 2009 A, Future Tax Sec. RB
(b)
|
|
|
5.00
|
%
|
|
|
05/01/29
|
|
|
|
745
|
|
|
|
890,692
|
|
Series 2009 A, Future Tax Sec. RB
(b)
|
|
|
5.00
|
%
|
|
|
05/01/30
|
|
|
|
745
|
|
|
|
872,268
|
|
Series 2009 S-3, Building Aid RB
(b)
|
|
|
5.25
|
%
|
|
|
01/15/39
|
|
|
|
1,800
|
|
|
|
2,015,244
|
|
Subseries 2012 F-1, Future Tax Sec. RB
|
|
|
5.00
|
%
|
|
|
05/01/39
|
|
|
|
9,400
|
|
|
|
10,812,256
|
|
New York (City of) Trust for Cultural Resources (The Museum of Modern Art); Series 2008 1A, Ref. RB
(b)
|
|
|
5.00
|
%
|
|
|
04/01/28
|
|
|
|
2,850
|
|
|
|
3,359,096
|
|
New York (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1995 C, Unlimited Tax GO Bonds
|
|
|
7.25
|
%
|
|
|
08/15/24
|
|
|
|
5
|
|
|
|
5,030
|
|
Series 2009 H-1, Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
03/01/16
|
|
|
|
1,500
|
|
|
|
1,698,345
|
|
Series 2012 F, Ref. Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
08/01/31
|
|
|
|
1,200
|
|
|
|
1,403,568
|
|
Subseries 2008 A-1, Unlimited Tax GO Bonds
(b)
|
|
|
5.25
|
%
|
|
|
08/15/27
|
|
|
|
1,440
|
|
|
|
1,709,280
|
|
Subseries 2008 A-1, Unlimited Tax GO Bonds
(b)
|
|
|
5.25
|
%
|
|
|
08/15/28
|
|
|
|
1,440
|
|
|
|
1,708,459
|
|
Subseries 2008 I-1, Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
02/01/26
|
|
|
|
7,200
|
|
|
|
8,365,968
|
|
New York (State of) Dormitory Authority (City of New York);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 A, Court Facilities Lease RB (INSAMBAC)
(a)
|
|
|
5.50
|
%
|
|
|
05/15/28
|
|
|
|
600
|
|
|
|
788,598
|
|
Series 2005 A, Court Facilities Lease RB (INSAMBAC)
(a)
|
|
|
5.50
|
%
|
|
|
05/15/29
|
|
|
|
505
|
|
|
|
668,055
|
|
New York (State of) Dormitory Authority (Cornell University); Series 2006 A,
RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/35
|
|
|
|
6,085
|
|
|
|
6,828,404
|
|
New York (State of) Dormitory Authority (General Purpose); Series 2011 A, State Personal Income Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/30
|
|
|
|
4,125
|
|
|
|
4,841,265
|
|
New York (State of) Dormitory Authority (Montefiore Medical Center); Series 2004, Hospital RB (INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
08/01/29
|
|
|
|
1,995
|
|
|
|
2,122,161
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
New York(continued)
|
|
New York (State of) Dormitory Authority (Upstate Community Colleges); Series 2004 B, RB
|
|
|
5.25
|
%
|
|
|
07/01/20
|
|
|
$
|
1,500
|
|
|
$
|
1,600,395
|
|
New York (State of) Dormitory Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1993 A, Second General City University System Consolidated RB
|
|
|
5.75
|
%
|
|
|
07/01/13
|
|
|
|
705
|
|
|
|
718,141
|
|
Series 1995 A, City University System Consolidated RB
|
|
|
5.63
|
%
|
|
|
07/01/16
|
|
|
|
3,080
|
|
|
|
3,438,666
|
|
New York (State of) Thruway Authority (Transportation);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Personal Income Tax RB
|
|
|
5.00
|
%
|
|
|
03/15/25
|
|
|
|
940
|
|
|
|
1,127,887
|
|
Series 2009 A, Personal Income Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/26
|
|
|
|
2,400
|
|
|
|
2,861,664
|
|
Series 2009 A, Personal Income Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/27
|
|
|
|
2,650
|
|
|
|
3,149,684
|
|
Series 2009 A, Personal Income Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/28
|
|
|
|
2,600
|
|
|
|
3,090,256
|
|
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB
(b)
|
|
|
5.00
|
%
|
|
|
04/01/29
|
|
|
|
6,855
|
|
|
|
8,045,645
|
|
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref.
Liberty RB
|
|
|
5.00
|
%
|
|
|
09/15/43
|
|
|
|
2,360
|
|
|
|
2,619,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
136,085,646
|
|
|
North Carolina2.37%
|
|
Brunswick (County of); Series 2004 A, Enterprise System RB
(d)(e)
|
|
|
5.25
|
%
|
|
|
04/01/14
|
|
|
|
1,585
|
|
|
|
1,671,604
|
|
Charlotte (City of) (Convention Facility); Series 2003 A, Ref. COP
|
|
|
5.50
|
%
|
|
|
08/01/19
|
|
|
|
3,000
|
|
|
|
3,097,410
|
|
Charlotte (City of) (Cultural Arts Facilities); Series 2009 E, Ref.
COP
(b)
|
|
|
5.00
|
%
|
|
|
06/01/39
|
|
|
|
3,915
|
|
|
|
4,280,270
|
|
North Carolina (State of) Eastern Municipal Power Agency; Series 2009 B, Power System RB
|
|
|
5.00
|
%
|
|
|
01/01/26
|
|
|
|
5,165
|
|
|
|
5,888,203
|
|
North Carolina (State of) Medical Care Commission (Southminster); Series 2007 A, First Mortgage Retirement Facilities RB
|
|
|
5.75
|
%
|
|
|
10/01/37
|
|
|
|
855
|
|
|
|
860,250
|
|
North Carolina (State of) Turnpike Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Triangle Expressway System RB (INSAGC)
(a)
|
|
|
5.13
|
%
|
|
|
01/01/24
|
|
|
|
1,355
|
|
|
|
1,558,684
|
|
Series 2011, Monroe Connector System State Appropriation RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/36
|
|
|
|
1,875
|
|
|
|
2,153,588
|
|
Series 2011, Monroe Connector System State Appropriation RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/41
|
|
|
|
3,320
|
|
|
|
3,753,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,263,070
|
|
|
North Dakota0.17%
|
|
McLean (County of) (Great River Energy); Series 2010 B, Solid Waste Facilities RB
|
|
|
5.15
|
%
|
|
|
07/01/40
|
|
|
|
1,500
|
|
|
|
1,643,790
|
|
|
|
|
|
|
Ohio6.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allen (County of) (Catholic Health Partners); Series 2012 A, Ref. Hospital Facilities RB
|
|
|
5.00
|
%
|
|
|
05/01/42
|
|
|
|
755
|
|
|
|
839,115
|
|
American Municipal Power, Inc. (Amp Fremont Energy Center); Series 2012, RB
|
|
|
5.00
|
%
|
|
|
02/15/37
|
|
|
|
3,750
|
|
|
|
4,196,362
|
|
American Municipal Power, Inc. (Prairie State Energy Campus); Series 2008 A, RB (INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
02/15/33
|
|
|
|
2,400
|
|
|
|
2,734,536
|
|
Cleveland State University; Series 2012, RB
|
|
|
5.00
|
%
|
|
|
06/01/37
|
|
|
|
1,200
|
|
|
|
1,343,832
|
|
Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB
|
|
|
5.75
|
%
|
|
|
05/15/27
|
|
|
|
400
|
|
|
|
413,924
|
|
Franklin (County of) (OhioHealth Corp.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 A, Hospital Facilities RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
3,310
|
|
|
|
3,761,153
|
|
Series 2011 A, Hospital Facilities RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/41
|
|
|
|
1,500
|
|
|
|
1,688,655
|
|
Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB
|
|
|
5.25
|
%
|
|
|
06/01/32
|
|
|
|
3,250
|
|
|
|
3,659,305
|
|
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011 A, Hospital Facilities RB
|
|
|
6.25
|
%
|
|
|
12/01/34
|
|
|
|
960
|
|
|
|
1,140,662
|
|
Lorain (County of) (Catholic Healthcare Partners);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 C-1, Ref. Hospital Facilities RB (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
04/01/24
|
|
|
|
4,900
|
|
|
|
5,495,644
|
|
Series 2006 A, Hospital Facilities RB (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
4,525
|
|
|
|
5,077,095
|
|
Series 2006 B, Hospital Facilities RB (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
4,575
|
|
|
|
5,133,470
|
|
Lucas (County of) (ProMedica Healthcare); Series 2011 A, Hospital RB
|
|
|
5.75
|
%
|
|
|
11/15/31
|
|
|
|
2,000
|
|
|
|
2,418,040
|
|
Montgomery (County of) (Catholic Health Initiatives); Series 2006 C-1, RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/41
|
|
|
|
1,625
|
|
|
|
1,735,646
|
|
Montgomery (County of) (Miami Valley Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, RB
(d)(e)
|
|
|
6.00
|
%
|
|
|
11/15/14
|
|
|
|
2,040
|
|
|
|
2,240,654
|
|
Series 2009 A, RB
(d)(e)
|
|
|
6.25
|
%
|
|
|
11/15/14
|
|
|
|
1,275
|
|
|
|
1,405,866
|
|
Ohio (State of) Air Quality Development Authority (Columbus Southern Power Co.); Series 2009 B, Ref. RB
(f)
|
|
|
5.80
|
%
|
|
|
12/01/38
|
|
|
|
1,000
|
|
|
|
1,146,170
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Ohio(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Ref. PCR
(e)(f)
|
|
|
2.25
|
%
|
|
|
06/03/13
|
|
|
$
|
3,000
|
|
|
$
|
3,011,250
|
|
Series 2009 C, Ref. PCR
|
|
|
5.63
|
%
|
|
|
06/01/18
|
|
|
|
5,100
|
|
|
|
5,982,045
|
|
Ohio (State of) Air Quality Development Authority (Ohio Power Co. Galvin); Series 2010 A, Ref.
RB
(c)(e)(f)
|
|
|
2.88
|
%
|
|
|
08/01/14
|
|
|
|
2,000
|
|
|
|
2,039,620
|
|
Ohio (State of) Higher Educational Facility Commission (Summa Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, Hospital Facilities RB
|
|
|
5.75
|
%
|
|
|
11/15/35
|
|
|
|
2,055
|
|
|
|
2,348,105
|
|
Series 2010, Hospital Facilities RB
|
|
|
5.75
|
%
|
|
|
11/15/40
|
|
|
|
1,065
|
|
|
|
1,206,017
|
|
Ohio (State of) Higher Educational Facility Commission (University Hospitals Health System, Inc.); Series 2009 A, Hospital RB
(d)(e)
|
|
|
6.75
|
%
|
|
|
01/15/15
|
|
|
|
2,750
|
|
|
|
3,078,103
|
|
Ohio (State of) Housing Finance Agency (MortgageBacked Securities Program);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 D, Residential Mortgage RB (CEPGNMA)
(b)(c)
|
|
|
5.30
|
%
|
|
|
09/01/28
|
|
|
|
244
|
|
|
|
252,843
|
|
Series 2008 D, Residential Mortgage RB (CEPGNMA)
(b)(c)
|
|
|
5.40
|
%
|
|
|
03/01/33
|
|
|
|
102
|
|
|
|
105,159
|
|
Series 2008 F, Residential Mortgage RB (CEPGNMA)
(b)
|
|
|
5.50
|
%
|
|
|
09/01/39
|
|
|
|
682
|
|
|
|
702,781
|
|
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.);
Series 2009 A, Ref. PCR
(e)(f)
|
|
|
5.88
|
%
|
|
|
06/01/16
|
|
|
|
2,140
|
|
|
|
2,410,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,566,398
|
|
|
Oklahoma0.39%
|
|
McAlester (City of) Public Works Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, Utility System CAB RB (INSAGM)
(a)(g)
|
|
|
0.00
|
%
|
|
|
02/01/31
|
|
|
|
1,000
|
|
|
|
554,690
|
|
Series 2002, Utility System CAB RB (INSAGM)
(a)(g)
|
|
|
0.00
|
%
|
|
|
02/01/34
|
|
|
|
3,970
|
|
|
|
1,914,850
|
|
Tulsa (City of) Airports Improvement Trust; Series 2000 A, General RB (INSNATL)
(a)(c)
|
|
|
6.00
|
%
|
|
|
06/01/20
|
|
|
|
1,250
|
|
|
|
1,378,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,848,353
|
|
|
Oregon0.10%
|
|
Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB
|
|
|
5.25
|
%
|
|
|
04/01/24
|
|
|
|
315
|
|
|
|
375,086
|
|
Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte); Series 2009 B,
Tribal Economic Development Hydroelectric RB
(h)
|
|
|
6.38
|
%
|
|
|
11/01/33
|
|
|
|
535
|
|
|
|
618,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
993,669
|
|
|
|
|
|
|
Pennsylvania1.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beaver (County of) Industrial Development Authority (FirstEnergy Generation Corp.); Series 2006 B, Ref. VRD PCR (LOC-Citibank, N.A.)
(j)(k)
|
|
|
0.12
|
%
|
|
|
12/01/35
|
|
|
|
5,000
|
|
|
|
5,000,000
|
|
Delaware River Port Authority; Series 2010 D, RB
|
|
|
5.00
|
%
|
|
|
01/01/35
|
|
|
|
1,450
|
|
|
|
1,637,195
|
|
Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB
|
|
|
5.38
|
%
|
|
|
07/01/42
|
|
|
|
2,700
|
|
|
|
2,974,617
|
|
Pennsylvania (State of) Turnpike Commission;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subseries 2010 B-2, Sub. Conv. CAB RB
(l)
|
|
|
5.75
|
%
|
|
|
12/01/28
|
|
|
|
3,600
|
|
|
|
3,576,960
|
|
Subseries 2010 B-2, Sub. Conv. CAB RB
(l)
|
|
|
6.00
|
%
|
|
|
12/01/34
|
|
|
|
2,200
|
|
|
|
2,159,278
|
|
Philadelphia (City of) (1975 General Ordinance); Eighteenth Series 2004, Gas Works RB
(INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
08/01/20
|
|
|
|
1,000
|
|
|
|
1,056,810
|
|
Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional
Asset District); Series 2010, Ref. Sales Tax RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
02/01/31
|
|
|
|
500
|
|
|
|
564,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,969,015
|
|
|
Puerto Rico2.80%
|
|
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 A, Sr. Lien RB
|
|
|
5.00
|
%
|
|
|
07/01/33
|
|
|
|
3,320
|
|
|
|
3,251,309
|
|
Series 2012 A, Sr. Lien RB
|
|
|
6.00
|
%
|
|
|
07/01/47
|
|
|
|
1,830
|
|
|
|
1,914,345
|
|
Puerto Rico (Commonwealth of) Electric Power Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 CCC, RB
|
|
|
5.25
|
%
|
|
|
07/01/27
|
|
|
|
4,200
|
|
|
|
4,350,990
|
|
Series 2010 XX, RB
|
|
|
5.25
|
%
|
|
|
07/01/40
|
|
|
|
3,300
|
|
|
|
3,338,841
|
|
Puerto Rico Sales Tax Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Subseries 2010 A, RB
|
|
|
5.38
|
%
|
|
|
08/01/39
|
|
|
|
3,225
|
|
|
|
3,417,758
|
|
First Subseries 2010 A, RB
|
|
|
5.50
|
%
|
|
|
08/01/42
|
|
|
|
3,600
|
|
|
|
3,837,384
|
|
First Subseries 2010 C, RB
|
|
|
5.25
|
%
|
|
|
08/01/41
|
|
|
|
6,950
|
|
|
|
7,331,764
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,442,391
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial
statements.
19 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Rhode Island0.38%
|
|
Rhode Island Economic Development Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1994 A, Airport RB (INSAGM)
(a)(c)
|
|
|
7.00
|
%
|
|
|
07/01/14
|
|
|
$
|
570
|
|
|
$
|
590,372
|
|
Series 2005 C, Ref. Airport RB
(INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
07/01/28
|
|
|
|
3,000
|
|
|
|
3,112,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,702,542
|
|
|
South Carolina4.52%
|
|
Charleston County School District Corp.; Series 2004 A, Unlimited Tax GO
Bonds
(d)(e)
|
|
|
5.00
|
%
|
|
|
02/01/14
|
|
|
|
3,000
|
|
|
|
3,133,650
|
|
Charleston Educational Excellence Finance Corp. (Charleston County School District);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005, Installment Purchase RB
(b)
|
|
|
5.25
|
%
|
|
|
12/01/25
|
|
|
|
12,500
|
|
|
|
13,887,625
|
|
Series 2005, Installment Purchase RB
(b)
|
|
|
5.25
|
%
|
|
|
12/01/26
|
|
|
|
7,500
|
|
|
|
8,296,275
|
|
Dorchester County School District No. 2 (Growth); Series 2006, Installment Purchase RB (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/29
|
|
|
|
4,000
|
|
|
|
4,485,800
|
|
Piedmont Municipal Power Agency; Series 2011 C, Ref. Electric RB
(INSAGC)
(a)
|
|
|
5.75
|
%
|
|
|
01/01/34
|
|
|
|
1,590
|
|
|
|
1,895,614
|
|
South Carolina (State of) Educational Facilities Authority (Furman University); Series 2006 B, VRD RB
(j)
|
|
|
0.10
|
%
|
|
|
10/01/39
|
|
|
|
1,600
|
|
|
|
1,600,000
|
|
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 B, Ref. & Improvement Hospital RB (INSAGC)
(a)
|
|
|
5.38
|
%
|
|
|
02/01/29
|
|
|
|
1,000
|
|
|
|
1,117,950
|
|
Series 2009 B, Ref. & Improvement Hospital RB (INSAGC)
(a)
|
|
|
5.50
|
%
|
|
|
02/01/38
|
|
|
|
1,000
|
|
|
|
1,101,380
|
|
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2003 A, Ref. Hospital Facilities
RB
|
|
|
6.25
|
%
|
|
|
08/01/31
|
|
|
|
2,840
|
|
|
|
2,909,779
|
|
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Ref. RB
|
|
|
6.00
|
%
|
|
|
11/15/32
|
|
|
|
517
|
|
|
|
347,230
|
|
Series 2012, Ref. RB
|
|
|
6.00
|
%
|
|
|
11/15/47
|
|
|
|
178
|
|
|
|
117,011
|
|
Series 2012, Ref. Sub. CAB RB
(g)
|
|
|
0.00
|
%
|
|
|
11/15/47
|
|
|
|
222
|
|
|
|
221
|
|
Series 2012, Ref. Sub. CAB RB
(g)
|
|
|
0.00
|
%
|
|
|
11/15/47
|
|
|
|
76
|
|
|
|
76
|
|
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB
(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
4,650
|
|
|
|
5,359,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,252,062
|
|
|
South Dakota0.13%
|
|
South Dakota (State of) Health & Educational Facilities Authority (Vocational Education Program);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1998 A, RB (INSAMBAC)
(a)
|
|
|
5.40
|
%
|
|
|
08/01/13
|
|
|
|
75
|
|
|
|
76,447
|
|
Series 2008, RB
(INSAGC)
(a)
|
|
|
5.50
|
%
|
|
|
08/01/38
|
|
|
|
1,000
|
|
|
|
1,156,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,233,127
|
|
|
Tennessee1.06%
|
|
Chattanooga (City of) Health, Educational & Housing Facility Board (Community Development Financial Institution Phase I LLC); Series
2005 A, Ref. Sr. RB
|
|
|
5.13
|
%
|
|
|
10/01/35
|
|
|
|
1,750
|
|
|
|
1,796,218
|
|
Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage
Hospital RB
|
|
|
5.50
|
%
|
|
|
07/01/36
|
|
|
|
2,650
|
|
|
|
2,813,505
|
|
Memphis Center City Revenue Finance Corp. (Pyramid & Pinch District Redevelopment); Series 2011 B, Sub. RB (INSAGM)
(a)
|
|
|
5.25
|
%
|
|
|
11/01/30
|
|
|
|
525
|
|
|
|
616,145
|
|
Shelby (County of) Health, Educational & Housing Facilities Board (Methodist Healthcare);
Series 2004 B, RB (INSAGM)
(a)(b)
|
|
|
5.25
|
%
|
|
|
09/01/27
|
|
|
|
4,700
|
|
|
|
5,187,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,413,070
|
|
|
Texas20.00%
|
|
Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB
(c)
|
|
|
4.85
|
%
|
|
|
04/01/21
|
|
|
|
2,025
|
|
|
|
2,183,436
|
|
Arlington (City of); Series 2009, Special Tax RB
|
|
|
5.00
|
%
|
|
|
08/15/28
|
|
|
|
1,000
|
|
|
|
1,111,060
|
|
Austin (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Ref. Electric Utility System RB
|
|
|
5.00
|
%
|
|
|
11/15/37
|
|
|
|
2,020
|
|
|
|
2,342,473
|
|
Series 2012, Ref. Electric Utility System RB
|
|
|
5.00
|
%
|
|
|
11/15/40
|
|
|
|
2,325
|
|
|
|
2,672,983
|
|
Series 2012, Ref. Water & Wastewater System RB
|
|
|
5.00
|
%
|
|
|
11/15/42
|
|
|
|
2,400
|
|
|
|
2,785,320
|
|
Bexar County Health Facilities Development Corp. (Army Retirement Residence);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Ref. RB
|
|
|
5.00
|
%
|
|
|
07/01/33
|
|
|
|
735
|
|
|
|
767,715
|
|
Series 2007, Ref. RB
|
|
|
5.00
|
%
|
|
|
07/01/37
|
|
|
|
580
|
|
|
|
602,991
|
|
Dallas (City of) (Civic Center Convention Complex);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. & Improvement RB (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
08/15/18
|
|
|
|
1,650
|
|
|
|
1,928,256
|
|
Series 2009, Ref. & Improvement RB (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
08/15/19
|
|
|
|
2,925
|
|
|
|
3,452,231
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Texas(continued)
|
|
Dallas (County of) Flood Control District No. 1; Series 2002, Ref. Unlimited Tax GO Bonds
|
|
|
6.75
|
%
|
|
|
04/01/16
|
|
|
$
|
380
|
|
|
$
|
381,691
|
|
Dallas Area Rapid Transit; Series 2012, Ref. Sr. Lien Sales Tax RB
|
|
|
5.00
|
%
|
|
|
12/01/42
|
|
|
|
2,900
|
|
|
|
3,359,447
|
|
Dallas-Fort Worth (Cities of) International Airport; Series 2012 G, Ref. RB
|
|
|
5.00
|
%
|
|
|
11/01/34
|
|
|
|
7,000
|
|
|
|
7,909,580
|
|
Dallas-Fort Worth International Airport Facilities Improvement Corp.; Series 2003 A, Joint RB (INSAGM)
(a)(c)
|
|
|
5.50
|
%
|
|
|
11/01/21
|
|
|
|
10,000
|
|
|
|
10,331,900
|
|
El Paso (County of) Hospital District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Limited Tax GO Bonds (INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
08/15/28
|
|
|
|
2,000
|
|
|
|
2,301,700
|
|
Series 2008 A, Limited Tax GO Bonds (INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
08/15/37
|
|
|
|
8,100
|
|
|
|
8,963,622
|
|
Fort Bend (County of) Grand Parkway Toll Road Authority; Series 2012, Limited Contract Tax & Sub. Lien RB
|
|
|
5.00
|
%
|
|
|
03/01/42
|
|
|
|
1,500
|
|
|
|
1,716,810
|
|
Harris (County of) Metropolitan Transit Authority; Series 2011 A, Sales & Use Tax
RB
(b)
|
|
|
5.00
|
%
|
|
|
11/01/36
|
|
|
|
1,695
|
|
|
|
1,965,505
|
|
Harris (County of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Sr. Lien Toll Road RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/27
|
|
|
|
1,930
|
|
|
|
2,250,766
|
|
Series 2009 A, Sr. Lien Toll Road RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/28
|
|
|
|
1,500
|
|
|
|
1,746,360
|
|
Series 2009 A, Sr. Lien Toll Road RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
1,500
|
|
|
|
1,735,620
|
|
Harris County Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Ref. RB
|
|
|
7.25
|
%
|
|
|
12/01/35
|
|
|
|
1,050
|
|
|
|
1,306,630
|
|
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal
RB
|
|
|
5.00
|
%
|
|
|
02/01/23
|
|
|
|
1,650
|
|
|
|
1,850,442
|
|
Houston (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 A, Sub. Lien Airport System RB (INSAGM)
(a)(c)
|
|
|
5.13
|
%
|
|
|
07/01/32
|
|
|
|
1,365
|
|
|
|
1,369,532
|
|
Series 2004 A, Ref. First Lien Combined Utility System RB (INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
05/15/23
|
|
|
|
2,320
|
|
|
|
2,455,210
|
|
Series 2007 A, Ref. First Lien Combined Utility System RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
12,850
|
|
|
|
14,670,717
|
|
Series 2011 D, First Lien Combined Utility System RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/31
|
|
|
|
1,920
|
|
|
|
2,263,219
|
|
Series 2011 D, First Lien Combined Utility System RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/33
|
|
|
|
9,080
|
|
|
|
10,618,606
|
|
Series 2012, Ref. Floating Rate First Lien Combined Utility System RB
(e)(f)
|
|
|
0.86
|
%
|
|
|
06/01/17
|
|
|
|
2,500
|
|
|
|
2,500,000
|
|
Series 2012 A, Ref. Sub. Lien Airport System RB
(c)
|
|
|
5.00
|
%
|
|
|
07/01/30
|
|
|
|
2,000
|
|
|
|
2,258,460
|
|
Series 2012 A, Ref. Sub. Lien Airport System RB
(c)
|
|
|
5.00
|
%
|
|
|
07/01/31
|
|
|
|
5,000
|
|
|
|
5,620,550
|
|
Judson Independent School District; Series 2008, School Building Unlimited Tax GO Bonds (INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/37
|
|
|
|
5,230
|
|
|
|
5,745,626
|
|
Laredo Independent School District Public Facility Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Lease RB (INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
08/01/29
|
|
|
|
500
|
|
|
|
502,555
|
|
Series 2004 C, Lease RB (INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
08/01/29
|
|
|
|
1,000
|
|
|
|
1,005,110
|
|
Lower Colorado River Authority (LCRA Transmissions Services Corp.); Series 2011 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/41
|
|
|
|
1,250
|
|
|
|
1,407,000
|
|
Lower Colorado River Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/40
|
|
|
|
2,525
|
|
|
|
2,825,071
|
|
Series 2012 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/33
|
|
|
|
2,880
|
|
|
|
3,296,909
|
|
Series 2012 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/36
|
|
|
|
3,800
|
|
|
|
4,285,298
|
|
Matagorda (County of) Navigation District No. 1 (CenterPoint Energy Houston Electric, LLC); Series 2004, Ref. Collateralized RB
(e)(f)
|
|
|
5.60
|
%
|
|
|
03/01/14
|
|
|
|
2,250
|
|
|
|
2,346,885
|
|
North Texas Tollway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
6.00
|
%
|
|
|
01/01/26
|
|
|
|
1,360
|
|
|
|
1,606,704
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
6.00
|
%
|
|
|
01/01/27
|
|
|
|
1,000
|
|
|
|
1,180,390
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
5.63
|
%
|
|
|
01/01/28
|
|
|
|
1,540
|
|
|
|
1,787,463
|
|
Series 2008 D, Ref. First Tier System CAB RB (INSAGC)
(a)(g)
|
|
|
0.00
|
%
|
|
|
01/01/28
|
|
|
|
4,100
|
|
|
|
2,329,702
|
|
Series 2008 F, Ref. Second Tier System RB
|
|
|
5.75
|
%
|
|
|
01/01/33
|
|
|
|
3,650
|
|
|
|
4,065,078
|
|
Series 2011 A, Special Projects System RB
(b)
|
|
|
5.50
|
%
|
|
|
09/01/36
|
|
|
|
4,470
|
|
|
|
5,350,054
|
|
San Jacinto River Authority (Groundwater Reduction Plan Division);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011, Special Project RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
10/01/32
|
|
|
|
485
|
|
|
|
540,309
|
|
Series 2011, Special Project RB (INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
10/01/37
|
|
|
|
525
|
|
|
|
581,238
|
|
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2007, Retirement Facilities
RB
|
|
|
5.13
|
%
|
|
|
05/15/37
|
|
|
|
225
|
|
|
|
227,187
|
|
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Retirement Facility RB
|
|
|
5.63
|
%
|
|
|
11/15/27
|
|
|
|
1,000
|
|
|
|
1,048,880
|
|
Series 2007, Retirement Facility RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
695
|
|
|
|
721,612
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Texas(continued)
|
|
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Retirement Services, Inc.); Series 2007, Retirement Facility
RB
|
|
|
5.25
|
%
|
|
|
11/15/37
|
|
|
$
|
5,000
|
|
|
$
|
5,179,900
|
|
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); Series 2007, Retirement Facility RB
|
|
|
5.75
|
%
|
|
|
02/15/25
|
|
|
|
400
|
|
|
|
414,012
|
|
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Ref. RB (INSAGC)
(a)
|
|
|
6.25
|
%
|
|
|
07/01/28
|
|
|
|
4,200
|
|
|
|
5,009,382
|
|
Series 2008 A, Ref. RB (INSAGC)
(a)
|
|
|
6.50
|
%
|
|
|
07/01/37
|
|
|
|
1,000
|
|
|
|
1,186,510
|
|
Tarrant County Health Facilities Development Corp. (Cook Childrens Medical Center); Series 2007 B, Ref. Hospital RB
(INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/30
|
|
|
|
925
|
|
|
|
1,031,578
|
|
Texas (State of) Transportation Commission;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008, Mobility Fund Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
04/01/28
|
|
|
|
7,615
|
|
|
|
8,800,579
|
|
Series 2012 A, Ref. First Tier Turnpike System RB
|
|
|
5.00
|
%
|
|
|
08/15/41
|
|
|
|
4,750
|
|
|
|
5,221,295
|
|
Texas A&M University System Board of Regents;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Financing System RB
|
|
|
5.00
|
%
|
|
|
05/15/28
|
|
|
|
1,000
|
|
|
|
1,184,400
|
|
Series 2009 A, Financing System RB
|
|
|
5.00
|
%
|
|
|
05/15/29
|
|
|
|
3,000
|
|
|
|
3,549,330
|
|
Texas Municipal Gas Acquisition & Supply Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Gas Supply RB
|
|
|
5.00
|
%
|
|
|
12/15/28
|
|
|
|
3,115
|
|
|
|
3,422,264
|
|
Series 2012, Gas Supply RB
|
|
|
5.00
|
%
|
|
|
12/15/30
|
|
|
|
2,085
|
|
|
|
2,272,838
|
|
Series 2012, Gas Supply RB
|
|
|
5.00
|
%
|
|
|
12/15/31
|
|
|
|
1,495
|
|
|
|
1,623,346
|
|
Series 2012, Gas Supply RB
|
|
|
5.00
|
%
|
|
|
12/15/32
|
|
|
|
1,400
|
|
|
|
1,514,282
|
|
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
|
|
|
|
2,820
|
|
|
|
3,371,507
|
|
Tyler Health Facilities Development Corp. (East Texas Medical Center Regional Healthcare System); Series 2007 A, Ref. &
Improvement Hospital RB
|
|
|
5.38
|
%
|
|
|
11/01/37
|
|
|
|
540
|
|
|
|
581,720
|
|
University of Houston; Series 2008, Ref. Consolidated RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/15/33
|
|
|
|
2,400
|
|
|
|
2,729,472
|
|
Waco Educational Finance Corp. (Baylor University); Series 2012, RB
|
|
|
5.00
|
%
|
|
|
03/01/43
|
|
|
|
2,250
|
|
|
|
2,567,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,935,950
|
|
|
Utah1.32%
|
|
Mountain Regional Water Special Service District; Series 2003, Ref. Water
RB
(d)(e)
|
|
|
5.00
|
%
|
|
|
12/16/13
|
|
|
|
2,380
|
|
|
|
2,470,416
|
|
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, Charter School RB
|
|
|
5.80
|
%
|
|
|
06/15/38
|
|
|
|
730
|
|
|
|
754,572
|
|
Utah (State of) Transit Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Sales Tax RB (INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
06/15/36
|
|
|
|
2,200
|
|
|
|
2,530,594
|
|
Series 2012, Ref. Sales Tax RB
|
|
|
5.00
|
%
|
|
|
06/15/42
|
|
|
|
6,000
|
|
|
|
6,782,400
|
|
Utah Housing Corp.; Series 2007 E-1-CL I, Single Family Mortgage RB
(c)
|
|
|
5.25
|
%
|
|
|
01/01/39
|
|
|
|
390
|
|
|
|
398,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,936,149
|
|
|
Virgin Islands0.37%
|
|
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2010
A, Sr. Lien RB
|
|
|
5.00
|
%
|
|
|
10/01/25
|
|
|
|
3,225
|
|
|
|
3,601,906
|
|
|
Virginia1.46%
|
|
Richmond (City of) Industrial Development Authority; Series 2001, Government Facilities RB
(INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
07/15/15
|
|
|
|
1,000
|
|
|
|
1,073,400
|
|
Route 460 Funding Corp.; Series 2012 A, Sr. Lien Toll Road RB
|
|
|
5.13
|
%
|
|
|
07/01/49
|
|
|
|
1,625
|
|
|
|
1,775,621
|
|
Tobacco Settlement Financing Corp.; Series 2005, Asset-Backed RB
(d)
|
|
|
5.50
|
%
|
|
|
06/01/26
|
|
|
|
1,255
|
|
|
|
1,344,155
|
|
Virginia (State of) Small Business Financing Authority (Carilion Clinic Obligated Group); Series 2008 A, VRD Hospital RB
(j)
|
|
|
0.15
|
%
|
|
|
07/01/42
|
|
|
|
6,400
|
|
|
|
6,400,000
|
|
Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, Sr. Lien RB
(c)
|
|
|
5.50
|
%
|
|
|
01/01/42
|
|
|
|
2,535
|
|
|
|
2,807,994
|
|
White Oak Village Shops Community Development Authority; Series 2007, Special Assessment
RB
|
|
|
5.30
|
%
|
|
|
03/01/17
|
|
|
|
859
|
|
|
|
921,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,322,173
|
|
|
Washington6.58%
|
|
Bellevue (City of) Convention Center Authority (Compound Interest); Series 1994, Ref. Special Obligation RB (INSNATL)
(a)(g)
|
|
|
0.00
|
%
|
|
|
02/01/25
|
|
|
|
9,850
|
|
|
|
6,810,881
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Washington(continued)
|
|
Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated
RB
(c)
|
|
|
5.50
|
%
|
|
|
07/01/26
|
|
|
$
|
975
|
|
|
$
|
1,165,983
|
|
Energy Northwest (Public Power Supply System Nuclear Project No. 3); Series 1993 C, Ref. RB (INSNATL)
(a)(g)
|
|
|
0.00
|
%
|
|
|
07/01/14
|
|
|
|
5,125
|
|
|
|
5,093,174
|
|
Goat Hill Properties (Government Office Building); Series 2005, Lease RB
(INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/33
|
|
|
|
2,400
|
|
|
|
2,541,264
|
|
Grant (County of) Public Utility District No. 2; Series 2005 A, Ref. Wanapum Hydro Electric RB (INSNATL)
(a)
|
|
|
5.00
|
%
|
|
|
01/01/34
|
|
|
|
1,930
|
|
|
|
2,043,696
|
|
Kalispel Tribe of Indians;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008, RB
|
|
|
6.63
|
%
|
|
|
01/01/28
|
|
|
|
1,250
|
|
|
|
1,230,750
|
|
Series 2008, RB
|
|
|
6.75
|
%
|
|
|
01/01/38
|
|
|
|
3,000
|
|
|
|
2,898,210
|
|
Seattle (Port of); Series 2012 A, Ref. Intermediate Lien RB
|
|
|
5.00
|
%
|
|
|
08/01/30
|
|
|
|
3,780
|
|
|
|
4,456,053
|
|
Spokane (City of) Public Facilities District; Series 2003, Hotel, Motel & Sales Use Tax RB
(INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
09/01/33
|
|
|
|
8,000
|
|
|
|
8,242,000
|
|
Washington (State of) (SR 520 Corridor ProgramToll Revenue);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
06/01/33
|
|
|
|
2,050
|
|
|
|
2,397,680
|
|
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
06/01/41
|
|
|
|
585
|
|
|
|
668,848
|
|
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2011 A,
RB
(b)
|
|
|
5.00
|
%
|
|
|
02/01/41
|
|
|
|
3,630
|
|
|
|
4,007,883
|
|
Washington (State of) Health Care Facilities Authority (MultiCare Health System); Series 2007 B, RB (INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
08/15/38
|
|
|
|
4,000
|
|
|
|
4,401,960
|
|
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB
|
|
|
7.38
|
%
|
|
|
03/01/38
|
|
|
|
2,000
|
|
|
|
2,468,520
|
|
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2011 A,
RB
(d)(e)
|
|
|
6.25
|
%
|
|
|
05/15/21
|
|
|
|
1,325
|
|
|
|
1,814,680
|
|
Washington (State of) Higher Education Facilities Authority (Whitworth University); Series 2012, RB
|
|
|
5.25
|
%
|
|
|
10/01/37
|
|
|
|
1,000
|
|
|
|
1,098,850
|
|
Washington (State of) Housing Finance Commission (Wesley Homes); Series 2008, Non-Profit
CR RB
(h)
|
|
|
6.00
|
%
|
|
|
01/01/27
|
|
|
|
2,000
|
|
|
|
2,150,220
|
|
Washington (State of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1993 B, Unlimited Tax GO Bonds
|
|
|
5.50
|
%
|
|
|
05/01/18
|
|
|
|
2,365
|
|
|
|
2,643,455
|
|
Series 2004 F, Motor Vehicle Fuel Unlimited Tax CAB GO Bonds
(INSAMBAC)
(a)(g)
|
|
|
0.00
|
%
|
|
|
12/01/29
|
|
|
|
2,120
|
|
|
|
1,281,816
|
|
Series 2010 A, Various Purpose Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
08/01/29
|
|
|
|
1,710
|
|
|
|
2,046,323
|
|
Series 2010 A, Various Purpose Unlimited Tax GO Bonds
(b)
|
|
|
5.00
|
%
|
|
|
08/01/30
|
|
|
|
1,795
|
|
|
|
2,136,732
|
|
West Valley School District No. 363; Series 2004, Unlimited Tax GO Bonds
(d)(e)
|
|
|
5.25
|
%
|
|
|
06/01/14
|
|
|
|
2,760
|
|
|
|
2,934,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,533,603
|
|
|
|
|
|
|
West Virginia0.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harrison (County of) Commission (Allegheny Energy); Series 2007 D, Ref. Solid Waste Disposal RB
(c)
|
|
|
5.50
|
%
|
|
|
10/15/37
|
|
|
|
1,750
|
|
|
|
1,856,067
|
|
Ohio (County of) (Fort Henry Centre Financing District); Series 2007 A, Tax Increment Allocation RB
|
|
|
5.85
|
%
|
|
|
06/01/34
|
|
|
|
500
|
|
|
|
529,030
|
|
Pleasants (County of) Commission (Allegheny Energy Supply Co., LLC Pleasants Station); Series 2007 F, Ref. PCR
|
|
|
5.25
|
%
|
|
|
10/15/37
|
|
|
|
855
|
|
|
|
906,591
|
|
West Virginia (State of) Hospital Finance Authority (Thomas Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008, RB
|
|
|
6.00
|
%
|
|
|
10/01/20
|
|
|
|
1,400
|
|
|
|
1,481,466
|
|
Series 2008, RB
|
|
|
6.25
|
%
|
|
|
10/01/23
|
|
|
|
1,450
|
|
|
|
1,530,881
|
|
West Virginia (State of) Hospital Finance Authority (West Virginia United Health System Obligated Group);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 C, Ref. & Improvement RB
|
|
|
5.50
|
%
|
|
|
06/01/34
|
|
|
|
1,400
|
|
|
|
1,582,504
|
|
Series 2009 C, Ref. & Improvement RB
|
|
|
5.50
|
%
|
|
|
06/01/39
|
|
|
|
1,405
|
|
|
|
1,571,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,457,793
|
|
|
Wisconsin2.09%
|
|
Southeast Wisconsin Professional Baseball Park District; Series 1998 A, Ref. Sales Tax
RB
(d)
|
|
|
5.50
|
%
|
|
|
12/15/20
|
|
|
|
1,500
|
|
|
|
1,931,130
|
|
Superior (City of) (Superior Water, Light & Power Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Ref. Collateralized Utility RB
(c)
|
|
|
5.38
|
%
|
|
|
11/01/21
|
|
|
|
600
|
|
|
|
661,698
|
|
Series 2007 B, Collateralized Utility RB
(c)
|
|
|
5.75
|
%
|
|
|
11/01/37
|
|
|
|
535
|
|
|
|
571,235
|
|
Wisconsin (State of) Health & Educational Facilities Authority (Aurora Health Care, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 B, RB
(e)(f)
|
|
|
4.75
|
%
|
|
|
08/15/14
|
|
|
|
1,000
|
|
|
|
1,049,640
|
|
Series 2009 B, RB
(e)(f)
|
|
|
5.13
|
%
|
|
|
08/15/16
|
|
|
|
500
|
|
|
|
557,010
|
|
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB
|
|
|
5.00
|
%
|
|
|
06/01/39
|
|
|
|
3,000
|
|
|
|
3,299,490
|
|
Wisconsin (State of) Health & Educational Facilities Authority (Ministry Health Care); Series 2012 C, Ref. RB
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
1,600
|
|
|
|
1,792,592
|
|
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB
|
|
|
6.63
|
%
|
|
|
02/15/39
|
|
|
|
1,990
|
|
|
|
2,339,046
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Invesco
Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
|
Principal
Amount
(000)
|
|
|
Value
|
|
Wisconsin(continued)
|
|
Wisconsin (State of) Housing & Economic Development Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Home Ownership RB
(b)(c)
|
|
|
5.30
|
%
|
|
|
09/01/23
|
|
|
$
|
4,400
|
|
|
$
|
4,772,548
|
|
Series 2008 A, Home Ownership RB
(b)(c)
|
|
|
5.50
|
%
|
|
|
09/01/28
|
|
|
|
181
|
|
|
|
194,065
|
|
Wisconsin (State of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004-3, Ref. Unlimited Tax GO Bonds
(d)(e)
|
|
|
5.25
|
%
|
|
|
05/01/14
|
|
|
|
1,445
|
|
|
|
1,529,041
|
|
Series 2004-3, Ref. Unlimited Tax GO Bonds (INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
05/01/22
|
|
|
|
165
|
|
|
|
174,577
|
|
Series 2009 A, General Fund Annual Appropriation RB
|
|
|
5.38
|
%
|
|
|
05/01/25
|
|
|
|
1,320
|
|
|
|
1,591,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,464,005
|
|
|
Wyoming0.30%
|
|
Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid Waste Disposal
RB
(c)
|
|
|
5.60
|
%
|
|
|
12/01/35
|
|
|
|
1,000
|
|
|
|
1,091,040
|
|
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref. PCR
|
|
|
5.25
|
%
|
|
|
07/15/26
|
|
|
|
1,600
|
|
|
|
1,820,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,911,215
|
|
TOTAL INVESTMENTS
(m)
162.47% (Cost
$1,451,299,590)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,591,947,638
|
|
FLOATING RATE NOTE OBLIGATIONS(26.73)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest rates ranging from 0.10% to 0.31% at 02/28/13, and contractual maturities of
collateral ranging from 09/01/23 to 08/15/42 (See Note 1I)
(n)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(261,895,000
|
)
|
VARIABLE RATE MUNI TERM PREFERRED SHARES(37.48)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(367,224,407
|
)
|
OTHER ASSETS LESS LIABILITIES1.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,013,286
|
|
NET ASSETS APPLICABLE TO COMMON SHARES100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
979,841,517
|
|
Investment Abbreviations:
|
|
|
ACA
|
|
ACA Financial Guaranty Corp.
|
AGC
|
|
Assured Guaranty Corp.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
American Municipal Bond Assurance Corp.
|
BAN
|
|
Bond Anticipation Notes
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
CAB
|
|
Capital Appreciation Bonds
|
CEP
|
|
Credit Enhancement Provider
|
Conv.
|
|
Convertible
|
COP
|
|
Certificates of Participation
|
|
|
|
CR
|
|
Custodial Receipts
|
FHA
|
|
Federal Housing Administration
|
GNMA
|
|
Government National Mortgage Association
|
GO
|
|
General Obligation
|
IDR
|
|
Industrial Development Revenue Bonds
|
INS
|
|
Insurer
|
LOC
|
|
Letter of Credit
|
MFH
|
|
Multi-Family Housing
|
NATL
|
|
National Public Finance Guarantee Corp.
|
PCR
|
|
Pollution Control Revenue Bonds
|
|
|
|
PILOT
|
|
Payment-in-Lieu-of-Tax
|
RAB
|
|
Revenue Anticipation Bonds
|
RB
|
|
Revenue Bonds
|
Ref.
|
|
Refunding
|
Sec.
|
|
Secured
|
SGI
|
|
Syncora Guarantee, Inc.
|
Sr.
|
|
Senior
|
Sub.
|
|
Subordinated
|
TEMPS
|
|
Tax-Exempt Mandatory Paydown Securities
|
VRD
|
|
Variable Rate Demand
|
Notes to Schedule of Investments:
(a)
|
Principal and/or interest payments are secured by the bond insurance company listed.
|
(b)
|
Underlying security related to Dealer Trusts entered into by the Trust. See Note 1I.
|
(c)
|
Security subject to the alternative minimum tax.
|
(d)
|
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
|
(e)
|
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
|
(f)
|
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2013.
|
(g)
|
Zero coupon bond issued at a discount.
|
(h)
|
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 February 28, 2013 was $7,379,361, which represented less than 1% of the Trusts Net Assets.
|
(i)
|
Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at February 28, 2013 was $814,020, which represented less
than 1% of the Trusts Net Assets.
|
(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 February 28, 2013.
|
(k)
|
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
|
(l)
|
Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
|
(m)
|
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity
has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuers obligations but may be called upon to satisfy the issuers obligations.
|
|
|
|
|
|
Entities
|
|
Percentage
|
|
Assured Guaranty Municipal Corp.
|
|
|
10.2
|
%
|
Assured Guaranty Corp.
|
|
|
7.4
|
|
National Public Finance Guarantee Corp.
|
|
|
7.1
|
|
(n)
|
Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at February 28, 2013. At February 28, 2013, the Trusts investments with a value of
$477,514,968 are held by Dealer Trusts and serve as collateral for the $261,895,000 in the floating rate note obligations outstanding at that date.
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Invesco
Municipal Opportunity Trust
Statement of Assets and Liabilities
February 28, 2013
|
|
|
|
|
Assets:
|
|
Investments, at value (Cost $1,451,299,590)
|
|
$
|
1,591,947,638
|
|
Receivable for:
|
|
|
|
|
Investments sold
|
|
|
3,129,176
|
|
Interest
|
|
|
18,587,246
|
|
Fund expenses absorbed
|
|
|
197,231
|
|
Investment for trustee deferred compensation and retirement plans
|
|
|
12,577
|
|
Deferred offering costs
|
|
|
229,478
|
|
Total assets
|
|
|
1,614,103,346
|
|
|
Liabilities:
|
|
Floating rate note obligations
|
|
|
261,895,000
|
|
Variable rate muni term preferred shares, at liquidation value ($0.01 par value, 3,676 issued with liquidation preference of $100,000 per
share)
|
|
|
367,224,407
|
|
Payable for:
|
|
|
|
|
Amount due custodian
|
|
|
4,432,301
|
|
Income distributions common shares
|
|
|
114,132
|
|
Accrued fees to affiliates
|
|
|
189
|
|
Accrued trustees and officers fees and benefits
|
|
|
5,333
|
|
Accrued other operating expenses
|
|
|
167,850
|
|
Trustee deferred compensation and retirement plans
|
|
|
83,418
|
|
Accrued interest expenses
|
|
|
339,199
|
|
Total liabilities
|
|
|
634,261,829
|
|
Net assets applicable to common shares
|
|
$
|
979,841,517
|
|
|
|
|
|
|
Net assets applicable to common shares consist of:
|
|
Shares of beneficial interest common shares
|
|
$
|
1,009,263,194
|
|
Undistributed net investment income
|
|
|
3,675,703
|
|
Undistributed net realized gain (loss)
|
|
|
(173,745,428
|
)
|
Unrealized appreciation
|
|
|
140,648,048
|
|
|
|
$
|
979,841,517
|
|
|
Shares outstanding, $0.01 par value per share,
with an unlimited number of shares authorized:
|
|
Common shares outstanding
|
|
|
67,393,047
|
|
Net asset value per common share
|
|
$
|
14.54
|
|
Market value per common share
|
|
$
|
14.50
|
|
See accompanying Notes to Financial
Statements which are an integral part of the financial statements.
25 Invesco
Municipal Opportunity Trust
Statement of Operations
For the year ended February 28, 2013
|
|
|
|
|
Investment income:
|
|
Interest
|
|
$
|
49,465,693
|
|
|
|
Expenses:
|
|
|
|
|
Advisory fees
|
|
|
6,128,494
|
|
Administrative services fees
|
|
|
170,810
|
|
Custodian fees
|
|
|
23,865
|
|
Interest, facilities and maintenance fees
|
|
|
4,339,307
|
|
Transfer agent fees
|
|
|
65,542
|
|
Trustees and officers fees and benefits
|
|
|
53,949
|
|
Other
|
|
|
690,708
|
|
Total expenses
|
|
|
11,472,675
|
|
Less: Fees waived
|
|
|
(556,782
|
)
|
Net expenses
|
|
|
10,915,893
|
|
Net investment income
|
|
|
38,549,800
|
|
|
|
Realized and unrealized gain from:
|
|
|
|
|
Net realized gain from investment securities
|
|
|
590,410
|
|
Change in net unrealized appreciation of investment securities
|
|
|
17,459,289
|
|
Net realized and unrealized gain
|
|
|
18,049,699
|
|
Net increase in net assets resulting from operations
|
|
|
56,599,499
|
|
Distributions to auction rate preferred shareholders from net investment income
|
|
|
(55,368
|
)
|
Net increase in net assets from operations applicable to common shares
|
|
$
|
56,544,131
|
|
See accompanying Notes to Financial Statements which are
an integral part of the financial statements.
26 Invesco
Municipal Opportunity Trust
Statement of Changes in Net Assets
For the years ended February 28, 2013 and February 29, 2012
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
Operations:
|
|
Net investment income
|
|
$
|
38,549,800
|
|
|
$
|
32,072,172
|
|
Net realized gain (loss)
|
|
|
590,410
|
|
|
|
(10,415,769
|
)
|
Change in net unrealized appreciation
|
|
|
17,459,289
|
|
|
|
72,388,149
|
|
Net increase in net assets resulting from operations
|
|
|
56,599,499
|
|
|
|
94,044,552
|
|
Distributions to auction rate preferred shareholders from net investment income
|
|
|
(55,368
|
)
|
|
|
(252,303
|
)
|
Net increase in net assets from operations applicable to common shares
|
|
|
56,544,131
|
|
|
|
93,792,249
|
|
Distributions to shareholders from net investment income
|
|
|
(45,264,877
|
)
|
|
|
(34,899,298
|
)
|
Increase from transactions in common shares of beneficial interest
|
|
|
488,271,022
|
|
|
|
823,054
|
|
Net increase in net assets applicable to common shares
|
|
|
499,550,276
|
|
|
|
59,716,005
|
|
|
Net assets applicable to common shares:
|
|
Beginning of year
|
|
|
480,291,241
|
|
|
|
420,575,236
|
|
End of year (includes undistributed net investment income of $3,675,703 and $10,078,392,
respectively)
|
|
$
|
979,841,517
|
|
|
$
|
480,291,241
|
|
See accompanying Notes to Financial Statements which are
an integral part of the financial statements.
27 Invesco
Municipal Opportunity Trust
Statement of Cash Flows
For the year ended February 28, 2013
|
|
|
|
|
Cash provided by operating activities:
|
|
|
|
|
Net increase in net assets resulting from operations applicable to common shares
|
|
$
|
56,544,131
|
|
|
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating
activities:
|
|
Purchases of investments
|
|
|
(177,526,009
|
)
|
Net sales of short-term investments
|
|
|
41,125,000
|
|
Cash acquired from reorganization*
|
|
|
4,916,266
|
|
Proceeds from sales of investments
|
|
|
148,899,094
|
|
Amortization of premium
|
|
|
3,240,278
|
|
Accretion of discount
|
|
|
(1,199,254
|
)
|
Decrease in interest receivables and other assets
|
|
|
820,777
|
|
Decrease in accrued expenses and other payables
|
|
|
(5,182,717
|
)
|
Net realized gain from investment securities
|
|
|
(590,410
|
)
|
Net change in unrealized appreciation on investment securities
|
|
|
(17,459,289
|
)
|
Net cash provided by operating activities
|
|
|
53,587,867
|
|
|
|
Cash provided (used in) by financing activities:
|
|
|
|
|
Dividends paid to common shareholders from net investment income
|
|
|
(44,293,680
|
)
|
Decrease in payable for amount due custodian
|
|
|
(6,127,258
|
)
|
Increase in VMTP Shares, at liquidation value
|
|
|
187,000,000
|
|
Cash payments for offering costs
|
|
|
(291,929
|
)
|
Net payments for the redemption of auction rate preferred shares
|
|
|
(187,000,000
|
)
|
Net payments for floating rate note obligations
|
|
|
(2,875,000
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(53,587,867
|
)
|
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
|
|
$
|
4,095,108
|
|
*
|
During the year ended February 28, 2013, net assets applicable to common shares of $487,413,924 were acquired in the reorganization of Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector
Municipal Trust and Invesco Van Kampen Trust for Value Municipals into the Trust (see Note 9) including $4,916,266 in cash, $10,055,534 in receivables and other assets, $5,107,743 of accrued expenses and other payables, $123,790,000 in Floating Rate
Note Obligations and $180,224,407 of VMTP Shares.
|
Notes to Financial Statements
February 28, 2013
NOTE 1Significant Accounting
Policies
Invesco Municipal Opportunity Trust, formerly Invesco Van Kampen Municipal Opportunity 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. Prior to October 15, 2012, the Trust was organized as a Massachusetts business trust.
The Trusts investment objective is to provide common shareholders with a high level of current income exempt from federal income tax,
consistent with preservation of capital.
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.
28 Invesco
Municipal Opportunity Trust
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 is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are
amortized and/or accreted for financial reporting purposes.
|
The Trust may periodically
participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and
as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and
are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment
securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation
of the Trusts net asset value and, accordingly, they reduce the Trusts total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations
and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and
the investment adviser.
C.
|
Country Determination
For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may
determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country
in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination
are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been
determined to be the United States of America, unless otherwise noted.
|
D.
|
Distributions
The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if
any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.
|
E.
|
Federal Income Taxes
The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated
investment company and to distribute substantially all of the Trusts taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is
distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
|
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders exempt
dividends, as defined in the Internal Revenue Code.
The Trust files tax returns in the U.S. Federal jurisdiction and
certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
|
Accounting Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
(GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period
including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the
period-end date and before the date the financial statements are released to print.
|
G.
|
Indemnifications
Under the Trusts organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain
liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trusts servicing agreements, that contain a variety of
indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such
indemnification claims is considered remote.
|
H.
|
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.
|
I.
|
Floating Rate Note Obligations
The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (RIBs) or Tender Option Bonds
(TOBs) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for
fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts
established by a broker dealer (Dealer Trusts) in exchange for cash and residual interests in the Dealer Trusts assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the
purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to
cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
|
TOBs are presently classified as private placement securities. Private placement securities are subject to
restrictions on resale because they have not been registered under the Securities Act of 1933, as amended, or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair
value of such securities.
29 Invesco
Municipal Opportunity Trust
The Trust accounts for the transfer of bonds to the Dealer Trusts as secured
borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities under the caption
Floating rate note obligations
on the Statement of Assets and
Liabilities. The Trust records the interest income from the fixed rate bonds under the caption
Interest
and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of
Interest, facilities and maintenance fees
on the Statement of Operations.
The Trust generally invests in inverse
floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value
of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the
Trusts net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third
parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or
uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
J.
|
Interest, Facilities and Maintenance Fees
Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating
and bank agent fees and other expenses associated with lines of credit and Variable Rate Muni Term Preferred Shares (VMTP Shares), and interest and administrative expenses related to establishing and maintaining Auction Rate Preferred
Shares (ARPS) and floating rate note obligations, if any.
|
K.
|
Other Risks
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional
amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
|
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care,
transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trusts investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable
as a result of determinations by the Internal Revenue Service.
NOTE 2Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the Adviser or Invesco). Under the terms of
the investment advisory agreement, the Trust pays an advisory fee to the Adviser based on the annual rate of 0.55% of the Trusts average daily managed assets including current preferred shares and leverage entered into to retire preferred
shares of the Trust.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland
GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated
Sub-Advisers) the Adviser, not the Trust, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated
to such Sub-Adviser(s).
Effective October 15, 2012, the Adviser has contractually agreed, through at least October 31, 2014, to
waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trusts expenses (excluding certain items discussed below) to 0.89%. In determining the Advisers obligation to waive advisory fees and/or reimburse
expenses, the following expenses are not taken into account, and could cause the Trusts expenses to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales;
(4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree
to amend or continue the fee waiver agreement, it will terminate on October 31, 2014. For the period March 1, 2012 through June 30, 2012, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent
necessary to limit the Trusts expenses to 1.03%.
For the year ended February 28, 2013, the Adviser waived advisory fees of
$556,782.
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 year ended February 28, 2013, expenses incurred under this agreement are shown in the Statement of Operations as
Administrative services
fees
.
Certain officers and trustees of the Trust are officers and directors of Invesco.
NOTE 3Additional Valuation Information
GAAP defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes
the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market
prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investments
assigned level:
|
Level 1
|
Prices are determined using quoted prices in an active market for identical assets.
|
|
Level 2
|
Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
|
|
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.
|
30 Invesco
Municipal Opportunity Trust
As of February 28, 2013, 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.
During the year ended February 28, 2013, the Trust paid legal fees of $240,284 for services rendered by Skadden, Arps, Slate,
Meagher & Flom LLP as counsel to the Trust. A trustee of the Trust is of counsel with Skadden, Arps, Slate, Meagher & Flom LLP.
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 Dealer Trusts are accounted for as secured borrowings. The average
floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the year ended February 28, 2013 were $188,138,375 and 0.77%, respectively.
NOTE 6Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Years Ended February 28, 2013 and February 29, 2012:
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
Tax-exempt income
|
|
$
|
48,059,764
|
|
|
$
|
35,151,601
|
|
Tax Components of Net Assets at Period-End:
|
|
|
|
|
|
|
2013
|
|
Undistributed ordinary income
|
|
$
|
2,848,693
|
|
Net unrealized appreciation investments
|
|
|
137,986,946
|
|
Temporary book/tax differences
|
|
|
(81,783
|
)
|
Capital loss carryforward
|
|
|
(170,175,533
|
)
|
Shares of beneficial interest
|
|
|
1,009,263,194
|
|
Total net assets
|
|
$
|
979,841,517
|
|
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in
the timing of recognition of gains and losses on investments for tax and book purposes. The Trusts net unrealized appreciation difference is attributable primarily to TOBs, book to tax accretion and amortization differences and defaulted
bonds.
The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The
Trusts temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.
Capital loss
carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The Regulated Investment
Company Modernization Act of 2010 (the Act) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital
losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment
capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the
Internal Revenue Code and related regulations based on the results of future transactions.
The Trust has a capital loss carryforward as of
February 28, 2013, which expires as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Loss Carryforward*
|
|
Expiration
|
|
Short-Term
|
|
|
Long-Term
|
|
|
Total
|
|
February 28, 2014
|
|
$
|
4,113,851
|
|
|
$
|
|
|
|
$
|
4,113,851
|
|
February 28, 2015
|
|
|
30,493,706
|
|
|
|
|
|
|
|
30,493,706
|
|
February 29, 2016
|
|
|
63,263,347
|
|
|
|
|
|
|
|
63,263,347
|
|
February 28, 2017
|
|
|
50,066,728
|
|
|
|
|
|
|
|
50,066,728
|
|
February 28, 2018
|
|
|
4,889,026
|
|
|
|
|
|
|
|
4,889,026
|
|
February 28, 2019
|
|
|
3,734,031
|
|
|
|
|
|
|
|
3,734,031
|
|
Not subject to expiration
|
|
|
|
|
|
|
13,614,844
|
|
|
|
13,614,844
|
|
|
|
$
|
156,560,689
|
|
|
$
|
13,614,844
|
|
|
$
|
170,175,533
|
|
*
|
Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.
|
31 Invesco
Municipal Opportunity Trust
To the extent that unrealized gains as of October 15, 2012, the date of reorganization of
Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector Municipal Trust and Invesco Van Kampen Trust for Value Municipals into the Trust, are realized on securities held in each fund at such date of reorganization, the capital loss
carryforward may be further limited for up to five years from the date of the 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 year ended February 28, 2013 was $164,326,673 and $110,712,806, 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
|
|
$
|
144,306,617
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(6,319,671
|
)
|
Net unrealized appreciation of investment securities
|
|
$
|
137,986,946
|
|
Cost of investments for tax purposes is $1,453,960,692.
NOTE 8Reclassification of Permanent Differences
Primarily
as a result of differing book/tax treatment of interest expense for VMTP Shares and taxable income, on February 28, 2013, undistributed net investment income was increased by $482,112, undistributed net realized gain (loss) was increased by
$1,154,972 and shares of beneficial interest was decreased by $1,637,084. Further, as a result of tax deferrals acquired in the reorganization of Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector Municipal Trust and Invesco
Van Kampen Trust for Value Municipals into the Trust, undistributed net investment income was decreased by $114,356, undistributed net realized gain (loss) was decreased by $84,798,297 and shares of beneficial interest was increased by
$84,912,653.These reclassifications had no effect on the net assets of the Trust.
NOTE 9Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
|
|
February 28, 2013
|
|
|
February 29, 2012
|
|
Beginning shares
|
|
|
33,849,096
|
|
|
|
33,787,408
|
|
Issued in connection with acquisitions
(a)
|
|
|
33,485,145
|
|
|
|
|
|
Shares issued through dividend reinvestment
|
|
|
58,806
|
|
|
|
61,688
|
|
Ending shares
|
|
|
67,393,047
|
|
|
|
33,849,096
|
|
(a)
|
As of the opening of business on October 15, 2012, Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector Municipal Trust and Invesco Van Kampen Trust for Value Municipals (the Target
Trusts) merged with and into the Trust pursuant to a plan of reorganization approved by the Trustees of the Trust on November 30, 2011 and by the shareholders of the Target Trusts on August 14, 2012. The reorganization was accomplished by a
tax-free exchange of 33,485,145 shares of the Trust for 16,666,875 shares outstanding of Invesco Municipal Premium Income Trust, 15,190,715 shares outstanding of Invesco Van Kampen Select Sector Municipal Trust and 9,702,981 shares outstanding of
Invesco Van Kampen Trust for Value Municipals as of the close of business on October 12, 2012. Common shares of the Target Trusts were exchanged for common shares of the Trust, based on the relative net asset value of the Target Trusts to the net
asset value of the Trust on the close of business, October 12, 2012. Invesco Municipal Premium Income Trusts net assets applicable to common shares as of the close of business on October 12, 2012 of $154,115,545, including $23,636,040 of
unrealized appreciation, Invesco Van Kampen Select Sector Municipal Trusts net assets applicable to common shares as of the close of business on October 12, 2012 of $194,101,067, including $25,476,053 of unrealized appreciation and Invesco Van
Kampen Trust for Value Municipalss net assets applicable to common shares as of the close of business on October 12, 2012 of $139,197,312, including $17,396,629 of unrealized appreciation, were combined with those of the Trust. The net assets
applicable to common shares of the Trust immediately before the reorganization were $493,378,800 and $980,792,724 immediately after the reorganization.
|
|
The pro forma results of operations for the year ended February 28, 2013 assuming the reorganization had been completed on March 01, 2012, the beginning of the annual reporting period are as
follows:
|
|
|
|
|
|
Net investment income
|
|
$
|
56,509,754
|
|
Net realized/unrealized gains
|
|
|
29,566,060
|
|
Change in net assets resulting from operations
|
|
$
|
86,075,814
|
|
|
The combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings
of the Target Trusts that have been included in the Trusts Statement of Operations since October 15, 2012.
|
|
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 10Auction Rate Preferred Shares
The Trust is authorized to issue Auction Rate Preferred Shares (ARPS). From May 16, 2012 through May 30, 2012, the Trust redeemed all of its
outstanding ARPS at their respective liquidation preference, including accrued and unpaid dividends, if any, through redemption date. The redemptions were funded with cash and proceeds received from the issuance of VMTP Shares.
32 Invesco
Municipal Opportunity Trust
Historically, the Trust paid annual fees equivalent to 0.25% of the ARPS liquidation value for the
remarketing efforts associated with the auction. Effective March 16, 2009, the Trust decreased this amount to 0.15% due to auction failures. These fees were terminated on June 4, 2012 when the last of the Trusts outstanding ARPS were
redeemed. These fees are included as a component of
Interest, facilities and maintenance fees
expense on the Statement of Operations.
Dividends on the ARPS, which are cumulative, are reset through auction procedures.
|
|
|
|
|
Series
|
|
Range of
Dividend Rates
|
|
A
|
|
|
0.055-0.188
|
%
|
B
|
|
|
0.110-0.364
|
|
C
|
|
|
0.033-0.144
|
|
D
|
|
|
0.110-0.364
|
|
E
|
|
|
0.033-0.155
|
|
F
|
|
|
0.033-0.144
|
|
|
For the period March 1, 2012 through May 30, 2012.
|
The Trust was subject to certain
restrictions relating to the ARPS. Failure to comply with these restrictions could have precluded the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of ARPS at
liquidation value.
Beginning February 14, 2008 and continuing through May 30, 2012, all series of ARPS of the Trust were not
successfully remarketed. As a result, the dividend rates of these ARPS were reset to the maximum applicable rate.
Transactions in ARPS
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A
|
|
|
Series B
|
|
|
Series C
|
|
|
|
Shares
|
|
|
Value
|
|
|
Shares
|
|
|
Value
|
|
|
Shares
|
|
|
Value
|
|
Outstanding at February 29, 2012
|
|
|
1,650
|
|
|
$
|
41,250,000
|
|
|
|
1,650
|
|
|
$
|
41,250,000
|
|
|
|
1,100
|
|
|
$
|
27,500,000
|
|
Shares redeemed
|
|
|
(1,650
|
)
|
|
|
(41,250,000
|
)
|
|
|
(1,650
|
)
|
|
|
(41,250,000
|
)
|
|
|
(1,100
|
)
|
|
|
(27,500,000
|
)
|
Outstanding at February 28, 2013
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D
|
|
|
Series E
|
|
|
Series F
|
|
|
|
Shares
|
|
|
Value
|
|
|
Shares
|
|
|
Value
|
|
|
Shares
|
|
|
Value
|
|
Outstanding at February 29, 2012
|
|
|
1,100
|
|
|
$
|
27,500,000
|
|
|
|
1,100
|
|
|
$
|
27,500,000
|
|
|
|
880
|
|
|
$
|
22,000,000
|
|
Shares redeemed
|
|
|
(1,100
|
)
|
|
|
(27,500,000
|
)
|
|
|
(1,100
|
)
|
|
|
(27,500,000
|
)
|
|
|
(880
|
)
|
|
|
(22,000,000
|
)
|
Outstanding at February 28, 2013
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
NOTE 11Variable Rate Muni Term Preferred Shares
On May 9, 2012, the Trust issued 1,870 Series 2015/6-VMO VMTP Shares, with a liquidation preference of $100,000 per share pursuant to an offering exempt from
registration under the Securities Act of 1933. Proceeds from the issuance of VMTP Shares on May 9, 2012 were used to redeem all of the Trusts outstanding ARPS. In addition, the Trust issued 1,806 2015/6-VMO VMTP Shares in connection with the
reorganization of Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector Municipal Trust and Invesco Van Kampen Trust for Value Municipals into the Trust with a liquidation preference of $100,000 per share. VMTP Shares are a
floating-rate form of preferred shares with a mandatory redemption date. The Trust is required to redeem all outstanding VMTP Shares on June 1, 2015, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and
mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the
Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
The Trust incurred costs in connection with
the issuance of the VMTP Shares. These costs were recorded as a deferred charge and are being amortized over the 3 year life of the VMTP Shares. Amortization of these costs is included in
Interest, facilities and maintenance fees
on the
Statement of Operations and the unamortized balance is included in
Deferred offering costs
on the Statement of Assets and Liabilities.
Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly.
The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the SIFMA Index). Subsequent rates are determined based upon changes in the
SIFMA Index and take into account a ratings spread of 1.10% to 4.00% which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average liquidation value outstanding and the average annualized
dividend rate of the VMTP Shares during the year ended February 28, 2013 were $270,588,514 and 1.26%, respectively.
The Trust is subject
to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common
shareholders or purchasing common shares and/or could trigger the mandatory redemption of VMTP Shares at liquidation value.
For financial
reporting purposes, the liquidation value of VMTP Shares, which are considered debt of the Trust, is recorded as a liability under the caption
Variable rate muni term preferred shares
on the Statement of Assets and Liabilities. Unpaid
dividends on VMTP Shares are recognized as
Accrued interest expense
on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of
Interest, facilities and maintenance fees
on the Statement
of Operations.
33 Invesco
Municipal Opportunity Trust
NOTE 12Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to February 28, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration Date
|
|
Amount per Share
|
|
|
Record Date
|
|
|
Payable Date
|
|
March 1, 2013
|
|
$
|
0.080
|
|
|
|
March 11, 3013
|
|
|
|
March 28, 2013
|
|
April 1, 2013
|
|
$
|
0.080
|
|
|
|
April 11, 3013
|
|
|
|
April 30, 2013
|
|
NOTE 13Financial Highlights
The
following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended October 31,
|
|
|
Year ended
February 28,
2013
|
|
|
Year ended
February 29,
2012
|
|
|
Four months ended
February
28,
2011
|
|
|
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
Net asset value, beginning of period
|
|
$
|
14.19
|
|
|
$
|
12.45
|
|
|
$
|
13.85
|
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
|
$
|
15.46
|
|
Net investment income
(a)
|
|
|
0.83
|
|
|
|
0.95
|
|
|
|
0.34
|
|
|
|
1.06
|
|
|
|
1.15
|
|
|
|
1.26
|
|
Net gains (losses) on securities (both realized and unrealized)
|
|
|
0.53
|
|
|
|
1.83
|
|
|
|
(1.40
|
)
|
|
|
0.79
|
|
|
|
2.30
|
|
|
|
(5.07
|
)
|
Distributions paid to preferred shareholders from net investment income
(a)
|
|
|
(0.00
|
)
|
|
|
(0.01
|
)
|
|
|
(0.00
|
)
|
|
|
(0.01
|
)
|
|
|
(0.05
|
)
|
|
|
(0.30
|
)
|
Total from investment operations
|
|
|
1.36
|
|
|
|
2.77
|
|
|
|
(1.06
|
)
|
|
|
1.84
|
|
|
|
3.40
|
|
|
|
(4.11
|
)
|
Less dividends paid to common shareholders from net investment income:
|
|
|
(1.01
|
)
|
|
|
(1.03
|
)
|
|
|
(0.34
|
)
|
|
|
(1.03
|
)
|
|
|
(0.88
|
)
|
|
|
(0.83
|
)
|
Net asset value per common share, end of period
|
|
$
|
14.54
|
|
|
$
|
14.19
|
|
|
$
|
12.45
|
|
|
$
|
13.85
|
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
Market value per common share, end of period
|
|
$
|
14.50
|
|
|
$
|
15.22
|
|
|
$
|
12.51
|
|
|
$
|
14.51
|
|
|
$
|
13.23
|
|
|
$
|
10.10
|
|
Total return at net asset value
(b)
|
|
|
9.84
|
%
|
|
|
23.10
|
%
|
|
|
(7.65
|
)%
|
|
|
14.58
|
%
|
|
|
|
|
|
|
|
|
Total return at market value
(c)
|
|
|
2.12
|
%
|
|
|
31.40
|
%
|
|
|
(11.43
|
)%
|
|
|
18.32
|
%
|
|
|
41.33
|
%
|
|
|
(24.86
|
)%
|
Net assets applicable to common shares, end of period (000s omitted)
|
|
$
|
979,842
|
|
|
$
|
480,291
|
|
|
$
|
420,575
|
|
|
$
|
467,738
|
|
|
$
|
439,370
|
|
|
$
|
353,764
|
|
Portfolio turnover rate
(d)
|
|
|
14
|
%
|
|
|
16
|
%
|
|
|
2
|
%
|
|
|
10
|
%
|
|
|
14
|
%
|
|
|
57
|
%
|
|
|
|
|
|
|
|
Ratios/supplemental data based on average net assets applicable to common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With fee waivers and/or expense reimbursements
|
|
|
1.63
|
%
(f)
|
|
|
1.40
|
%
(e)
|
|
|
1.32
|
%
(e)(g)
|
|
|
1.30
|
%
(e)
|
|
|
1.54
|
%
(e)
|
|
|
2.11
|
%
(e)
|
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
(h)
|
|
|
0.98
|
%
(f)
|
|
|
1.14
|
%
(e)
|
|
|
1.06
|
%
(e)(g)
|
|
|
1.08
|
%
(e)
|
|
|
1.17
|
%
(e)
|
|
|
1.03
|
%
(e)
|
Without fee waivers and/or expense reimbursements
|
|
|
1.71
|
%
(f)
|
|
|
1.46
|
%
(e)
|
|
|
1.37
|
%
(e)(g)
|
|
|
1.40
|
%
(e)
|
|
|
1.73
|
%
(e)
|
|
|
2.28
|
%
(e)
|
Ratio of net investment income before preferred share dividends
|
|
|
5.73
|
%
(f)
|
|
|
7.18
|
%
|
|
|
8.13
|
%
(g)
|
|
|
7.88
|
%
|
|
|
9.92
|
%
|
|
|
8.92
|
%
|
Preferred share dividends
|
|
|
0.01
|
%
(f)
|
|
|
0.06
|
%
|
|
|
0.11
|
%
(g)
|
|
|
0.11
|
%
|
|
|
|
|
|
|
|
|
Ratio of net investment income after preferred share dividends
|
|
|
5.72
|
%
(f)
|
|
|
7.12
|
%
|
|
|
8.02
|
%
(g)
|
|
|
7.77
|
%
|
|
|
9.53
|
%
|
|
|
6.78
|
%
|
|
|
|
|
|
|
|
Senior securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amount of preferred shares outstanding (000s omitted)
(j)
|
|
$
|
367,224
|
|
|
$
|
187,000
|
|
|
$
|
221,000
|
|
|
$
|
221,000
|
(i)
|
|
$
|
255,000
|
(i)
|
|
$
|
272,000
|
(i)
|
Asset coverage per preferred share
(j)(k)
|
|
$
|
366,449
|
|
|
$
|
89,210
|
|
|
$
|
72,576
|
|
|
$
|
77,912
|
|
|
$
|
68,078
|
|
|
$
|
57,538
|
|
Liquidating preference per preferred
share
(j)
|
|
$
|
100,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
(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 $585,883,160 and sales of $40,781,464 in the effort to realign the Trusts portfolio holdings after the reorganization of Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector Municipal Trust and
Invesco Van Kampen Trust for Value Municipals into the Trust.
|
(e)
|
Ratios do not reflect the effect of dividend payments to preferred shareholders.
|
(f)
|
Ratios are based on average daily net assets applicable to common shares (000s omitted) of $672,552.
|
(h)
|
For the years ended October 31, 2010 and prior, ratio does not exclude facilities and maintenance fees.
|
(
i
)
|
Total shares outstanding for the years ended October 31, 2010, 2009 and 2008 were 8,840, 10,200 and 10,880, respectively.
|
(j)
|
For the years ended February 29, 2012 and prior, amounts are based on ARPS outstanding.
|
(k)
|
Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets and dividing this by preferred shares.
|
34 Invesco
Municipal Opportunity Trust
NOTE 14Legal Proceedings
Terms used in the Legal Proceedings Note are defined terms solely for the purpose of this note.
Pending Litigation and Regulatory Inquiries
On January 17, 2011,
a Consolidated Amended Shareholder Derivative Complaint was filed on behalf of Invesco Advantage Municipal Income Trust II; Invesco Municipal Opportunity Trust; Invesco Municipal Trust; Invesco High Income Trust II; Invesco Senior Income Trust
(the Trusts) against Van Kampen Asset Management, Morgan Stanley, and certain individuals (collectively, the Defendants). The Plaintiffs alleged that Defendants breached their fiduciary duties to common shareholders by
causing the Trusts to redeem Auction Rate Preferred Securities (ARPS) at their liquidation value, which they alleged were trading at a discount from market value at the time, and by not having adequate procedures to deal with potential
conflicts of interest. The Plaintiffs alleged that the redemptions of the ARPS wasted Trust assets, occurred at the expense of the Trusts and the common shareholders, and were improperly motivated to benefit preferred shareholders and
Defendants. Additionally, the Plaintiffs claimed that the ARPS were replaced with less favorable financing. Plaintiffs seek judgment that: 1) orders Defendants to refrain from redeeming any ARPS at their liquidation value using Trusts assets;
2) awards monetary damages against all Defendants, individually, jointly or severally, in favor of the Trusts, for all losses and damages allegedly suffered as a result of the redemptions of ARPS at their liquidation value; 3) grants appropriate
equitable relief to remedy the Defendants alleged breaches of fiduciary duties; and 4) awards to Plaintiffs the costs and disbursements of the action. On August 10, 2010, the Board of Trustees formed a Special Litigation Committee
(SLC) to investigate the claims made in the April 2010 demand letters with the assistance of independent counsel. After reviewing the findings of the SLC and a vote by Independent Trustees, the Board announced on June 24, 2011, that
it had adopted the SLCs recommendation to reject the demands and seek dismissal of the lawsuit. The Trusts filed a motion to dismiss on October 4, 2011, which remains pending. The Trust has accrued $77,876 in expenses relating to these
matters during the year ended February 28, 2013.
Management of Invesco and the Trust believe that the outcome of the proceedings
described above will not have a material adverse effect on the Trust or on the ability of Invesco to provide ongoing services to the Trust.
35 Invesco
Municipal Opportunity Trust
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Invesco Municipal Opportunity Trust:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of changes
in net assets and of cash flows and the financial highlights present fairly, in all material respects, the financial position of Invesco Municipal Opportunity Trust (formerly known as Invesco Van Kampen Municipal Opportunity Trust; hereafter
referred to as the Trust) at February 28, 2013, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each
of the two years in the period then ended, the period ended February 28, 2011 and the year ended October 31, 2010, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial
highlights (hereafter referred to as financial statements) are the responsibility of the Trusts management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of
these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our
opinion. The financial highlights of the Trust for the periods ended October 31, 2009 and prior were audited by another independent registered public accounting firm whose report dated December 21, 2009 expressed an unqualified opinion on those
financial statements.
PRICEWATERHOUSECOOPERS LLP
April 26, 2013
Houston, Texas
36 Invesco
Municipal Opportunity Trust
Tax Information
Form
1099-DIV, Form 1042-S and other yearend tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific states requirement.
The Trust designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year
ended February 28, 2013:
|
|
|
|
|
Federal and State Income Tax
|
|
Qualified Dividend Income*
|
|
|
0
|
%
|
Corporate Dividends Received Deduction*
|
|
|
0
|
%
|
Tax-Exempt Interest Dividends*
|
|
|
100.00
|
%
|
|
*
|
The above percentages are based on ordinary income dividends paid to shareholders during the Trusts fiscal year.
|
37 Invesco
Municipal Opportunity Trust
Proxy Results
An Annual
Meeting (Meeting) of Shareholders of Invesco Municipal Opportunity Trust (the Fund) was held on July 17, 2012 and was adjourned with respect to certain proposals, until August 14, 2012 and further adjourned until
September 25, 2012. The Meeting on September 25, 2012 was held for the following purposes:
(1)
|
Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust by the holders of Common Shares.
|
(2bi)
|
Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Premium Income Trust to merge with and into the Fund by holders of Common Shares.
|
(2bii)
|
Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Select Sector Municipal Trust to merge with and into the Fund by holders of Common Shares.
|
(2biii)
|
Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Trust for Value Municipals to merge with and into the Fund by holders of Common Shares.
|
The September 25, 2012 voting results on the above matters were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matters
|
|
Votes For
|
|
|
Votes
Against
|
|
|
Votes
Abstain
|
|
|
Broker
Non-Votes
|
|
(1)
|
|
Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust by the holders of Common Shares
|
|
|
17,894,880
|
|
|
|
645,311
|
|
|
|
631,786
|
|
|
|
13,047,576
|
|
(2bi)
|
|
Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Premium Income Trust to merge with and into the Fund by holders of Common Shares
|
|
|
17,593,946
|
|
|
|
893,166
|
|
|
|
684,865
|
|
|
|
13,047,576
|
|
(2bii)
|
|
Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Select Sector Municipal Trust to merge with and into the Fund by holders of Common
Shares
|
|
|
17,537,652
|
|
|
|
936,199
|
|
|
|
698,126
|
|
|
|
13,047,576
|
|
(2biii)
|
|
Approval of an Agreement and Plan of Merger that provides for Invesco Van Kampen Trust for Value Municipals to merge with and into the Fund by holders of Common
Shares
|
|
|
17,551,097
|
|
|
|
940,087
|
|
|
|
680,793
|
|
|
|
13,047,576
|
|
38 Invesco
Municipal Opportunity Trust
Trustees and Officers
The address of each trustee and officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. Generally, each trustee serves for a three year term or until his
or her successor has been duly elected and qualified, and each officer serves for a one year term or until his or her successor has been duly elected and qualified. Column two below includes length of time served with predecessor entities, if any.
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the Trust
|
|
Trustee and/
or Officer Since
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Funds in Fund
Complex
Overseen by
Trustee
|
|
Other Directorship(s)
Held by Trustee During
Past 5
Years
|
Interested Persons
|
|
|
|
|
|
|
|
|
Colin Meadows 1971
Trustee, President and Principal Executive
Officer
|
|
2010
|
|
Chief Administrative Officer, Invesco Advisers, Inc., since 2006; Senior Managing Director and Chief Administrative Officer of Invesco,
Ltd. Since 2006. Prior to 2006, Senior Vice President of business development and mergers and acquisitions at GE Consumer Finance; Prior to 2005, Senior Vice President of strategic planning and technology at Wells Fargo Bank; From 1996 to 2003,
associate principal with McKinsey & Company, focusing on the financial services and venture capital industries, with emphasis in banking and asset management sectors
|
|
13
|
|
None
|
Wayne W. Whalen
1
1939
Trustee and Chair
|
|
1992
|
|
Of Counsel, and prior to 2010, partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, legal counsel to funds in the
Fund Complex
|
|
137
|
|
Director and Chairman of the Abraham Lincoln Presidential Library
Foundation; Director of the Mutual Fund Directors Forum, a nonprofit membership organization for investment directors; Director of the Stevenson Center for Democracy; Trustee/Managing General Partner of funds in the Fund Complex
|
Independent Trustees
|
|
|
|
|
|
|
|
|
David C. Arch 1945
Trustee
|
|
1992
|
|
Chairman and Chief Executive Officer of Blistex Inc., (consumer health care products manufacturer)
Formerly: Member of the Heartland Alliance Advisory Board, a nonprofit organization serving
human needs based in Chicago
|
|
137
|
|
Trustee/Managing General Partner of funds in the Fund Complex. Board
member of the Illinois Manufacturers Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan
|
Jerry D. Choate 1938
Trustee
|
|
2003
|
|
From 1995 to 1999, Chairman and Chief Executive Officer of the Allstate Corporation (Allstate) and Allstate Insurance Company.
From 1994 to 1995, President and Chief Executive Officer of Allstate. Prior to 1994, various management positions at Allstate
|
|
13
|
|
Trustee/Managing General Partner of funds in the Fund Complex.
Director since 1998 and member of the governance and nominating committee, executive committee, compensation and management development committee and equity award committee, of Amgen Inc., a biotechnological company. Director since 1999 and member
of the nominating and governance committee and compensation and executive committee, of Valero Energy Corporation, a crude oil refining and marketing company. Previously, from 2006 to 2007, Director and member of the compensation committee and audit
committee, of H&R Block, a tax preparation services company
|
Linda Hutton Heagy 1948
Trustee
|
|
2003
|
|
Retired. Prior to June 2008, Managing Partner of Heidrick & Struggles, the second largest global executive search firm, and from
2001-2004, Regional Managing Director of U.S. operations at Heidrick & Struggles. Prior to 1997, Managing Partner of Ray & Berndtson, Inc., an executive recruiting firm. Prior to 1995, Executive Vice President of ABN AMRO, N.A., a bank
holding company, with oversight for treasury management operations including all non-credit product pricing. Prior to 1990, experience includes Executive Vice President of The Exchange National Bank with oversight of treasury management including
capital markets operations, Vice President of Northern Trust Company and a trainee at Price Waterhouse
|
|
13
|
|
Trustee/Managing General Partner of funds in the Fund Complex. Prior
to 2010, Trustee on the University of Chicago Medical Center Board, Vice Chair of the Board of the YMCA of Metropolitan Chicago and a member of the Womens Board of the University of Chicago
|
1
|
Mr. Whalen is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of certain Funds in the Invesco Fund Complex because he and his firm currently provide legal
services as legal counsel to such Funds.
|
T-1 Invesco
Municipal Opportunity Trust
Trustees and Officers
(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the Trust
|
|
Trustee and/
or Officer Since
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Funds in Fund
Complex
Overseen by
Trustee
|
|
Other Directorship(s)
Held by Trustee During
Past 5
Years
|
Independent
Trustees(continued)
|
R. Craig Kennedy 1952
Trustee
|
|
2003
|
|
Director and President of the German Marshall Fund of the United States, an independent U.S. foundation created to deepen understanding,
promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions.
Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation
|
|
13
|
|
Trustee/Managing General Partner of funds in the Fund Complex.
Director of First Solar, Inc. Advisory Board, True North Ventures
|
Hugo F. Sonnenschein 1940
Trustee
|
|
1994
|
|
Distinguished Service Professor and President Emeritus of the University of Chicago and the Adam Smith
Distinguished Service Professor in the Department of Economics at the University of Chicago
Formerly: President of the University of Chicago
|
|
137
|
|
Trustee/Managing General Partner of funds in the Fund Complex.
Trustee of the University of Rochester and a member of its investment committee. Member of the National Academy of Sciences, the American Philosophical Society and a fellow of the American Academy of Arts and Sciences
|
Suzanne H. Woolsey, Ph.D. 1941
Trustee
|
|
2003
|
|
Chief Executive Officer of Woolsey Partners LLC. Chief Communications Officer of the National Academy of Sciences and Engineering and
Institute of Medicine/National Research Council, an independent, federally chartered policy institution, from 2001 to November 2003 and Chief Operating Officer from 1993 to 2001. Executive Director of the Commission on Behavioral and Social Sciences
and Education at the National Academy of Sciences/National Research Council from 1989 to 1993. Prior to 1980, experience includes Partner of Coopers & Lybrand (from 1980 to 1989), Associate Director of the US Office of Management and Budget
(from 1977 to 1980) and Program Director of the Urban Institute (from 1975 to 1977)
|
|
13
|
|
Trustee/Managing General Partner of funds in the Fund Complex.
Independent Director and audit committee chairperson of Changing World Technologies, Inc., an energy manufacturing company, since July 2008. Independent Director and member of audit and governance committees of Fluor Corp., a global engineering,
construction and management company, since January 2004. Director of Intelligent Medical Devices, Inc., a private company which develops symptom-based diagnostic tools for viral respiratory infections. Advisory Board member of ExactCost LLC, a
private company providing activity-based costing for hospitals, laboratories, clinics, and physicians, since 2008. Chairperson of the Board of Trustees of the Institute for Defense Analyses, a federally funded research and development center, since
2000. Trustee from 1992 to 2000 and 2002 to present, current chairperson of the finance committee, current member of the audit committee, strategic growth committee and executive committee, and former Chairperson of the Board of Trustees (from 1997
to 1999), of the German Marshall Fund of the United States, a public foundation. Lead Independent Trustee of the Rocky Mountain Institute, a non-profit energy and environmental institute; Trustee since 2004. Chairperson of the Board of Trustees of
the Colorado College; Trustee since 1995. Trustee of California Institute of Technology. Previously, Independent Director and member of audit committee and governance committee of Neurogen Corporation from 1998 to 2006; and Independent Director of
Arbros Communications from 2000 to 2002
|
T-2 Invesco
Municipal Opportunity Trust
Trustees and Officers
(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the Trust
|
|
Trustee and/
or Officer Since
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Funds in Fund
Complex
Overseen by
Trustee
|
|
Other Directorship(s)
Held by Trustee During
Past 5
Years
|
Other Officers
|
|
|
|
|
|
|
|
|
John M. Zerr 1962
Senior Vice President, Chief Legal Officer and
Secretary
|
|
2010
|
|
Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly
known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary,
Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly
known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Manager, Invesco PowerShares Capital Management LLC; Director, Secretary and
General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, PowerShares
Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust
Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel Van Kampen Investor Services Inc.;
Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and
Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment
adviser); Vice President and Secretary, PBHG Funds (an investment company) and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General
Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and
Vice President and Secretary, Old Mutual Advisors Funds (an investment company)
|
|
N/A
|
|
N/A
|
Karen Dunn Kelley 1960
Vice President
|
|
2010
|
|
Head of Invescos World Wide Fixed Income and Cash Management Group; Co-President, Co-Chief
Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group,
Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc., INVESCO Global Asset Management Limited, Invesco Management Company Limited and INVESCO
Management S.A.; Vice President, The Invesco Funds (other than AIM Treasurers Series Trust (Invesco Treasurers Series Trust) and Short-Term Investments Trust); and President and Principal Executive Officer, The Invesco Funds (AIM
Treasurers Series Trust (Invesco Treasurers Series Trust) and Short-Term Investments Trust only)
Formerly: Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered
investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; President and
Principal Executive Officer, Tax-Free Investments Trust; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.;
Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurers Series Trust (Invesco Treasurers Series Trust), Short-Term Investments Trust and Tax-Free Investments
Trust only)
|
|
N/A
|
|
N/A
|
T-3 Invesco
Municipal Opportunity Trust
Trustees and Officers
(continued)
|
|
|
|
|
|
|
|
|
Name, Year of Birth and
Position(s) Held with the Trust
|
|
Trustee and/
or Officer Since
|
|
Principal Occupation(s)
During Past 5 Years
|
|
Number of
Funds in Fund
Complex
Overseen by
Trustee
|
|
Other Directorship(s)
Held by Trustee During
Past 5
Years
|
Other Officers(continued)
|
|
|
|
|
|
|
|
|
Sheri Morris 1964
Vice President, Principal Financial Officer and
Treasurer
|
|
2010
|
|
Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco
Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund
Trust and PowerShares Actively Managed Exchange-Traded Fund Trust
Formerly: Vice
President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc.,
Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares
Actively Managed Exchange-Traded Fund Trust
|
|
N/A
|
|
N/A
|
Yinka Akinsola 1977
Anti-Money Laundering Compliance
Officer
|
|
2012
|
|
Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional
(N.A.), Inc.) (registered investment adviser); Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.), Invesco Management Group,
Inc., The Invesco Funds, Invesco Van Kampen Closed-End Funds, Van Kampen Exchange Corp., Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II,
PowerShares India Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Fund Trust
Formerly: Regulatory Analyst III, Financial Industry Regulatory Authority (FINRA)
|
|
N/A
|
|
N/A
|
Valinda J. Arnett-Patton 1959 Chief Compliance Officer
|
|
2011
|
|
Chief Compliance Officer, The Invesco Van Kampen Closed-End Funds
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
Office of the Trust
1555 Peachtree Street, N.E.
Atlanta, GA 30309
|
|
Investment Adviser
Invesco Advisers, Inc.
1555 Peachtree Street, N.E.
Atlanta, GA 30309
|
|
Auditors
PricewaterhouseCoopers LLP
1201 Louisiana Street, Suite 2900
Houston, TX 77002-5678
|
|
Custodian
State Street Bank and Trust Company 225 Franklin Street
Boston, MA 02110-2801
|
|
|
|
|
|
|
|
|
|
|
|
Counsel to the Trust
Skadden, Arps, Slate, Meagher & Flom, LLP
Four Times Square
New York, NY 10036
|
|
Transfer Agent
Computershare Trust Company, N.A.
250 Royall
Street
Canton, MA 02021
|
|
|
|
|
T-4 Invesco
Municipal Opportunity Trust
Correspondence information
Send general correspondence to
Computershare, P.O. Box 43078, Providence, RI 02940-3078.
Invesco privacy policy
You share personal and financial
information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.
Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our
former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of
transaction confirmations, financial reports, prospectuses and tax forms.
Even within Invesco, only people involved in the servicing of
your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special
measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the
lists appear in the Trusts semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is
available at invesco.com/completeqtrholdings. 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: 811-06567 VK-CE-MOPP-AR-1
|
|
|
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.
|
The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee.
The Audit Committee financial experts are Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy. Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy are independent within the meaning of that term as used in Form N-CSR.
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
Fees
Billed by PWC Related to the Registrant
PWC billed the Registrant aggregate fees for services rendered to the Registrant
for the last two fiscal years as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees Billed for
Services Rendered to
the Registrant for
fiscal year
end
2/28/2013
|
|
|
Percentage of Fees
Billed Applicable to
Non-Audit Services
Provided for
fiscal
year end 2/28/2013
Pursuant to Waiver of
Pre-Approval
Requirement
(1)
|
|
|
Fees Billed for
Services Rendered to
the Registrant for
fiscal year
end
2/29/2012
|
|
|
Percentage of Fees
Billed Applicable to
Non-Audit Services
Provided for
fiscal
year end 2/29/2012
Pursuant to Waiver of
Pre-Approval
Requirement
(1)
|
|
Audit Fees
|
|
$
|
59,875
|
|
|
|
N/A
|
|
|
$
|
36,300
|
|
|
|
N/A
|
|
Audit-Related Fees
(2)
|
|
$
|
42,180
|
|
|
|
0
|
%
|
|
$
|
5,000
|
|
|
|
0
|
%
|
Tax Fees
(3)
|
|
$
|
2,550
|
|
|
|
0
|
%
|
|
$
|
5,900
|
|
|
|
0
|
%
|
All Other Fees
(4)
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fees
|
|
$
|
104,605
|
|
|
|
0
|
%
|
|
$
|
47,200
|
|
|
|
0
|
%
|
PWC billed the Registrant aggregate non-audit fees of $44,730 for the fiscal year ended February 28, 2013, and $10,900
for the fiscal year ended February 29, 2012, for non-audit services rendered to the Registrant.
(1)
|
With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not
recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant to PWC during a fiscal
year; and (iii) such services are promptly brought to the attention of the Registrants Audit Committee and approved by the Registrants Audit Committee prior to the completion of the audit.
|
(2)
|
Audit-Related fees for the fiscal year end February 28, 2013 includes fees billed for agreed upon procedures related to variable municipal term preferred shares.
Audit-Related fees for the fiscal year end February 29, 2012 includes fees billed for agreed upon procedures related to auction rate preferred securities.
|
(3)
|
Tax fees for the fiscal year end February 28, 2013 includes fees billed for reviewing tax returns. Tax fees for the fiscal year end February 29, 2012 includes
fees billed for reviewing tax returns.
|
Fees Billed by PWC Related to Invesco and Invesco Affiliates
PWC billed Invesco Advisers, Inc. (Invesco), the Registrants adviser, and any entity controlling, controlled by or under
common control with Invesco that provides ongoing services to the Registrant (Invesco Affiliates) aggregate fees for pre-approved non-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees Billed for Non-
Audit
Services
Rendered to Invesco
and Invesco Affiliates
for fiscal year end
2/28/2013 That Were
Required
to be Pre-Approved
by the Registrants
Audit Committee
|
|
|
Percentage of Fees
Billed Applicable to
Non-Audit
Services
Provided for fiscal year
end 2/28/2013
Pursuant to Waiver of
Pre-Approval
Requirement
(1)
|
|
|
Fees Billed for Non-
Audit
Services
Rendered to Invesco
and Invesco Affiliates
for fiscal year end
2/29/2012 That Were
Required
to be Pre-Approved
by the Registrants
Audit Committee
|
|
|
Percentage of Fees
Billed Applicable to
Non-Audit
Services
Provided for fiscal year
end 2/29/2012
Pursuant to Waiver of
Pre-Approval
Requirement
(1)
|
|
Audit-Related Fees
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
Tax Fees
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
All Other Fees
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fees
(2)
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
(1)
|
With respect to the provision of non-audit services, the pre-approval requirement is waived pursuant to a de minimis exception if (i) such services were not
recognized as non-audit services by the Registrant at the time of engagement, (ii) the aggregate amount of all such services provided is no more than 5% of the aggregate audit and non-audit fees paid by the Registrant, Invesco and Invesco
Affiliates to PWC during a fiscal year; and (iii) such services are promptly brought to the attention of the Registrants Audit Committee and approved by the Registrants Audit Committee prior to the completion of the audit.
|
(2)
|
Including the fees for services not required to be pre-approved by the registrants audit committee, PWC billed Invesco and Invesco Affiliates aggregate non-audit
fees of $0 for the fiscal year ended February 28, 2013, and $0 for the fiscal year ended February 29, 2012, for non-audit services rendered to Invesco and Invesco Affiliates.
|
The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates
that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PWCs independence. To the extent that such services were provided, the Audit Committee determined that the provision of such services
is compatible with PWC maintaining independence with respect to the Registrant.
PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees of
the Invesco Funds (the Funds)
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (SEC) (Rules), the Audit
Committees of the Funds (the Audit Committees) Board of Trustees (the Board) are responsible for the appointment, compensation and oversight of the work of independent accountants (an Auditor). As part of
this responsibility and to assure that the Auditors independence is not impaired, the Audit Committees pre-approve the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the
Auditor to the Funds investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (Service Affiliates) if the services directly impact the Funds operations or financial reporting. The SEC
Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request
and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed
services either may be pre-approved without consideration of specific case-by-case services by the Audit Committees (general pre-approval) or require the specific pre-approval of the Audit Committees (specific pre-approval).
As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committees. Additionally, any fees exceeding 110% of estimated pre-approved fee levels
provided at the time the service was pre-approved will also require specific approval by the Audit Committees before payment is made. The Audit Committees will also consider the impact of additional fees on the Auditors independence when
determining whether to approve any additional fees for previously pre-approved services.
The Audit Committees will
annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee generally on an annual basis. The term of any general pre-approval runs from the date of
such pre-approval through September 30
th
of the
following year, unless the Audit Committees consider a different period and state otherwise. The Audit Committees will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committees in fulfilling their
responsibilities.
Delegation
The Audit Committees may from time to time delegate pre-approval authority to one or more of its members who are Independent Trustees. All decisions to
pre-approve a service by a delegated member shall be reported to the Audit Committees at the next quarterly meeting.
Audit Services
The annual audit services engagement terms will be subject to specific pre-approval of the Audit Committees. Audit services include the
annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds financial statements. The Audit Committees will obtain,
review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditors qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committees may grant either general or specific pre-approval of other audit services, which are those services that only the independent
auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other
documents issued in connection with securities offerings.
Non-Audit Services
The Audit Committees may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committees believe that the provision of the service
will not impair the independence of the Auditor, is consistent with the SECs Rules on auditor independence, and otherwise conforms to the Audit Committees general principles and policies as set forth herein.
Audit-Related Services
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the
Funds financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified
as Audit services; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; and agreed-upon procedures related to mergers, compliance with ratings agency requirements and
interfund lending activities.
Tax Services
Tax services include, but are not limited to, the review and signing of the Funds federal tax returns, the review of required distributions by the Funds and consultations regarding tax
matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committees will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major
business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committees will consult with the Funds Treasurer (or his or her designee) and may
consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committees pre-approval of permissible Tax services, the Auditor shall:
|
1.
|
Describe in writing to the Audit Committees, which writing may be in the form of the proposed engagement letter:
|
|
a.
|
The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor
and the Fund, relating to the service; and
|
|
b.
|
Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than
the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;
|
|
2.
|
Discuss with the Audit Committees the potential effects of the services on the independence of the Auditor; and
|
|
3.
|
Document the substance of its discussion with the Audit Committees.
|
All Other Auditor Services
The Audit Committees may pre-approve non-audit services
classified as All other services that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be
set periodically by the Audit Committees. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committees at the quarterly
Audit Committees meeting and will require specific approval by the Audit Committees before payment is made. The Audit Committees will always factor in the overall relationship of fees for audit and non-audit services in determining whether to
pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.
Procedures
Generally on an annual
basis, Invesco Advisers, Inc. (Invesco) will submit to the Audit Committees for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the
non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committees will be submitted to the Funds Treasurer (or his or her designee) and must include a
detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committees. The Audit
Committees will be informed at the next quarterly scheduled Audit Committees meeting of any such services for which the Auditor rendered an invoice and whether such services and fees had been pre-approved and if so, by what means.
Each request to provide services that require specific approval by the Audit Committees shall be submitted to the Audit Committees jointly by the
Funds Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the policies and procedures and the SEC Rules.
Each request to provide tax services under either the general or specific pre-approval of the Audit Committees will describe in writing: (i) the
scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation
arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committees the
potential effects of the services on the Auditors independence and will document the substance of the discussion.
Non-audit services
pursuant to the
de minimis
exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committees for approval, including documentation that each of the conditions for this exception, as set forth in the
SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in
the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committees have designated the Funds Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and
procedures. The Funds Treasurer will report to the Audit Committees on a periodic basis as to the results of such monitoring. Both the Funds Treasurer and management of Invesco will immediately report to the chairman of the Audit
Committees any breach of these policies and procedures that comes to the attention of the Funds Treasurer or senior management of Invesco.
Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to
audit procedures in connection with the audit of the Funds financial statements)
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Bookkeeping or other services related to the accounting records or financial statements of the audit client
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Financial information systems design and implementation
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Appraisal or valuation services, fairness opinions, or contribution-in-kind reports
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Internal audit outsourcing services
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Categorically Prohibited Non-Audit Services
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Broker-dealer, investment adviser, or investment banking services
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Expert services unrelated to the audit
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Any service or product provided for a contingent fee or a commission
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Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position
transactions, a significant purpose of which is tax avoidance
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Tax services for persons in financial reporting oversight roles at the Fund
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Any other service that the Public Company Oversight Board determines by regulation is impermissible.
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ITEM 5.
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AUDIT COMMITTEE OF LISTED REGISTRANTS.
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(a)
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The registrant has a separately-designed standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as
amended. Members of the audit committee are: Jerry D. Choate, Linda Hutton Heagy and R. Craig Kennedy.
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ITEM 6.
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SCHEDULE OF INVESTMENTS.
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Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7.
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DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
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I.2.
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PROXY POLICIES AND PROCEDURES RETAIL
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Applicable to
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Retail Accounts
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Risk Addressed by Policy
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breach of fiduciary duty to client under Investment Advisers Act of 1940 by placing Invesco personal interests ahead of client best economic interests in voting
proxies
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Relevant Law and Other Sources
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Investment Advisers Act of 1940
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Last Tested Date
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Policy/Procedure Owner
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Advisory Compliance
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Policy Approver
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Fund Board
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Approved/Adopted Date
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January 1, 2010
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The following policies and procedures apply to certain funds and other accounts managed by Invesco Advisers, Inc.
(Invesco).
A. POLICY STATEMENT
Introduction
Our Belief
The Invesco Funds Boards of Trustees and Invescos investment professionals expect a high standard of corporate governance from the companies in our
portfolios so that Invesco may fulfill its fiduciary obligation to our fund shareholders and other account holders. Well governed companies are characterized by a primary focus on the interests of shareholders, accountable boards of directors, ample
transparency in financial disclosure, performance-driven cultures and appropriate consideration of all stakeholders. Invesco believes well governed companies create greater shareholder wealth over the long term than poorly governed companies, so we
endeavor to vote in a manner that increases the value of our investments and fosters good governance within our portfolio companies.
In
determining how to vote proxy issues, Invesco considers the probable business consequences of each issue and votes in a manner designed to protect and enhance fund shareholders and other account holders interests. Our voting decisions
are intended to enhance each companys total shareholder value over Invescos typical investment horizon.
Proxy voting is an
integral part of Invescos investment process. We believe that the right to vote proxies should be managed with the same care as all other elements of the investment process. The objective of Invescos proxy-voting activity is to promote
good governance and advance the economic interests of our clients. At no time will Invesco exercise its voting power to advance its own
commercial interests, to pursue a social or political cause that is unrelated to our clients economic interests, or to favor a particular client or business relationship to the detriment of
others.
B. OPERATING PROCEDURES AND RESPONSIBLE PARTIES
Proxy administration
The Invesco Retail Proxy Committee (the Proxy Committee)
consists of members representing Invescos Investments, Legal and Compliance departments. Invescos Proxy Voting Guidelines (the Guidelines) are revised annually by the Proxy Committee, and are approved by the Invesco Funds
Boards of Trustees. The Proxy Committee implements the Guidelines and oversees proxy voting.
The Proxy Committee has retained outside experts
to assist with the analysis and voting of proxy issues. In addition to the advice offered by these experts, Invesco uses information gathered from our own research, company managements, Invescos portfolio managers and outside shareholder
groups to reach our voting decisions.
Generally speaking, Invescos investment-research process leads us to invest in companies led by
management teams we believe have the ability to conceive and execute strategies to outperform their competitors. We select companies for investment based in large part on our assessment of their management teams ability to create shareholder
wealth. Therefore, in formulating our proxy-voting decisions, Invesco gives proper consideration to the recommendations of a companys Board of Directors.
Important principles underlying the Invesco
Proxy Voting Guidelines
Management teams of
companies are accountable to their boards of directors, and directors of publicly held companies are accountable to their shareholders. Invesco endeavors to vote the proxies of its portfolio companies in a manner that will reinforce the notion of a
boards accountability to its shareholders. Consequently, Invesco votes against any actions that would impair the rights of shareholders or would reduce shareholders influence over the board or over management.
The following are specific voting issues that illustrate how Invesco applies this principle of accountability.
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Elections of directors.
In uncontested director elections for companies that do not have a controlling shareholder, Invesco votes in favor of
slates if they are comprised of at least a majority of independent directors and if the boards key committees are fully independent. Key committees include the Audit, Compensation and Governance or Nominating Committees. Invescos
standard of independence excludes directors who, in addition to the directorship, have any material business or family relationships with the companies they serve.
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Contested director elections are evaluated on a case-by-case basis and are decided within
the context of Invescos investment thesis on a company.
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Director performance.
Invesco withholds votes from directors who exhibit a lack of accountability to shareholders, either through their level of
attendance at meetings or by enacting egregious corporate-governance or other policies. In cases of material financial restatements, accounting fraud, habitually late filings, adopting shareholder rights plan (poison pills) without
shareholder approval, or other areas of poor performance, Invesco may withhold votes from some or all of a companys directors. In situations where directors performance is a concern, Invesco may also support shareholder proposals to take
corrective actions such as so-called clawback provisions.
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Auditors and Audit Committee members
. Invesco believes a companys Audit Committee has a high degree of responsibility to shareholders in
matters of financial disclosure, integrity of the financial statements and effectiveness of a companys internal controls. Independence, experience and financial expertise are critical elements of a well-functioning Audit Committee. When
electing directors who are members of a companys Audit Committee, or when ratifying a companys auditors, Invesco considers the past performance of the Committee and holds its members accountable for the quality of the companys
financial statements and reports.
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Majority standard in director elections.
The right to elect directors is the single most important mechanism shareholders have to promote
accountability. Invesco supports the nascent effort to reform the U.S. convention of electing directors, and votes in favor of proposals to elect directors by a majority vote.
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Classified boards.
Invesco supports proposals to elect directors annually instead of electing them to staggered multi-year terms because annual
elections increase a boards level of accountability to its shareholders.
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Supermajority voting requirements.
Unless proscribed by law in the state of incorporation, Invesco votes against actions that would impose any
supermajority voting requirement, and supports actions to dismantle existing supermajority requirements.
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Responsiveness.
Invesco withholds votes from directors who do not adequately respond to shareholder proposals that were approved by a majority
of votes cast the prior year.
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Cumulative voting.
The practice of cumulative voting can enable minority shareholders to have representation on a companys board. Invesco
supports proposals to institute the practice of cumulative voting at companies whose overall corporate-governance standards indicate a particular need to protect the interests of minority shareholders.
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Shareholder access.
On business matters with potential financial consequences, Invesco votes in favor of proposals that would increase
shareholders opportunities to express their views to boards of directors, proposals that would lower barriers to shareholder action and proposals to promote the adoption of generally accepted best practices in corporate governance.
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Invesco believes properly
constructed compensation plans that include equity ownership are effective in creating incentives that induce managements and employees of our portfolio companies to create greater shareholder wealth. Invesco supports equity compensation plans that
promote the proper alignment of incentives, and votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural features, and plans that appear likely to reduce the value of an accounts
investment.
Following are specific voting issues that illustrate how Invesco evaluates incentive plans.
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Executive compensation.
Invesco evaluates compensation plans for executives within the context of the companys performance under the
executives tenure. Invesco believes independent compensation committees are best positioned to craft executive-compensation plans that are suitable for their company-specific circumstances. We view the election of those independent
compensation committee members as the appropriate mechanism for shareholders to express their approval or disapproval of a companys compensation practices. Therefore, Invesco generally does not support shareholder proposals to limit or
eliminate certain forms of executive compensation. In the interest of reinforcing the notion of a compensation committees accountability to shareholders, Invesco supports proposals requesting that companies subject each years
compensation record to an advisory shareholder vote, or so-called say on pay proposals.
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Equity-based compensation plans.
When voting to approve or reject equity-based compensation plans, Invesco compares the total estimated cost of
the plans, including stock options and restricted stock, against a carefully selected peer group and uses multiple performance metrics that help us determine whether the incentive structures in place are creating genuine shareholder wealth.
Regardless of a plans estimated cost relative to its peer group, Invesco votes against plans that contain structural features that would impair the alignment of incentives between shareholders and management. Such features include the ability
to reprice or reload options without shareholder approval, the ability to issue options below the stocks current market price, or the ability to automatically replenish shares without shareholder approval.
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Employee stock-purchase plans.
Invesco supports employee stock-purchase plans that are reasonably designed to provide proper incentives to a
broad base of employees, provided that the price at which employees may acquire stock is at most a 15 percent discount from the market price.
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Severance agreements.
Invesco generally votes in favor of proposals requiring advisory shareholder ratification of executives severance
agreements. However, we oppose proposals requiring such agreements to be ratified by shareholders in advance of their adoption.
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Examples of management
proposals related to a companys capital structure include authorizing or issuing additional equity capital, repurchasing outstanding stock, or enacting a stock split or reverse stock split. On requests for additional capital stock, Invesco
analyzes the companys stated reasons for the request. Except where the request could adversely affect the funds ownership stake or voting rights, Invesco generally supports a boards decisions on its needs for additional capital
stock. Some capitalization proposals require a case-by-case analysis within the context of Invescos investment thesis on a company. Examples of such proposals include authorizing common or preferred stock with special voting rights, or issuing
additional stock in connection with an acquisition.
IV.
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Mergers, Acquisitions and Other Corporate Actions
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Issuers occasionally require shareholder approval to engage in certain corporate actions such as mergers, acquisitions, name changes, dissolutions, reorganizations, divestitures and reincorporations.
Invesco analyzes these proposals within the context of our investment thesis on the company, and determines its vote on a case-by-case basis.
V.
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Anti-Takeover Measures
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Practices
designed to protect a company from unsolicited bids can adversely affect shareholder value and voting rights, and they create conflicts of interests among directors, management and shareholders. Except under special issuer-specific circumstances,
Invesco votes to reduce or eliminate such measures. These measures include adopting or renewing poison pills, requiring supermajority voting on certain corporate actions, classifying the election of directors instead of electing each
director to an annual term, or creating separate classes of common or preferred stock with special voting rights. Invesco generally votes against management proposals to impose these types of measures, and generally votes for shareholder proposals
designed to reduce such measures. Invesco supports shareholder proposals directing companies to subject their anti-takeover provisions to a shareholder vote.
VI.
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Shareholder Proposals on Corporate Governance
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Invesco generally votes for shareholder proposals that are designed to protect shareholder rights if a companys corporate-governance standards indicate that such additional protections are
warranted.
VII.
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Shareholder Proposals on Social Responsibility
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The potential costs and economic benefits of shareholder proposals seeking to amend a companys practices for social reasons are often difficult to assess. Analyzing the costs and economic benefits
of these proposals is generally highly subjective and does not fit readily within our framework of voting to create greater shareholder wealth over Invescos typical investment horizon. Therefore, Invesco generally abstains from voting on
shareholder proposals deemed to be of a purely social, political or moral nature. However, there are instances when the costs and economic benefits of these proposals can be more readily assessed, in which case, Invesco votes such proposals on a
case-by-case basis.
VIII.
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Routine Business Matters
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Routine
business matters rarely have a potentially material effect on the economic prospects of fund holdings, so we generally support the boards discretion on these items. However, Invesco votes against proposals where there is insufficient
information to make a decision about the nature of the proposal. Similarly, Invesco votes against proposals to conduct other unidentified business at shareholder meetings.
Summary
These Guidelines provide an important framework for making proxy-voting decisions,
and should give fund shareholders and other account holders insight into the factors driving Invescos decisions. The Guidelines cannot address all potential proxy issues, however. Decisions on specific issues must be made within the context of
these Guidelines and within the context of the investment thesis of the funds and other accounts that own the companys stock. Where a different investment thesis is held by portfolio managers who may hold stocks in common, Invesco may vote the
shares held on a fund-by-fund or account-by-account basis.
Exceptions
In certain circumstances,
Invesco may refrain from voting where the economic cost of voting a companys proxy exceeds any anticipated benefits of that proxy proposal.
Share-lending programs
One reason that some portion of Invescos position in a
particular security might not be voted is the securities lending program. When securities are out on loan and earning fees for the lending fund, they are transferred into the borrowers name. Any proxies during the period of the loan are voted
by the borrower. The lending fund would have to terminate the loan to vote the companys proxy, an action that is not generally in the best economic interest of fund shareholders. However, whenever Invesco determines that the benefit to
shareholders or other account holders of voting a particular proxy outweighs the revenue lost by terminating the loan, we recall the securities for the purpose of voting the funds full position.
Share-blocking
Another example of a situation where Invesco may be unable to vote is in countries where the exercise of voting rights requires the fund to submit to short-term trading restrictions, a practice known as
share-blocking. Invesco generally refrains from voting proxies in share-blocking countries unless the portfolio manager determines that the benefit to fund shareholders and other account holders of voting a specific proxy outweighs the
funds or other accounts temporary inability to sell the security.
International constraints
An additional concern that sometimes precludes our voting non-U.S. proxies is our inability to receive proxy materials with enough time and enough
information to make a voting decision. In the great majority of instances, however, we are able to vote non-U.S. proxies successfully. It is important to note that Invesco makes voting decisions for non-U.S. issuers using these Guidelines as our
framework, but also takes into account the corporate-governance standards, regulatory environment and generally accepted best practices of the local market.
Exceptions to these Guidelines
Invesco retains the flexibility to accommodate
company-specific situations where strictly adhering to the Guidelines would lead to a vote that the Proxy Committee deems not to be in the best interest of the funds shareholders and other account holders. In these situations, the Proxy
Committee will vote the proxy in the manner deemed to be in the best interest of the funds shareholders and other account holders, and will promptly inform the funds Boards of Trustees of such vote and the circumstances surrounding it.
Resolving potential conflicts of interest
A potential conflict of interest arises when
Invesco votes a proxy for an issuer with which it also maintains a material business relationship. Examples could include issuers that are distributors of Invescos products, or issuers that employ Invesco to manage portions of their retirement
plans or treasury accounts. Invesco reviews each proxy proposal to assess the extent, if any, to which there may be a material conflict between the interests of the fund shareholders or other account holders and Invesco.
Invesco takes reasonable measures to determine whether a potential conflict may exist. A potential conflict is deemed to exist only if one or more of the
Proxy Committee members actually knew or should have known of the potential conflict.
If a material potential conflict is deemed to exist,
Invesco may resolve the potential conflict in one of the following ways: (1) if the proposal that gives rise to the potential conflict is specifically addressed by the Guidelines, Invesco may vote the proxy in accordance with the predetermined
Guidelines; (2) Invesco may engage an independent third party to determine how the proxy should be voted; or (3) Invesco may establish an ethical wall or other informational barrier between the persons involved in the potential conflict
and the persons making the proxy-voting decision in order to insulate the potential conflict from the decision makers.
Because the Guidelines are pre-determined and crafted to be in the best economic interest of shareholders
and other account holders, applying the Guidelines to vote client proxies should, in most instances, adequately resolve any potential conflict of interest. As an additional safeguard against potential conflicts, persons from Invescos
marketing, distribution and other customer-facing functions are precluded from becoming members of the Proxy Committee.
On a quarterly basis,
the Invesco Funds Boards of Trustees review a report from Invescos Internal Compliance Controls Committee. The report contains a list of all known material business relationships that Invesco maintains with publicly traded issuers. That list
is cross-referenced with the list of proxies voted over the period. If there are any instances where Invescos voting pattern on the proxies of its material business partners is inconsistent with its voting pattern on all other issuers, they
are brought before the Trustees and explained by the Chairman of the Proxy Committee.
Personal conflicts of interest.
If any member of
the Proxy Committee has a personal conflict of interest with respect to a company or an issue presented for voting, that Proxy Committee member will inform the Proxy Committee of such conflict and will abstain from voting on that company or issue.
Funds of funds
. Some Invesco Funds offering diversified asset allocation within one investment vehicle own shares in other Invesco
Funds. A potential conflict of interest could arise if an underlying Invesco Fund has a shareholder meeting with any proxy issues to be voted on, because Invescos asset-allocation funds or target-maturity funds may be large shareholders of the
underlying fund. In order to avoid any potential for a conflict, the asset-allocation funds and target maturity funds vote their shares in the same proportion as the votes of the external shareholders of the underlying fund.
C. RECORDKEEPING
Records are maintained
in accordance with Invescos Recordkeeping Policy.
Policies and Vote Disclosure
A copy of
these Guidelines and the voting record of each Invesco Fund are available on our web site,
www.invesco.com
. In accordance with Securities and Exchange Commission regulations, all funds file a record of all proxy-voting activity for the prior
12 months ending June 30th. That filing is made on or before August 31st of each year.
ITEM 8.
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PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
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The following individuals are jointly and primarily responsible for the day-to-day management of the Trust:
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Thomas Byron, Portfolio Manager, who has been responsible for the Trust since 2009 and has been associated with Invesco and/or its affiliates since
2010. From 1981 to 2010, Mr. Byron was associated with Morgan Stanley Investment Advisors Inc. in an investment management capacity.
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Robert Stryker, Portfolio Manager, who has been responsible for the Trust since 2009 and has been with Invesco and/or its affiliates since 2010. From
1994 to 2010, Mr. Stryker was associated with Morgan Stanley Investment Advisors Inc. in an investment management capacity.
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Robert Wimmel, Portfolio Manager, who has been responsible for the Trust since 2001 and has been associated with Invesco and/or its affiliates since
2010. From 1996 to 2010, Mr. Wimmel was associated with Morgan Stanley Investment Advisors Inc. in an investment management capacity.
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Portfolio Manager Fund Holdings and Information on Other Managed Accounts
Invescos portfolio managers develop investment models which are used in connection with the management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate acts
as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals. The Investments chart reflects the portfolio managers investments in the Funds
that they manage. Accounts are grouped into three categories: (i) investments made directly in the Fund, (ii) investments made in an Invesco pooled investment vehicle with the same or similar objectives and strategies as the Fund, and
(iii) any investments made in any Invesco Fund or Invesco pooled investment vehicle. The Assets Managed chart reflects information regarding accounts other than the Funds for which each portfolio manager has day-to-day management
responsibilities. Accounts are grouped into three categories: (i) other registered investment companies, (ii) other pooled investment vehicles and (iii) other accounts. To the extent that any of these accounts pay
advisory fees that are based on account performance (performance-based fees), information on those accounts is specifically broken out. In addition, any assets denominated in foreign currencies have been converted into U.S. Dollars using the
exchange rates as of the applicable date.
Investments
The following information is as of February 28, 2013:
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Portfolio Manager
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Dollar Range of
Investments in each
Fund
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Dollar Range of Investments
in Invesco pooled
investment vehicles
2
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Dollar Range of all Investments
in Funds and Invesco pooled
investment vehicles
3
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Invesco Municipal Opportunity Trust
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Thomas Byron
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$10,001-$50,000
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N/A
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$100,001-$500,000
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Robert Stryker
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None
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N/A
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$100,001-$500,000
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Robert Wimmel
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None
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N/A
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$100,001-$500,000
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1
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This column reflects investments in a Funds shares beneficially owned by a portfolio manager (as determined in accordance with Rule 16a-1(a) (2) under the
Securities Exchange Act of 1934, as amended). Beneficial ownership includes ownership by a portfolio managers immediate family members sharing the same household.
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2
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This column reflects portfolio managers investments made either directly or through a deferred compensation or a similar plan in Invesco pooled investment
vehicles with the same or similar objectives and strategies as the Fund as of the most recent fiscal year end of the Fund.
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3
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This column reflects the combined holdings from both the Dollar Range of all Investments in Funds and Invesco pooled investment vehicles and the
Dollar Range of Investments in each Fund columns.
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Assets Managed
The following information is as of February 28, 2013:
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Other Registered
Investment
Companies Managed
(assets in millions)
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Other Pooled
Investment
Vehicles Managed
(assets in millions)
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Other Accounts
Managed (assets
in
millions)
4
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Portfolio Manager
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Number of
Accounts
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Assets
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Number of
Accounts
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Assets
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Number of
Accounts
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Assets
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Invesco Municipal Opportunity Trust
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Thomas Byron
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15
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$
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13,640.8
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None
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None
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None
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None
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Robert Stryker
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15
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$
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13,640.8
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None
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None
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None
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None
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Robert Wimmel
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15
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$
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13,640.8
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None
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None
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None
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None
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Potential Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one Fund or other account. More specifically, portfolio
managers who manage multiple Funds and/or other accounts may be presented with one or more of the following potential conflicts:
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The management of multiple Funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each
Fund and/or other account. The Adviser and each Sub-Adviser seek to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most other accounts
managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Funds.
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If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be
able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. To deal with these situations, the Adviser, each Sub-Adviser and the Funds have adopted procedures
for allocating portfolio transactions across multiple accounts.
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The Adviser and each Sub-Adviser determine which broker to use to execute each order for securities transactions for the Funds, consistent with its
duty to seek best execution of the
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4
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These are accounts of individual investors for which Invesco provides investment advice. Invesco offers separately managed accounts that are managed
according to the investment models developed by its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance with one or more of those investment models and investments held
in those accounts are traded in accordance with the applicable models.
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transaction. However, for certain other accounts (such as mutual funds for which Invesco or an affiliate acts as sub-adviser, other pooled investment vehicles that are not registered mutual
funds, and other accounts managed for organizations and individuals), the Adviser and each Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these
cases, trades for a Fund in a particular security may be placed separately from, rather than aggregated with, such other accounts. Having separate transactions with respect to a security may temporarily affect the market price of the security or the
execution of the transaction, or both, to the possible detriment of the Fund or other account(s) involved.
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Finally, the appearance of a conflict of interest may arise where the Adviser or Sub-Adviser has an incentive, such as a performance-based management
fee, which relates to the management of one Fund or account but not all Funds and accounts for which a portfolio manager has day-to-day management responsibilities.
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The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which are designed to address these types of
conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Description of Compensation Structure
For the Adviser and each affiliated Sub-Adviser
The Adviser and each
Sub-Adviser seek to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. Portfolio managers receive a base salary, an incentive bonus opportunity and an equity compensation
opportunity. Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund performance. The Adviser
and each Sub-Adviser evaluate competitive market compensation by reviewing compensation survey results conducted by an independent third party of investment industry compensation. Each portfolio managers compensation consists of the following
three elements:
Base Salary.
Each portfolio manager is paid a base salary. In setting the base salary, the Adviser and
each Sub-Advisers intention is to be competitive in light of the particular portfolio managers experience and responsibilities.
Annual Bonus.
The portfolio managers are eligible, along with other employees of the Adviser and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation Committee
of Invesco Ltd. reviews and approves the amount of the bonus pool available for the Adviser and each of the Sub-Advisers investment centers. The Compensation Committee considers investment performance and financial results in its review. In
addition, while having no direct impact on individual bonuses, assets under management are considered when determining the starting bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is based on
quantitative (i.e. investment performance) and non-quantitative factors (which may include, but are not limited to, individual performance, risk management and teamwork).
Each portfolio managers compensation is linked to the pre-tax investment performance of the Funds/accounts managed by the portfolio manager as described in Table 1 below.
Table 1
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Sub-Adviser
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Performance time period
5
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Invesco
6
Invesco Australia
Invesco Deutschland
Invesco Hong Kong
6
Invesco Asset Management
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One-, Three- and Five-year performance against Fund peer group.
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Invesco- Invesco Real Estate
6,
7
Invesco
Senior Secured
6,
8
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Not applicable
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Invesco Canada
6
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One-year performance against Fund peer group.
Three- and Five-year performance against entire universe of Canadian funds.
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Invesco Japan
9
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One-, Three- and Five-year performance against the appropriate Micropol benchmark.
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High investment performance (against applicable peer group and/or benchmarks) would deliver compensation
generally associated with top pay in the industry (determined by reference to the third-party provided compensation survey information) and poor investment performance (versus applicable peer group) would result in low bonus compared to the
applicable peer group or no bonus at all. These decisions are reviewed and approved collectively by senior leadership which has responsibility for executing the compensation approach across the organization.
Deferred / Long-Term Compensation.
Portfolio managers may be granted an annual deferral award that allows them to select receipt
of shares of certain Invesco Funds with a vesting period as well as common shares and/or restricted shares of Invesco Ltd. stock from pools determined from time to time by the Compensation Committee of Invesco Ltd.s Board of Directors. Awards
of deferred / long-term compensation typically vest over time, so as to create incentives to retain key talent.
Portfolio
managers also participate in benefit plans and programs available generally to all employees.
ITEM 9.
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PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
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Not applicable.
ITEM 10.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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None
ITEM 11.
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CONTROLS AND PROCEDURES.
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(a)
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As of February 12, 2013, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO,
to assess the effectiveness of the Registrants disclosure controls and procedures, as that term is
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5
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Rolling time periods based on calendar year-end.
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6
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Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four year period and final payments are based on the performance of
eligible Funds selected by the portfolio manager at the time the award is granted.
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7
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Portfolio Managers for Invesco Global Real Estate Fund, Invesco Real Estate Fund, Invesco Global Real Estate Income Fund and Invesco V.I. Global Real Estate Fund base
their bonus on new operating profits of the U.S. Real Estate Division of Invesco.
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8
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Invesco Senior Secureds bonus is based on annual measures of equity return and standard tests of collateralization performance.
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9
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Portfolio Managers for Invesco Pacific Growth Funds compensation is based on the one-, three- and five-year performance against the appropriate
Micropol benchmark.
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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 February 12, 2013, 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)
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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 this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.
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12(a) (1)
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Code of Ethics.
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12(a) (2)
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Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
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12(a) (3)
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Not applicable.
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12(b)
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Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.
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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 Opportunity Trust
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By:
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/s/ Colin Meadows
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Colin Meadows
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Principal Executive Officer
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Date: May 9, 2013
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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.
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By:
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/s/ Colin Meadows
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Colin Meadows
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Principal Executive Officer
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Date: May 9, 2013
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By:
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/s/ Sheri Morris
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Sheri Morris
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Principal Financial Officer
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Date: May 9, 2013
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EXHIBIT INDEX
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|
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12(a) (1)
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Code of Ethics.
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12(a) (2)
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Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
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12(a) (3)
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Not applicable.
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12(b)
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Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.
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