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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05597
Invesco Municipal Income Opportunities Trust
(Exact name of registrant as specified in charter)
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1555 Peachtree Street, N.E.,
Atlanta, Georgia 30309
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(Address of principal executive offices) (Zip code) |
Philip
A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 2/29/12
Item 1. Reports to Stockholders.
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Annual Report to Shareholders
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February 29, 2012 |
Invesco Municipal Income
Opportunities Trust
NYSE: OIA
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2 |
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Letters to Shareholders |
4 |
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Performance Summary |
4 |
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Management Discussion |
6 |
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Additional Information |
7 |
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Dividend Reinvestment Plan |
8 |
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Schedule of Investments |
18 |
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Financial Statements |
20 |
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Notes to Financial Statements |
25 |
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Financial Highlights |
26 |
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Auditors Report |
27 |
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Tax Information |
28 |
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Supplemental Information |
T-1 |
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Trustees and Officers |
Letters to Shareholders
![(PHOTO OF PHILIP TAYLOR)](h86193h8619302.jpg)
Philip Taylor
Dear Shareholders:
This annual report provides important information about your Trust, including its performance. I
encourage you to read this report to learn more about how your Trust is managed, what it invests in
and why it performed as it did. Also, this report includes information about your Trusts
management team and a listing of investments held by your Trust at the close of the reporting
period.
Investors are likely to confront both opportunities and challenges in 2012. As we saw in 2011,
market sentiment can change suddenly and dramatically and certainly without advance notice
depending on economic developments and world events. Similarly, your own situation, needs and goals
can change, requiring adjustments in your financial strategy.
For current information about your Trust
Many investors find that staying abreast of market trends and developments may provide
reassurance in times of economic uncertainty and market volatility such as we saw last year and may
see again this year.
Invesco can help you stay informed about your investments and market trends. On our website,
invesco.com/us, we provide timely market updates and commentary from many of our portfolio managers
and other investment professionals. Also on our website, you can obtain information about your
account at any hour of the day or night. I invite you to visit and explore the tools and
information we offer at invesco.com/us.
Our commitment to investment excellence
Many investors believe that its wise to be well diversified and to maintain a long-term investment
focus. While diversification cant guarantee a profit or protect against loss, it may cushion the
impact of dramatic market moves. Maintaining a long-term investment focus for your long-term goals
financing your retirement or your childrens education, for example may help you avoid making
rash investment decisions based on short-term market swings.
Likewise, Investors investment professionals maintain a long-term focus. Each Invesco fund is
managed by a specialized team of investment professionals, and as a company, we maintain a single
focus investment management that allows our portfolio managers to concentrate on doing what
they do best: managing your money.
Each Invesco fund is managed according to its stated investment objectives and strategies,
with robust risk oversight using consistent, repeatable investment processes that dont change in
response to short-term market events. This disciplined approach cant guarantee a profit; no
investment can do that, since all involve some measure of risk. But it can ensure that your money
is managed the way we said it would be according to your Trusts objective and strategies.
Questions?
If you have questions about your account, please contact one of our client service representatives
at 800 341 2929. If you have a general Invesco-related question or comment for me, I invite you to
email me directly at
[email protected].
All of us at Invesco look forward to serving your investment management needs for many years
to come. Thank you for investing with us.
Sincerely,
Philip Taylor
Senior Managing Director, Invesco Ltd.
2
Invesco Municipal Income Opportunities Trust
![(PHOTO OF BRUCE CROCKETT)](h86193h8619304.jpg)
Bruce Crockett
Dear Fellow Shareholders:
As always, the Invesco Funds Board of Trustees remains committed to putting your interests first.
We worked to manage costs throughout the year, and this remains a continuing focus of your Board.
We will continue to oversee the funds with the same strong sense of responsibility for your money
and your continued trust that weve always maintained.
Throughout 2011, we experienced volatile, challenging markets that presented both significant
opportunities and risks for investors.
Early in the year, protests in the Middle East and Africa led to increases in oil and gas
prices. This was followed by the disasters in Japan that led to supply chain disruptions across a
number of industries. In Europe, sovereign debt concerns created uncertainty in global markets that
remains unresolved. Here in the US, prolonged congressional debates over deficits and the debt
ceiling resulted in the first-ever downgrade of US long-term debt. Combined, this imperfect storm
of events took a tremendous toll on global economic growth and created volatility in the markets.
Across the globe, demographic and economic trends are profoundly reshaping the worlds wealth.
Emerging markets such as China, India, Brazil and Russia are experiencing tremendous growth. China
is now the worlds second-largest economy. Meanwhile, established markets such as the US and Europe
are struggling with debt issues and experiencing much lower rates of growth. We all know the US is
a consumer-driven market and consumers continue to face numerous headwinds, including elevated
energy prices, a dismal housing market and high unemployment.
This dynamic, challenging market and economic environment underscores once again the value of
maintaining a well-diversified investment portfolio. Obviously, none of us can control the markets
or global economic trends. However, adopting a disciplined approach to saving and investing may
help provide the funds needed to buy a house, pay for our childrens education and provide for a
comfortable retirement.
Based on everything Ive read, this year could potentially be just as interesting as 2011,
with continued uncertainty in key economies around the world and volatility in the markets. With
this in mind, youll want to stay informed regarding the markets and keep up to date with news that
affects your investment portfolio. Invescos website, invesco.com/us, provides a wealth of
information about your investments and news regarding global markets.
I would like to close by thanking Bob Baker for his distinguished 30-year service with the
Invesco Funds Board and his unflagging commitment to our funds shareholders. As always, I
encourage you to contact me at
[email protected] with any questions or concerns you may have.
We look forward to representing you and serving you in 2012.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
3
Invesco Municipal Income Opportunities Trust
Managements Discussion of Trust Performance
Performance summary
This is the annual report for Invesco Municipal Income Opportunities Trust for the fiscal year
ended February 29, 2012. 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, by the total number of
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. The main contributor to the
Trusts return on an NAV basis was its exposure to hospital bonds.
Performance
Total returns, 2/28/11 to 2/29/12
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Trust at NAV |
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18.92 |
% |
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Trust at Market Value |
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24.50 |
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Barclays High Yield Municipal Bond Index▼ |
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14.16 |
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Market Price Discount to NAV as of 2/29/12 |
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-1.68 |
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Source(s): ▼Invesco, Barclays
The performance data quoted represent past performance and cannot guarantee comparable future
results; current performance may be lower or higher. Investment return, net asset value and market
price will fluctuate so that you may have a gain or loss when you sell shares. Please visit
invesco.com/us for the most recent month-end performance. Performance figures reflect Trust
expenses, the reinvestment of distributions (if any) and changes in net asset value (NAV) for
performance based on NAV and changes in market price for performance based on market price.
Since the Trust is a closed-end management investment company, shares of the Trust may trade
at a discount or premium from the NAV. This characteristic is separate and distinct from the risk
that NAV could decrease as a result of investment activities and may be a greater risk to investors
expecting to sell their shares after a short time. The Trust cannot predict whether shares will
trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It
is designed primarily for risk-tolerant long-term investors.
How we invest
We seek to provide investors with a high level of current income which is exempt from federal
income tax, primarily by investing in a diversified portfolio of tax-exempt municipal securities.
Under normal circumstances, Invesco Municipal Income Opportunities Trust invests in municipal
bonds rated BB or better by Standard & Poors or Ba or better by Moodys, or bonds we believe
possess many of the same characteristics of such bonds.1 The Trust also may invest in
municipal notes and municipal commercial paper of similar quality. From time to time, we may invest
in municipal bonds 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.
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Sell decisions 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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n |
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A deterioration or likely deterioration of the broader fundamentals of a particular industry
or sector. |
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n |
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Opportunities in the secondary or primary market to exchange into a security with better
relative value. |
Market conditions and your Trust
For the fiscal year ended February 29, 2012, the municipal market performed strongly. The
Barclays Municipal Bond Index returned 12.42%, outperforming other fixed income indexes such as the
Barclays U.S. Aggregate Index, which returned 8.37%; the Barclays U.S. Corporate High Yield Index,
which returned 6.94%; the Barclays U.S. Corporate Investment Grade Index, which returned 10.37%;
and the Barclays U.S. Mortgage Backed Securities Index, which returned 6.44%.2
During
2011, credit fundamentals remained strong, and default rates continued their downward trend. In
line with the drop exhibited from 2009 to 2010, the number of defaults in 2011 was muted and lower
than 2010. Despite a few high profile bankruptcies such as Harrisburg, Pennsylvania, Jefferson
County, Alabama, and Central Falls, Rhode Island, defaults came nowhere near the hundreds of
billions of dollars predicted by well-known analyst Meredith Whitney at the end of 2010.3
In terms of municipal fund flows, Whitneys prediction raised concerns regarding the credit
stability of municipalities and the heightened risk of unprecedented defaults in 2011. Retail
investors, who already had been making withdrawals from municipal bond mutual funds, heeded
Whitneys warning and began to sell shares at a record pace.4 Money was withdrawn from
municipal mutual funds for 29 straight weeks4, but by the end of the third quarter of
2011, the tide had changed. This increase in demand in the third quarter had a positive effect on
municipal market performance during the reporting period.
The Trusts exposure to the long end (20+ years) of the yield curve added to Trust returns as
yields approached all-time lows4 during the reporting period. Some of our yield curve
and duration positioning was obtained through the use of inverse floating rate securities. Inverse
Portfolio Composition
By credit sector, based on total investments
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Revenue Bonds |
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96.0 |
% |
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General Obligation Bonds |
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3.7 |
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Other |
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0.3 |
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Top Five Fixed Income Holdings
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1. |
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Broward (County of) |
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2.3 |
% |
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2. |
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South Miami (City of)
Health Facilities Authority |
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2.2 |
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3. |
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Des Peres (City of) |
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1.4 |
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4. |
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Golden State
Tobacco Securitization Corp. |
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1.4 |
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5. |
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New Jersey (State of)
Economic Development Authority |
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1.3 |
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Total Net Assets |
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$140.1 million |
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Total Number of Holdings |
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256 |
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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.
4
Invesco Municipal Income Opportunities Trust
floating rate securities are instruments which have an inverse relationship to a referenced
interest rate. Inverse floating rate securities can be a more efficient way to manage duration,
yield curve exposure and credit exposure. Also, they potentially can enhance yield.
Sector performance was driven by spread tightening between lower rated and higher rated
investment grade securities for most of the reporting period, largely a result of declining yields,
increased demand and lower tax-exempt issuance. As a result, lower credit quality sectors
outperformed and contributed to Trust performance as we held overweight exposure to these market
segments.
Our exposure to hospital and special tax bonds contributed to returns for the reporting
period. Our allocations to industrial development and pollution control bonds detracted from
relative returns.
One important factor impacting the return of the Trust relative to its comparative index was
the Trusts use of structural leverage. The Trust uses leverage because we believe that, over time,
leveraging provides opportunities for additional income and total return for common shareholders.
However, 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 impact 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. Leverage made a positive contribution to the
performance of the Trust during the reporting period.
During the reporting period, the Trust achieved a leveraged position through the use of tender
option bonds. 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 and also has an NAV. For the one-year
reporting period, the Trust traded at a discount to its NAV.
Thank you for investing in Invesco Municipal Income Opportunities Trust and for sharing our
long-term investment horizon.
1 |
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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. For more information on rating methodologies, please visit the
following NRSRO websites: standardandpoors.com and select Understanding Ratings under Rating
Resources on the homepage; moodys.com and select Rating Methodologies under Research and
Ratings on the homepage; and fitchratings.com and select Ratings Definitions on the
homepage. |
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2 |
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Source: Lipper Inc. |
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3 |
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Source: CBS News |
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4 |
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Source: The Bond Buyer |
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.
Bill Black
Chartered Financial Analyst, portfolio manager, is manager of Invesco Municipal Income
Opportunities Trust. He joined Invesco in 2010. Mr. Black was associated with the Trusts previous
investment adviser or its advisory affiliates in an investment management capacity from 1998 to
2010 and began managing the Trust in 2009. He earned a B.S. in engineering and public policy from
Washington University in St. Louis and an M.B.A. from the Kellogg Graduate School of Management at
Northwestern University.
Mark Paris
Portfolio manager, is manager of Invesco Municipal Income Opportunities Trust. He joined Invesco in
2010. Mr. Paris was associated with the Trusts previous investment adviser or its investment
advisory affiliates in an investment management capacity from 2002 to 2010 and began managing the
Trust in 2009. He earned a B.B.A. in finance from the City University of New York.
James Phillips
Portfolio manager, is manager of Invesco Municipal Income Opportunities Trust. He joined Invesco in
2010. Mr. Phillips was
associated with the Trusts previous investment adviser or its investment advisory affiliates in an
investment management capacity from 1991 to 2010 and began managing the Trust in 2009. He earned a
B.A. in American literature from Empire State College and an M.B.A. in finance from the State
University of New York at Albany.
Effective March 1, 2012, after the close of the reporting period, Gerard Pollard and Franklin Ruben
left the management team.
5
Invesco Municipal Income Opportunities Trust
Additional Information
n |
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Unless otherwise stated, information presented in this report is as of February 29, 2012,
and is based on total net assets. |
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. |
About indexes used in this report
n |
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The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of
non-investment grade bonds. |
n |
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The Barclays Municipal Bond Index is an unmanaged index considered representative of the
tax-exempt bond market. |
n |
|
The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the US
investment-grade, fixed-rate bond market. |
n |
|
The Barclays U.S. Corporate High Yield Index is an unmanaged index that covers the universe
of fixed-rate, noninvestment-grade debt. |
n |
|
The Barclays U.S. Corporate Investment Grade Index is an unmanaged index considered
representative of fixed-rate, investment grade taxable bond debt. |
n |
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The Barclays U.S. Mortgage Backed Securities Index is an unmanaged index comprising 15- and
30-year fixed-rate securities backed by mortgage pools of Ginnie Mae, Freddie Mac and Fannie
Mae. |
n |
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The Trust is not managed to track the performance of any particular index, including the
index(es) defined here, and consequently, the performance of the Trust may deviate
significantly from the performance of the index(es). |
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 fund expenses; performance of a market index does not. |
Other information
n |
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The Chartered Financial Analyst® (CFA®) designation is globally
recognized and attests to a charterholders success in a rigorous and comprehensive study
program in the field of investment management and research analysis. |
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. |
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
6
Invesco Municipal Income Opportunities Trust
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your
dividends and capital gains distributions (Distributions) into additional shares of your Trust.
Under the Plan, the money you earn from dividends and capital gains distributions will be
reinvested automatically in more shares of your Trust, allowing you to potentially increase your
investment over time.
Plan benefits
n |
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Add to your account:
You may increase the amount of shares in your Trust easily and automatically with the Plan. |
n |
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Low transaction costs:
Transaction costs are low because the new shares are bought in blocks and the brokerage
commission is shared among all participants. |
n |
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Convenience:
You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent)
which administers the Plan. The statement shows your total Distributions, date of investment,
shares acquired, and price per share, as well as the total number of shares in your reinvestment
account. You can also access your account via the Internet. To do this, please go to
invesco.com/us. |
n |
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Safekeeping:
The Agent will hold the shares it has acquired for you in safekeeping. |
How to participate in the Plan
If you own shares in your own name, you can participate directly in the Plan. If your shares
are held in street name in the name of your brokerage firm, bank, or other financial
institution you must instruct that entity to participate on your behalf. If they are unable to
participate on your behalf, you may request that they reregister your shares in your own name so
that you may enroll in the Plan.
How to enroll
To enroll in the Plan, please read the Terms and Conditions in the Plan brochure. You can
enroll in the Plan by visiting invesco.com/us, calling toll-free 800 341 2929 or notifying us in
writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078. Please include your Trust name and account number and ensure that all shareholders
listed on the account sign these written instructions. Your participation in the Plan will begin
with the next Distribution payable after the Agent receives your authorization, as long as they
receive it before the record date, which is generally one week before such Distributions are
paid. If your authorization arrives after such record date, your participation in the Plan will
begin with the following Distributions.
How the Plan Works
If you choose to participate in the Plan, whenever your Trust declares such Distributions, it
will be invested in additional shares of your Trust that are purchased on the open market.
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plans fees are paid
by your Trust. However, you will pay your portion of any per share fees incurred when the new
shares are purchased on the open market. These fees are typically less than the standard brokerage
charges for individual transactions, because shares are purchased for all Participants in blocks,
resulting in lower commissions for each individual Participant. Any per share or service fees are
averaged into the purchase price. Per share fees include any applicable brokerage commissions the
Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions does not relieve you of any income tax that may be
due on Distributions. You will receive tax information annually to help you prepare your federal
income tax return.
Invesco does not offer tax advice. The tax information contained herein is general and is not
exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any
taxpayer for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws.
Federal and state tax laws are complex and constantly changing. Shareholders should always consult
a legal or tax adviser for information concerning their individual situation.
How to withdraw from the Plan
You may withdraw from the Plan at any time by calling 800 341 2929, visiting invesco.com/us or
by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078,
Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be
sure to include your Trust name and account number. Also, ensure that all shareholders listed on
the account have signed these written instructions. If you withdraw, you have three options with
regard to the shares held in the Plan:
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1. |
|
If you opt to continue to hold your non-certificated shares, whole shares will be held by
the Agent and fractional shares will be sold. The proceeds will be sent via check to your
address of record after deducting per share fees. Per share fees include any applicable
brokerage commissions the Agent is required to pay. |
|
2. |
|
If you opt to sell your shares through the Agent, we will sell all full and fractional
shares and send the proceeds via check to your address of record after deducting per share
fees. Per share fees include any applicable brokerage commissions the Agent is required to
pay. |
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3. |
|
You may sell your shares through your financial adviser through the Direct Registration
System (DRS). DRS is a service within the securities industry that allows Trust shares to be
held in your name in electronic format. You retain full ownership of your shares, without
having to hold a stock certificate. You should contact your financial adviser to learn more
about any restrictions or fees that may apply. |
To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Services
department at 800 341 2929 or visit invesco.com/us.
7
Invesco Municipal Income Opportunities Trust
Schedule
of Investments
February 29,
2012
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Principal
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Interest
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Maturity
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Amount
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Rate
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Date
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(000)
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Value
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Municipal Obligations104.37%
|
Alabama0.21%
|
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|
Huntsville (City of)Redstone Village Special Care
Facilities Financing Authority; 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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|
$
|
370
|
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|
$
|
301,361
|
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|
Arizona3.14%
|
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|
|
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|
|
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|
Casa Grande (City of) Industrial Development Authority (Casa
Grande Regional Medical Center); Series 2001 A, Ref.
Hospital RB
|
|
|
7.63
|
%
|
|
|
12/01/29
|
|
|
|
400
|
|
|
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412,816
|
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|
Phoenix (City of) Industrial Development Authority (Great Hearts
Academies); Series 2012, Education RB
|
|
|
6.40
|
%
|
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07/01/47
|
|
|
|
240
|
|
|
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242,628
|
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|
Pima (County of) Industrial Development Authority (Constellation
Schools); Series 2008, Lease RB
|
|
|
7.00
|
%
|
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|
01/01/38
|
|
|
|
1,225
|
|
|
|
1,204,738
|
|
|
Pima (County of) Industrial Development Authority (Global Water
Resources, LLC); Series 2007, Water &
Wastewater RB(a)
|
|
|
6.55
|
%
|
|
|
12/01/37
|
|
|
|
800
|
|
|
|
822,224
|
|
|
Pima (County of) Industrial Development Authority (Noah Webster
Basic Schools); Series 2004 A, Education RB
|
|
|
6.00
|
%
|
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|
12/15/24
|
|
|
|
500
|
|
|
|
501,220
|
|
|
Pinal (County of) Electric District No. 4;
Series 2008, Electrical System RB
|
|
|
6.00
|
%
|
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|
12/01/38
|
|
|
|
660
|
|
|
|
705,573
|
|
|
Quechan Indian Tribe of Fort Yuma (California &
Arizona Governmental); Series 2008, RB
|
|
|
7.00
|
%
|
|
|
12/01/27
|
|
|
|
530
|
|
|
|
505,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,394,342
|
|
|
California8.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alhambra (City of) (Atherton Baptist Homes);
Series 2010 A, RB
|
|
|
7.63
|
%
|
|
|
01/01/40
|
|
|
|
400
|
|
|
|
432,984
|
|
|
Bakersfield (City of); Series 2007 A, Wastewater RB
(INSAGM)(b)(c)
|
|
|
5.00
|
%
|
|
|
09/15/32
|
|
|
|
390
|
|
|
|
419,956
|
|
|
California (State of) Municipal Finance Authority (High Tech
High-Media Arts); Series 2008 A, Educational
Facility RB(d)
|
|
|
5.88
|
%
|
|
|
07/01/28
|
|
|
|
335
|
|
|
|
315,687
|
|
|
California (State of) Statewide Communities Development
Authority (California Baptist University);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
11/01/38
|
|
|
|
1,000
|
|
|
|
950,350
|
|
|
Series 2011, RB
|
|
|
7.25
|
%
|
|
|
11/01/31
|
|
|
|
400
|
|
|
|
446,040
|
|
|
California (State of) Statewide Communities Development
Authority (Thomas Jefferson School of Law);
Series 2008 A, RB(d)
|
|
|
7.25
|
%
|
|
|
10/01/38
|
|
|
|
200
|
|
|
|
211,038
|
|
|
California County Tobacco Securitization Agency (The) (Gold
Country Settlement Funding Corp.); Series 2006, Tobacco
Settlement Asset-Backed
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
06/01/33
|
|
|
|
1,680
|
|
|
|
167,042
|
|
|
Daly City (City of) Housing Development Finance Agency
(Franciscan Mobile Home Park Acquisition);
Series 2007 C, Ref. Third Tier Mobile Home Park RB
|
|
|
6.50
|
%
|
|
|
12/15/47
|
|
|
|
980
|
|
|
|
974,483
|
|
|
Desert Community College District (Election of 2004);
Series 2007 C, Unlimited Tax CAB GO Bonds
(INSAGM)(b)(e)
|
|
|
0.00
|
%
|
|
|
08/01/46
|
|
|
|
4,000
|
|
|
|
571,200
|
|
|
Golden State Tobacco Securitization Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
4.50
|
%
|
|
|
06/01/27
|
|
|
|
400
|
|
|
|
335,592
|
|
|
Series 2007
A-1, Sr.
Tobacco Settlement Asset-Backed RB
|
|
|
5.13
|
%
|
|
|
06/01/47
|
|
|
|
2,850
|
|
|
|
1,973,112
|
|
|
Los Angeles Regional Airports Improvement Corp. (American
Airlines, Inc. Terminal); Series 2002 C,
Lease RB(a)(f)
|
|
|
7.50
|
%
|
|
|
12/01/24
|
|
|
|
400
|
|
|
|
365,144
|
|
|
National City (City of) Community Development Commission
(National City Redevelopment); Series 2011, Tax Allocation
RB
|
|
|
7.00
|
%
|
|
|
08/01/32
|
|
|
|
400
|
|
|
|
470,204
|
|
|
Poway Unified School District (School Facilities Improvement);
Series 2011, Unlimited Tax CAB GO
Bonds(e)
|
|
|
0.00
|
%
|
|
|
08/01/39
|
|
|
|
4,350
|
|
|
|
1,008,243
|
|
|
Riverside (County of) Redevelopment Agency (Mid-County
Redevelopment Project Area); Series 2010 C, Tax
Allocation RB
|
|
|
6.25
|
%
|
|
|
10/01/40
|
|
|
|
400
|
|
|
|
406,000
|
|
|
Sacramento (County of) Community Facilities District
No. 2005-2
(North Vineyard Station No. 1); Series 2007 A,
Special Tax RB
|
|
|
6.00
|
%
|
|
|
09/01/37
|
|
|
|
400
|
|
|
|
393,332
|
|
|
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB
|
|
|
7.50
|
%
|
|
|
12/01/41
|
|
|
|
400
|
|
|
|
451,024
|
|
|
San Francisco (City & County of) Redevelopment
Financing Authority (Mission Bay South Redevelopment);
Series 2011 D, Tax Allocation RB
|
|
|
7.00
|
%
|
|
|
08/01/41
|
|
|
|
560
|
|
|
|
630,347
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
California(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern California Logistics Airport Authority;
Series 2008 A, Tax Allocation
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
12/01/44
|
|
|
$
|
7,235
|
|
|
$
|
499,432
|
|
|
Union City (City of) Community Redevelopment Agency (Community
Redevelopment); Series 2011, Sub. Lien Tax Allocation RB
|
|
|
6.88
|
%
|
|
|
12/01/33
|
|
|
|
600
|
|
|
|
687,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,708,414
|
|
|
Colorado3.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Educational & Cultural Facilities
Authority (National Jewish Federation Bond Program);
Series 2005
A-7, VRD RB
(LOCBank of
America, N.A.)(g)(h)
|
|
|
0.13
|
%
|
|
|
07/01/29
|
|
|
|
500
|
|
|
|
500,000
|
|
|
Colorado (State of) Health Facilities Authority (Christian
Living Communities);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
01/01/37
|
|
|
|
600
|
|
|
|
600,696
|
|
|
Series 2009 A, RB
|
|
|
9.00
|
%
|
|
|
01/01/34
|
|
|
|
500
|
|
|
|
529,000
|
|
|
Colorado (State of) Health Facilities Authority (Total Longterm
Care National Obligated Group); Series 2010 A, RB
|
|
|
6.25
|
%
|
|
|
11/15/40
|
|
|
|
400
|
|
|
|
435,660
|
|
|
Colorado (State of) Housing & Finance Authority;
Series 1998 D-2, Sr. Single Family
Program RB(a)
|
|
|
6.35
|
%
|
|
|
11/01/29
|
|
|
|
190
|
|
|
|
206,473
|
|
|
Colorado (State of) Regional Transportation District (Denver
Transit Partners Eagle P3); Series 2010, Private
Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/41
|
|
|
|
400
|
|
|
|
431,336
|
|
|
Copperleaf Metropolitan District No. 2; Series 2006,
Limited Tax GO Bonds
|
|
|
5.95
|
%
|
|
|
12/01/36
|
|
|
|
1,000
|
|
|
|
681,820
|
|
|
Denver (City of) Convention Center Hotel Authority;
Series 2006, Ref. Sr. RB
(INSSGI)(b)
|
|
|
5.00
|
%
|
|
|
12/01/35
|
|
|
|
370
|
|
|
|
368,442
|
|
|
Montrose (County of) Memorial Hospital Board of Trustees;
Series 2003, Enterprise RB
|
|
|
6.00
|
%
|
|
|
12/01/33
|
|
|
|
400
|
|
|
|
417,076
|
|
|
Northwest Metropolitan District No. 3; Series 2005,
Limited Tax GO Bonds
|
|
|
6.25
|
%
|
|
|
12/01/35
|
|
|
|
800
|
|
|
|
743,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,913,591
|
|
|
Connecticut0.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown (City of) Special Taxing District;
Series 2006 A, Unlimited Tax GO
Bonds(d)(f)
|
|
|
5.13
|
%
|
|
|
10/01/36
|
|
|
|
1,970
|
|
|
|
996,682
|
|
|
Delaware0.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sussex (County of) (Cadbury at Lewes); Series 2006 A,
First Mortgage RB
|
|
|
6.00
|
%
|
|
|
01/01/35
|
|
|
|
400
|
|
|
|
337,516
|
|
|
District of Columbia0.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia (Cesar Chavez Charter School);
Series 2011, RB
|
|
|
7.88
|
%
|
|
|
11/15/40
|
|
|
|
400
|
|
|
|
437,284
|
|
|
District of Columbia; Series 2009 B, Ref. Sec. Income
Tax RB(c)
|
|
|
5.00
|
%
|
|
|
12/01/25
|
|
|
|
540
|
|
|
|
641,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,078,939
|
|
|
Florida13.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua (County of) (North Florida Retirement Village, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, IDR
|
|
|
5.25
|
%
|
|
|
11/15/17
|
|
|
|
500
|
|
|
|
483,215
|
|
|
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/36
|
|
|
|
800
|
|
|
|
679,528
|
|
|
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/42
|
|
|
|
400
|
|
|
|
334,512
|
|
|
Alachua (County of) Health Facilities Authority (Terraces at
Bonita Springs); Series 2011 A, RB
|
|
|
8.13
|
%
|
|
|
11/15/46
|
|
|
|
400
|
|
|
|
413,528
|
|
|
Beacon Lakes Community Development District;
Series 2003 A, Special Assessment RB
|
|
|
6.90
|
%
|
|
|
05/01/35
|
|
|
|
725
|
|
|
|
737,876
|
|
|
Brevard (County of) Health Facilities Authority (Buena Vida
Estates, Inc.); Series 2008, Residential Care Facility RB
|
|
|
6.75
|
%
|
|
|
01/01/37
|
|
|
|
625
|
|
|
|
515,813
|
|
|
Broward (County of) (Civic Arena); Series 2006 A, Ref.
Professional Sports Facilities Tax RB
(INSAGM)(b)(c)
|
|
|
5.00
|
%
|
|
|
09/01/23
|
|
|
|
2,960
|
|
|
|
3,216,604
|
|
|
Capital Trust Agency (Million Air One LLC);
Series 2011, RB(a)
|
|
|
7.75
|
%
|
|
|
01/01/41
|
|
|
|
400
|
|
|
|
420,816
|
|
|
Collier (County of) Industrial Development Authority (Arlington
Naples); Series 2011, Continuing Care Community BAN
|
|
|
14.00
|
%
|
|
|
05/15/15
|
|
|
|
200
|
|
|
|
199,924
|
|
|
Florida (State of) Mid-Bay Bridge Authority;
Series 2011 A, Springing Lien RB
|
|
|
7.25
|
%
|
|
|
10/01/40
|
|
|
|
400
|
|
|
|
437,552
|
|
|
Florida Development Finance Corp. (Renaissance Charter School,
Inc.); Series 2010 A, Educational Facilities RB
|
|
|
6.00
|
%
|
|
|
09/15/40
|
|
|
|
400
|
|
|
|
408,284
|
|
|
Lee (County of) Industrial Development Authority (Cypress Cove
Health Park); Series 1997 A, Health Care Facilities RB
|
|
|
6.38
|
%
|
|
|
10/01/25
|
|
|
|
400
|
|
|
|
310,732
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Florida(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lee (County of) Industrial Development Authority (Lee County
Community Charter Schools, LLC);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, IDR
|
|
|
5.25
|
%
|
|
|
06/15/27
|
|
|
$
|
400
|
|
|
$
|
364,604
|
|
|
Series 2007 A, IDR
|
|
|
5.38
|
%
|
|
|
06/15/37
|
|
|
|
1,000
|
|
|
|
876,810
|
|
|
Miami-Dade (County of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Sub. Special Obligation
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
10/01/39
|
|
|
|
2,000
|
|
|
|
399,420
|
|
|
Series 2009, Sub. Special Obligation
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
10/01/42
|
|
|
|
3,200
|
|
|
|
531,616
|
|
|
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB
|
|
|
6.25
|
%
|
|
|
05/01/37
|
|
|
|
1,000
|
|
|
|
1,009,391
|
|
|
Orange (County of) Health Facilities Authority (Orlando Lutheran
Towers, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005, Ref. RB
|
|
|
5.70
|
%
|
|
|
07/01/26
|
|
|
|
500
|
|
|
|
482,315
|
|
|
Series 2007, First Mortgage RB
|
|
|
5.50
|
%
|
|
|
07/01/32
|
|
|
|
1,000
|
|
|
|
911,020
|
|
|
Orange (County of) Health Facilities Authority (Westminster
Community Care); Series 1999, RB
|
|
|
6.75
|
%
|
|
|
04/01/34
|
|
|
|
1,000
|
|
|
|
1,000,190
|
|
|
Pinellas (County of) Health Facilities Authority (The Oaks of
Clearwater); Series 2004, RB
|
|
|
6.25
|
%
|
|
|
06/01/34
|
|
|
|
600
|
|
|
|
617,946
|
|
|
Renaissance Commons Community Development District;
Series 2005 A, Special Assessment RB
|
|
|
5.60
|
%
|
|
|
05/01/36
|
|
|
|
920
|
|
|
|
805,515
|
|
|
South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); Series 2007,
Hospital
RB(c)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
2,860
|
|
|
|
3,019,845
|
|
|
St. Johns (County of) Industrial Development Authority
(Presbyterian Retirement Communities); Series 2010 A,
RB
|
|
|
6.00
|
%
|
|
|
08/01/45
|
|
|
|
400
|
|
|
|
431,336
|
|
|
Tolomato Community Development District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Special
Assessment RB(f)
|
|
|
6.55
|
%
|
|
|
05/01/27
|
|
|
|
565
|
|
|
|
241,328
|
|
|
Series 2007 A, Special
Assessment RB(f)
|
|
|
5.25
|
%
|
|
|
05/01/39
|
|
|
|
485
|
|
|
|
207,304
|
|
|
University Square Community Development District;
Series 2007
A-1, Capital
Improvement Special Assessment RB
|
|
|
5.88
|
%
|
|
|
05/01/38
|
|
|
|
250
|
|
|
|
250,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,307,939
|
|
|
Georgia1.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta (City of) (Beltline); Series 2009 B, Tax
Allocation RB
|
|
|
7.38
|
%
|
|
|
01/01/31
|
|
|
|
400
|
|
|
|
437,464
|
|
|
Atlanta (City of) (Eastside); Series 2005 B, Tax
Allocation RB
|
|
|
5.60
|
%
|
|
|
01/01/30
|
|
|
|
1,000
|
|
|
|
1,024,030
|
|
|
Clayton (County of) Development Authority (Delta Air Lines,
Inc.); Series 2009 B, Special
Facilities RB(a)
|
|
|
9.00
|
%
|
|
|
06/01/35
|
|
|
|
300
|
|
|
|
324,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,785,959
|
|
|
Hawaii1.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii (State of) Department of Budget & Finance (15
Craigside); Series 2009 A, Special Purpose Senior
Living RB
|
|
|
8.75
|
%
|
|
|
11/15/29
|
|
|
|
400
|
|
|
|
470,404
|
|
|
Hawaii (State of) Department of Budget & Finance
(Hawaiian Electric Co., Inc. & Subsidiary);
Series 2009, Special Purpose RB
|
|
|
6.50
|
%
|
|
|
07/01/39
|
|
|
|
400
|
|
|
|
445,536
|
|
|
Hawaii (State of) Department of Budget & Finance
(Kahala Nui); Series 2003 A, Special Purpose RB
|
|
|
8.00
|
%
|
|
|
11/15/33
|
|
|
|
1,000
|
|
|
|
1,044,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,959,950
|
|
|
Idaho0.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho (State of) Health Facilities Authority (Valley Vista Care
Corp.); Series 2007, Ref. RB
|
|
|
6.13
|
%
|
|
|
11/15/27
|
|
|
|
885
|
|
|
|
854,211
|
|
|
Illinois11.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolingbrook (Village of) Special Services Area No. 1
(Forest City); Series 2005, Special Tax RB
|
|
|
5.90
|
%
|
|
|
03/01/27
|
|
|
|
750
|
|
|
|
659,557
|
|
|
Bolingbrook (Village of); Series 2005, Sales Tax RB
|
|
|
6.25
|
%
|
|
|
01/01/24
|
|
|
|
1,000
|
|
|
|
686,000
|
|
|
Chicago (City of) (Lakeshore East); Series 2002, Special
Assessment Improvement RB
|
|
|
6.75
|
%
|
|
|
12/01/32
|
|
|
|
1,797
|
|
|
|
1,855,420
|
|
|
Chicago (City of); Series 2011, COP
|
|
|
7.13
|
%
|
|
|
05/01/25
|
|
|
|
430
|
|
|
|
458,475
|
|
|
Cook (County of) (Navistar International Corp.);
Series 2010, Recovery Zone Facility RB
|
|
|
6.50
|
%
|
|
|
10/15/40
|
|
|
|
400
|
|
|
|
429,996
|
|
|
Illinois (State of) Finance Authority (Collegiate Housing
Foundation- DeKalb II, LLC.- Northern Illinois University);
Series 2011, Student Housing RB
|
|
|
6.88
|
%
|
|
|
10/01/43
|
|
|
|
400
|
|
|
|
443,272
|
|
|
Illinois (State of) Finance Authority (Friendship Village of
Schaumburg); Series 2010, RB
|
|
|
7.00
|
%
|
|
|
02/15/38
|
|
|
|
580
|
|
|
|
583,039
|
|
|
Illinois (State of) Finance Authority (Greenfields of Geneva);
Series 2010 A, RB
|
|
|
8.00
|
%
|
|
|
02/15/30
|
|
|
|
450
|
|
|
|
454,712
|
|
|
Illinois (State of) Finance Authority (Kewanee Hospital);
Series 2006, RB
|
|
|
5.00
|
%
|
|
|
08/15/26
|
|
|
|
395
|
|
|
|
376,222
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Illinois(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB
|
|
|
6.00
|
%
|
|
|
08/15/39
|
|
|
$
|
1,000
|
|
|
$
|
846,740
|
|
|
Illinois (State of) Finance Authority (Montgomery Place);
Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
05/15/38
|
|
|
|
800
|
|
|
|
739,008
|
|
|
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 A, RB
|
|
|
8.25
|
%
|
|
|
05/15/45
|
|
|
|
400
|
|
|
|
408,504
|
|
|
Illinois (State of) Finance Authority (The Admiral at the Lake);
Series 2010 A, RB
|
|
|
7.25
|
%
|
|
|
05/15/20
|
|
|
|
400
|
|
|
|
403,512
|
|
|
Illinois (State of) Finance Authority (The Landing at Plymouth
Place); Series 2005 A, RB
|
|
|
6.00
|
%
|
|
|
05/15/37
|
|
|
|
1,000
|
|
|
|
846,960
|
|
|
Illinois (State of) Finance Authority (United Neighborhood
Organization Charter School Network, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011, Ref. Charter School RB
|
|
|
6.88
|
%
|
|
|
10/01/31
|
|
|
|
200
|
|
|
|
208,416
|
|
|
Series 2011, Ref. Charter School RB
|
|
|
7.13
|
%
|
|
|
10/01/41
|
|
|
|
200
|
|
|
|
208,698
|
|
|
Illinois (State of) Finance Authority; Series 2003 A,
RB
|
|
|
7.00
|
%
|
|
|
11/15/32
|
|
|
|
800
|
|
|
|
798,152
|
|
|
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, RB(c)
|
|
|
5.50
|
%
|
|
|
06/15/50
|
|
|
|
390
|
|
|
|
422,475
|
|
|
Series 2010 B, Ref. CAB RB
(INSAGM)(b)(e)
|
|
|
0.00
|
%
|
|
|
06/15/43
|
|
|
|
4,000
|
|
|
|
733,360
|
|
|
Illinois (State of) Toll Highway Authority;
Series 2008 B, RB(c)
|
|
|
5.50
|
%
|
|
|
01/01/33
|
|
|
|
1,200
|
|
|
|
1,316,064
|
|
|
Long Grove (Village of) (Sunset Grove); Series 2010,
Limited Obligation Tax Increment Allocation RB
|
|
|
7.50
|
%
|
|
|
01/01/30
|
|
|
|
400
|
|
|
|
414,572
|
|
|
Pingree Grove (Village of) (Cambridge Lakes Learning Center);
Series 2011, RB
|
|
|
8.50
|
%
|
|
|
06/01/41
|
|
|
|
400
|
|
|
|
424,084
|
|
|
Pingree Grove (Village of) Special Service Area No. 7
(Cambridge Lakes);
Series 2006-1,
Special Tax RB
|
|
|
6.00
|
%
|
|
|
03/01/36
|
|
|
|
984
|
|
|
|
937,211
|
|
|
United City of Yorkville (City of) Special Service Area
No. 2006-113
(Cannonball/Beecher Road); Series 2007, Special Tax RB
|
|
|
5.75
|
%
|
|
|
03/01/28
|
|
|
|
975
|
|
|
|
951,122
|
|
|
Upper Illinois River Valley Development Authority (Pleasant View
Luther Home); Series 2010, RB
|
|
|
7.38
|
%
|
|
|
11/15/45
|
|
|
|
400
|
|
|
|
414,688
|
|
|
Will (County of) & Kankakee (City of) Regional Development
Authority (Senior Estates Supportive Living); Series 2007,
MFH RB(a)
|
|
|
7.00
|
%
|
|
|
12/01/42
|
|
|
|
640
|
|
|
|
641,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,662,057
|
|
|
Indiana1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Point (City of) (Wittenberg Village);
Series 2009 A, Economic Development RB
|
|
|
8.00
|
%
|
|
|
11/15/39
|
|
|
|
400
|
|
|
|
433,860
|
|
|
Indiana (State of) Finance Authority (Kings Daughters
Hospital & Health Services); Series 2010,
Hospital RB
|
|
|
5.50
|
%
|
|
|
08/15/45
|
|
|
|
300
|
|
|
|
298,626
|
|
|
St. Joseph (County of) (Holy Cross Village at Notre Dame);
Series 2006 A, Economic Development RB
|
|
|
6.00
|
%
|
|
|
05/15/26
|
|
|
|
285
|
|
|
|
287,286
|
|
|
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007, RB(d)
|
|
|
5.80
|
%
|
|
|
09/01/47
|
|
|
|
400
|
|
|
|
387,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,407,616
|
|
|
Iowa1.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cass (County of) (Cass County Memorial Hospital);
Series 2010 A, Hospital RB
|
|
|
7.25
|
%
|
|
|
06/01/35
|
|
|
|
400
|
|
|
|
444,828
|
|
|
Iowa (State of) Finance Authority (Bethany Life Communities);
Series 2006 A, Ref. Senior Housing RB
|
|
|
5.55
|
%
|
|
|
11/01/41
|
|
|
|
1,000
|
|
|
|
909,680
|
|
|
Iowa (State of) Finance Authority (Madrid Home);
Series 2007, Ref. Health Care Facility RB
|
|
|
5.90
|
%
|
|
|
11/15/37
|
|
|
|
750
|
|
|
|
668,933
|
|
|
Orange City (City of); Series 2008, Ref. Hospital Capital
Loan RN
|
|
|
5.60
|
%
|
|
|
09/01/32
|
|
|
|
400
|
|
|
|
380,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,403,533
|
|
|
Kansas0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Senior Living Facility RB
|
|
|
6.00
|
%
|
|
|
11/15/38
|
|
|
|
560
|
|
|
|
564,962
|
|
|
Kentucky0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Masonic Home Independent Living II); Series 2011, RB
|
|
|
7.38
|
%
|
|
|
05/15/46
|
|
|
|
400
|
|
|
|
422,300
|
|
|
Louisiana1.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeshore Villages Master Community Development District;
Series 2007, Special
Assessment RB(f)
|
|
|
5.25
|
%
|
|
|
07/01/17
|
|
|
|
794
|
|
|
|
317,552
|
|
|
Louisiana (State of) Local Government Environmental
Facilities & Community Development Authority (Westlake
Chemical Corp.); Series 2009 A, RB
|
|
|
6.50
|
%
|
|
|
08/01/29
|
|
|
|
400
|
|
|
|
450,176
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Louisiana(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana (State of) Public Facilities Authority (Lake Charles
Memorial Hospital); Series 2007, Ref.
Hospital RB(d)
|
|
|
6.38
|
%
|
|
|
12/01/34
|
|
|
$
|
400
|
|
|
$
|
408,452
|
|
|
Tobacco Settlement Financing Corp.; Series 2001 B,
Tobacco Settlement Asset-Backed RB
|
|
|
5.88
|
%
|
|
|
05/15/39
|
|
|
|
800
|
|
|
|
806,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,982,532
|
|
|
Maine0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine (State of) Health & Higher Educational
Facilities Authority (Maine General Medical Center);
Series 2011, RB
|
|
|
6.75
|
%
|
|
|
07/01/41
|
|
|
|
400
|
|
|
|
435,184
|
|
|
Maryland1.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore (City of) (East Baltimore Research Park);
Series 2008 A, Special Obligation Tax Allocation RB
|
|
|
7.00
|
%
|
|
|
09/01/38
|
|
|
|
400
|
|
|
|
423,488
|
|
|
Harford (County of); Series 2011, Special Obligation Tax
Allocation RB
|
|
|
7.50
|
%
|
|
|
07/01/40
|
|
|
|
400
|
|
|
|
436,636
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (King Farm Presbyterian Retirement
Community); Series 2007 A, RB
|
|
|
5.30
|
%
|
|
|
01/01/37
|
|
|
|
750
|
|
|
|
622,290
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (Washington Christian Academy);
Series 2006, RB(f)
|
|
|
5.50
|
%
|
|
|
07/01/38
|
|
|
|
800
|
|
|
|
349,920
|
|
|
Maryland (State of) Industrial Development Financing Authority
(Our Lady of Good Counsel High School Facility);
Series 2005 A, Economic Development RB
|
|
|
6.00
|
%
|
|
|
05/01/35
|
|
|
|
500
|
|
|
|
509,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,341,659
|
|
|
Massachusetts2.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (Commonwealth of); Series 2004 A, Ref.
Limited Tax GO Bonds
(INSAMBAC)(b)(c)
|
|
|
5.50
|
%
|
|
|
08/01/30
|
|
|
|
390
|
|
|
|
527,545
|
|
|
Massachusetts (State of) Development Finance Agency (Linden
Ponds, Inc. Facility);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011
A-1, RB
|
|
|
6.25
|
%
|
|
|
11/15/46
|
|
|
|
301
|
|
|
|
216,900
|
|
|
Series 2011
A-2, RB
|
|
|
5.50
|
%
|
|
|
11/15/46
|
|
|
|
16
|
|
|
|
9,834
|
|
|
Series 2011 B,
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
11/15/56
|
|
|
|
80
|
|
|
|
421
|
|
|
Massachusetts (State of) Development Finance Agency (Loomis
Community); Series 1999 A, First Mortgage RB
|
|
|
5.75
|
%
|
|
|
07/01/23
|
|
|
|
1,500
|
|
|
|
1,501,095
|
|
|
Massachusetts (State of) Development Finance Agency
(Massachusetts Institute of Technology);
Series 2002 K, RB(c)
|
|
|
5.50
|
%
|
|
|
07/01/32
|
|
|
|
195
|
|
|
|
277,914
|
|
|
Massachusetts (State of) Development Finance Agency (The Groves
in Lincoln); Series 2009 A, Senior Living
Facility RB
|
|
|
7.75
|
%
|
|
|
06/01/39
|
|
|
|
400
|
|
|
|
399,024
|
|
|
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
|
|
6.88
|
%
|
|
|
01/01/41
|
|
|
|
400
|
|
|
|
453,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,386,213
|
|
|
Michigan0.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
Dearborn Economic Development Corp. (Henry Ford Village, Inc.);
Series 2008, Ref. Limited Obligation RB
|
|
|
7.00
|
%
|
|
|
11/15/28
|
|
|
|
500
|
|
|
|
506,855
|
|
|
Michigan (State of) Strategic Fund (The Dow Chemical Co.);
Series 2003
A-1, Ref.
Limited
Obligation RB(a)(g)(i)
|
|
|
6.75
|
%
|
|
|
06/02/14
|
|
|
|
400
|
|
|
|
446,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
953,491
|
|
|
Minnesota3.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
Anoka (City of) (The Homestead at Anoka, Inc.);
Series 2011 A, Health Care Facilities RB
|
|
|
7.00
|
%
|
|
|
11/01/40
|
|
|
|
400
|
|
|
|
417,384
|
|
|
Bloomington (City of) Port Authority (Radisson Blu Mall of
America, LLC); Series 2010, Recovery Zone Facility RB
|
|
|
9.00
|
%
|
|
|
12/01/35
|
|
|
|
400
|
|
|
|
427,684
|
|
|
Brooklyn Park (City of) (Prairie Seeds Academy);
Series 2009 A, Lease RB
|
|
|
9.25
|
%
|
|
|
03/01/39
|
|
|
|
450
|
|
|
|
506,228
|
|
|
Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB
|
|
|
6.75
|
%
|
|
|
11/15/32
|
|
|
|
600
|
|
|
|
705,300
|
|
|
Minnesota (State of) Tobacco Securitization Authority;
Series 2011 B, Tobacco Settlement RB
|
|
|
5.25
|
%
|
|
|
03/01/31
|
|
|
|
400
|
|
|
|
435,900
|
|
|
North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.);
Series 2007, Senior Housing RB
|
|
|
6.13
|
%
|
|
|
10/01/39
|
|
|
|
750
|
|
|
|
760,732
|
|
|
Rochester (City of) (Samaritan Bethany, Inc.);
Series 2009 A, Ref. Health Care & Housing RB
|
|
|
7.38
|
%
|
|
|
12/01/41
|
|
|
|
400
|
|
|
|
433,476
|
|
|
St. Paul (City of) Housing & Redevelopment Authority
(Emerald Gardens); Series 2010, Ref. Tax Increment
Allocation RB
|
|
|
6.25
|
%
|
|
|
03/01/25
|
|
|
|
400
|
|
|
|
423,328
|
|
|
West St. Paul (City of) (Walker Thompson Hill, LLC);
Series 2011A, Health Care Facilities RB
|
|
|
7.00
|
%
|
|
|
09/01/46
|
|
|
|
280
|
|
|
|
290,562
|
|
|
Winsted (City of) (St. Marys Care Center);
Series 2010 A, Health Care RB
|
|
|
6.88
|
%
|
|
|
09/01/42
|
|
|
|
400
|
|
|
|
411,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,812,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Mississippi0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi Business Finance Corp. (System Energy Resources,
Inc.); Series 1998, PCR
|
|
|
5.88
|
%
|
|
|
04/01/22
|
|
|
$
|
400
|
|
|
$
|
401,200
|
|
|
Missouri4.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
Branson (City of) Regional Airport Transportation Development
District; Series 2007 B, Airport RB
|
|
|
6.00
|
%
|
|
|
07/01/37
|
|
|
|
500
|
|
|
|
174,875
|
|
|
Branson Hills Infrastructure Facilities Community Improvement
District; Series 2007 A, Special Assessment RB
|
|
|
5.50
|
%
|
|
|
04/01/27
|
|
|
|
750
|
|
|
|
548,377
|
|
|
Bridgeton (City of) Industrial Development Authority (Sarah
Community); Series 2011 A, Ref. & Improvement
Senior Housing RB
|
|
|
6.38
|
%
|
|
|
05/01/35
|
|
|
|
400
|
|
|
|
408,780
|
|
|
Cass (County of); Series 2007, Hospital RB
|
|
|
5.63
|
%
|
|
|
05/01/38
|
|
|
|
400
|
|
|
|
402,492
|
|
|
Des Peres (City of) (West County Center);
Series 2002 A, Ref. Tax Increment Allocation RB
|
|
|
5.75
|
%
|
|
|
04/15/20
|
|
|
|
2,000
|
|
|
|
2,001,900
|
|
|
Kansas City (City of) Industrial Development Authority (Ward
Parkway Center Community Improvement District);
Series 2011, Sales Tax RB
|
|
|
6.75
|
%
|
|
|
10/01/41
|
|
|
|
400
|
|
|
|
410,204
|
|
|
Kirkwood (City of) Industrial Development Authority (Aberdeen
Heights); Series 2010 A, Retirement Community RB
|
|
|
8.25
|
%
|
|
|
05/15/39
|
|
|
|
400
|
|
|
|
440,464
|
|
|
St. Louis (County of) Industrial Development Authority (Grand
Center Redevelopment); Series 2011, Tax Increment
Allocation Improvement RB
|
|
|
6.38
|
%
|
|
|
12/01/25
|
|
|
|
400
|
|
|
|
417,964
|
|
|
St. Louis (County of) Industrial Development Authority
(Ranken-Jordan); Series 2007, Ref. Health Facilities RB
|
|
|
5.00
|
%
|
|
|
11/15/22
|
|
|
|
250
|
|
|
|
247,530
|
|
|
St. Louis (County of) Industrial Development Authority (St.
Andrews Resources for Seniors); Series 2007 A,
Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/41
|
|
|
|
750
|
|
|
|
755,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,808,301
|
|
|
Nebraska0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gage (County of) Hospital Authority No. 1 (Beatrice
Community Hospital & Health Center);
Series 2010 B, Health Care Facilities RB
|
|
|
6.75
|
%
|
|
|
06/01/35
|
|
|
|
400
|
|
|
|
433,192
|
|
|
Nevada1.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
Director of the State of Nevada Department of
Business & Industry (Las Vegas Monorail);
Series 2000, Second
Tier RB(f)
|
|
|
7.38
|
%
|
|
|
01/01/40
|
|
|
|
1,000
|
|
|
|
1,200
|
|
|
Henderson (City of) (Local Improvement District
No. T-18);
Series 2006, Special Assessment RB
|
|
|
5.30
|
%
|
|
|
09/01/35
|
|
|
|
450
|
|
|
|
242,280
|
|
|
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Increment Allocation RB
|
|
|
8.00
|
%
|
|
|
06/15/30
|
|
|
|
500
|
|
|
|
597,100
|
|
|
Mesquite (City of) (Special Improvement District
No. 07-01-Anthem
at Mesquite); Series 2007, Special Assessment Local
Improvement RB
|
|
|
6.00
|
%
|
|
|
08/01/23
|
|
|
|
960
|
|
|
|
906,883
|
|
|
Sparks (City of) (Local Improvement Districts
No. 3-Legends
at Sparks Marina); Series 2008, Special Assessment Limited
Obligation Improvement RB
|
|
|
6.50
|
%
|
|
|
09/01/20
|
|
|
|
520
|
|
|
|
540,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,288,383
|
|
|
New Hampshire0.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire (State of) Business Finance Authority (Huggins
Hospital); Series 2009, First Mortgage RB
|
|
|
6.88
|
%
|
|
|
10/01/39
|
|
|
|
400
|
|
|
|
437,224
|
|
|
New Hampshire (State of) Health & Education Facilities
Authority (Rivermead); Series 2011 A, RB
|
|
|
6.88
|
%
|
|
|
07/01/41
|
|
|
|
400
|
|
|
|
421,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
858,420
|
|
|
New Jersey4.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
Essex (County of) Improvement Authority (Newark);
Series 2010 A, RB
|
|
|
6.25
|
%
|
|
|
11/01/30
|
|
|
|
400
|
|
|
|
452,380
|
|
|
New Jersey (State of) Economic Development Authority
(Continental Airlines, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999, Special
Facility RB(a)
|
|
|
6.25
|
%
|
|
|
09/15/19
|
|
|
|
400
|
|
|
|
401,056
|
|
|
Series 1999, Special
Facility RB(a)
|
|
|
6.40
|
%
|
|
|
09/15/23
|
|
|
|
210
|
|
|
|
210,271
|
|
|
New Jersey (State of) Economic Development Authority (Lions
Gate); Series 2005 A, First Mortgage RB
|
|
|
5.88
|
%
|
|
|
01/01/37
|
|
|
|
730
|
|
|
|
686,879
|
|
|
New Jersey (State of) Economic Development Authority
(Presbyterian Home at Montgomery); Series 2001 A,
First Mortgage RB
|
|
|
6.38
|
%
|
|
|
11/01/31
|
|
|
|
1,000
|
|
|
|
926,330
|
|
|
New Jersey (State of) Economic Development Authority (Seashore
Gardens Living Center); Series 2006, First Mortgage RB
|
|
|
5.38
|
%
|
|
|
11/01/36
|
|
|
|
700
|
|
|
|
566,839
|
|
|
New Jersey (State of) Economic Development Authority (United
Methodist Homes); Series 1998, Ref. RB
|
|
|
5.13
|
%
|
|
|
07/01/25
|
|
|
|
2,000
|
|
|
|
1,882,200
|
|
|
New Jersey (State of) Health Care Facilities Financing Authority
(St. Josephs Health Care System); Series 2008, RB
|
|
|
6.63
|
%
|
|
|
07/01/38
|
|
|
|
400
|
|
|
|
427,296
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
New Jersey(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 1A, Asset-Backed RB
|
|
|
4.50
|
%
|
|
|
06/01/23
|
|
|
$
|
400
|
|
|
$
|
377,316
|
|
|
Series 2007 1A, Asset-Backed RB
|
|
|
5.00
|
%
|
|
|
06/01/29
|
|
|
|
400
|
|
|
|
354,972
|
|
|
Series 2007 1A, Asset-Backed RB
|
|
|
5.00
|
%
|
|
|
06/01/41
|
|
|
|
380
|
|
|
|
289,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,574,856
|
|
|
New Mexico0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico (State of) Hospital Equipment Loan Council (La Vida
Llena); Series 2010 A, First Mortgage RB
|
|
|
6.13
|
%
|
|
|
07/01/40
|
|
|
|
400
|
|
|
|
427,956
|
|
|
New York4.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena Local Development Corp. (Barclays Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, PILOT
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
07/15/35
|
|
|
|
560
|
|
|
|
149,828
|
|
|
Series 2009, PILOT
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
07/15/46
|
|
|
|
4,000
|
|
|
|
544,640
|
|
|
Nassau (County of) Industrial Development Agency (Amsterdam at
Harborside); Series 2007 A, Continuing Care Retirement
Community RB
|
|
|
6.50
|
%
|
|
|
01/01/27
|
|
|
|
625
|
|
|
|
527,100
|
|
|
New York & New Jersey (States of) Port Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Hundred Sixty-Ninth Series 2011,
Consolidated RB(a)(c)
|
|
|
5.00
|
%
|
|
|
10/15/27
|
|
|
|
680
|
|
|
|
775,567
|
|
|
One Hundred Sixty-Ninth Series 2011,
Consolidated RB(a)(c)
|
|
|
5.00
|
%
|
|
|
10/15/28
|
|
|
|
520
|
|
|
|
589,404
|
|
|
New York (City of) Industrial Development Agency (7 World Trade
Center, LLC); Series 2005 A, Liberty RB
|
|
|
6.50
|
%
|
|
|
03/01/35
|
|
|
|
640
|
|
|
|
640,864
|
|
|
New York (City of) Industrial Development Agency (Polytechnic
University); Series 2007, Ref. Civic Facility RB
(INSACA)(b)
|
|
|
5.25
|
%
|
|
|
11/01/37
|
|
|
|
500
|
|
|
|
509,035
|
|
|
New York (State of) Dormitory Authority (Orange Regional Medical
Center); Series 2008, RB
|
|
|
6.25
|
%
|
|
|
12/01/37
|
|
|
|
400
|
|
|
|
412,488
|
|
|
New York Liberty Development Corp. (Bank of America Tower at One
Bryant Park); Series 2010, Ref. Second Priority Liberty RB
|
|
|
6.38
|
%
|
|
|
07/15/49
|
|
|
|
400
|
|
|
|
435,152
|
|
|
New York Liberty Development Corp. (National Sports Museum);
Series 2006 A, RB(d)(f)
|
|
|
6.13
|
%
|
|
|
02/15/19
|
|
|
|
1,000
|
|
|
|
10
|
|
|
Seneca (County of) Industrial Development Agency (Seneca
Meadows, Inc.);
Series 2005, RB(a)(d)(g)(i)
|
|
|
6.63
|
%
|
|
|
10/01/13
|
|
|
|
400
|
|
|
|
404,392
|
|
|
Suffolk (County of) Industrial Development Agency (Medford
Hamlet Assisted Living); Series 2005, Assisted Living
Facility
RB(a)
|
|
|
6.38
|
%
|
|
|
01/01/39
|
|
|
|
1,425
|
|
|
|
1,317,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,306,149
|
|
|
North Carolina0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (State of) Medical Care Commission (WhiteStone);
Series 2011 A, First Mortgage Retirement
Facilities RB
|
|
|
7.75
|
%
|
|
|
03/01/41
|
|
|
|
400
|
|
|
|
428,056
|
|
|
North Dakota0.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Forks (City of) (4000 Valley Square); Series 2006,
Ref. Senior Housing RB
|
|
|
5.30
|
%
|
|
|
12/01/34
|
|
|
|
1,000
|
|
|
|
901,030
|
|
|
Ohio2.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Centerville (City of) (Bethany Lutheran Village Continuing Care
Facility Expansion); Series 2007 A, Health Care RB
|
|
|
6.00
|
%
|
|
|
11/01/38
|
|
|
|
600
|
|
|
|
600,222
|
|
|
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent
Living Facilities RB
|
|
|
5.75
|
%
|
|
|
05/15/27
|
|
|
|
850
|
|
|
|
840,165
|
|
|
Lorain (County of) Port Authority (U.S. Steel Corp.);
Series 2010, Recovery Zone Facility RB
|
|
|
6.75
|
%
|
|
|
12/01/40
|
|
|
|
400
|
|
|
|
429,444
|
|
|
Montgomery (County of) (St. Leonard); Series 2010, Ref.
& Improvement Health Care & MFH RB
|
|
|
6.63
|
%
|
|
|
04/01/40
|
|
|
|
400
|
|
|
|
420,512
|
|
|
Ohio (State of) Air Quality Development Authority (FirstEnergy
Generation Corp.); Series 2009 C, Ref. PCR
|
|
|
5.63
|
%
|
|
|
06/01/18
|
|
|
|
400
|
|
|
|
458,700
|
|
|
Toledo-Lucas (County of) Port Authority (Crocker Park Public
Improvement); Series 2003, Special Assessment RB
|
|
|
5.38
|
%
|
|
|
12/01/35
|
|
|
|
480
|
|
|
|
482,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,231,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Oklahoma0.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
Citizen Potawatomi Nation; Series 2004 A, Sr.
Obligation Tax RB
|
|
|
6.50
|
%
|
|
|
09/01/16
|
|
|
$
|
500
|
|
|
$
|
489,575
|
|
|
Tulsa (County of) Industrial Authority (Montereau, Inc.);
Series 2010 A, Senior Living Community RB
|
|
|
7.25
|
%
|
|
|
11/01/45
|
|
|
|
400
|
|
|
|
431,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
920,787
|
|
|
Pennsylvania4.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny (County of) Industrial Development Authority (Propel
Charter School-Montour); Series 2010 A, Charter School
RB
|
|
|
6.75
|
%
|
|
|
08/15/35
|
|
|
|
390
|
|
|
|
395,706
|
|
|
Bucks (County of) Industrial Development Authority (Anns
Choice, Inc. Facility); Series 2005 A, Retirement
Community RB
|
|
|
6.13
|
%
|
|
|
01/01/25
|
|
|
|
1,500
|
|
|
|
1,510,110
|
|
|
Cumberland (County of) Municipal Authority (Asbury Pennsylvania
Obligated Group); Series 2010, RB
|
|
|
6.13
|
%
|
|
|
01/01/45
|
|
|
|
385
|
|
|
|
391,591
|
|
|
Harrisburg (City of) Authority (Harrisburg University of
Science); Series 2007 B, University RB
|
|
|
6.00
|
%
|
|
|
09/01/36
|
|
|
|
750
|
|
|
|
648,615
|
|
|
Montgomery (County of) Industrial Development Authority
(Philadelphia Presbytery Homes, Inc.); Series 2010, RB
|
|
|
6.63
|
%
|
|
|
12/01/30
|
|
|
|
400
|
|
|
|
441,208
|
|
|
Pennsylvania (State of) Intergovernmental Cooperation Authority
(City of Philadelphia Funding Program); Series 2009, Ref.
Special
Tax RB(c)
|
|
|
5.00
|
%
|
|
|
06/15/21
|
|
|
|
1,230
|
|
|
|
1,465,459
|
|
|
Washington (County of) Redevelopment Authority (Victory Centre
Tanger Outlet Development); Series 2006 A, Tax
Allocation
RB(g)(i)
|
|
|
5.45
|
%
|
|
|
07/01/17
|
|
|
|
970
|
|
|
|
975,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,828,412
|
|
|
Puerto Rico0.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Subseries 2010 A,
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
08/01/34
|
|
|
|
1,600
|
|
|
|
481,712
|
|
|
First Subseries 2010 C,
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
08/01/39
|
|
|
|
1,200
|
|
|
|
260,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
741,764
|
|
|
Rhode Island0.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp.; Series 2002 A,
Asset-Backed RB
|
|
|
6.25
|
%
|
|
|
06/01/42
|
|
|
|
335
|
|
|
|
334,980
|
|
|
South Carolina1.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown (County of) (International Paper Co.);
Series 2000 A, Ref. Environmental Improvement RB
|
|
|
5.95
|
%
|
|
|
03/15/14
|
|
|
|
300
|
|
|
|
323,649
|
|
|
Myrtle Beach (City of) (Myrtle Beach Air Force Base);
Series 2006 A, Tax Increment Allocation RB
|
|
|
5.30
|
%
|
|
|
10/01/35
|
|
|
|
1,250
|
|
|
|
1,014,850
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(The Woodlands at Furman);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Ref. RB
|
|
|
6.00
|
%
|
|
|
11/15/42
|
|
|
|
446
|
|
|
|
238,539
|
|
|
Series 2012, Ref. Sub. CAB
RB(e)
|
|
|
0.00
|
%
|
|
|
11/15/47
|
|
|
|
191
|
|
|
|
517
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Wesley Commons); Series 2006, Ref. First Mortgage Health
Facilities RB
|
|
|
5.30
|
%
|
|
|
10/01/36
|
|
|
|
750
|
|
|
|
623,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,201,165
|
|
|
South Dakota0.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sioux Falls (City of) (Dow Rummel Village); Series 2006,
Ref. Health Facilities RB
|
|
|
5.00
|
%
|
|
|
11/15/33
|
|
|
|
400
|
|
|
|
343,536
|
|
|
Tennessee2.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
Johnson City (City of) Health & Educational Facilities
Board (Mountain States Health Alliance);
Series 2006 A, First Mortgage Hospital RB
|
|
|
5.50
|
%
|
|
|
07/01/31
|
|
|
|
800
|
|
|
|
841,296
|
|
|
Metropolitan Government of Nashville (City of) & Davidson
(County of) Health & Educational Facilities Board
(Blakeford at Green Hills); Series 1998, Ref. RB
|
|
|
5.65
|
%
|
|
|
07/01/24
|
|
|
|
400
|
|
|
|
399,264
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (The Village at Germantown);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 A, Residential Care Facility Mortgage RB
|
|
|
7.25
|
%
|
|
|
12/01/34
|
|
|
|
750
|
|
|
|
749,880
|
|
|
Series 2006, Residential Care Facility Mortgage RB
|
|
|
6.25
|
%
|
|
|
12/01/34
|
|
|
|
475
|
|
|
|
422,617
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (Trezevant Manor); Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
09/01/37
|
|
|
|
500
|
|
|
|
488,240
|
|
|
Trenton (City of) Health & Educational Facilities
Board (RHA/Trenton MR, Inc.); Series 2009, RB
|
|
|
9.25
|
%
|
|
|
04/01/39
|
|
|
|
400
|
|
|
|
437,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,338,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Texas8.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special
Facilities RB(a)
|
|
|
4.85
|
%
|
|
|
04/01/21
|
|
|
$
|
500
|
|
|
$
|
536,170
|
|
|
Austin Convention Enterprises, Inc.; Series 2006 B,
Ref. Second Tier Convention
Center RB(d)
|
|
|
5.75
|
%
|
|
|
01/01/34
|
|
|
|
600
|
|
|
|
590,424
|
|
|
Capital Area Cultural Education Facilities Finance Corp. (The
Roman Catholic Diocese of Austin); Series 2005 B, RB
|
|
|
6.13
|
%
|
|
|
04/01/45
|
|
|
|
400
|
|
|
|
432,936
|
|
|
Central Texas Regional Mobility Authority; Series 2011,
Sub. Lien RB
|
|
|
6.75
|
%
|
|
|
01/01/41
|
|
|
|
400
|
|
|
|
427,948
|
|
|
Clifton Higher Education Finance Corp. (Uplift Education);
Series 2010 A, Education RB
|
|
|
6.25
|
%
|
|
|
12/01/45
|
|
|
|
400
|
|
|
|
438,932
|
|
|
Decatur (City of) Hospital Authority (Wise Regional Health
System); Series 2004 A, RB
|
|
|
7.13
|
%
|
|
|
09/01/34
|
|
|
|
700
|
|
|
|
708,918
|
|
|
HFDC of Central Texas, Inc. (Sears Tyler Methodist);
Series 2009 A, RB
|
|
|
7.75
|
%
|
|
|
11/15/44
|
|
|
|
400
|
|
|
|
404,076
|
|
|
HFDC of Central Texas, Inc.; Series 2006 A, Retirement
Facilities RB
|
|
|
5.75
|
%
|
|
|
11/01/36
|
|
|
|
400
|
|
|
|
363,784
|
|
|
Houston (City of) (Continental Airlines, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 E, Airport System Special
Facilities RB(a)
|
|
|
6.75
|
%
|
|
|
07/01/21
|
|
|
|
425
|
|
|
|
426,840
|
|
|
Series 2001 E, Airport System Special
Facilities RB(a)
|
|
|
6.75
|
%
|
|
|
07/01/29
|
|
|
|
215
|
|
|
|
215,894
|
|
|
Houston Higher Education Finance Corp. (Cosmos Foundation,
Inc.); Series 2011 A, RB
|
|
|
6.88
|
%
|
|
|
05/15/41
|
|
|
|
400
|
|
|
|
456,684
|
|
|
La Vernia Higher Education Finance Corp. (Knowledge is Power
Program, Inc.); Series 2009 A, RB
|
|
|
6.25
|
%
|
|
|
08/15/39
|
|
|
|
400
|
|
|
|
439,952
|
|
|
Lubbock Health Facilities Development Corp. (Carillon Senior
LifeCare Community); Series 2005 A, Ref. First
Mortgage RB
|
|
|
6.50
|
%
|
|
|
07/01/26
|
|
|
|
875
|
|
|
|
885,098
|
|
|
North Texas Tollway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Ref. First Tier System RB
(INSBHAC)(b)(c)
|
|
|
5.75
|
%
|
|
|
01/01/48
|
|
|
|
1,200
|
|
|
|
1,340,736
|
|
|
Series 2011 B, Special Project System
CAB RB(e)
|
|
|
0.00
|
%
|
|
|
09/01/37
|
|
|
|
2,800
|
|
|
|
654,556
|
|
|
San Antonio Convention Hotel Finance Corp. (Empowerment Zone);
Series 2005 A, Contract RB
(INSAMBAC)(a)(b)
|
|
|
5.00
|
%
|
|
|
07/15/39
|
|
|
|
400
|
|
|
|
383,020
|
|
|
Tarrant County Cultural Education Facilities Finance Corp.
(Mirador); Series 2010 A, Retirement Facility RB
|
|
|
8.13
|
%
|
|
|
11/15/39
|
|
|
|
400
|
|
|
|
413,824
|
|
|
Tarrant County Cultural Education Facilities Finance Corp.
(Northwest Senior Housing Corp.-Edgemere);
Series 2006 A, Retirement Facility RB
|
|
|
6.00
|
%
|
|
|
11/15/36
|
|
|
|
450
|
|
|
|
455,463
|
|
|
Texas (State of) Turnpike Authority (Central Texas Turnpike
System); Series 2002, CAB RB
(INSAMBAC)(b)(e)
|
|
|
0.00
|
%
|
|
|
08/15/33
|
|
|
|
1,665
|
|
|
|
463,803
|
|
|
Texas Private Activity Bond Surface Transportation Corp. (LBJ
Infrastructure); Series 2010, Sr. Lien RB
|
|
|
7.00
|
%
|
|
|
06/30/40
|
|
|
|
400
|
|
|
|
456,004
|
|
|
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
|
|
|
|
400
|
|
|
|
454,484
|
|
|
Texas State Public Finance Authority Charter School Finance
Corp. (Odyssey Academy, Inc.); Series 2010 A,
Education RB
|
|
|
7.13
|
%
|
|
|
02/15/40
|
|
|
|
400
|
|
|
|
429,264
|
|
|
Travis County Health Facilities Development Corp. (Westminster
Manor); Series 2010, RB
|
|
|
7.00
|
%
|
|
|
11/01/30
|
|
|
|
400
|
|
|
|
442,936
|
|
|
Tyler Health Facilities Development Corp. (Mother Frances
Hospital Regional Health Care Center); Series 2007, Ref.
Hospital RB
|
|
|
5.00
|
%
|
|
|
07/01/33
|
|
|
|
400
|
|
|
|
405,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,227,610
|
|
|
Utah1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Emery (County of) (Pacificorp); Series 1996, Environmental
Improvement RB(a)
|
|
|
6.15
|
%
|
|
|
09/01/30
|
|
|
|
1,000
|
|
|
|
1,000,450
|
|
|
Utah (State of) Charter School Finance Authority (North Davis
Preparatory Academy); Series 2010, Charter School RB
|
|
|
6.38
|
%
|
|
|
07/15/40
|
|
|
|
400
|
|
|
|
401,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,401,698
|
|
|
Virginia1.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chesterfield (County of) Economic Development Authority
(Brandermill Woods); Series 1998, Ref.
Mortgage RB(d)
|
|
|
6.50
|
%
|
|
|
01/01/28
|
|
|
|
800
|
|
|
|
796,000
|
|
|
Lexington (City of) Industrial Development Authority (Kendal at
Lexington); Series 2007 A, Residential Care Facilities
Mortgage RB
|
|
|
5.50
|
%
|
|
|
01/01/37
|
|
|
|
420
|
|
|
|
389,962
|
|
|
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligation RB
|
|
|
6.45
|
%
|
|
|
09/01/37
|
|
|
|
695
|
|
|
|
636,022
|
|
|
Virginia (State of) Small Business Financing Authority (Hampton
Roads Proton Beam Therapy Institute at Hampton University, LLC);
Series 2009, RB(d)
|
|
|
9.00
|
%
|
|
|
07/01/39
|
|
|
|
500
|
|
|
|
532,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,354,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
16 Invesco
Municipal Income Opportunities Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Washington2.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
King (County of) Public Hospital District No. 4 (Snoqualmie
Valley Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. & Improvement Limited Tax GO Bonds
|
|
|
7.25
|
%
|
|
|
12/01/38
|
|
|
$
|
400
|
|
|
$
|
409,268
|
|
|
Series 2011, Ref. & Improvement Limited Tax GO Bonds
|
|
|
7.00
|
%
|
|
|
12/01/40
|
|
|
|
400
|
|
|
|
418,344
|
|
|
King (County of); Series 2011 B, Ref.
Sewer RB(c)
|
|
|
5.00
|
%
|
|
|
01/01/34
|
|
|
|
1,200
|
|
|
|
1,363,620
|
|
|
Seattle Industrial Development Corp. (Northwest Airlines, Inc.);
Series 2001, Special
Facilities RB(a)
|
|
|
7.25
|
%
|
|
|
04/01/30
|
|
|
|
650
|
|
|
|
650,000
|
|
|
Washington (State of) Health Care Facilities Authority (Central
Washington Health Services Association);
Series 2009, RB
|
|
|
7.00
|
%
|
|
|
07/01/39
|
|
|
|
400
|
|
|
|
448,216
|
|
|
Washington (State of) Health Care Facilities Authority (Seattle
Cancer Care Alliance); Series 2009, RB
|
|
|
7.38
|
%
|
|
|
03/01/38
|
|
|
|
500
|
|
|
|
584,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,873,533
|
|
|
West Virginia0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia (State of) Hospital Finance Authority (Thomas
Health System); Series 2008, RB
|
|
|
6.50
|
%
|
|
|
10/01/38
|
|
|
|
400
|
|
|
|
397,964
|
|
|
Wisconsin1.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB
|
|
|
6.38
|
%
|
|
|
02/15/29
|
|
|
|
600
|
|
|
|
698,292
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (St. Johns Community, Inc.);
Series 2009 A, RB
|
|
|
7.63
|
%
|
|
|
09/15/39
|
|
|
|
400
|
|
|
|
447,056
|
|
|
Wisconsin (State of) Public Finance Authority (Glenridge Palmer
Ranch); Series 2011 A, Continuing Care Retirement
Community RB
|
|
|
8.25
|
%
|
|
|
06/01/46
|
|
|
|
400
|
|
|
|
425,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,570,784
|
|
|
TOTAL
INVESTMENTS(j)104.37%
(Cost $146,019,794)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,205,354
|
|
|
FLOATING RATE NOTE OBLIGATIONS(6.16)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest rates ranging from 0.16% to 0.28% at
02/29/12 and
contractual maturities of collateral ranging from
06/15/21 to
06/15/50
(See
Note 1H)(k)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,635,000
|
)
|
|
OTHER ASSETS LESS LIABILITIES1.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,509,319
|
|
|
NET ASSETS100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
140,079,673
|
|
|
Investment Abbreviations:
|
|
|
ACA
|
|
ACA Financial Guaranty Corp.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
American Municipal Bond Assurance Corp.
|
BAN
|
|
Bond Anticipation Notes
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
CAB
|
|
Capital Appreciation Bonds
|
COP
|
|
Certificates of Participation
|
GO
|
|
General Obligation
|
IDR
|
|
Industrial Development Revenue Bonds
|
INS
|
|
Insurer
|
LOC
|
|
Letter of Credit
|
MFH
|
|
Multi-Family Housing
|
PCR
|
|
Pollution Control Revenue Bonds
|
PILOT
|
|
Payment-in-Lieu-of-Tax
|
RB
|
|
Revenue Bonds
|
Ref.
|
|
Refunding
|
RN
|
|
Revenue Notes
|
SGI
|
|
Syncora Guarantee, Inc.
|
Sr.
|
|
Senior
|
Sub.
|
|
Subordinated
|
VRD
|
|
Variable Rate Demand
|
Notes to Schedule of Investments:
|
|
|
(a) |
|
Security subject to the alternative
minimum tax.
|
(b) |
|
Principal
and/or
interest payments are secured by the bond insurance company
listed.
|
(c) |
|
Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1H.
|
(d) |
|
Security purchased or received in a
transaction exempt from registration under the Securities Act of
1933, as amended. The security may be resold pursuant to an
exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these
securities at February 29, 2012 was $4,642,869, which
represented 3.31% of the Trusts Net Assets.
|
(e) |
|
Zero coupon bond issued at a
discount.
|
(f) |
|
Defaulted security. Currently, the
issuer is partially or fully in default with respect to interest
payments. The aggregate value of these securities at
February 29, 2012 was $2,718,196, which represented 1.94%
of the Trusts Net Assets.
|
(g) |
|
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 rate in effect at February 29, 2012.
|
(h) |
|
Principal and interest payments are
fully enhanced by a letter of credit from the bank listed or a
predecessor bank, branch or subsidiary.
|
(i) |
|
Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put.
|
(j) |
|
Entities may either issue,
guarantee, back or otherwise enhance the credit quality of a
security. The entities are not primarily responsible for the
issuers obligation but may be called upon to satisfy
issuers obligations. No concentration of any single entity was
greater than 5%.
|
(k) |
|
Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at February 29, 2012. At February 29,
2012, the Trusts investments with a value of $15,376,844
are held by Dealer Trusts and serve as collateral for the
$8,635,000 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.
17 Invesco
Municipal Income Opportunities Trust
Statement
of Assets and Liabilities
February 29,
2012
|
|
|
|
|
Assets:
|
Investments, at value (Cost $146,019,794)
|
|
$
|
146,205,354
|
|
|
Cash
|
|
|
262,100
|
|
|
Receivable for:
|
|
|
|
|
Investments sold
|
|
|
18,030
|
|
|
Interest
|
|
|
2,373,444
|
|
|
Investment for trustee deferred compensation and retirement plans
|
|
|
5,981
|
|
|
Other assets
|
|
|
2,838
|
|
|
Total assets
|
|
|
148,867,747
|
|
|
Liabilities:
|
Floating rate note obligations
|
|
|
8,635,000
|
|
|
Accrued other operating expenses
|
|
|
78,741
|
|
|
Trustee deferred compensation and retirement plans
|
|
|
74,333
|
|
|
Total liabilities
|
|
|
8,788,074
|
|
|
Net assets applicable to shares outstanding
|
|
$
|
140,079,673
|
|
|
Net assets consist of:
|
Shares of beneficial interest
|
|
$
|
167,900,930
|
|
|
Undistributed net investment income
|
|
|
931,100
|
|
|
Undistributed net realized gain (loss)
|
|
|
(28,937,917
|
)
|
|
Unrealized appreciation
|
|
|
185,560
|
|
|
|
|
$
|
140,079,673
|
|
|
Shares outstanding, $0.01 par value per share, with an unlimited
number of shares authorized:
|
Shares outstanding
|
|
|
19,620,474
|
|
|
Net asset value per share
|
|
$
|
7.14
|
|
|
Market value per share
|
|
$
|
7.02
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
18 Invesco
Municipal Income Opportunities Trust
Statement
of Operations
For
the year ended February 29, 2012
|
|
|
|
|
Investment income:
|
Interest
|
|
$
|
9,052,211
|
|
|
Expenses:
|
Advisory fees
|
|
|
656,990
|
|
|
Administrative services fees
|
|
|
50,000
|
|
|
Custodian fees
|
|
|
6,894
|
|
|
Interest, facilities and maintenance fees
|
|
|
72,185
|
|
|
Transfer agent fees
|
|
|
9,780
|
|
|
Trustees and officers fees and benefits
|
|
|
28,673
|
|
|
Professional services fees
|
|
|
50,281
|
|
|
Other
|
|
|
81,560
|
|
|
Total expenses
|
|
|
956,363
|
|
|
Net investment income
|
|
|
8,095,848
|
|
|
Realized and unrealized gain (loss) from:
|
Net realized gain (loss) from investment securities
|
|
|
(1,997,358
|
)
|
|
Change in net unrealized appreciation of investment securities
|
|
|
16,445,098
|
|
|
Net realized and unrealized gain
|
|
|
14,447,740
|
|
|
Net increase in net assets resulting from operations
|
|
$
|
22,543,588
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
19 Invesco
Municipal Income Opportunities Trust
Statement
of Changes in Net Assets
For
the year ended February 29, 2012, the period June 1,
2010 to February 28, 2011 and the year ended May 31,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
|
|
For the nine
|
|
For the year
|
|
|
ended
|
|
months ended
|
|
ended
|
|
|
February 29,
|
|
February 28,
|
|
May 31,
|
|
|
2012
|
|
2011
|
|
2010
|
|
Operations:
|
Net investment income
|
|
$
|
8,095,848
|
|
|
$
|
6,207,380
|
|
|
$
|
8,695,598
|
|
|
Net realized gain (loss)
|
|
|
(1,997,358
|
)
|
|
|
(3,283,460
|
)
|
|
|
(2,415,491
|
)
|
|
Change in net unrealized appreciation (depreciation)
|
|
|
16,445,098
|
|
|
|
(4,167,641
|
)
|
|
|
19,377,939
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
22,543,588
|
|
|
|
(1,243,721
|
)
|
|
|
25,658,046
|
|
|
Distributions to shareholders from net investment income
|
|
|
(8,240,599
|
)
|
|
|
(6,180,451
|
)
|
|
|
(8,240,602
|
)
|
|
Net increase (decrease) in net assets
|
|
|
14,302,989
|
|
|
|
(7,424,172
|
)
|
|
|
17,417,444
|
|
|
Net assets:
|
Beginning of period
|
|
|
125,776,684
|
|
|
|
133,200,856
|
|
|
|
115,783,412
|
|
|
End of period (includes undistributed net investment income of
$931,100, $1,183,418 and $1,113,589, respectively)
|
|
$
|
140,079,673
|
|
|
$
|
125,776,684
|
|
|
$
|
133,200,856
|
|
|
Notes
to Financial Statements
February 29,
2012
NOTE 1Significant
Accounting Policies
Invesco Municipal Income Opportunities Trust (the
Trust), a Massachusetts business trust, is
registered under the Investment Company Act of 1940, as amended
(the 1940 Act), as a diversified, closed-end series
management investment company.
The Trusts investment objective is to provide
a high level of current income which is exempt from federal
income tax.
The following is a summary of the significant
accounting policies followed by the Trust in the preparation of
its financial statements.
|
|
|
A. |
|
Security
Valuations Securities, including
restricted securities, are valued according to the following
policy. |
|
|
Securities are fair valued using an
evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by
the pricing service may be determined without exclusive reliance
on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, individual
trading characteristics and other market data. Securities with a
demand feature exercisable within one to seven days are valued
at par. Debt securities are subject to interest rate and credit
risks. In addition, all debt securities involve some risk of
default with respect to interest and principal payments. |
|
|
Securities for which market quotations
either are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the
supervision of the Trusts officers following procedures
approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental
analytical data relating to the investment; the nature and
duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable
companies; relevant political, economic or issuer specific news;
and other relevant factors under the circumstances. |
|
|
Valuations change in response to many
factors including the historical and prospective earnings of the
issuer, the value of the issuers assets, general economic
conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially
differ from the value received upon actual sale of those
investments. |
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. |
20 Invesco
Municipal Income Opportunities Trust
|
|
|
C. |
|
Country
Determination For the purposes of making
investment selection decisions and presentation in the Schedule
of Investments, the investment adviser may determine the country
in which an issuer is located
and/or
credit risk exposure based on various factors. These factors
include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the
country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the
issuers securities, as well as other criteria. Among the
other criteria that may be evaluated for making this
determination are the country in which the issuer maintains 50%
or more of its assets, the type of security, financial
guarantees and enhancements, the nature of the collateral and
the sponsor organization. Country of issuer
and/or
credit risk exposure has been determined to be the United States
of America, unless otherwise noted. |
D. |
|
Distributions
Distributions from income are declared and paid monthly.
Distributions from net realized capital gain, if any, are
generally paid annually and recorded on the ex-dividend date.
The Trust may elect to treat a portion of the proceeds from
redemptions as distributions for federal income tax purposes. |
E. |
|
Federal Income
Taxes The Trust intends to comply with
the requirements of Subchapter M of the Internal Revenue
Code necessary to qualify as a regulated investment company and
to distribute substantially all of the Trusts taxable
earnings to shareholders. As such, the Trust will not be subject
to federal income taxes on otherwise taxable income (including
net realized capital gain) that is distributed to shareholders.
Therefore, no provision for federal income taxes is recorded in
the financial statements. |
|
|
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. |
|
|
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 performance of
their duties to the Trust. Additionally, in the normal course of
business, the Trust enters into contracts, including the
Trusts servicing agreements that contain a variety of
indemnification clauses. The Trusts maximum exposure under
these arrangements is unknown as this would involve future
claims that may be made against the Trust that have not yet
occurred. The risk of material loss as a result of such
indemnification claims is considered remote. |
H. |
|
Floating Rate
Note Obligations The Trust invests
in inverse floating rate securities, such as Residual Interest
Bonds (RIBs) or Tender Option Bonds
(TOBs) for investment purposes and to enhance the
yield of the Trust. Inverse floating rate investments tend to
underperform the market for fixed rate bonds in a rising
interest rate environment, but tend to outperform the market for
fixed rate bonds when interest rates decline or remain
relatively stable. Such transactions may be purchased in the
secondary market without first owning the underlying bond or by
the sale of fixed rate bonds by the Trust to special purpose
trusts established by a broker dealer (Dealer
Trusts) in exchange for cash and residual interests in the
Dealer Trusts assets and cash flows, which are in the form
of inverse floating rate securities. The Dealer Trusts finance
the purchases of the fixed rate bonds by issuing floating rate
notes to third parties and allowing the Trust to retain residual
interest in the bonds. The floating rate notes issued by the
Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date.
The residual interests held by the Trust (inverse floating rate
investments) include the right of the Trust (1) to cause
the holders of the floating rate notes to tender their notes at
par at the next interest rate reset date, and (2) to
transfer the municipal bond from the Dealer Trusts to the Trust,
thereby collapsing the Dealer Trusts. |
|
|
TOBs are presently classified as private
placement securities. Private placement securities are subject
to restrictions on resale because they have not been registered
under the Securities Act of 1933, as amended or are otherwise
not readily marketable. As a result of the absence of a public
trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices
realized from these sales could be less than those originally
paid by the Trust or less than what may be considered the fair
value of such securities. |
|
|
The Trust accounts for the transfer of
bonds to the Dealer Trusts as secured borrowings, with the
securities transferred remaining in the 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. |
21 Invesco
Municipal Income Opportunities Trust
|
|
|
I. |
|
Interest,
Facilities and Maintenance Fees Interest,
Facilities and Maintenance Fees include interest and related
borrowing costs such as commitment fees and other expenses
associated with lines of credit and interest and administrative
expenses related to establishing and maintaining floating rate
note obligations, if any. |
J. |
|
Other
Risks The value of, payment of interest
on, repayment of principal for and the ability to sell a
municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative
regulations, voter initiatives and the economics of the regions
in which the issuers are located. |
|
|
Since many municipal securities are
issued to finance similar projects, especially those relating to
education, health care, transportation and utilities, conditions
in those sectors can affect the overall municipal securities
market and a Trusts investments in municipal securities. |
|
|
There is some risk that a portion or all
of the interest received from certain tax-free municipal
securities could become taxable as a result of determinations by
the Internal Revenue Service. |
NOTE 2Advisory
Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory
agreement with Invesco Advisers, Inc. (the Adviser
or Invesco). Under the terms of the investment
advisory agreement, the Trust pays an advisory fee to the
Adviser based on the annual rate 0.50% of the Trusts
average weekly net assets.
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).
The Adviser has contractually agreed, through at
least June 30, 2012, to waive advisory fees
and/or
reimburse expenses to the extent necessary to limit the
Trusts expenses (excluding certain items discussed below)
to 0.73%. 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 June 30, 2012. The Adviser
did not waiver fees and or reimburse expenses during the period
under this expense limitation.
The Trust has entered into a master administrative
services agreement with Invesco pursuant to which the Trust has
agreed to pay Invesco for certain administrative costs incurred
in providing accounting services to the Trust. For the year
ended February 29, 2012, expenses incurred under these
agreement are shown in the Statement of Operations as
administrative services fees.
Certain officers and trustees of the Trust are
officers and directors of Invesco.
NOTE 3Additional
Valuation Information
GAAP defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date,
under current market conditions. GAAP establishes a hierarchy
that prioritizes the inputs to valuation methods giving the
highest priority to readily available unadjusted quoted prices
in an active market for identical assets (Level 1) and
the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily
available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three
levels. Changes in valuation methods may result in transfers in
or out of an investments assigned level:
|
|
|
|
Level 1
|
Prices are determined using quoted prices in an active market
for identical assets.
|
|
Level 2
|
Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.
|
|
Level 3
|
Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market
activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the
Trusts own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information.
|
The following is a summary of the tiered valuation
input levels, as of February 29, 2012. The level assigned
to the securities valuations may not be an indication of the
risk or liquidity associated with investing in those securities.
Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from
the value received upon actual sale of those investments.
During the year ended February 29, 2012, there
were no significant transfers between investment levels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Obligations
|
|
$
|
|
|
|
$
|
146,205,354
|
|
|
$
|
|
|
|
$
|
146,205,354
|
|
|
NOTE 4Security
Transactions with Affiliated Funds
The Trust is permitted to purchase or sell securities from or to
certain other Invesco Trusts under specified conditions outlined
in procedures adopted by the Board of Trustees of the Trust. The
procedures have been designed to ensure that any purchase or
sale of securities by the Trust from or to another fund or
portfolio that is or could be considered an affiliate by virtue
of having a common investment adviser (or affiliated investment
advisers), common Trustees
and/or
22 Invesco
Municipal Income Opportunities Trust
common officers complies with
Rule 17a-7
of the 1940 Act. Further, as defined under the procedures, each
transaction is effected at the current market price. Pursuant to
these procedures, for the year ended February 29, 2012, the
Trust engaged in securities purchases of $751,065.
NOTE 5Trustees
and Officers Fees and Benefits
Trustees and Officers Fees and Benefits
include amounts accrued by the Trust to pay remuneration to
certain Trustees and Officers of the Trust. Trustees have the
option to defer compensation payable by the Trust, and
Trustees and Officers Fees and Benefits
also include amounts accrued by the Trust to fund such deferred
compensation amounts. Those Trustees who defer compensation have
the option to select various Invesco Trusts in which their
deferral accounts shall be deemed to be invested. Finally,
certain current Trustees are eligible to participate in a
retirement plan that provides for benefits to be paid upon
retirement to Trustees over a period of time based on the number
of years of service. The Trust may have certain former Trustees
who also participate in a retirement plan and receive benefits
under such plan. Trustees and Officers Fees
and Benefits include amounts accrued by the Trust to fund
such retirement benefits. Obligations under the deferred
compensation and retirement plans represent unsecured claims
against the general assets of the Trust.
During the year ended February 29, 2012, the
Trust paid legal fees of $1,078 for services rendered by Kramer,
Levin, Naftalis & Frankel LLP as counsel to the
Independent Trustees. A partner of that firm is a Trustee of the
Trust.
NOTE 6Cash
Balances and Borrowings
The Trust is permitted to temporarily carry a negative or
overdrawn balance in its account with SSB, the custodian bank.
Such balances, if any at period end, are shown in the Statement
of Assets and Liabilities under the payable caption amount
due custodian. To compensate the custodian bank for such
overdrafts, the overdrawn Fund may either (1) leave funds
as a compensating balance in the account so the custodian bank
can be compensated by earning the additional interest; or
(2) compensate by paying the custodian bank at a rate
agreed upon by the custodian bank and Invesco, not to exceed the
contractually agreed upon rate.
Inverse floating rate obligations resulting from the
transfer of bonds to Dealer Trusts are accounted for as secured
borrowings. The average floating rate notes outstanding and
average annual interest and fees related to inverse floating
rate note obligations during the year ended February 29,
2012 were $8,667,923 and 0.83%, respectively.
NOTE 7Distributions
to Shareholders and Tax Components of Net Assets
Tax Character
of Distributions to Shareholders Paid During the year ended
February 29, 2012, the period June 1, 2010 to
February 28, 2011 and the year ended May 31,
2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
|
|
Nine months
|
|
For the year
|
|
|
ended
|
|
ended
|
|
ended
|
|
|
February 29,
|
|
February 28,
|
|
May 31,
|
|
|
2012
|
|
2011
|
|
2010
|
|
Tax-exempt income
|
|
$
|
8,240,599
|
|
|
$
|
6,180,451
|
|
|
$
|
8,240,602
|
|
|
Tax Components
of Net Assets at Period-End:
|
|
|
|
|
|
|
2012
|
|
Undistributed ordinary income
|
|
$
|
983,548
|
|
|
Net unrealized appreciation investments
|
|
|
229,470
|
|
|
Temporary book/tax differences
|
|
|
(73,703
|
)
|
|
Post-October deferrals
|
|
|
(204,288
|
)
|
|
Capital loss carryforward
|
|
|
(28,756,284
|
)
|
|
Shares of beneficial interest
|
|
|
167,900,930
|
|
|
Total net assets
|
|
$
|
140,079,673
|
|
|
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 book to tax
accretion and amortization differences and TOBs.
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.
23 Invesco
Municipal Income Opportunities Trust
The Trust has a capital loss carryforward as of
February 29, 2012, which expires as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Loss Carryforward*
|
Expiration
|
|
Short-Term
|
|
Long-Term
|
|
Total
|
|
February 28, 2013
|
|
$
|
4,876,449
|
|
|
$
|
|
|
|
$
|
4,876,449
|
|
|
February 29, 2016
|
|
|
9,386,909
|
|
|
|
|
|
|
|
9,386,909
|
|
|
February 28, 2017
|
|
|
4,049,616
|
|
|
|
|
|
|
|
4,049,616
|
|
|
February 28, 2018
|
|
|
3,586,578
|
|
|
|
|
|
|
|
3,586,578
|
|
|
February 28, 2019
|
|
|
3,761,358
|
|
|
|
|
|
|
|
3,761,358
|
|
|
Not subject to expiration
|
|
|
43,813
|
|
|
|
3,051,561
|
|
|
|
3,095,374
|
|
|
|
|
$
|
25,704,723
|
|
|
$
|
3,051,561
|
|
|
$
|
28,756,284
|
|
|
|
|
*
|
Capital loss carryforward as of the
date listed above is reduced for limitations, if any, to the
extent required by the Internal Revenue Code.
|
NOTE 8Investment
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 29, 2012 was $29,730,640 and
$30,443,450, 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
|
|
$
|
9,413,126
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(9,183,656
|
)
|
|
Net unrealized appreciation of investment securities
|
|
$
|
229,470
|
|
|
Cost of investments for tax purposes is $145,975,884.
|
|
|
|
|
NOTE 9Reclassification
of Permanent Differences
Primarily as a result of differing book/tax treatment of taxable
income, on February 29, 2012, undistributed net investment
income was decreased by $107,567, undistributed net realized
gain (loss) was increased by $7,565 and shares of beneficial
interest was increased by $100,002. This reclassification had no
effect on the net assets of the Trust.
NOTE 10Shares
of Beneficial Interest
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year
|
|
For the nine
|
|
For the year
|
|
|
ended
|
|
months ended
|
|
ended
|
|
|
February 29,
|
|
February 28,
|
|
May 31,
|
|
|
2012
|
|
2011
|
|
2010
|
|
Beginning Shares
|
|
|
19,620,474
|
|
|
|
19,620,474
|
|
|
|
19,620,474
|
|
|
Shares issued through dividend reinvestment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Shares
|
|
|
19,620,474
|
|
|
|
19,620,474
|
|
|
|
19,620,474
|
|
|
The Trustees have approved share repurchases whereby
the Trust may, when appropriate, purchase shares in the open
market or in privately negotiated transactions at a price not
above market value or net asset value, whichever is lower at the
time of purchase.
NOTE 11Dividends
The Trust declared the following dividends to common
shareholders from net investment income subsequent to
February 29, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration
Date
|
|
Amount Per
Share
|
|
Record
Date
|
|
Payable
Date
|
|
March 1, 2012
|
|
$
|
0.035
|
|
|
|
March 14, 2012
|
|
|
|
March 30, 2012
|
|
|
April 2, 2012
|
|
$
|
0.035
|
|
|
|
April 13, 2012
|
|
|
|
April 30, 2012
|
|
|
24 Invesco
Municipal Income Opportunities Trust
NOTE 12Financial
Highlights
The following schedule presents financial highlights for a share
of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
February 29,
|
|
February 28,
|
|
Year ended May
31,
|
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
|
|
Net asset value, beginning of period
|
|
$
|
6.41
|
|
|
$
|
6.79
|
|
|
$
|
5.90
|
|
|
$
|
7.38
|
|
|
$
|
8.28
|
|
|
$
|
8.02
|
|
|
|
|
Net investment
income(a)
|
|
|
0.41
|
|
|
|
0.32
|
|
|
|
0.44
|
|
|
|
0.45
|
|
|
|
0.46
|
|
|
|
0.48
|
|
|
|
|
Net gains (losses) on securities (both realized and unrealized)
|
|
|
0.74
|
|
|
|
(0.38
|
)
|
|
|
0.87
|
|
|
|
(1.46
|
)
|
|
|
(0.87
|
)
|
|
|
0.32
|
|
|
|
|
Total from investment operations
|
|
|
1.15
|
|
|
|
(0.06
|
)
|
|
|
1.31
|
|
|
|
(1.01
|
)
|
|
|
(0.41
|
)
|
|
|
0.80
|
|
|
|
|
Less distributions from net investment income
|
|
|
(0.42
|
)
|
|
|
(0.32
|
)
|
|
|
(0.42
|
)
|
|
|
(0.47
|
)
|
|
|
(0.49
|
)
|
|
|
(0.54
|
)
|
|
|
|
Anti-dilutive effect of shares
repurchased(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
7.14
|
|
|
$
|
6.41
|
|
|
$
|
6.79
|
|
|
$
|
5.90
|
|
|
$
|
7.38
|
|
|
$
|
8.28
|
|
|
|
|
Market value, end of period
|
|
$
|
7.02
|
|
|
$
|
6.02
|
|
|
$
|
6.51
|
|
|
$
|
5.67
|
|
|
$
|
7.87
|
|
|
$
|
9.68
|
|
|
|
|
Total return at net asset
value(c)
|
|
|
18.92
|
%
|
|
|
(0.90
|
)%
|
|
|
23.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return at market
value(d)
|
|
|
24.50
|
%
|
|
|
(2.93
|
)%
|
|
|
22.83
|
%
|
|
|
(22.15
|
)%
|
|
|
(13.65
|
)%
|
|
|
16.99
|
%
|
|
|
|
Net assets, end of period (000s omitted)
|
|
$
|
140,080
|
|
|
$
|
125,777
|
|
|
$
|
133,201
|
|
|
$
|
115,783
|
|
|
$
|
144,960
|
|
|
$
|
163,002
|
|
|
|
|
Portfolio turnover
rate(e)
|
|
|
22
|
%
|
|
|
12
|
%
|
|
|
13
|
%
|
|
|
15
|
%
|
|
|
35
|
%
|
|
|
26
|
%
|
|
|
|
Ratios/supplemental data based on average net assets:
|
Ratio of expenses
|
|
|
0.73
|
%(f)
|
|
|
0.72
|
%(g)
|
|
|
0.78
|
%
|
|
|
0.89
|
%(h)
|
|
|
0.95
|
%(h)(i)
|
|
|
0.80
|
%(i)
|
|
|
|
Ratio of expenses excluding interest, facilities and maintenance
fees(j)
|
|
|
0.68
|
%(f)
|
|
|
0.67
|
%(g)
|
|
|
0.73
|
%
|
|
|
0.73
|
%(h)
|
|
|
0.72
|
%(h)(i)
|
|
|
0.72
|
%(i)
|
|
|
|
Ratio of net investment income
|
|
|
6.15
|
%(f)
|
|
|
6.28
|
%(g)
|
|
|
6.90
|
%
|
|
|
7.25
|
%
|
|
|
5.89
|
%
|
|
|
5.88
|
%
|
|
|
|
Rebate from Morgan Stanley affiliate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
%(k)
|
|
|
0.00
|
%(k)
|
|
|
|
|
|
|
|
|
|
|
(a) |
|
Calculated using average shares
outstanding.
|
(b) |
|
Includes anti-dilutive effect of
acquiring treasury shares of less than $0.005.
|
(c) |
|
Includes adjustments in accordance
with accounting principles generally accepted in the United
States of America and as such, the net asset value for financial
reporting purposes and the returns based upon those net asset
values may differ from the net asset value and returns for
shareholder transactions. Not annualized for periods less than
one year, if applicable.
|
(d) |
|
Total return assumes an investment
at the market price at the beginning of the period indicated,
reinvestment of all distributions for the period in accordance
with the Trusts dividend reinvestment plan, and sale of
all shares at the closing market price at the end of the period
indicated. Not annualized for periods less than one year, if
applicable.
|
(e) |
|
Portfolio turnover is not
annualized for periods less than one year, if applicable.
|
(f) |
|
Ratios are based on average daily
net assets (000s) of $131,613.
|
(g) |
|
Annualized.
|
(h) |
|
The ratios reflect the rebate of
certain Trust expenses in connection with investments in a
Morgan Stanley affiliate during the period. The effect of the
rebate on the ratios is disclosed in the above table as
Rebate from Morgan Stanley affiliate.
|
(i) |
|
Does not reflect the effect of
expense offset of 0.01%.
|
(j) |
|
For the years ended May 31,
2010 and prior, ratio does not exclude facilities and
maintenance fees.
|
(k) |
|
Amount is less than 0.005%.
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NOTE 13Significant
Event
The Board of Trustees of the Trust (the Board)
approved the redomestication of the Trust, a Massachusetts
business trust, into a Delaware statutory trust pursuant to an
Agreement and Plan of Redomestication (the
Redomestication). The Board also approved an
Agreement and Plan of Merger pursuant to which Invesco Municipal
Income Opportunities Trust II and Invesco Municipal Income
Opportunities Trust III (each a Target Trust)
would merge with and into the Trust in accordance with the
Delaware Statutory Trust Act (the Merger). As a
result of the merger, all of the assets and liabilities of each
Target Trust will become assets and liabilities of the Trust and
each Target Trusts shareholders will become shareholders
of the Trust. The Redomestication and the Agreement are subject
to shareholder approval.
25 Invesco
Municipal Income Opportunities Trust
Report
of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Invesco Municipal Income Opportunities Trust:
In our opinion, the accompanying statement of assets and
liabilities, including the schedule of investments, and the
related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material
respects, the financial position of Invesco Municipal income
Opportunities Trust (hereafter referred to as the
Trust) at February 29, 2012, the results of its
operations for the year then ended, and the changes in its net
assets and financial highlights for the year then ended, the
period ended February 28, 2011 and the year ended
May 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 29, 2012 by correspondence with the
custodian and brokers, provide a reasonable basis for our
opinion. The financial highlights of the Trust for the periods
ended May 31, 2009 and prior were audited by other
independent auditors whose report dated July 28, 2009
expressed an unqualified opinion on those financial statements.
PRICEWATERHOUSECOOPERS LLP
April 23, 2012
Houston, Texas
26 Invesco
Municipal Income Opportunities Trust
Tax
Information
Form 1099-DIV,
Form 1042-S
and other year-end 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 29, 2012:
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Federal and State Income
Tax
|
|
|
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Qualified Dividend Income*
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0.00%
|
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Corporate Dividends Received Deduction*
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0.00%
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Tax-exempt interest dividends*
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98.79%
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*
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The above percentages are based on
ordinary income dividends paid to shareholders during the
Trusts fiscal year.
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27 Invesco
Municipal Income Opportunities Trust
The disclosure concerning the investment objective, principal
investment strategies and principal risks of Invesco Municipal
Income Opportunities Trust (the Fund) is being
updated. The investment objective has not changed; however the
Board of Trustees of the Fund approved a revised statement of
the principal investment strategies for the Fund. The revised
disclosure of the investment objective, principal investment
strategies and associated principal risks for the Fund is set
forth below.
Investment
Objective
The investment objective of Invesco Municipal Income
Opportunities Trust (the Fund) is to provide a high
level of current income which is exempt from federal income tax.
The investment objective is fundamental and may not
be changed without approval of a majority of the Funds
outstanding voting securities, as defined in the Investment
Company Act of 1940, as amended (the 1940 Act).
Principal
Investment Strategies of the Fund
The Fund will invest at least 80% of its net assets in Municipal
Obligations, except during temporary defensive periods. The
remaining portion of the Funds net assets may be invested
in temporary investments and in options and futures.
Under normal circumstances, the Fund expects that substantially
greater than 80% of its net assets will be invested in Municipal
Obligations. Municipal Obligations consist of
Municipal Bonds, Municipal Notes and Municipal Commercial Paper
(each described below), including such obligations purchased on
a when-issued or delayed delivery basis.
Under normal circumstances, the Fund will invest at
least 65% of its total assets in (a) Municipal Bonds rated
BB or better by Standard & Poors Financial
Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.
(S&P), or Ba or better by Moodys
Investors Service, Inc. (Moodys) or in unrated
Municipal Bonds which Invesco Advisers, Inc. (the
Adviser) believes possess many of the same
characteristics of Municipal Bonds rated BB or better by
S&P and/or Ba or better by Moodys; (b) Municipal
Notes rated in the two highest grades by Moodys or
S&P or in unrated Municipal Notes which the Adviser
believes possess many of the same characteristics of municipal
notes rated in the two highest grades by Moodys or
S&P; and (c) Municipal Commercial Paper rated in the
two highest grades by Moodys or S&P.
The Fund may acquire higher quality obligations for
its portfolio when the difference in yields on higher and lower
quality obligations is narrowed to the extent that higher risk
is not justified by higher return, or, when unusual market
conditions are present. The Fund intends to emphasize
investments in Municipal Obligations with long-term maturities
(10 years or more) because such long-term obligations
generally produce higher income than short-term obligations
although such longer-term obligations are more susceptible to
market fluctuations resulting from changes in interest rates
than shorter-term obligations. The average maturity of the
Funds portfolio as well as the emphasis on longer-term
obligations may vary depending upon market conditions. The Fund
will only invest in Municipal Obligations which are currently
paying or accruing income at the time of purchase.
The Adviser will attempt to reduce the risks of
investing in medium and lower quality Municipal Obligations
through the use of active portfolio management, diversification,
extensive credit research and analysis, economic analysis,
including attention to current trends in the economy and
financial markets, and participation in the financial futures
and options markets. Also, the Fund will take any action it
considers appropriate in the event of anticipated financial
difficulties or default, or an actual default or bankruptcy, of
either the issuer of any such obligation or of the underlying
source of funds for debt service of such obligation. Such action
may include retaining the services of various persons or firms
such as consulting or management services (including affiliates
of the Adviser), to evaluate or protect any real estate,
facilities or other assets securing such obligation or acquired
by the Fund as a result of any of the aforementioned events.
Except during temporary defensive periods, the Fund
may not invest more than 20% of its net assets in
temporary investments, the income from which may be
subject to federal income taxes. The Fund may invest more than
20% of its net assets in temporary investments for defensive
purposes when market or economic conditions dictate. The Fund
will invest only in temporary investments which are certificates
of deposit of U.S. domestic banks, including foreign
branches of domestic banks, with assets of $1 billion or
more; bankers acceptances; time deposits;
U.S. Government securities; or debt securities rated within
the two highest grades by Moodys or S&P or, if not
rated, are of comparable quality as determined by the Trustees,
and which mature within one year from the date of purchase.
Temporary investments made by the Fund may also include
repurchase agreements.
Certain Municipal Bonds in which the Fund may invest
without limit may subject certain investors to the alternative
minimum tax and, therefore, a substantial portion of the income
produced by the Fund may be taxable for such investors under the
alternative minimum tax. The Fund, therefore, may not ordinarily
be a suitable investment for investors who are subject to the
alternative minimum tax.
The foregoing percentage and rating limitations
apply at the time of acquisition of a security based on the last
previous determination of the Funds net asset value. Any
subsequent change in any rating by a rating service or change in
percentages resulting from market fluctuations or other changes
in the Funds total assets will not require elimination of
any security from the Funds portfolio.
The foregoing investment objective and policies are
fundamental policies of the Fund and may not be changed without
the approval of a majority of the outstanding voting securities
of the Fund as defined in the 1940 Act.
Municipal Bonds, Municipal
Notes and Municipal Commercial Paper are debt
obligations of states or territories, cities, counties,
municipalities and other agencies or instrumentalities which
generally have maturities, at the time of their issuance, of
either one year or more (Bonds), or from six months to three
years (Notes), or less than one year (Commercial Paper). While
most Municipal Obligations pay a fixed rate of interest, certain
Municipal Obligations are floating or variable rate instruments
which generally have a final maturity of more than one year and
are subject to periodic rate changes
and/or
short-term put or tender dates in order to attempt to minimize
the fluctuation in the values of these instruments. Municipal
Obligations in which the Fund will primarily invest bear
interest that, in the opinion of bond counsel to the issuer, is
exempt from federal income tax. The Adviser does not conduct its
own analysis of the tax status of the interest paid by municipal
securities held by the Fund, but will rely on the opinion of
counsel to the issuer of each such instrument.
Included within the general category of Municipal
Obligations in which the Fund may invest are participations in
lease obligations or installment purchase contract obligations
(hereinafter collectively called lease obligations)
of counties, cities or other governmental authorities or
entities. Although lease obligations do not constitute general
obligations of the issuer for which the issuers taxing
power is pledged, a lease obligation is ordinarily backed by the
issuers covenant
28 Invesco
Municipal Income Opportunities Trust
to budget for, appropriate and make the payments due under the
lease obligation. The Fund may also purchase certificates
of participation, which evidence a proportionate interest
in base rental or lease payments to be made by a county, city or
other governmental authority or entity.
The Fund reserves the right to invest 25% or more of
its total assets in any of the following types of Municipal
Obligations provided that the percentage of the Funds
total assets in private activity bonds in any one category does
not exceed 25% of the Funds total assets: health facility
obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution
control obligations), electric utility obligations, airport
facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and
toll road obligations and resource recovery obligations.
The Adviser employs a
bottom-up,
research-driven approach to identify securities that have
attractive risk/reward characteristics for the sectors in which
the Fund invests. The Adviser also integrates macroeconomic
analysis and forecasting into its evaluation and ranking of
various sectors and individual securities. Finally, the
Investment Adviser employs leverage in an effort to enhance the
Funds income and total return. Sell decisions are based
on: (i) a deterioration or likely deterioration of an
individual issuers capacity to meet its debt obligations
on a timely basis; (ii) a deterioration or likely
deterioration of the broader fundamentals of a particular
industry or sector; and (iii) opportunities in the
secondary or primary market to purchase a security with better
relative value.
Municipal Securities. The yields of
municipal securities depend on, among other things, general
money market conditions, general conditions of the municipal
securities market, size of a particular offering, the maturity
of the obligation and rating of the issue. The ratings of
S&P and Moodys represent their opinions of the
quality of the municipal securities they undertake to rate.
These ratings are general and are not absolute standards of
quality. Consequently, municipal securities with the same
maturity, coupon and rating may have different yields while
municipal securities of the same maturity and coupon with
different ratings may have the same yield.
The two principal classifications of municipal
securities are general obligation and revenue or special
delegation securities. General obligation securities are secured
by the issuers pledge of its faith, credit and taxing
power for the payment of principal and interest. Revenue
securities are usually payable only from the revenues derived
from a particular facility or class of facilities or, in some
cases, from the proceeds of a special excise tax or other
specific revenue source. Industrial development bonds are
usually revenue securities, the credit quality of which is
normally directly related to the credit standing of the
industrial user involved.
Within these principal classifications of municipal
securities, there are a variety of types of municipal
securities, including:
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Variable rate securities, which bear rates of interest that are
adjusted periodically according to formulae intended to reflect
market rates of interest.
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Municipal notes, including tax, revenue and bond anticipation
notes of short maturity, generally less than three years, which
are issued to obtain temporary funds for various public purposes.
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Variable rate demand notes, which are obligations that contain a
floating or variable interest rate adjustment formula and which
are subject to a right of demand for payment of the principal
balance plus accrued interest either at any time or at specified
intervals. The interest rate on a variable rate demand note may
be based on a known lending rate, such as a banks prime
rate, and may be adjusted when such rate changes, or the
interest rate may be a market rate that is adjusted at specified
intervals. The adjustment formula maintains the value of the
variable rate demand note at approximately the par value of such
note at the adjustment date.
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Municipal leases, which are obligations issued by state and
local governments or authorities to finance the acquisition of
equipment and facilities. Certain municipal lease obligations
may include non-appropriation clauses which provide that the
municipality has no obligation to make lease or installment
purchase payments in future years unless money is appropriated
for such purpose on a yearly basis.
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Private activity bonds, which are issued by, or on behalf of,
public authorities to finance privately operated facilities.
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Participation certificates, which are obligations issued by
state or local governments or authorities to finance the
acquisition of equipment and facilities. They may represent
participations in a lease, an installment purchase contract or a
conditional sales contract.
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Municipal securities that may not be backed by the faith, credit
and taxing power of the issuer.
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Municipal securities that are privately placed and that may have
restrictions on the Funds ability to resell, such as
timing restrictions or requirements that the securities only be
sold to qualified institutional investors.
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Municipal securities that are insured by financial insurance
companies.
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The following investment practices apply to the
portfolio investments of the Fund and may be changed by the
Trustees of the Fund without shareholder approval, following
written notice to the shareholders.
Inverse Floating Rate Obligations. The
Fund may invest in inverse floating rate obligations. Inverse
floating rate obligations are variable rate debt instruments
that pay interest at rates that move in the opposite direction
of prevailing interest rates. Because the interest rate paid to
holders of such obligations is generally determined by
subtracting a variable or floating rate from a predetermined
amount, the interest rate paid to holders of such obligations
will decrease as such variable or floating rate increases and
increase as such variable or floating rate decreases. The
inverse floating rate obligations in which the Fund may invest
include derivative instruments such as residual interest bonds
(RIBs) or tender option bonds (TOBs).
Such instruments are typically created by a special purpose
trust that holds long-term fixed rate bonds and sells two
classes of beneficial interests: short-term floating rate
interests, which are sold to third party investors, and inverse
floating residual interests, which are purchased by the Fund.
The short-term floating rate interests have first priority on
the cash flow from the bond held by the special purpose trust
and the Fund (as holder of the inverse floating residual
interests) is paid the residual cash flow from the bond held by
the special purpose trust.
When-Issued and Delayed Delivery
Transactions. The Fund may purchase and sell securities
on a when-issued and delayed delivery basis, which means that
the Fund buys or sells a security with payment and delivery
taking place in the future. The payment obligation and the
interest rate are fixed at the time the Fund enters into the
commitment. No income accrues on such securities until the date
the Fund actually takes delivery of the securities.
Restricted Securities. The Fund may
invest up to 10% of its total assets in securities subject to
contractual restrictions on resale.
Zero Coupon/PIK Bonds. The Fund may
invest in securities not producing immediate cash income,
including zero coupon securities or
pay-in-kind
(PIK) securities, when their effective yield over
comparable instruments producing cash income makes these
investments attractive. PIK securities are debt securities that
pay interest through the issuance of additional securities. Zero
coupon securities are debt securities that do not entitle the
holder to any periodic payment of
29 Invesco
Municipal Income Opportunities Trust
interest prior to maturity or a specified date when the
securities begin paying current interest. They are issued and
traded at a discount from their face amounts or par value, which
discount varies depending on the time remaining until cash
payments begin, prevailing interest rates, liquidity of the
security and the perceived credit quality of the issuer. The
securities do not entitle the holder to any periodic payments of
interest prior to maturity, which prevents any reinvestment of
interest payments at prevailing interest rates if prevailing
interest rates rise. On the other hand, because there are no
periodic interest payments to be reinvested prior to maturity,
zero coupon securities eliminate the reinvestment risk and may
lock in a favorable rate of return to maturity if interest rates
drop. In addition, the Fund would be required to distribute the
income on these instruments as it accrues, even though the Fund
will not receive all of the income on a current basis or in
cash. Thus, the Fund may have to sell other investments,
including when it may not be advisable to do so, to make income
distributions to the Common Shareholders.
Principal Risks
of Investing in the Fund
As with any fund investment, loss of money is a risk of
investing. An investment in the Fund is not a deposit in a bank
and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. As with
any managed fund, the Adviser may not be successful in selecting
the best-performing securities or investment techniques, and the
Funds performance may lag behind that of similar funds.
The risks associated with an investment in the Fund can increase
during times of significant market volatility.
Municipal Securities Risk. Under normal
market conditions, longer-term municipal securities generally
provide a higher yield than shorter-term municipal securities.
The Fund has no limitation as to the maturity of municipal
securities in which it may invest. The Adviser may adjust the
average maturity of the Funds portfolio from time to time
depending on its assessment of the relative yields available on
securities of different maturities and its expectations of
future changes in interest rates. The yields of municipal
securities may move differently and adversely compared to the
yields of the overall debt securities markets. Certain kinds of
municipal securities are subject to specific risks that could
cause a decline in the value of those securities:
Lease Obligations. Certain lease
obligations contain non-appropriation clauses that provide that
the governmental issuer has no obligation to make future
payments under the lease or contract unless money is
appropriated for that purpose by the appropriate legislative
body on an annual or other periodic basis. Consequently,
continued lease payments on those lease obligations containing
non-appropriation clauses are dependent on future legislative
actions. If these legislative actions do not occur, the holders
of the lease obligation may experience difficulty in exercising
their rights, including disposition of the property.
Private Activity Bonds. The issuers of
private activity bonds in which the Fund may invest may be
negatively impacted by conditions affecting either the general
credit of the user of the private activity project or the
project itself. Conditions such as regulatory and environmental
restrictions and economic downturns may lower the need for these
facilities and the ability of users of the project to pay for
the facilities. Private activity bonds may also pay interest
subject to the alternative minimum tax.
In 2011, S&P lowered its long-term sovereign
credit rating on the U.S. to AA+ from
AAA with a negative outlook. Following
S&Ps downgrade of the long-term sovereign credit
rating on the U.S., the major rating agencies have also placed
many municipalities on review for potential downgrades, which
could impact the market price, liquidity and volatility of the
municipal securities held by the Fund in its portfolio. If the
universe of municipal securities meeting the Funds ratings
and credit quality requirements shrinks, it may be more
difficult for the Fund to meet its investment objectives and the
Funds investments may become more concentrated in fewer
issues. Future downgrades by other rating agencies could have
significant adverse effects on the economy generally and could
result in significant adverse impacts on municipal issuers and
the Fund.
Many state and municipal governments that issue
securities are under significant economic and financial stress
and may not be able to satisfy their obligations. In response to
the national economic downturn, governmental cost burdens have
been and may continue to be reallocated among federal, state and
local governments. The ability of municipal issuers to make
timely payments of interest and principal may be diminished
during general economic downturns and as governmental cost
burdens are reallocated among federal, state and local
governments. Also, as a result of the downturn and related
unemployment, declining income and loss of property values, many
state and local governments have experienced significant
reductions in revenues and consequently difficulties meeting
ongoing expenses. As a result, certain of these state and local
governments may have difficulty paying or default in the payment
of principal or interest on their outstanding debt, may
experience ratings downgrades of their debt. The taxing power of
any governmental entity may be limited by provisions of state
constitutions or laws and an entitys credit will depend on
many factors, including the entitys tax base, the extent
to which the entity relies on federal or state aid, and other
factors which are beyond the entitys control. In addition,
laws enacted in the future by Congress or state legislatures or
referenda could extend the time for payment of principal
and/or
interest, or impose other constraints on enforcement of such
obligations or on the ability of municipalities to levy taxes.
In addition, municipalities might seek protection
under the bankruptcy laws, thereby affecting the repayment of
their outstanding debt. Issuers of municipal securities might
seek protection under the bankruptcy laws. In the event of
bankruptcy of such an issuer, holders of municipal securities
could experience delays in collecting principal and interest and
such holders may not be able to collect all principal and
interest to which they are entitled. Certain provisions of the
U.S. Bankruptcy Code governing such bankruptcies are
unclear. Further, the application of state law to municipal
securities issuers could produce varying results among the
states or among municipal securities issuers within a state.
These uncertainties could have a significant impact on the
prices of the municipal securities in which the Fund invests.
The value of municipal securities generally may be affected by
uncertainties in the municipal markets as a result of
legislation or litigation, including legislation or litigation
that changes the taxation of municipal securities or the rights
of municipal securities holders in the event of a bankruptcy. To
enforce its rights in the event of a default in the payment of
interest or repayment of principal, or both, the Fund may take
possession of and manage the assets securing the issuers
obligations on such securities, which may increase the
Funds operating expenses. Any income derived from the
Funds ownership or operation of such assets may not be
tax-exempt and could jeopardize the Funds status as a
regulated investment company under the Internal Revenue Code.
The U.S. economy may be in the process of
deleveraging, with individuals, companies and
municipalities reducing expenditures and paying down borrowings.
In such event, the number of municipal borrowers and the amount
of outstanding municipal securities may contract, potentially
without corresponding reductions in investor demand for
municipal securities. As a result, the Fund may have fewer
investment alternatives, may invest in securities that it
previously would have declined and may concentrate its
investments in a smaller number of issuers.
30 Invesco
Municipal Income Opportunities Trust
Insurance Risk. Financial insurance
guarantees that interest payments on a bond will be made on time
and that principal will be repaid when the bond matures. Insured
municipal obligations would generally be assigned a lower rating
if the rating were based primarily on the credit quality of the
issuer without regard to the insurance feature. If the
claims-paying ability of the insurer were downgraded, the
ratings on the municipal obligations it insures may also be
downgraded. Insurance does not protect the Fund against losses
caused by declines in a bonds value due to a change in
market conditions.
Market Risk. Market risk is the
possibility that the market values of securities owned by the
Fund will decline. The net asset value of the Fund will change
with changes in the value of its portfolio securities, and the
value of the Funds investments can be expected to
fluctuate over time. The financial markets in general are
subject to volatility and may at times experience extreme
volatility and uncertainty, which may affect all investment
securities, including debt securities and derivative
instruments. Volatility may be greater during periods of general
economic uncertainty.
Interest Rate Risk. Because the Fund
invests primarily in fixed income municipal securities, the net
asset value of the Fund can be expected to change as general
levels of interest rates fluctuate. When interest rates decline,
the value of a portfolio invested in fixed income securities
generally can be expected to rise. Conversely, when interest
rates rise, the value of a portfolio invested in fixed income
securities generally can be expected to decline. The prices of
longer term municipal securities generally are more volatile
with respect to changes in interest rates than the prices of
shorter term municipal securities. These risks may be greater in
the current market environment because certain interest rates
are near historically low levels.
Credit Risk. Credit risk refers to an
issuers ability to make timely payments of interest and
principal when due. Municipal securities, like other debt
obligations, are subject to the credit risk of nonpayment. The
ability of issuers of municipal securities to make timely
payments of interest and principal may be adversely affected by
general economic downturns and as relative governmental cost
burdens are allocated and reallocated among federal, state and
local governmental units. Private activity bonds used to finance
projects, such as industrial development and pollution control,
may also be negatively impacted by the general credit of the
user of the project. Nonpayment would result in a reduction of
income to the Fund, and a potential decrease in the net asset
value of the Fund. The Adviser continuously monitors the issuers
of securities held in the Fund.
The Fund will rely on the Advisers judgment,
analysis and experience in evaluating the creditworthiness of an
issuer. In its analysis, the Adviser may consider the credit
ratings of NRSROs in evaluating securities, although the Adviser
does not rely primarily on these ratings. Credit ratings of
NRSROs evaluate only the safety of principal and interest
payments, not the market risk. In addition, ratings are general
and not absolute standards of quality, and the creditworthiness
of an issuer may decline significantly before an NRSRO lowers
the issuers rating. A rating downgrade does not require
the Fund to dispose of a security.
Medium-grade obligations (for example, bonds rated
BBB by S&P) possess speculative characteristics so that
changes in economic conditions or other circumstances are more
likely to lead to a weakened capacity of the issuer to make
principal and interest payments than in the case of higher-rated
securities. Securities rated below investment grade are
considered speculative by NRSROs with respect to the
issuers continuing ability to pay interest and principal.
Income Risk. The income you receive from
the Fund is based primarily on prevailing interest rates, which
can vary widely over the short and long term. If interest rates
decrease, your income from the Fund may decrease as well.
Call Risk. If interest rates fall, it is
possible that issuers of securities with high interest rates
will prepay or call their securities before their maturity
dates. In this event, the proceeds from the called securities
would likely be reinvested by the Fund in securities bearing the
new, lower interest rates, resulting in a possible decline in
the Funds income and distributions to shareholders.
Market Segment Risk. The Fund generally
considers investments in municipal securities issued by
governments or political subdivisions not to be subject to
industry concentration policies (because such issuers are not in
any industry). The Fund may, however, invest in municipal
securities issued by entities having similar characteristics.
For example, the issuers may be located in the same geographic
area or may pay their interest obligations from revenue of
similar projects, such as hospitals, airports, utility systems
and housing finance agencies. This may make the Funds
investments more susceptible to similar economic, political or
regulatory occurrences, which could increase the volatility of
the Funds net asset value. Subject to the Funds
fundamental investment restriction on investing in private
activity bonds, the Fund may invest more than 25% of its total
assets in a segment of the municipal securities market with
similar characteristics if the Adviser determines that the
yields available from obligations in a particular segment
justify the additional risks of a larger investment in that
segment.
The Fund has no policy limiting its investments in
municipal securities whose issuers are located in the same
state. If the Fund were to invest a significant portion of its
total assets in issuers located in the same state, it would be
more susceptible to adverse economic, business or regulatory
conditions in that state.
Tax Risk. To qualify for the favorable
U.S. federal income tax treatment generally accorded to
regulated investment companies, among other things, the Fund
must derive in each taxable year at least 90% of its gross
income from certain prescribed sources. If for any taxable year
the Fund does not qualify as a regulated investment company, all
of its taxable income (including its net capital gain) would be
subject to federal income tax at regular corporate rates without
any deduction for distributions to shareholders, and all
distributions from the Fund (including underlying distributions
attributable to tax exempt interest income) would be taxable to
shareholders as ordinary dividends to the extent of the
Funds current and accumulated earnings and profits.
The value of the Funds investments and its net
asset value may be adversely affected by changes in tax rates
and policies. Because interest income from municipal securities
is normally not subject to regular federal income taxation, the
attractiveness of municipal securities in relation to other
investment alternatives is affected by changes in federal income
tax rates or changes in the tax-exempt status of interest income
from municipal securities. Any proposed or actual changes in
such rates or exempt status, therefore, can significantly affect
the demand for and supply, liquidity and marketability of
municipal securities. This could in turn affect the Funds
net asset value and ability to acquire and dispose of municipal
securities at desirable yield and price levels. Additionally,
the Fund may not be a suitable investment for individual
retirement accounts, for other tax-exempt or tax-deferred
accounts or for investors who are not sensitive to the federal
income tax consequences of their investments.
The Fund may invest all or a substantial portion of
its total assets in municipal securities subject to the federal
alternative minimum tax. Accordingly, an investment in the Fund
could cause shareholders to be subject to (or result in an
increased liability under) the federal alternative minimum tax.
As a result, the Fund may not be a suitable investment for
investors who are already subject to the federal alternative
minimum tax or who could become subject to the federal
alternative minimum tax as a result of an investment in the Fund.
31 Invesco
Municipal Income Opportunities Trust
Subsequent to the Funds acquisition of a
municipal security, the security may be determined to pay, or to
have paid, taxable income. As a result, the treatment of
dividends previously paid or to be paid by the Fund as
exempt-interest dividends could be adversely
affected, subjecting the Funds shareholders to increased
federal income tax liabilities.
For federal income tax purposes, distributions of
ordinary taxable income (including any net short-term capital
gain) will be taxable to shareholders as ordinary income (and
not eligible for favorable taxation as qualified dividend
income), and capital gain dividends will be taxed at
long-term capital gain rates.
Generally, to the extent the Funds
distributions are derived from interest on municipal securities
of a particular state (and, in some cases qualifying obligations
of U.S. territories and possessions), its distributions are
exempt from the personal income tax of that state. In some
cases, the Funds shares may (to the extent applicable)
also be exempt from personal property taxes of such state.
However, some states require that the Fund meet certain
thresholds with respect to the portion of its portfolio
consisting of municipal securities of such state in order for
such exemption to apply.
Inverse Floating Rate Obligations
Risk. Like most other fixed-income securities, the
value of inverse floating rate obligations will decrease as
interest rates increase. They are more volatile, however, than
most other fixed-income securities because the coupon rate on an
inverse floating rate obligation typically changes at a multiple
of the change in the relevant index rate. Thus, any rise in the
index rate (as a consequence of an increase in interest rates)
causes a correspondingly greater drop in the coupon rate of an
inverse floating rate obligation while a drop in the index rate
causes a correspondingly greater increase in the coupon of an
inverse floating rate obligation. Some inverse floating rate
obligations may also increase or decrease substantially because
of changes in the rate of prepayments. Inverse floating rate
obligations 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. Inverse floating rate obligations have
varying degrees of liquidity.
The Fund generally invests in inverse floating rate
obligations that include embedded leverage, thus exposing the
Fund to greater risks and increased costs. The market value of a
leveraged inverse floating rate obligations
generally will fluctuate in response to changes in market rates
of interest to a greater extent than the value of an unleveraged
investment. The extent of increases and decreases in the value
of inverse floating rate obligations generally will be larger
than changes in an equal principal amount of a fixed rate
security having similar credit quality, redemption provisions
and maturity, which may cause the Funds net asset value to
be more volatile than if it had not invested in inverse floating
rate obligations.
In certain instances, the short-term floating rate
interests created by a 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 inverse floating rate obligations
created by the Fund, the Fund would then be required to repay
the principal amount of the tendered securities. During times of
market volatility, illiquidity or uncertainty, the Fund could be
required to sell other portfolio holdings at a disadvantageous
time to raise cash to meet that obligation.
The use of short-term floating rate obligations may
require the Fund to segregate or earmark cash or liquid assets
to cover its obligations. Securities so segregated or earmarked
will be unavailable for sale by the Fund (unless replaced by
other securities qualifying for segregation requirements), which
may limit the Funds flexibility and may require that the
Fund sell other portfolio investments at a time when it may be
disadvantageous to sell such assets.
Risks of Investing in Lower-Grade
Securities. Securities that are in the lower-grade
categories generally offer higher yields than are offered by
higher-grade securities of similar maturities, but they also
generally involve greater risks, such as greater credit risk,
market risk, volatility and liquidity risk. In addition, the
amount of available information about the financial condition of
certain lower-grade issuers may be less extensive than other
issuers, making the Fund more dependent on the Advisers
credit analysis than a fund investing only in higher-grade
securities. To minimize the risks involved in investing in
lower-grade securities, the Fund does not purchase securities
that are in default or rated in categories lower than B- by
S&P or B3 by Moodys or unrated securities of
comparable quality.
Secondary market prices of lower-grade securities
generally are less sensitive than higher-grade securities to
changes in interest rates and are more sensitive to general
adverse economic changes or specific developments with respect
to the particular issuers. A significant increase in interest
rates or a general economic downturn may significantly affect
the ability of municipal issuers of lower-grade securities to
pay interest and to repay principal, or to obtain additional
financing, any of which could severely disrupt the market for
lower-grade municipal securities and adversely affect the market
value of such securities. Such events also could lead to a
higher incidence of default by issuers of lower-grade
securities. In addition, changes in credit risks, interest
rates, the credit markets or periods of general economic
uncertainty can be expected to result in increased volatility in
the price of the lower-grade securities and the net asset value
of the Fund. Adverse publicity and investor perceptions, whether
or not based on rational analysis, may affect the value,
volatility and liquidity of lower-grade securities.
In the event that an issuer of securities held by
the Fund experiences difficulties in the timely payment of
principal and interest and such issuer seeks to restructure the
terms of its borrowings, the Fund may incur additional expenses
and may determine to invest additional assets with respect to
such issuer or the project or projects to which the Funds
securities relate. Further, the Fund may incur additional
expenses to the extent that it is required to seek recovery upon
a default in the payment of interest or the repayment of
principal on its portfolio holdings and the Fund may be unable
to obtain full recovery on such amounts.
Investments in debt obligations that are at risk of
or in default present special tax issues for the Fund. Federal
income tax rules are not entirely clear about issues such as
when the Fund may cease to accrue interest, original issue
discount or market discount, when and to what extent deductions
may be taken for bad debts or worthless securities, how payments
received on obligations in default should be allocated between
principal and interest and whether certain exchanges of debt
obligations in a workout context are taxable. These and other
issues will be addressed by the Fund, in the event it invests in
or holds such securities, in order to seek to ensure that it
distributes sufficient income to preserve its status as a
regulated investment company.
Liquidity Risk. Liquidity relates to the
ability of a fund to sell a security in a timely manner at a
price which reflects the value of that security. The amount of
available information about the financial condition of municipal
securities issuers is generally less extensive than that for
corporate issuers with publicly traded securities, and the
market for municipal securities is generally considered to be
less liquid than the market for corporate debt obligations.
Certain municipal securities in which the Fund may invest, such
as special obligation bonds, lease obligations, participation
certificates and variable rate instruments,
32 Invesco
Municipal Income Opportunities Trust
may be particularly less liquid. To the extent the Fund owns or
may acquire illiquid or restricted securities, these securities
may involve special registration requirements, liabilities and
costs, and liquidity and valuation difficulties.
The effects of adverse publicity and investor
perceptions may be more pronounced for securities for which no
established retail market exists as compared with the effects on
securities for which such a market does exist. An economic
downturn or an increase in interest rates could severely disrupt
the market for such securities and adversely affect the value of
outstanding securities or the ability of the issuers to repay
principal and interest. Further, the Fund may have more
difficulty selling such securities in a timely manner and at
their stated value than would be the case for securities for
which an established retail market does exist.
The markets for lower-grade securities may be less
liquid than the markets for higher-grade securities. To the
extent that there is no established retail market for some of
the lower-grade securities in which the Fund may invest, trading
in such securities may be relatively inactive. Prices of
lower-grade securities may decline rapidly in the event a
significant number of holders decide to sell. Changes in
expectations regarding an individual issuer of lower-grade
securities generally could reduce market liquidity for such
securities and make their sale by the Fund at their current
valuation more difficult.
From time to time, the Funds investments may
include securities as to which the Fund, by itself or together
with other funds or accounts managed by the Adviser, holds a
major portion or all of an issue of municipal securities.
Because there may be relatively few potential purchasers for
such investments and, in some cases, there may be contractual
restrictions on resales, the Fund may find it more difficult to
sell such securities at a time when the Adviser believes it is
advisable to do so.
Unrated Securities Risk. Many
lower-grade securities are not listed for trading on any
national securities exchange, and many issuers of lower-grade
securities choose not to have a rating assigned to their
obligations by any NRSRO. As a result, the Funds portfolio
may consist of a higher portion of unlisted or unrated
securities as compared with an investment company that invests
solely in higher-grade, listed securities. Unrated securities
are usually not as attractive to as many buyers as are rated
securities, a factor which may make unrated securities less
marketable. These factors may limit the ability of the Fund to
sell such securities at their fair value. The Fund may be more
reliant on the Advisers judgment and analysis in
evaluating the creditworthiness of an issuer of unrated
securities.
When-Issued and Delayed Delivery
Risks. When-issued and delayed delivery transactions
are subject to market risk as the value or yield of a security
at delivery may be more or less than the purchase price or the
yield generally available on securities when delivery occurs. In
addition, the Fund is subject to counterparty risk because it
relies on the buyer or seller, as the case may be, to consummate
the transaction, and failure by the other party to complete the
transaction may result in the Fund missing the opportunity of
obtaining a price or yield considered to be advantageous.
Zero Coupon/PIK Bond Risk. Prices on
non-cash-paying instruments may be more sensitive to changes in
the issuers financial condition, fluctuations in interest
rates and market demand/supply imbalances than cash-paying
securities with similar credit ratings, and thus may be more
speculative than are securities that pay interest periodically
in cash. These securities may subject the Fund to greater market
risk than a fund that does not own these types of securities.
Special tax considerations are associated with investing in
non-cash-paying instruments, such as zero coupon or PIK
securities. The Adviser will weigh these concerns against the
expected total returns from such instruments.
33 Invesco
Municipal Income Opportunities Trust
Trustees
and Officers
The address of each trustee and
officer is 1555 Peachtree, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Funds
|
|
|
Name, Year of
Birth and
|
|
Trustee
and/
|
|
Principal
Occupation(s)
|
|
in Fund
Complex
|
|
Other
Directorship(s)
|
Position(s) Held
with the Trust
|
|
or Officer
Since
|
|
During Past 5
Years
|
|
Overseen by
Trustee
|
|
Held by
Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interested
Persons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Martin L.
Flanagan1
1960
Trustee
|
|
2010
|
|
Executive Director, Chief Executive Officer and President,
Invesco Ltd. (ultimate parent of Invesco and a global investment
management firm); Advisor to the Board, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.); Trustee,
The Invesco Funds; Vice Chair, Investment Company Institute; and
Member of Executive Board, SMU Cox School of Business
|
|
140
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Chairman, Invesco Advisers, Inc. (registered
investment adviser); Director, Chairman, Chief Executive Officer
and President, IVZ Inc. (holding company), INVESCO Group
Services, Inc. (service provider) and Invesco North American
Holdings, Inc. (holding company); Director, Chief Executive
Officer and President, Invesco Holding Company Limited (parent
of Invesco and a global investment management firm); Director,
Invesco Ltd.; Chairman, Investment Company Institute and
President, Co-Chief Executive Officer, Co-President, Chief
Operating Officer and Chief Financial Officer, Franklin
Resources, Inc. (global investment management organization)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philip A.
Taylor2
1954
Trustee, President and Principal
Executive Officer
|
|
2010
|
|
Head of North American Retail and Senior Managing Director,
Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief
Executive Officer, Invesco Advisers, Inc. (formerly known as
Invesco Institutional (N.A.), Inc.) (registered investment
adviser); Director, Chairman, Chief Executive Officer and
President, Invesco Management Group, Inc. (formerly Invesco Aim
Management Group, Inc.) (financial services holding company);
Director and President, INVESCO Funds Group, Inc. (registered
investment adviser and registered transfer agent); Director and
Chairman, Invesco Investment Services, Inc. (formerly known as
Invesco Aim Investment Services, Inc.) (registered transfer
agent) and IVZ Distributors, Inc. (formerly known as INVESCO
Distributors, Inc.) (registered broker dealer); Director,
President and Chairman, Invesco Inc. (holding company) and
Invesco Canada Holdings Inc. (holding company); Chief Executive
Officer, Invesco Corporate Class Inc. (corporate mutual fund
company) and Invesco Canada Fund Inc. (corporate mutual fund
company); Director, Chairman and Chief Executive Officer,
Invesco Canada Ltd. (formerly known as Invesco Trimark
Ltd./Invesco Trimark Ltèe) (registered investment adviser
and registered transfer agent); Trustee, President and Principal
Executive Officer, The Invesco Funds (other than AIM
Treasurers Series Trust (Invesco Treasurers Series
Trust) and Short-Term Investments Trust); Trustee and Executive
Vice President, The Invesco Funds (AIM Treasurers Series
Trust (Invesco Treasurers Series Trust) and Short-Term
Investments Trust only); Director, Invesco Investment Advisers
LLC (formerly known as Van Kampen Asset Management); Director,
Chief Executive Officer and President, Van Kampen Exchange Corp.
|
|
140
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Director and Chairman, Van Kampen Investor Services
Inc.: Director, Chief Executive Officer and President, 1371
Preferred Inc. (holding company); and Van Kampen Investments
Inc.; Director and President, AIM GP Canada Inc. (general
partner for limited partnerships); and Van Kampen Advisors,
Inc.; Director and Chief Executive Officer, Invesco Trimark
Dealer Inc. (registered broker dealer); Director, Invesco
Distributors, Inc. (formerly known as Invesco Aim Distributors,
Inc.) (registered broker dealer); Manager, Invesco PowerShares
Capital Management LLC; Director, Chief Executive Officer and
President, Invesco Advisers, Inc.; Director, Chairman, Chief
Executive Officer and President, Invesco Aim Capital Management,
Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark
Ltd./Invesco Trimark Ltèe; Director and President, AIM
Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.;
Senior Managing Director, Invesco Holding Company Limited;
Trustee and Executive Vice President, Tax-Free Investments
Trust; Director and Chairman, Fund Management Company (former
registered broker dealer); President and Principal Executive
Officer, The Invesco Funds (AIM Treasurers Series Trust
(Invesco Treasurers Series Trust), Short-Term Investments
Trust and Tax-Free Investments Trust only); President, AIM
Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wayne W.
Whalen3
1939
Trustee
|
|
2010
|
|
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
|
|
158
|
|
Director of the Abraham Lincoln Presidential Library Foundation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Mr. Flanagan is considered an interested person of the
Trust because he is an officer of the adviser to the Trust, and
an officer and a director of Invesco Ltd., ultimate parent of
the adviser to the Trust.
|
|
2
|
Mr. Taylor is considered an interested person of the Trust
because he is an officer and a director of the adviser to, and a
director of the principal underwriter of, the Trust.
|
|
3
|
Mr. Whalen has been deemed to be an interested person of
the Trust because of his prior service as counsel to the
predecessor funds of certain Invesco open-end funds and his
affiliation with the law firm that served as counsel to such
predecessor funds and continues to serve as counsel to the
Invesco Van Kampen closed-end funds.
|
T-1 Invesco
Municipal Income Opportunities Trust
Trustees
and
Officers(continued)
The address of each trustee and
officer is 1555 Peachtree, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Funds
|
|
|
Name, Year of
Birth and
|
|
Trustee
and/
|
|
Principal
Occupation(s)
|
|
in Fund
Complex
|
|
Other
Directorship(s)
|
Position(s) Held
with the Trust
|
|
or Officer
Since
|
|
During Past 5
Years
|
|
Overseen by
Trustee
|
|
Held by
Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent
Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bruce L. Crockett 1944
Trustee and Chair
|
|
2010
|
|
Chairman, Crockett Technology Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer COMSAT Corporation; and Chairman, Board of Governors of INTELSAT (international communications company)
|
|
140
|
|
ACE Limited (insurance company); and Investment Company Institute
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David C. Arch 1945
Trustee
|
|
2010
|
|
Chairman and Chief Executive Officer of Blistex Inc., a consumer
health care products manufacturer.
|
|
158
|
|
Member of the Heartland Alliance Advisory Board, a nonprofit
organization serving human needs based in Chicago. Board member
of the Illinois Manufacturers Association. Member of the
Board of Visitors, Institute for the Humanities, University of
Michigan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frank S. Bayley 1939
Trustee
|
|
2010
|
|
Retired
Formerly: Director, Badgley Funds, Inc. (registered investment company) (2 portfolios) and Partner, law firm of Baker & McKenzie
|
|
140
|
|
Director and Chairman, C.D. Stimson Company (a real estate
investment company)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
James T. Bunch 1942
Trustee
|
|
2010
|
|
Managing Member, Grumman Hill Group LLC (family office private equity management)
Formerly: Founder, Green, Manning & Bunch Ltd. (investment banking firm)(1988-2010); Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation
|
|
140
|
|
Chairman, Board of Governors, Western Golf Association,
Chairman-elect, Evans Scholars Foundation and Director, Denver
Film Society
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rodney F. Dammeyer 1940 Trustee
|
|
2010
|
|
Chairman of CAC, LLC, a private company offering capital investment and management advisory services.
Formerly: Prior to January 2004, Director of TeleTech Holdings Inc.; Prior to 2002, Director of Arris Group, Inc.; Prior to 2001, Managing Partner at Equity Group Corporate Investments. Prior to 1995, Vice Chairman of Anixter International. Prior to 1985, experience includes Senior Vice President and Chief Financial Officer of Household International, Inc, Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen & Co.
|
|
158
|
|
Director of Quidel Corporation and Stericycle, Inc. Prior to May
2008, Trustee of The Scripps Research Institute. Prior to
February 2008, Director of Ventana Medical Systems, Inc. Prior
to April 2007, Director of GATX Corporation. Prior to April
2004, Director of TheraSense, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Albert R. Dowden 1941
Trustee
|
|
2010
|
|
Director of a number of public and private business
corporations, including the Boss Group, Ltd. (private investment
and management); Reich & Tang Funds (5 portfolios)
(registered investment company); and Homeowners of America
Holding Corporation/Homeowners of America Insurance Company
(property casualty company)
|
|
140
|
|
Board of Natures Sunshine Products, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Director, Continental Energy Services, LLC (oil and
gas pipeline service); Director, CompuDyne Corporation (provider
of product and services to the public security market) and
Director, Annuity and Life Re (Holdings), Ltd. (reinsurance
company); Director, President and Chief Executive Officer, Volvo
Group North America, Inc.; Senior Vice President, AB Volvo;
Director of various public and private corporations; Chairman,
DHJ Media, Inc.; Director Magellan Insurance Company; and
Director, The Hertz Corporation, Genmar Corporation (boat
manufacturer), National Media Corporation; Advisory Board of
Rotary Power International (designer, manufacturer, and seller
of rotary power engines); and Chairman, Cortland Trust, Inc.
(registered investment company)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jack M. Fields 1952
Trustee
|
|
2010
|
|
Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Owner and Chief Executive Officer, Dos Angelos Ranch, L.P. (cattle, hunting, corporate entertainment), Discovery Global Education Fund (non-profit) and Cross Timbers Quail Research Ranch (non-profit)
Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company) and member of the U.S. House of Representatives
|
|
140
|
|
Insperity (formerly known as Administaff)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carl Frischling 1937
Trustee
|
|
2010
|
|
Partner, law firm of Kramer Levin Naftalis and Frankel LLP
|
|
140
|
|
Director, Reich & Tang Funds (6 portfolios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prema Mathai-Davis 1950
Trustee
|
|
2010
|
|
Retired
Formerly: Chief Executive Officer, YWCA of the U.S.A.
|
|
140
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Larry Soll 1942
Trustee
|
|
2010
|
|
Retired
Formerly, Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)
|
|
140
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T-2 Invesco
Municipal Income Opportunities Trust
Trustees
and
Officers(continued)
The address of each trustee and
officer is 1555 Peachtree, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Funds
|
|
|
Name, Year of
Birth and
|
|
Trustee
and/
|
|
Principal
Occupation(s)
|
|
in Fund
Complex
|
|
Other
Directorship(s)
|
Position(s) Held
with the Trust
|
|
or Officer
Since
|
|
During Past 5
Years
|
|
Overseen by
Trustee
|
|
Held by
Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent
Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hugo F. Sonnenschein 1940
Trustee
|
|
2010
|
|
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. Prior to July 2000, President of the University of
Chicago.
|
|
158
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raymond Stickel, Jr. 1944
Trustee
|
|
2010
|
|
Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte & Touche
|
|
140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Officers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russell C. Burk 1958
Senior Vice President and Senior Officer
|
|
2010
|
|
Senior Vice President and Senior Officer of Invesco Funds
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 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
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Director and Secretary, 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 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lisa O. Brinkley 1959
Vice President
|
|
2010
|
|
Global Assurance Officer, Invesco Ltd.; Chief Compliance Officer, Invesco Investment Services, Inc.(formerly known as Invesco Aim Investment Services, Inc.); and Vice President, The Invesco Funds
Formerly: Chief Compliance Officer, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Van Kampen Investor Services Inc.; Senior Vice President, Invesco Management Group, Inc.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. and The Invesco Funds; Vice President and Chief Compliance Officer, Invesco Aim Capital Management, Inc. and Invesco Distributors, Inc.; Vice President, Invesco Investment Services, Inc. and Fund Management Company
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T-3 Invesco
Municipal Income Opportunities Trust
Trustees
and
Officers(continued)
The address of each trustee and
officer is 1555 Peachtree, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Funds
|
|
|
Name, Year of
Birth and
|
|
Trustee
and/
|
|
Principal
Occupation(s)
|
|
in Fund
Complex
|
|
Other
Directorship(s)
|
Position(s) Held
with the Trust
|
|
or Officer
Since
|
|
During Past 5
Years
|
|
Overseen by
Trustee
|
|
Held by
Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Officers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Karen Dunn Kelley 1960
Vice President
|
|
2010
|
|
Head of Invescos World Wide Fixed Income and Cash
Management Group; Senior Vice President, Invesco Management
Group, Inc. (formerly known as Invesco Aim Management Group,
Inc.) and Invesco Advisers, Inc. (formerly known as Invesco
Institutional (N.A.), Inc.) (registered investment adviser);
Executive Vice President, Invesco Distributors, Inc. (formerly
known as Invesco Aim Distributors, Inc.); Director, Invesco
Mortgage Capital Inc.; 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).
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Senior Vice President, Van Kampen Investments Inc.;
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheri S. Morris 1964
Vice President, Treasurer and Principal Financial Officer
|
|
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).
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: 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, Vice President, Invesco 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yinka Akinsola 1977
Anti-Money Laundering
Compliance Officer
|
|
2011
|
|
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.), The Invesco Funds, Invesco Van
Kampen Closed-End Funds, 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
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Regulatory Analyst III, Financial Industry Regulatory
Authority (FINRA).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Todd L. Spillane 1958
Chief Compliance Officer
|
|
2010
|
|
Senior Vice President, Invesco Management Group, Inc. (formerly
known as Invesco Aim Management Group, Inc.) and Van Kampen
Exchange Corp.; Senior Vice President and Chief Compliance
Officer, Invesco Advisers, Inc. (registered investment adviser)
(formerly known as Invesco Institutional (N.A.), Inc.); Chief
Compliance Officer, The Invesco Funds, INVESCO Private Capital
Investments, Inc. (holding company) and Invesco Private Capital,
Inc. (registered investment adviser); Vice President, Invesco
Distributors, Inc. (formerly known as Invesco Aim Distributors,
Inc.) and Invesco Investment Services, Inc. (formerly known as
Invesco Aim Investment Services, Inc.).
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Formerly: Senior Vice President, Van Kampen Investments Inc.;
Senior Vice President and Chief Compliance Officer, Invesco
Advisers, Inc. and Invesco Aim Capital Management, Inc.; Chief
Compliance Officer, Invesco Global Asset Management (N.A.),
Inc., Invesco Senior Secured Management, Inc. (registered
investment adviser) and Van Kampen Investor Services 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; Vice President, Invesco Aim Capital Management, Inc. and
Fund Management Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office of the Fund
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
Boston, MA 02110-2801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counsel to the Fund
Stradley
Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103
|
|
Counsel to the Independent Trustees
Kramer
Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036-2714
|
|
Transfer Agent
Computershare
Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
|
|
|
T-4 Invesco
Municipal Income Opportunities Trust
Correspondence information
Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.
Invesco privacy policy
You share personal and financial information with us that is necessary for your transactions
and your account records. We take very seriously the obligation to keep that information
confidential and private.
Invesco collects nonpublic personal information about you from account applications or other
forms you complete and from your transactions with us or our affiliates. We do not disclose
information about you or our former customers to service providers or other third parties except to
the extent necessary to service your account and in other limited circumstances as permitted by
law. For example, we use this information to facilitate the delivery of transaction confirmations,
financial reports, prospectuses and tax forms.
Even within Invesco, only people involved in the servicing of your accounts and compliance
monitoring have access to your information. To ensure the highest level of confidentiality and
security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed
federal standards. Special measures, such as data encryption and authentication, apply to your
communications with us on our website. More detail is available to you at invesco.com/privacy.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the
quarter-ends. For the second and fourth quarters, the lists appear in the Trusts semiannual and
annual reports to shareholders. For the first and third quarters, the Trust files the lists with
the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trusts
Forms N-Q on the SEC website at sec.gov. Copies of the Trusts Forms N-Q may be reviewed and copied
at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of
the Public Reference Room, including information about duplicating fee charges, by calling 202 551
8090 or 800 732 0330, or by electronic request at the following email address:
[email protected].
The SEC file number for the Trust is 811-05597.
A description of the policies and procedures that the Trust uses to determine how to vote
proxies relating to portfolio securities is available without charge, upon request, from our Client
Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also
available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio securities during
the 12 months ended June 30, 2011, is available at invesco.com/proxysearch. In addition, this
information is available on the SEC website at sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to
individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is
the U.S. distributor for Invesco Ltd.s retail mutual funds, exchange-traded funds and
institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
|
|
|
|
|
|
|
MS-CE-MIOPP-AR-1
|
|
Invesco Distributors, Inc. |
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the Registrant had adopted a code of
ethics (the Code) that applies to the Registrants principal executive officer (PEO)
and principal financial officer (PFO). There were no amendments to the Code 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
David C. Arch, James T. Bunch, Bruce L. Crockett, Rodney Dammeyer and Raymond Stickel, Jr.
Messrs. Arch, Bunch, Crockett, Dammeyer and Stickel 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Fees |
|
|
|
|
|
Percentage of Fees |
|
|
|
|
|
|
Billed Applicable to |
|
|
|
|
|
Billed Applicable to |
|
|
|
|
|
|
Non-Audit Services |
|
|
|
|
|
Non-Audit Services |
|
|
Fees Billed for |
|
Provided for fiscal |
|
Fees Billed for |
|
Provided for fiscal |
|
|
|
Services Rendered to |
|
year end 2/29/2012 |
|
Services Rendered to |
|
year end 2/28/2011 |
|
|
the Registrant for |
|
Pursuant to Waiver of |
|
the Registrant for |
|
Pursuant to Waiver of |
|
|
fiscal year end |
|
Pre-Approval |
|
fiscal year end |
|
Pre-Approval |
|
|
2/29/2012 |
|
Requirement(1) |
|
2/28/2011 |
|
Requirement(1) |
Audit Fees |
|
$ |
31,200 |
|
|
|
N/A |
|
|
$ |
22,425 |
|
|
|
N/A |
|
Audit-Related Fees |
|
$ |
0 |
|
|
|
0 |
% |
|
$ |
0 |
|
|
|
0 |
% |
Tax Fees(2) |
|
$ |
4,300 |
|
|
|
0 |
% |
|
$ |
2,300 |
|
|
|
0 |
% |
All Other Fees |
|
$ |
0 |
|
|
|
0 |
% |
|
$ |
0 |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fees |
|
$ |
35,500 |
|
|
|
0 |
% |
|
$ |
24,725 |
|
|
|
0 |
% |
PWC billed the Registrant aggregate non-audit fees of $4,300 for the fiscal year ended February
29, 2012 and $2,300 for the fiscal year ended February 28, 2011, 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) |
|
Tax fees for the fiscal year end February 29, 2012 includes fees billed for reviewing tax
returns. Tax fees for the fiscal year end February 28, 2011 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- |
|
|
|
|
|
Fees Billed for Non- |
|
|
|
|
Audit Services |
|
|
|
|
|
Audit Services |
|
|
|
|
Rendered to Invesco |
|
Percentage of Fees |
|
Rendered to Invesco |
|
Percentage of Fees |
|
|
and Invesco Affiliates |
|
Billed Applicable to |
|
and Invesco Affiliates |
|
Billed Applicable to |
|
|
for fiscal year end |
|
Non-Audit Services |
|
for fiscal year end |
|
Non-Audit Services |
|
|
2/29/2012 That Were |
|
Provided for fiscal year |
|
2/28/2011 That Were |
|
Provided for fiscal year |
|
|
Required |
|
end 2/29/2012 |
|
Required |
|
end 2/28/2011 |
|
|
to be Pre-Approved |
|
Pursuant to Waiver of |
|
to be Pre-Approved |
|
Pursuant to Waiver of |
|
|
by the Registrants |
|
Pre-Approval |
|
by the Registrants |
|
Pre-Approval |
|
|
Audit Committee |
|
Requirement(1) |
|
Audit Committee |
|
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 |
% |
|
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|
(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 29, 2012, and $0 for the fiscal year ended February 28, 2011, 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)
Last Amended May 4, 2010
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 30th 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)
|
|
|
Bookkeeping or other services related to the accounting records or financial
statements of the audit client |
|
|
|
|
Financial information systems design and implementation |
|
|
|
|
Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
|
|
|
|
Actuarial services |
|
|
|
|
Internal audit outsourcing services |
Categorically Prohibited Non-Audit Services
|
|
|
Management functions |
|
|
|
|
Human resources |
|
|
|
|
Broker-dealer, investment adviser, or investment banking services |
|
|
|
|
Legal services |
|
|
|
|
Expert services unrelated to the audit |
|
|
|
|
Any service or product provided for a contingent fee or a commission |
|
|
|
|
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 |
|
|
|
|
Tax services for persons in financial reporting oversight roles at the Fund |
|
|
|
|
Any other service that the Public Company Oversight Board determines by regulation
is impermissible. |
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
(a) |
|
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: David C. Arch, Frank S. Bayley, James T.
Bunch, Bruce L. Crockett, Rodney Dammeyer, Larry Soll and Raymond Stickel, Jr. |
|
|
(b) |
|
Not applicable. |
ITEM 6. SCHEDULE OF INVESTMENTS.
|
|
|
Investments in securities of unaffiliated issuers is included as part of the reports
to stockholders filed under Item 1 of this Form. |
ITEM 7. |
|
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
|
I.1. PROXY POLICIES AND PROCEDURES INSTITUTIONAL
|
|
|
Applicable to
|
|
Institutional Accounts |
Risk Addressed by Policy
|
|
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 |
Relevant Law and Other Sources
|
|
Investment Advisers Act of 1940 |
Last Tested Date |
|
|
Policy/Procedure Owner
|
|
Advisory Compliance, Proxy Committee |
Policy Approver
|
|
Invesco Risk Management Committee |
Approved/Adopted Date
|
|
January 1, 2010 |
The following policies and procedures apply to all institutional accounts, clients and
funds managed by Invesco Advisers, Inc. (Invesco). These policies and procedures do not apply to
any of the retail funds managed by Invesco. See Section I.2 for the proxy policies and procedures
applicable to Invescos retail funds.
A. POLICY STATEMENT
Invesco has responsibility for making investment decisions that are in the best interests of its
clients. As part of the investment management services it provides to clients, Invesco may be
authorized by clients to vote proxies appurtenant to the shares for which the clients are
beneficial owners.
Invesco believes that it has a duty to manage clients assets in the best economic interests of its
clients and that the ability to vote proxies is a client asset.
Invesco reserves the right to amend its proxy policies and procedures from time to time without
prior notice to its clients.
Voting of Proxies
Invesco will vote client proxies relating to equity securities in accordance with the procedures
set forth below unless a non-ERISA client retains in writing the right to vote, the named fiduciary
(e.g., the plan sponsor) of an ERISA client retains in writing the right to direct the plan trustee
or a third party to vote proxies, or Invesco determines that any benefit the client might gain from
voting a proxy
would be outweighed by the costs associated therewith. In addition, due to the
distinct nature of proxy voting for interests in fixed income assets and stable value wrap
agreements, the proxies for such fixed income assets and stable value wrap
agreements will be voted in accordance with the procedures set forth in the Proxy Voting for Fixed
Income Assets and Stable Value Wrap Agreements section below.
Best Economic Interests of Clients
In voting proxies, Invesco will take into consideration those factors that may affect the value of
the security and will vote proxies in a manner in which, in its opinion, is in the best economic
interests of clients. Invesco endeavors to resolve any conflicts of interest exclusively in the
best economic interests of clients.
B. OPERATING PROCEDURES AND RESPONSIBLE PARTIES
RiskMetrics Services
Invesco has contracted with RiskMetrics Group (RiskMetrics, formerly known as ISS), an
independent third party service provider, to vote Invescos clients proxies according to
RiskMetrics proxy voting recommendations determined by RiskMetrics pursuant to its then-current US
Proxy Voting Guidelines, a summary of which can be found at http://www.riskmetrics.com and which
are deemed to be incorporated herein. In addition, RiskMetrics will provide proxy analyses, vote
recommendations, vote execution and record-keeping services for clients for which Invesco has proxy
voting responsibility. On an annual basis, the Proxy Committee will review information obtained
from RiskMetrics to ascertain whether RiskMetrics (i) has the capacity and competency to adequately
analyze proxy issues, and (ii) can make such recommendations in an impartial manner and in the best
economic interests of Invescos clients. This may include a review of RiskMetrics Policies,
Procedures and Practices Regarding Potential Conflicts of Interest and obtaining information about
the work RiskMetrics does for corporate issuers and the payments RiskMetrics receives from such
issuers.
Custodians forward to RiskMetrics proxy materials for clients who rely on Invesco to vote proxies.
RiskMetrics is responsible for exercising the voting rights in accordance with the RiskMetrics
proxy voting guidelines. If Invesco receives proxy materials in connection with a clients account
where the client has, in writing, communicated to Invesco that the client, plan fiduciary or other
third party has reserved the right to vote proxies, Invesco will forward to the party appointed by
client any proxy materials it receives with respect to the account. In order to avoid voting
proxies in circumstances where Invesco, or any of its affiliates have or may have any conflict of
interest, real or perceived, Invesco has engaged RiskMetrics to provide the proxy analyses, vote
recommendations and voting of proxies.
In the event that (i) RiskMetrics recuses itself on a proxy voting matter and makes no
recommendation or (ii) Invesco decides to override the RiskMetrics vote recommendation, the Proxy
Committee will review the issue and direct RiskMetrics how to vote the proxies as described below.
Proxy Voting for Fixed Income Assets and Stable Value Wrap Agreements
Some of Invescos fixed income clients hold interests in preferred stock of companies and some of
Invescos stable value clients are parties to wrap agreements. From time to time, companies that
have issued preferred stock or that are parties to wrap agreements request that Invescos clients
vote proxies on particular matters. RiskMetrics does not currently provide proxy analysis or vote
recommendations with respect to such proxy votes. Therefore, when a particular matter arises in
this category, the investment team responsible for the particular mandate will review the matter
and make a recommendation to the Proxy Manager as to how to vote the associated proxy. The Proxy
Manager will complete the proxy ballots and send the ballots to the persons or entities identified
in the ballots.
Proxy Committee
The Proxy Committee shall have seven (7) members, which shall include representatives from
portfolio management, operations, and legal/compliance or other functional departments as deemed
appropriate and who are knowledgeable regarding the proxy process. A majority of the members of
the Proxy Committee shall constitute a quorum and the Proxy Committee shall act by a majority vote
of those members in attendance at a meeting called for the purpose of determining how to vote a
particular proxy. The Proxy Committee shall keep minutes of its meetings that shall be kept with
the proxy voting records of Invesco. The Proxy Committee will appoint a Proxy Manager to manage
the proxy voting process, which includes the voting of proxies and the maintenance of appropriate
records.
The Proxy Manager shall call for a meeting of the Proxy Committee (1) when override submissions are
made; and (2) in instances when RiskMetrics has recused itself or has not provided a vote
recommendation with respect to an equity security. At such meeting, the Proxy Committee shall
determine how proxies are to be voted in accordance with the factors set forth in the section
entitled Best Economic Interests of Clients, above.
The Proxy Committee also is responsible for monitoring adherence to these procedures and engaging
in the annual review described in the section entitled RiskMetrics Services, above.
Recusal by RiskMetrics or Failure of RiskMetrics to Make a Recommendation
When RiskMetrics does not make a recommendation on a proxy voting issue or recuses itself due to a
conflict of interest, the Proxy Committee will review the issue and determine whether Invesco has a
material conflict of interest as determined pursuant to the policies and procedures outlined in the
Conflicts of Interest section below. If Invesco determines it does not have a material conflict
of interest, Invesco will direct RiskMetrics how to vote the proxies. If Invesco determines it
does have a material conflict of interest, the Proxy Committee will follow the policies and
procedures set forth in such section.
Override of RiskMetrics Recommendation
There may be occasions where Invesco investment personnel, senior officers or a member of the Proxy
Committee seek to override a RiskMetrics recommendation if they believe that a RiskMetrics
recommendation is not in accordance with the best economic interests of clients. In the event that
an individual listed above in this section disagrees with a RiskMetrics recommendation on a
particular voting issue, the individual shall document in writing the reasons that he/she believes
that the RiskMetrics recommendation is not in accordance with clients best economic interests and
submit such written documentation to the Proxy Manager for consideration by the Proxy Committee
along with the certification attached as Appendix A hereto. Upon review of the documentation and
consultation with the individual and others as the Proxy Committee deems appropriate, the Proxy
Committee may make a determination to override the RiskMetrics voting recommendation if the
Committee determines that it is in the best economic interests of clients and the Committee has
addressed any conflict of interest.
Proxy Committee Meetings
When a Proxy Committee Meeting is called, whether because of a RiskMetrics recusal or request for
override of a RiskMetrics recommendation, the Proxy Committee shall request from the Chief
Compliance Officer as to whether any Invesco person has reported a conflict of interest.
The Proxy Committee shall review the report from the Chief Compliance Officer to determine whether
a real or perceived conflict of interest exists, and the minutes of the Proxy Committee shall:
|
(1) |
|
describe any real or perceived conflict of interest, |
|
|
(2) |
|
determine whether such real or perceived conflict of interest is material, |
|
|
(3) |
|
discuss any procedure used to address such conflict of interest, |
|
|
(4) |
|
report any contacts from outside parties (other than routine communications
from proxy solicitors), and |
|
|
(5) |
|
include confirmation that the recommendation as to how the proxies are to be
voted is in the best economic interests of clients and was made without regard to any
conflict of interest. |
Based on the above review and determinations, the Proxy Committee will direct RiskMetrics how to
vote the proxies as provided herein.
Certain Proxy Votes May Not Be Cast
In some cases, Invesco may determine that it is not in the best economic interests of clients to
vote proxies. For example, proxy voting in certain countries outside
the United States requires share blocking. Shareholders who wish to vote their proxies must
deposit their shares 7 to 21 days before the date of the meeting with a designated depositary.
During the blocked period, shares to be voted at the meeting cannot be sold until the meeting has
taken place and the shares have been returned to the Custodian/Sub-Custodian bank. In addition,
voting certain international securities may involve unusual costs to clients, some of which may be
related to requirements of having a representative in person attend the proxy meeting. In other
cases, it may not be possible to vote certain proxies despite good faith efforts to do so, for
instance when inadequate notice of the matter is provided. In the instance of loan securities,
voting of proxies typically requires termination of the loan, so it is not usually in the best
economic interests of clients to vote proxies on loaned securities. Invesco typically will not,
but reserves the right to, vote where share blocking restrictions, unusual costs or other barriers
to efficient voting apply. Invesco will not vote if it determines that the cost of voting exceeds
the expected benefit to the client. The Proxy Manager shall record the reason for any proxy not
being voted, which record shall be kept with the proxy voting records of Invesco.
CONFLICTS OF INTEREST
Procedures to Address Conflicts of Interest and Improper Influence
In order to avoid voting proxies in circumstances where Invesco or any of its affiliates have or
may have any conflict of interest, real or perceived, Invesco has contracted with RiskMetrics to
provide proxy analyses, vote recommendations and voting of proxies. Unless noted otherwise by
RiskMetrics, each vote recommendation provided by RiskMetrics to Invesco shall include a
representation from RiskMetrics that RiskMetrics has no conflict of interest with respect to the
vote. In instances where RiskMetrics has recused itself or makes no recommendation on a particular
matter, or if an override submission is requested, the Proxy Committee shall determine how to vote
the proxy and instruct the Proxy Manager accordingly, in which case the conflict of interest
provisions discussed below shall apply.
In effecting the policy of voting proxies in the best economic interests of clients, there may be
occasions where the voting of such proxies may present a real or perceived conflict of interest
between Invesco, as the investment manager, and Invescos clients. For each director, officer and
employee of Invesco (Invesco person), the interests of Invescos clients must come first, ahead
of the interest of Invesco and any Invesco person, including Invescos affiliates. Accordingly, no
Invesco person may put personal benefit, whether tangible or intangible, before the interests of
clients of Invesco or otherwise take advantage of the relationship with Invescos clients.
Personal benefit includes any intended benefit for oneself or any other individual, company,
group or organization of any kind whatsoever, except a benefit for a client of Invesco, as
appropriate. It is imperative that each Invesco person avoid any situation that might compromise,
or call into question, the exercise of fully independent judgment that is in the interests of
Invescos clients.
Occasions may arise where a person or organization involved in the proxy voting process may have a
conflict of interest. A conflict of interest may exist if Invesco has a business relationship with
(or is actively soliciting business from) either the company soliciting the proxy or a third party
that has a material interest in the outcome of a proxy vote or that is actively lobbying for a
particular outcome of a proxy vote. Additional examples of situations where a conflict may exist
include:
|
|
|
Business Relationships where Invesco manages money for a company or an
employee group, manages pension assets or is actively soliciting any such business, or
leases office space from a company; |
|
|
|
|
Personal Relationships where an Invesco person has a personal
relationship with other proponents of proxy proposals, participants in proxy contests,
corporate directors, or candidates for directorships; and |
|
|
|
|
Familial Relationships where an Invesco person has a known familial
relationship relating to a company (e.g. a spouse or other relative who serves as a
director of a public company or is employed by the company). |
In the event that the Proxy Committee determines that Invesco (or an affiliate) has a material
conflict of interest, the Proxy Committee will not take into consideration the relationship giving
rise to the conflict of interest and shall, in its sole discretion, either (a) decide to vote the
proxies pursuant to RiskMetrics general proxy voting guidelines, (b) engage an independent third
party to provide a vote recommendation, or (c) contact Invescos client(s) for direction as to how
to vote the proxies.
In the event an Invesco person has a conflict of interest and has knowledge of such conflict of
interest, it is the responsibility of such Invesco person to disclose the conflict to the Chief
Compliance Officer. When a Proxy Committee meeting is called, the Chief Compliance Officer will
report to the Proxy Committee all real or potential conflicts of interest for the Proxy Committee
to review and determine whether such conflict is material. If the Proxy Committee determines that
such conflict is material and involves a person involved in the proxy voting process, the Proxy
Committee may require such person to recuse himself or herself from participating in the
discussions regarding the proxy vote item and from casting a vote regarding how Invesco should vote
such proxy. An Invesco person will not be considered to have a material conflict of interest if
the Invesco person did not know of the conflict of interest and did not attempt to influence the
outcome of a proxy vote.
In order to ensure compliance with these procedures, the Proxy Manager and each member of the Proxy
Committee shall certify annually as to their compliance with this policy. In addition, any Invesco
person who submits a RiskMetrics override recommendation to the Proxy Committee shall certify as to
their compliance with this policy concurrently with the submission of their override
recommendation. A form of such certification is attached as Appendix A.
In addition, members of the Proxy Committee must notify Invescos Chief Compliance Officer, with
impunity and without fear of retribution or retaliation, of any direct, indirect or perceived
improper influence exerted by any Invesco person or by an affiliated companys representatives with
regard to how Invesco should vote proxies. The Chief Compliance Officer will investigate the
allegations and will report his or her findings to the Invesco Risk Management Committee. In the
event that it is determined that improper influence was exerted, the Risk Management Committee will
determine the appropriate action to take, which actions may include, but are not limited to, (1)
notifying the affiliated companys Chief Executive Officer, its Management Committee or Board of
Directors, (2) taking remedial action, if necessary, to correct the result of any improper
influence where clients have been harmed, or (3) notifying the appropriate regulatory agencies of
the improper influence and cooperating fully with these regulatory agencies as required. In all
cases, the Proxy Committee shall not take into consideration the improper influence in determining
how to vote proxies and will vote proxies solely in the best economic interests of clients.
C. RECORDKEEPING
Records are maintained in accordance with Invescos Recordkeeping Policy.
Proxy Voting Records
The proxy voting statements and records will be maintained by the Proxy Manager on-site (or
accessible via an electronic storage site of RiskMetrics) for the first two (2) years. Copies of
the proxy voting statements and records will be maintained for an additional five (5) years by
Invesco (or will be accessible via an electronic storage site of RiskMetrics). Clients may obtain
information about how Invesco voted proxies on their behalf by contacting their client services
representative. Alternatively, clients may make a written request for proxy voting information to:
Proxy Manager, 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
APPENDIX A
ACKNOWLEDGEMENT AND CERTIFICATION
I acknowledge that I have read the Invesco Proxy Voting Policy (a copy of which
has been supplied to me, which I will retain for future reference) and agree to comply
in all respects with the terms and provisions thereof. I have disclosed or reported
all real or potential conflicts of interest to the Invesco Chief Compliance Officer
and will continue to do so as matters arise. I have complied with all provisions of
this Policy.
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I.1 Proxy Policy Appendix A
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Acknowledgement and Certification |
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The following individuals are jointly and primarily responsible for the day-to-day management of
the Fund:
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William Black, Portfolio Manager, who has been responsible for the Fund since 2009 and
has been associated with Invesco and/or its affiliates since 2010. Mr. Black was
associated with Morgan Stanley Investment Management Inc. in an investment management
capacity (1998 to 2010). |
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Mark Paris, Portfolio Manager, who has been responsible for the Fund since 2009 and has
been associated with Invesco and/or its affiliates since 2010. Mr. Paris was associated
with Morgan Stanley Investment Management Inc. in an investment management capacity (2002
to 2010). |
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Jim Phillips, Portfolio Manager, who has been responsible for the Fund since 2009 and
has been associated with Invesco and/or its affiliates since 2010. Mr. Phillips was
associated with Morgan Stanley Investment Management Inc. in an investment management
capacity (1991 to 2010). |
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 29, 2012:
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Dollar Range of |
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Dollar Range of Investments |
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Dollar Range of all Investments in |
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Investments in each |
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in Invesco pooled investment |
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Funds and Invesco pooled |
Portfolio Manager |
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Fund1 |
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vehicles2 |
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investment vehicles |
Invesco Municipal Income Opportunities Trust |
William Black |
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None |
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N/A |
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$ |
100,001-$500,000 |
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Mark Paris |
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None |
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N/A |
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$ |
100,001-$500,000 |
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Jim Phillips |
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None |
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N/A |
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$ |
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. |
Assets Managed
The following information is as of February 29, 2012:
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Other Registered |
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Investment |
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Other Pooled Investment |
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Companies Managed |
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Vehicles Managed |
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Other Accounts Managed |
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(assets in millions) |
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(assets in millions) |
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(assets in millions) |
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Number of |
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Number of |
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Number of |
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Portfolio Manager |
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Accounts |
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Assets |
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Accounts |
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Assets |
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Accounts |
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Assets |
Invesco Municipal Income Opportunities Trust |
William Black |
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4 |
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$ |
6,171.7 |
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None |
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None |
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None |
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None |
Mark Paris |
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4 |
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$ |
6,171.7 |
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None |
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None |
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None |
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None |
Jim Phillips |
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4 |
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$ |
6,171.7 |
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None |
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None |
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None |
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None |
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:
Ø |
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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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Ø |
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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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Ø |
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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
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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Ø |
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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. |
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 period3 |
Invesco 4
Invesco Australia4
Invesco Deutschland
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One-, Three- and Five-year
performance against Fund peer
group. |
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Invesco Advisors- Invesco Real Estate5
Invesco Senior Secured4, 6
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Not applicable |
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Invesco Canada4
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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 Hong Kong4
Invesco Asset Management
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One-, Three- and Five-year
performance against Fund peer
group. |
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Invesco Japan7
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One-, Three- and Five-year
performance against the
appropriate Micropol benchmark. |
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3 |
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Rolling time periods based on calendar
year-end. |
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4 |
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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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5 |
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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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Invesco Senior Secureds bonus is based
on annual measures of equity return and standard tests of collateralization
performance. |
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7 |
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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. |
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.
Equity-Based 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 equity-based
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. |
Not applicable.
ITEM 10. |
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. |
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CONTROLS AND PROCEDURES. |
(a) |
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As of March 21, 2012, an evaluation was performed under the supervision and with the
participation of the officers of the Registrant, including the Principal Executive Officer
(PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the
Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation,
the Registrants officers, including the PEO and PFO, concluded that, as of March 21, 2012,
the Registrants disclosure controls and procedures were reasonably designed to ensure: (1)
that information required to be disclosed by the Registrant on Form N-CSR is recorded,
processed, summarized and reported within the time periods specified by the rules and forms of
the Securities and Exchange Commission; and (2) that material information relating to the
Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding
required disclosure. |
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(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 the report that has materially affected, or is reasonably likely to
materially affect, the Registrants internal control over financial reporting. |
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ITEM 12. EXHIBITS. |
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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. |
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.
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Registrant: Invesco Municipal Income Opportunities Trust
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By: |
/s/ Philip A. Taylor
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Philip A. Taylor |
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Principal Executive Officer |
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Date: May 7, 2012
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
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By: |
/s/ Philip A. Taylor
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Philip A. Taylor |
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Principal Executive Officer |
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Date: May 7, 2012
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By: |
/s/ Sheri Morris
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Sheri Morris |
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Principal Financial Officer |
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Date: May 7, 2012
EXHIBIT INDEX
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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. |