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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-05597
Invesco Municipal Income Opportunities Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Sheri Morris
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 5/31/16
Item 1. Schedule of Investments.
Schedule of Investments
May 31, 2016
(Unaudited)
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–115.93%(a) |
||||||||||||||||
| Alabama–2.61% |
||||||||||||||||
| Birmingham (City of) Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB |
6.00% | 06/01/2050 | $ | 1,000 | $ | 1,040,410 | ||||||||||
| Birmingham (City of) Water Works Board; Series 2015 A, Ref. Water RB (b) |
5.00% | 01/01/2042 | 2,250 | 2,632,793 | ||||||||||||
| Huntsville (City of) Special Care Facilities Financing
Authority (Redstone Village); |
5.50% | 01/01/2043 | 925 | 928,265 | ||||||||||||
| Jefferson (County of); |
6.60% | 10/01/2042 | 1,300 | 1,042,158 | ||||||||||||
| Series 2013 F, Sub. Lien Sewer Revenue Conv. CAB Wts. (d) |
7.75% | 10/01/2046 | 1,700 | 1,290,538 | ||||||||||||
| Series 2013-F, Sub. Lien Sewer Revenue Conv. CAB Wts. (d) |
7.90% | 10/01/2050 | 1,000 | 749,420 | ||||||||||||
| Lower Alabama Gas District (The); Series 2016 A, Gas Project RB (b) |
5.00% | 09/01/2046 | 1,500 | 1,954,620 | ||||||||||||
| 9,638,204 | ||||||||||||||||
| American Samoa–0.21% |
||||||||||||||||
| American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB |
6.63% | 09/01/2035 | 750 | 772,358 | ||||||||||||
| Arizona–2.75% |
||||||||||||||||
| Phoenix (City of) Industrial Development Authority (Choice Academies); Series 2012, Education RB |
5.38% | 09/01/2032 | 1,000 | 1,062,520 | ||||||||||||
| Phoenix (City of) Industrial Development Authority (Great Hearts Academies); Series 2012, Education RB |
6.40% | 07/01/2047 | 600 | 667,644 | ||||||||||||
| Phoenix (City of) Industrial Development Authority (Legacy
Traditional Schools); |
6.75% | 07/01/2044 | 750 | 897,278 | ||||||||||||
| Phoenix (City of) Industrial Development Authority (Phoenix
Collegiate Academy); |
5.63% | 07/01/2042 | 1,000 | 1,065,270 | ||||||||||||
| Pima (County of) Industrial Development Authority (Coral Academy Science); Series 2008 A, Education Facilities RB |
7.25% | 12/01/2038 | 1,000 | 1,048,200 | ||||||||||||
| Pima (County of) Industrial Development Authority (Edkey
Charter Schools); Series 2013, |
6.00% | 07/01/2048 | 1,000 | 1,002,640 | ||||||||||||
| Pima (County of) Industrial Development Authority (Global
Water Resources, LLC); |
6.55% | 12/01/2037 | 1,950 | 2,015,890 | ||||||||||||
| Quechan Indian Tribe of Fort Yuma (California & Arizona Governmental); Series 2008, RB |
7.00% | 12/01/2027 | 1,330 | 1,299,809 | ||||||||||||
| Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School - Queen Creek and Casa Grande Campuses); Series 2013, Education RB |
6.00% | 07/01/2043 | 1,000 | 1,107,890 | ||||||||||||
| 10,167,141 | ||||||||||||||||
| California–15.13% |
||||||||||||||||
| ABAG Finance Authority for Non-profit Corps. (Episcopal Senior Communities); Series 2012 A, Ref. RB |
5.00% | 07/01/2047 | 1,000 | 1,111,210 | ||||||||||||
| Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB |
7.63% | 01/01/2040 | 1,000 | 1,110,510 | ||||||||||||
| Bakersfield (City of); Series 2007 A, Wastewater RB (b)(g)(h) |
5.00% | 09/15/2017 | 960 | 1,014,490 | ||||||||||||
| California (State of) Educational Facilities Authority
(Stanford University); |
5.25% | 04/01/2040 | 500 | 723,005 | ||||||||||||
| Series 2012 U-2, Ref. RB (b) |
5.00% | 10/01/2032 | 3,000 | 4,087,770 | ||||||||||||
| Series 2014 U-6, RB (b) |
5.00% | 05/01/2045 | 3,000 | 4,340,250 | ||||||||||||
| California (State of) Municipal Finance Authority (Caritas
Affordable Housing, Inc.); |
5.88% | 08/15/2049 | 1,250 | 1,402,250 | ||||||||||||
| California (State of) Municipal Finance Authority (High
Tech High-Media Arts); |
5.88% | 07/01/2028 | 780 | 820,817 | ||||||||||||
| California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2012 A, Charter School Lease RB |
6.00% | 07/01/2042 | 1,000 | 1,108,150 | ||||||||||||
| California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB (e)(f) |
5.00% | 07/01/2037 | 1,000 | 1,109,840 | ||||||||||||
| California (State of) Pollution Control Financing Authority
(Aemerge Redpack Services LLC); |
7.00% | 12/01/2027 | 750 | 760,163 | ||||||||||||
| California (State of) School Finance Authority (New Designs Charter School); Series 2012, Educational Facilities RB |
5.50% | 06/01/2042 | 695 | 744,762 | ||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||
| California–(continued) |
||||||||||||
| California (State of) Statewide Communities Development Authority (California Baptist University); Series 2011, RB |
7.25% | 11/01/2031 | $ | 1,000 | $ | 1,191,350 | ||||||
| California (State of) Statewide Communities Development Authority (Creative Child Care & Team); Series 2015, School Facilities RB (Acquired 11/03/2015; Cost $755,000) (e) |
6.75% | 06/01/2045 | 755 | 781,674 | ||||||||
| California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB |
5.25% | 07/01/2042 | 750 | 755,460 | ||||||||
| California (State of) Statewide Finance Authority (Pooled
Tobacco Securitization); |
6.00% | 05/01/2043 | 750 | 762,412 | ||||||||
| Series 2006 A, Tobacco Settlement CAB Turbo RB (i) |
0.00% | 06/01/2046 | 10,000 | 1,519,200 | ||||||||
| California County Tobacco Securitization Agency (The)
(Sonoma County Securitization Corp.); |
5.13% | 06/01/2038 | 1,000 | 999,940 | ||||||||
| 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% | 12/15/2047 | 945 | 969,882 | ||||||||
| Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (c)(i) |
0.00% | 08/01/2046 | 10,000 | 2,041,000 | ||||||||
| Foothill-Eastern Transportation Corridor Agency; Series 2013 C, Ref. Jr. Lien Toll Road RB |
6.50% | 01/15/2043 | 1,000 | 1,201,730 | ||||||||
| Golden State Tobacco Securitization Corp.; |
4.50% | 06/01/2027 | 930 | 937,645 | ||||||||
| Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.00% | 06/01/2033 | 1,000 | 1,006,560 | ||||||||
| Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13% | 06/01/2047 | 2,000 | 2,000,020 | ||||||||
| Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.75% | 06/01/2047 | 2,500 | 2,528,975 | ||||||||
| Inland Empire Tobacco Securitization Authority; Series 2007 C-1, Asset-Backed Tobacco Settlement CAB RB (i) |
0.00% | 06/01/2036 | 10,000 | 2,591,000 | ||||||||
| National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB |
7.00% | 08/01/2032 | 1,000 | 1,254,490 | ||||||||
| Palm Springs (City of) (Palm Springs International Airport); Series 2006, Ref. Sub. Airport Passenger Facility Charge RB (f) |
5.55% | 07/01/2028 | 410 | 410,488 | ||||||||
| Poway Unified School District (School Facilities Improvement); Series 2011, Unlimited Tax CAB GO Bonds (i) |
0.00% | 08/01/2039 | 8,000 | 3,669,600 | ||||||||
| Riverside (County of) Redevelopment Agency (Mid-County
Redevelopment Project Area); |
6.25% | 10/01/2040 | 1,000 | 1,107,150 | ||||||||
| Riverside (County of) Transportation Commission; Series 2013 A, Sr. Lien Toll RB |
5.75% | 06/01/2048 | 1,000 | 1,173,890 | ||||||||
| Sacramento (County of) Community Facilities District No.
2005-2 (North Vineyard Station No. 1); |
6.00% | 09/01/2037 | 1,000 | 1,024,690 | ||||||||
| San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB |
7.50% | 12/01/2041 | 1,000 | 1,236,600 | ||||||||
| San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB (g)(h) |
7.00% | 02/01/2021 | 1,400 | 1,771,406 | ||||||||
| San Francisco (City & County of) Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 C, Special Tax CAB RB (i) |
0.00% | 08/01/2037 | 5,000 | 1,674,050 | ||||||||
| Southern California Logistics Airport Authority; Series 2008 A, Tax Allocation CAB RB (i) |
0.00% | 12/01/2044 | 18,085 | 560,092 | ||||||||
| Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13% | 06/01/2046 | 1,000 | 999,940 | ||||||||
| Union City (City of) Community Redevelopment Agency
(Community Redevelopment); |
6.88% | 12/01/2033 | 1,500 | 1,893,045 | ||||||||
| Victor Valley Union High School District (Election of 2008); Series 2013 B, Unlimited Tax CAB GO Bonds (i) |
0.00% | 08/01/2048 | 8,310 | 1,554,385 | ||||||||
| 55,949,891 | ||||||||||||
| Colorado–5.38% |
||||||||||||
| Banning Lewis Ranch (Metropolitan District No. 3); Series 2015 A, Limited Tax GO Bonds |
6.13% | 12/01/2045 | 750 | 764,085 | ||||||||
| Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2006 A, RB |
5.75% | 01/01/2037 | 1,500 | 1,515,195 | ||||||||
| Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB (b) |
5.50% | 01/01/2035 | 3,000 | 3,645,870 | ||||||||
| Colorado (State of) Health Facilities Authority (Sunny Vista Living Center); Series 2015 A, Ref. RB (e) |
6.25% | 12/01/2050 | 1,000 | 1,043,640 | ||||||||
| Colorado (State of) Health Facilities Authority (Total
Longterm Care National Obligated Group); |
6.25% | 11/15/2020 | 1,000 | 1,211,790 | ||||||||
| Colorado (State of) Regional Transportation District
(Denver Transit Partners Eagle P3); |
6.00% | 01/15/2041 | 1,000 | 1,158,570 | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||
| Colorado–(continued) |
||||||||||||
| Colorado Springs (City of) Urban Renewal Authority
(University Village Colorado); |
7.00% | 12/01/2029 | $ | 1,095 | $ | 1,007,323 | ||||||
| Copperleaf Metropolitan District No. 2; |
5.85% | 12/01/2026 | 1,420 | 1,457,034 | ||||||||
| Series 2006, Limited Tax GO Bonds (g)(h) |
5.95% | 12/01/2016 | 2,000 | 2,053,160 | ||||||||
| Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (c) |
5.00% | 12/01/2035 | 925 | 934,305 | ||||||||
| Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. Tax Supported Limited Tax GO Bonds |
7.25% | 12/01/2040 | 500 | 553,610 | ||||||||
| Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB |
6.00% | 12/01/2033 | 1,000 | 1,003,890 | ||||||||
| University of Colorado; Series 2013 A, Enterprise RB (b) |
5.00% | 06/01/2043 | 3,000 | 3,544,350 | ||||||||
| 19,892,822 | ||||||||||||
| Connecticut–0.46% |
||||||||||||
| Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds (e)(j) |
5.13% | 10/01/2036 | 2,955 | 1,167,816 | ||||||||
| Hamden (Town of) (Whitney Center); Series 2009 A, Facility RB |
7.75% | 01/01/2043 | 500 | 526,570 | ||||||||
| 1,694,386 | ||||||||||||
| Delaware–0.27% |
||||||||||||
| Sussex (County of) (Cadbury at Lewes); Series 2006 A, First Mortgage RB |
6.00% | 01/01/2035 | 1,000 | 1,001,250 | ||||||||
| District of Columbia–1.70% |
||||||||||||
| District of Columbia (Cesar Chavez Charter School); Series 2011, RB |
7.88% | 11/15/2040 | 1,000 | 1,165,220 | ||||||||
| District of Columbia; |
5.00% | 12/01/2025 | 1,335 | 1,511,153 | ||||||||
| Series 2014 C, Unlimited Tax GO Bonds (b) |
5.00% | 06/01/2038 | 3,000 | 3,600,930 | ||||||||
| 6,277,303 | ||||||||||||
| Florida–10.70% |
||||||||||||
| Alachua (County of) (North Florida Retirement Village,
Inc.); |
5.25% | 11/15/2017 | 680 | 701,209 | ||||||||
| Series 2007, IDR |
5.88% | 11/15/2036 | 2,000 | 2,038,980 | ||||||||
| Series 2007, IDR |
5.88% | 11/15/2042 | 1,000 | 1,019,490 | ||||||||
| Alachua (County of) Health Facilities Authority (East Ridge
Retirement Village, Inc.); |
6.38% | 11/15/2049 | 900 | 1,010,529 | ||||||||
| Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB |
8.13% | 11/15/2046 | 1,000 | 1,187,040 | ||||||||
| Broward (County of) (Civic Arena); Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS-AGM) (b)(c) |
5.00% | 09/01/2023 | 7,245 | 7,326,724 | ||||||||
| Capital Trust Agency (Million Air One LLC); Series 2011, RB (f) |
7.75% | 01/01/2041 | 990 | 904,850 | ||||||||
| Capital Trust Agency Inc. (Tallahassee Tapestry); Series 2015, First Mortgage RB (e) |
7.00% | 12/01/2045 | 1,000 | 1,037,900 | ||||||||
| Collier (County of) Industrial Development Authority (The
Arlington of Naples); |
8.25% | 05/15/2049 | 1,200 | 1,442,880 | ||||||||
| Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB (g)(h) |
7.25% | 10/01/2021 | 1,000 | 1,299,590 | ||||||||
| Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2012 A, Educational Facilities RB |
6.13% | 06/15/2043 | 1,000 | 1,099,480 | ||||||||
| Lee (County of) Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB |
5.75% | 10/01/2042 | 1,000 | 1,089,700 | ||||||||
| Miami-Dade (County of); Series 2009, Sub. Special Obligation CAB RB (i) |
0.00% | 10/01/2042 | 7,900 | 2,783,091 | ||||||||
| Orange (County of) Health Facilities Authority (Orlando
Lutheran Towers, Inc.); |
5.50% | 07/01/2032 | 1,000 | 1,019,010 | ||||||||
| Series 2007, First Mortgage RB |
5.50% | 07/01/2038 | 500 | 508,975 | ||||||||
| Orlando (City of); Series 2014 A, Contract Tourist Development Tax Payments RB (b) |
5.00% | 11/01/2039 | 3,000 | 3,509,760 | ||||||||
| Palm Beach (County of) Health Facilities Authority (Sinai
Residences of Boca Raton); |
7.50% | 06/01/2049 | 750 | 926,963 | ||||||||
| Renaissance Commons Community Development District; Series 2005 A, Special Assessment RB |
5.60% | 05/01/2036 | 1,650 | 1,650,346 | ||||||||
| South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); |
5.00% | 08/15/2032 | 7,000 | 7,286,300 | ||||||||
| St. Johns (County of) Industrial Development Authority
(Presbyterian Retirement Communities); |
6.00% | 08/01/2045 | 1,000 | 1,127,710 | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||
| Florida–(continued) |
||||||||||||
| University Square Community Development District; Series 2007 A-1, Capital Improvement Special Assessment RB |
5.88% | 05/01/2038 | $ | 580 | $ | 587,424 | ||||||
| 39,557,951 | ||||||||||||
| Georgia–2.13% |
||||||||||||
| Americus (City of) & Sumter (County of) Hospital Authority (Magnolia Manor Obligated Group); Series 2013 A, Ref. RB |
6.38% | 05/15/2043 | 1,000 | 1,111,840 | ||||||||
| Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB |
7.38% | 01/01/2031 | 1,000 | 1,135,730 | ||||||||
| Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB |
5.60% | 01/01/2030 | 1,500 | 1,504,020 | ||||||||
| Atlanta (City of); Series 2015, Ref. Water & Wastewater RB (b) |
5.00% | 11/01/2040 | 2,490 | 2,960,635 | ||||||||
| DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC |
6.13% | 09/01/2040 | 1,000 | 1,144,170 | ||||||||
| 7,856,395 | ||||||||||||
| Hawaii–0.63% |
||||||||||||
| Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose Senior Living RB |
8.75% | 11/15/2029 | 965 | 1,179,934 | ||||||||
| Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2009, Special Purpose RB |
6.50% | 07/01/2039 | 1,000 | 1,138,200 | ||||||||
| 2,318,134 | ||||||||||||
| Idaho–0.51% |
||||||||||||
| Idaho (State of) Health Facilities Authority (Terraces of Boise); Series 2014 A, RB |
8.13% | 10/01/2049 | 1,000 | 1,120,920 | ||||||||
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB |
6.13% | 11/15/2027 | 735 | 756,646 | ||||||||
| 1,877,566 | ||||||||||||
| Illinois–12.47% |
||||||||||||
| Bolingbrook (Village of) Special Services Area No. 1 (Forest City); Series 2005, Special Tax RB |
5.90% | 03/01/2027 | 1,750 | 1,758,470 | ||||||||
| Bolingbrook (Village of); Series 2005, Sales Tax RB |
6.25% | 01/01/2024 | 1,830 | 1,833,880 | ||||||||
| Chicago (City of) (Lakeshore East); Series 2002, Special Assessment Improvement RB |
6.75% | 12/01/2032 | 1,894 | 1,902,769 | ||||||||
| Chicago (City of) Metropolitan Water Reclamation District; Series 2015 A, Unlimited Tax GO Green Bonds (b) |
5.00% | 12/01/2044 | 3,000 | 3,511,020 | ||||||||
| Chicago (City of) Transit Authority; Series 2014, Sales Tax Receipts RB (b) |
5.25% | 12/01/2049 | 3,000 | 3,435,300 | ||||||||
| Chicago (City of); |
5.50% | 01/01/2042 | 1,250 | 1,251,625 | ||||||||
| Series 2011, Tax Increment Allocation Revenue COP |
7.13% | 05/01/2025 | 1,030 | 1,114,233 | ||||||||
| Hillside (Village of) (Mannheim Redevelopment); Series 2008, Sr. Lien Tax Increment Allocation RB |
7.00% | 01/01/2028 | 1,000 | 1,062,230 | ||||||||
| Illinois (State of) Finance Authority (Collegiate Housing Foundation - DeKalb II, LLC - Northern Illinois University); Series 2011, Student Housing RB |
6.88% | 10/01/2043 | 1,000 | 1,161,990 | ||||||||
| Illinois (State of) Finance Authority (Friendship Village of Schaumburg); Series 2010, RB |
7.00% | 02/15/2038 | 1,445 | 1,447,803 | ||||||||
| Illinois (State of) Finance Authority (Greenfields of
Geneva); |
8.00% | 02/15/2030 | 1,150 | 927,383 | ||||||||
| Series 2010 A, RB |
8.25% | 02/15/2046 | 775 | 625,348 | ||||||||
| Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, Charter School RB (e) |
6.00% | 12/01/2045 | 1,000 | 1,018,210 | ||||||||
| Illinois (State of) Finance Authority (Luther
Oaks); |
5.70% | 08/15/2028 | 500 | 500,555 | ||||||||
| Series 2006 A, RB |
6.00% | 08/15/2039 | 1,500 | 1,504,005 | ||||||||
| Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB |
5.75% | 05/15/2046 | 1,000 | 1,074,040 | ||||||||
| Illinois (State of) Finance Authority (Montgomery Place); Series 2006 A, RB |
5.75% | 05/15/2038 | 2,000 | 2,018,320 | ||||||||
| Illinois (State of) Finance Authority (Park Place of
Elmhurst); |
2.00% | 05/15/2055 | 150 | 18,732 | ||||||||
| Series 2016 A, RB |
6.24% | 05/15/2038 | 140 | 140,899 | ||||||||
| Series 2016 A, RB |
6.44% | 05/15/2055 | 850 | 856,468 | ||||||||
| Illinois (State of) Finance Authority (Peace Village); Series 2013, RB |
7.00% | 08/15/2043 | 1,000 | 1,118,380 | ||||||||
| Illinois (State of) Finance Authority (Plymouth Place); Series 2013, Ref. RB |
6.00% | 05/15/2043 | 1,000 | 1,105,780 | ||||||||
| Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. Sr. Educational Facilities RB |
6.13% | 02/01/2045 | 500 | 535,745 | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||
| Illinois–(continued) |
||||||||||||
| Illinois (State of) Finance Authority (The Admiral at the Lake); Series 2010 A, RB |
7.25% | 05/15/2020 | $ | 1,000 | $ | 1,003,170 | ||||||
| Illinois (State of) Finance Authority (United Neighborhood
Organization Charter School Network, Inc.); |
6.88% | 10/01/2031 | 470 | 524,111 | ||||||||
| Series 2011, Ref. Charter School RB |
7.13% | 10/01/2041 | 500 | 561,175 | ||||||||
| Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB (b) |
5.25% | 10/01/2052 | 3,000 | 3,495,540 | ||||||||
| Illinois (State of) Finance Authority (Villa St. Benedict); Series 2015, Ref. RB |
6.38% | 11/15/2043 | 775 | 802,265 | ||||||||
| Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion); |
5.50% | 06/15/2050 | 960 | 1,030,589 | ||||||||
| Illinois (State of) Toll Highway Authority; Series 2008 B, RB (b)(g)(h) |
5.50% | 01/01/2018 | 3,000 | 3,222,630 | ||||||||
| Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB |
7.50% | 01/01/2030 | 925 | 1,003,486 | ||||||||
| Pingree Grove (Village of) (Cambridge Lakes Learning Center); Series 2011, RB |
8.50% | 06/01/2041 | 1,000 | 1,116,660 | ||||||||
| United City of Yorkville (City of) Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, Special Tax RB |
5.75% | 03/01/2028 | 870 | 886,747 | ||||||||
| Upper Illinois River Valley Development Authority (Pleasant View Luther Home); Series 2010, RB |
7.38% | 11/15/2045 | 1,000 | 1,076,230 | ||||||||
| Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB (f) |
7.00% | 12/01/2042 | 1,395 | 1,460,342 | ||||||||
| 46,106,130 | ||||||||||||
| Indiana–1.93% |
||||||||||||
| Carmel (City of) (Barrington Carmel); Series 2012 A, RB |
7.13% | 11/15/2047 | 515 | 583,222 | ||||||||
| Crown Point (City of) (Wittenberg Village); Series 2009 A, Economic Development RB |
8.00% | 11/15/2039 | 1,000 | 1,119,650 | ||||||||
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2015 A, Ref. Hospital RB (b) |
5.00% | 12/01/2040 | 2,250 | 2,655,135 | ||||||||
| Indianapolis (City of) (Ritter Affordable Assisted Living); Series 2014, MFH RB |
6.90% | 12/01/2033 | 500 | 502,550 | ||||||||
| Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB (f) |
7.00% | 01/01/2044 | 1,000 | 1,239,580 | ||||||||
| Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB (e) |
5.80% | 09/01/2047 | 1,000 | 1,028,940 | ||||||||
| 7,129,077 | ||||||||||||
| Iowa–2.71% |
||||||||||||
| Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB |
7.25% | 06/01/2035 | 1,000 | 1,079,650 | ||||||||
| Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB |
4.75% | 08/01/2042 | 1,000 | 1,018,130 | ||||||||
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, Midwestern Disaster Area RB |
5.25% | 12/01/2025 | 2,000 | 2,140,560 | ||||||||
| Iowa (State of) Finance Authority (Madrid Home); Series 2007, Ref. Health Care Facility RB |
5.90% | 11/15/2037 | 750 | 755,828 | ||||||||
| Iowa (State of) Tobacco Settlement Authority; |
5.60% | 06/01/2034 | 700 | 702,079 | ||||||||
| Series 2005 C, Asset-Backed RB |
5.38% | 06/01/2038 | 1,125 | 1,124,932 | ||||||||
| Series 2005 C, Asset-Backed RB |
5.63% | 06/01/2046 | 1,000 | 999,930 | ||||||||
| Series 2005 D, Asset-Backed CAB RB (i) |
0.00% | 06/01/2046 | 8,000 | 1,172,720 | ||||||||
| Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN |
5.60% | 09/01/2032 | 1,000 | 1,018,100 | ||||||||
| 10,011,929 | ||||||||||||
| Kansas–0.99% |
||||||||||||
| Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB |
6.00% | 11/15/2038 | 1,400 | 1,407,126 | ||||||||
| Wichita (City of) (Larksfield Place); Series 2013 III, Ref. Health Care Facilities & Improvement RB |
7.38% | 12/15/2043 | 1,000 | 1,143,910 | ||||||||
| Wichita (City of) (Presbyterian Manors, Inc.); Series 2013 IV-A, Health Care Facilities RB |
6.50% | 05/15/2048 | 1,000 | 1,109,100 | ||||||||
| 3,660,136 | ||||||||||||
| Kentucky–0.76% |
||||||||||||
| Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II); Series 2011, RB |
7.38% | 05/15/2046 | 1,000 | 1,172,390 | ||||||||
| Kentucky (State of) Public Transportation Infrastructure
Authority (Downtown Crossing); |
6.88% | 07/01/2046 | 2,000 | 1,640,260 | ||||||||
| 2,812,650 | ||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||
| Louisiana–0.90% |
||||||||||||
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2009 A, RB |
6.50% | 08/01/2029 | $ | 750 | $ | 890,235 | ||||||
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority; Series 2015 A, Ref. RB |
6.25% | 11/15/2045 | 750 | 774,278 | ||||||||
| Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB (e) |
6.38% | 12/01/2034 | 1,000 | 1,089,460 | ||||||||
| Louisiana (State of) Public Facilities Authority (Louisiana Pellets Inc.); Series 2015, Solid Waste Disposal Facilities RB (Acquired 05/21/2015; Cost $1,000,000) (e)(f) |
7.75% | 07/01/2039 | 1,000 | 579,790 | ||||||||
| 3,333,763 | ||||||||||||
| Maine–0.31% |
||||||||||||
| Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB |
6.75% | 07/01/2041 | 1,000 | 1,138,630 | ||||||||
| Maryland–0.90% |
||||||||||||
| Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB |
7.00% | 09/01/2038 | 1,000 | 1,064,290 | ||||||||
| Frederick (County of) (Jefferson Technology Park); Series 2013 B, Tax Increment & Special Tax RB |
7.13% | 07/01/2043 | 1,000 | 1,141,240 | ||||||||
| Harford (County of); Series 2011, Special Obligation Tax Allocation RB |
7.50% | 07/01/2040 | 1,000 | 1,125,340 | ||||||||
| 3,330,870 | ||||||||||||
| Massachusetts–1.09% |
||||||||||||
| Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.); Series 2005, RB |
5.50% | 01/01/2035 | 800 | 800,984 | ||||||||
| Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB (b) |
5.50% | 07/01/2032 | 505 | 728,422 | ||||||||
| Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB |
6.88% | 01/01/2041 | 1,000 | 1,187,130 | ||||||||
| Massachusetts (State of); Series 2004 A, Ref. Limited Tax GO Bonds (INS-AMBAC) (b)(c) |
5.50% | 08/01/2030 | 960 | 1,328,179 | ||||||||
| 4,044,715 | ||||||||||||
| Michigan–1.03% |
||||||||||||
| Charyl Stockwell Academy; Series 2015, Public School Academy Ref. RB |
5.75% | 10/01/2045 | 635 | 645,020 | ||||||||
| Dearborn Economic Development Corp. (Henry Ford Village, Inc.); Series 2008, Ref. Limited Obligation RB |
7.00% | 11/15/2028 | 1,200 | 1,224,516 | ||||||||
| Detroit (City of) Water and Sewerage Department; Series 2012 A, Ref. Sr. Lien Sewage Disposal System RB |
5.25% | 07/01/2039 | 1,000 | 1,118,340 | ||||||||
| Wayne Charter County Economic Development Corp. (Rivers of Grosse Point); Series 2013, First Mortgage RB |
7.88% | 12/01/2043 | 1,000 | 830,980 | ||||||||
| 3,818,856 | ||||||||||||
| Minnesota–3.16% |
||||||||||||
| Anoka (City of) (The Homestead at Anoka, Inc.); Series 2011 A, Health Care Facilities RB |
7.00% | 11/01/2040 | 1,000 | 1,076,200 | ||||||||
| Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC); Series 2010, Recovery Zone Facility RB |
9.00% | 12/01/2035 | 1,000 | 1,106,970 | ||||||||
| Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB (g)(h) |
9.25% | 03/01/2017 | 1,000 | 1,083,380 | ||||||||
| Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB (g)(h) |
6.75% | 11/15/2018 | 1,500 | 1,714,215 | ||||||||
| North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB |
6.13% | 10/01/2039 | 1,500 | 1,553,040 | ||||||||
| Rochester (City of) (Homestead at Rochester, Inc.); Series 2013 A, Health Care & Housing RB |
6.88% | 12/01/2048 | 1,000 | 1,142,270 | ||||||||
| Rochester (City of) (Samaritan Bethany, Inc.); Series 2009 A, Ref. Health Care & Housing RB |
7.38% | 12/01/2041 | 1,000 | 1,116,650 | ||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. Tax Increment Allocation RB |
6.25% | 03/01/2025 | 1,000 | 1,064,910 | ||||||||
| Wayzata (City of) (Folkestone Senior Living Community); Series 2012 A, Senior Housing RB |
6.00% | 05/01/2047 | 1,000 | 1,084,070 | ||||||||
| West St. Paul (City of) (Walker Thompson Hill, LLC); Series 2011A, Health Care Facilities RB |
7.00% | 09/01/2046 | 700 | 744,863 | ||||||||
| 11,686,568 | ||||||||||||
| Mississippi–0.17% |
||||||||||||
| Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR |
5.88% | 04/01/2022 | 620 | 639,803 | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||
| Missouri–2.29% |
| |||||||||||
| Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB |
5.50% | 04/01/2027 | $ | 750 | $ | 549,308 | ||||||
| Bridgeton (City of) Industrial Development Authority (Sarah Community); Series 2011 A, Ref. & Improvement Senior Housing RB |
6.38% | 05/01/2035 | 1,000 | 1,039,330 | ||||||||
| Cass (County of); Series 2007, Hospital RB |
5.63% | 05/01/2038 | 1,000 | 1,011,140 | ||||||||
| Kansas City (City of) Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2011, Sales Tax RB |
6.75% | 10/01/2041 | 1,000 | 1,043,380 | ||||||||
| Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 A, Retirement Community RB |
8.25% | 05/15/2039 | 1,000 | 1,133,500 | ||||||||
| St. Louis (County of) Industrial Development Authority
(Grand Center Redevelopment); |
6.38% | 12/01/2025 | 1,000 | 1,054,550 | ||||||||
| St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB |
5.00% | 11/15/2022 | 1,000 | 1,006,210 | ||||||||
| St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Senior Living Facilities RB (g)(h) |
6.38% | 12/01/2017 | 1,500 | 1,626,795 | ||||||||
| 8,464,213 | ||||||||||||
| Nebraska–0.29% |
| |||||||||||
| Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital & Health Center); Series 2010 B, Health Care Facilities RB |
6.75% | 06/01/2035 | 1,000 | 1,089,160 | ||||||||
| Nevada–0.74% |
| |||||||||||
| Henderson (City of) (Local Improvement District No. T-18); Series 2006, Special Assessment RB |
5.30% | 09/01/2035 | 505 | 443,456 | ||||||||
| Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB (g)(h) |
8.00% | 06/15/2019 | 700 | 844,585 | ||||||||
| Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite); Series 2007, Special Assessment Local Improvement RB |
6.00% | 08/01/2023 | 830 | 847,305 | ||||||||
| Sparks (City of) (Local Improvement District No. 3 - Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB |
6.50% | 09/01/2020 | 560 | 601,877 | ||||||||
| 2,737,223 | ||||||||||||
| New Hampshire–0.58% |
| |||||||||||
| New Hampshire (State of) Business Finance Authority
(Huggins Hospital); Series 2009, |
6.88% | 10/01/2039 | 945 | 1,011,566 | ||||||||
| New Hampshire (State of) Health & Education Facilities
Authority (Rivermead); |
6.88% | 07/01/2041 | 1,000 | 1,148,410 | ||||||||
| 2,159,976 | ||||||||||||
| New Jersey–2.88% |
| |||||||||||
| Essex (County of) Improvement Authority (Newark); Series 2010 A, RB |
6.25% | 11/01/2030 | 1,000 | 1,131,410 | ||||||||
| New Jersey (State of) Economic Development Authority
(Continental Airlines, Inc.); |
5.25% | 09/15/2029 | 1,000 | 1,112,170 | ||||||||
| Series 2012, Special Facility RB (f) |
5.75% | 09/15/2027 | 1,000 | 1,141,050 | ||||||||
| New Jersey (State of) Economic Development Authority (Leap Academy); Series 2014 A, RB |
6.30% | 10/01/2049 | 1,200 | 1,247,856 | ||||||||
| New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB |
6.63% | 07/01/2038 | 1,000 | 1,095,720 | ||||||||
| Tobacco Settlement Financing Corp.; |
4.63% | 06/01/2026 | 1,000 | 1,010,180 | ||||||||
| Series 2007 1A, Asset-Backed RB |
4.75% | 06/01/2034 | 1,500 | 1,456,185 | ||||||||
| Series 2007 1A, Asset-Backed RB |
5.00% | 06/01/2041 | 2,500 | 2,434,575 | ||||||||
| 10,629,146 | ||||||||||||
| New Mexico–0.29% |
| |||||||||||
| New Mexico (State of) Hospital Equipment Loan Council (La
Vida Llena); Series 2010 A, |
6.13% | 07/01/2040 | 1,000 | 1,085,170 | ||||||||
| New York–9.74% |
| |||||||||||
| Brooklyn Arena Local Development Corp. (Barclays
Center); |
0.00% | 07/15/2035 | 1,475 | 653,853 | ||||||||
| Series 2009, PILOT CAB RB (i) |
0.00% | 07/15/2046 | 10,000 | 2,578,900 | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
| New York–(continued) |
| |||||||||||||
| Erie (County of) Industrial Development Agency (Orchard
Park CCRC, Inc.); |
6.00% | 11/15/2016 | $ | 1,000 | $ | 1,024,740 | ||||||||
| Nassau (County of) Industrial Development Agency (Amsterdam
at Harborside); |
6.50% | 01/01/2032 | 1,125 | 1,134,484 | ||||||||||
| Series 2014 C, Continuing Care Retirement Community RB |
2.00% | 01/01/2049 | 405 | 50,584 | ||||||||||
| New York & New Jersey (States of) Port Authority (194th Series); Series 2015, Ref. RB (b) |
5.00% | 10/15/2041 | 1,500 | 1,812,945 | ||||||||||
| New York & New Jersey (States of) Port
Authority; |
5.00% | 10/15/2027 | 1,700 | 1,991,108 | ||||||||||
| One Hundred Sixty-Ninth Series 2011, Consolidated RB (b)(f) |
5.00% | 10/15/2028 | 1,300 | 1,519,232 | ||||||||||
| New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS-ACA) (c) |
5.25% | 11/01/2037 | 1,200 | 1,272,948 | ||||||||||
| New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2006, PILOT RB (INS-AMBAC) (c) |
5.00% | 01/01/2039 | 500 | 508,590 | ||||||||||
| New York (City of) Municipal Water Finance Authority; Series 2012 BB, Water & Sewer System Second General Resolution RB (b) |
5.00% | 06/15/2047 | 3,000 | 3,518,940 | ||||||||||
| New York (City of) Transitional Finance
Authority; |
5.00% | 05/01/2042 | 2,400 | 2,830,632 | ||||||||||
| Subseries 2012 F-1, Future Tax Sec. RB (b) |
5.00% | 05/01/2039 | 6,000 | 7,069,260 | ||||||||||
| New York (State of) Dormitory Authority (Sales Tax); Series 2015 B-C, RB (b) |
5.00% | 03/15/2045 | 3,000 | 3,598,890 | ||||||||||
| New York (State of) Dormitory Authority; Series 2014 C, Personal Income Tax RB (b) |
5.00% | 03/15/2041 | 3,000 | 3,569,790 | ||||||||||
| New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 3, |
7.25% | 11/15/2044 | 1,000 | 1,252,410 | ||||||||||
| New York Liberty Development Corp. (Bank of America Tower
at One Bryant Park); |
6.38% | 07/15/2049 | 1,000 | 1,126,340 | ||||||||||
| New York Liberty Development Corp. (National Sports
Museum); Series 2006 A, RB |
6.13% | 02/15/2019 | 2,000 | 20 | ||||||||||
| TSASC, Inc.; Series 2006 1, Tobacco Settlement Asset-Backed RB |
5.13% | 06/01/2042 | 500 | 492,585 | ||||||||||
| 36,006,251 | ||||||||||||||
| North Carolina–0.54% |
| |||||||||||||
| North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. First Mortgage Retirement Facilities RB |
6.25% | 07/01/2035 | 750 | 842,843 | ||||||||||
| North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB |
7.75% | 03/01/2041 | 1,000 | 1,148,550 | ||||||||||
| 1,991,393 | ||||||||||||||
| Ohio–4.55% |
| |||||||||||||
| Buckeye Tobacco Settlement Financing
Authority; |
| |||||||||||||
| Series 2007 A-2, Sr. Asset-Backed Turbo RB |
5.88% | 06/01/2047 | 2,000 | 1,958,660 | ||||||||||
| Series 2007 A-3, Sr. Asset-Backed RB |
6.25% | 06/01/2037 | 1,000 | 1,005,500 | ||||||||||
| Series 2007 B, First Sub. Asset-Backed CAB RB (i) |
0.00% | 06/01/2047 | 40,000 | 3,028,400 | ||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing
Care Facility Expansion); |
6.00% | 11/01/2038 | 1,500 | 1,548,390 | ||||||||||
| Cleveland (City of) & Cuyahoga (County of) Port
Authority (Constellation Schools); |
6.75% | 01/01/2044 | 1,000 | 1,089,200 | ||||||||||
| Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB |
5.75% | 05/15/2027 | 2,000 | 2,033,960 | ||||||||||
| Franklin (County of) (First Community Village Obligated Group); Series 2013, Ref. Health Care Facilities RB |
5.63% | 07/01/2047 | 600 | 610,080 | ||||||||||
| Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB |
8.00% | 07/01/2042 | 990 | 1,173,368 | ||||||||||
| Montgomery (County of) (St. Leonard); Series 2010, Ref.
& Improvement Health Care & |
6.63% | 04/01/2040 | 1,000 | 1,117,220 | ||||||||||
| Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB |
5.00% | 02/15/2044 | 1,000 | 1,043,890 | ||||||||||
| Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB |
5.38% | 12/01/2035 | 1,200 | 1,201,500 | ||||||||||
| 16,806,118 | ||||||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||
| Oklahoma–0.95% |
| |||||||||||
| Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB |
6.50% | 09/01/2016 | $ | 280 | $ | 280,809 | ||||||
| Oklahoma (State of) Development Finance Authority
(Inverness Village Community); |
6.00% | 01/01/2032 | 1,000 | 1,069,720 | ||||||||
| Series 2013, Ref. Continuing Care Retirement Community RB |
5.75% | 01/01/2037 | 1,000 | 1,059,110 | ||||||||
| Tulsa (County of) Industrial Authority (Montereau, Inc.);
Series 2010 A, |
7.25% | 11/01/2045 | 1,000 | 1,098,450 | ||||||||
| 3,508,089 | ||||||||||||
| Pennsylvania–4.69% |
| |||||||||||
| Allegheny (County of) Industrial Development Authority
(Propel Charter School-Montour); |
6.75% | 08/15/2035 | 925 | 1,017,010 | ||||||||
| Allegheny (County of) Redevelopment Authority (Pittsburgh
Mills); Series 2004, |
5.60% | 07/01/2023 | 835 | 835,042 | ||||||||
| Cumberland (County of) Municipal Authority (Asbury
Pennsylvania Obligated Group); |
6.13% | 01/01/2045 | 965 | 1,034,615 | ||||||||
| Harrisburg (City of) Authority (Harrisburg University of
Science); Series 2007 B, |
6.00% | 09/01/2036 | 1,765 | 1,496,084 | ||||||||
| Lehigh (County of) General Purpose Authority (Bible
Fellowship Church Homes, Inc.); |
5.25% | 07/01/2042 | 1,000 | 1,052,250 | ||||||||
| Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB |
6.63% | 12/01/2030 | 1,000 | 1,166,310 | ||||||||
| Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax GO Bonds (b) |
5.00% | 06/15/2034 | 3,000 | 3,512,130 | ||||||||
| Pennsylvania (State of) Economic Development Financing Authority (USG Corp.); Series 1999, Solid Waste Disposal RB (f) |
6.00% | 06/01/2031 | 1,000 | 1,000,340 | ||||||||
| Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB (b) |
5.00% | 06/15/2021 | 3,000 | 3,345,150 | ||||||||
| Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB |
7.25% | 06/15/2043 | 750 | 897,330 | ||||||||
| Philadelphia (City of) Industrial Development Authority
(Performing Arts Charter School); |
6.75% | 06/15/2043 | 1,000 | 1,070,930 | ||||||||
| Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB |
5.45% | 07/01/2035 | 900 | 911,547 | ||||||||
| 17,338,738 | ||||||||||||
| Puerto Rico–0.37% |
| |||||||||||
| Children’s Trust; Series 2005 A, Tobacco Settlement Asset-Backed RB (i) |
0.00% | 05/15/2050 | 15,000 | 1,374,000 | ||||||||
| South Carolina–1.06% |
| |||||||||||
| Myrtle Beach (City of) (Myrtle Beach Air Force
Base); |
5.25% | 10/01/2026 | 760 | 761,102 | ||||||||
| Series 2006 A, Tax Increment Allocation RB |
5.30% | 10/01/2035 | 2,000 | 2,002,880 | ||||||||
| South Carolina (State of) Jobs-Economic Development
Authority (The Woodlands at Furman); |
6.00% | 11/15/2042 | 1,087 | 1,121,680 | ||||||||
| Series 2012, Ref. Sub. CAB RB (i) |
0.00% | 11/15/2047 | 460 | 49,734 | ||||||||
| 3,935,396 | ||||||||||||
| Tennessee–1.13% |
| |||||||||||
| Johnson City (City of) Health & Educational Facilities
Board (Mountain States Health Alliance); |
5.50% | 07/01/2031 | 2,000 | 2,007,180 | ||||||||
| Shelby (County of) Health, Educational & Housing
Facilities Board (Trezevant Manor); |
5.50% | 09/01/2047 | 1,000 | 1,042,720 | ||||||||
| Trenton (City of) Health & Educational Facilities Board
(RHA/Trenton MR, Inc.); |
9.25% | 04/01/2019 | 930 | 1,141,649 | ||||||||
| 4,191,549 | ||||||||||||
| Texas–9.13% |
| |||||||||||
| Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, Education RB |
7.13% | 03/01/2044 | 800 | 843,064 | ||||||||
| Austin Convention Enterprises, Inc.; Series 2006 B, Ref. Second Tier Convention Center RB (e) |
5.75% | 01/01/2034 | 1,100 | 1,118,425 | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||
| Texas–(continued) |
| |||||||||||
| Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB |
6.13% | 04/01/2045 | $ | 1,000 | $ | 1,150,760 | ||||||
| Central Texas Regional Mobility Authority; Series 2011, Sub. Lien RB |
6.75% | 01/01/2041 | 1,000 | 1,213,860 | ||||||||
| Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB |
6.25% | 12/01/2045 | 1,000 | 1,147,840 | ||||||||
| HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 A, RB (j) |
7.75% | 11/15/2044 | 1,000 | 10 | ||||||||
| Houston (City of) (Continental Airlines, Inc.); Series 2011
A, Ref. Airport System Special |
6.63% | 07/15/2038 | 1,000 | 1,163,150 | ||||||||
| Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB (g)(h) |
6.88% | 05/15/2021 | 1,000 | 1,272,810 | ||||||||
| La Vernia Higher Education Finance Corp. (Amigos Por Vida Friends for Life); Series 2008, RB |
6.25% | 02/15/2026 | 1,465 | 1,466,978 | ||||||||
| La Vernia Higher Education Finance Corp. (Knowledge is
Power Program, Inc.); Series 2009 A, |
6.25% | 08/15/2019 | 1,000 | 1,164,260 | ||||||||
| La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB (e) |
5.50% | 08/15/2045 | 750 | 790,403 | ||||||||
| Lubbock Health Facilities Development Corp. (Carillon
Senior LifeCare Community); |
6.50% | 07/01/2026 | 2,500 | 2,529,500 | ||||||||
| Mission Economic Development Corp. (Natgasoline); Series 2016 B, Sr. Lien RB (e)(f) |
5.75% | 10/01/2031 | 1,000 | 1,057,010 | ||||||||
| North Texas Tollway Authority; |
5.75% | 01/01/2048 | 3,000 | 3,221,790 | ||||||||
| Series 2011 B, Special Project System CAB RB (i) |
0.00% | 09/01/2037 | 7,000 | 3,058,510 | ||||||||
| Port Beaumont Navigation District (Jefferson Energy Companies); Series 2016, Dock and Wharf Facility RB (e)(f)(h) |
7.25% | 02/13/2020 | 1,000 | 1,033,810 | ||||||||
| Red River Health Facilities Development Corp. (Parkview on
Hollybrook); Series 2013 A, |
7.38% | 07/01/2048 | 1,000 | 700,000 | ||||||||
| Red River Health Facilities Development Corp. (Sears
Methodist Retirement System); |
6.15% | 11/15/2049 | 1,000 | 0 | ||||||||
| Rowlett (City of) (Bayside Public Improvement District North Improvement Area); Series 2016, Special Assessment RB |
6.00% | 09/15/2046 | 750 | 762,165 | ||||||||
| Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB (f) |
8.00% | 07/01/2038 | 990 | 865,517 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp.
(Mirador); |
8.00% | 11/15/2029 | 485 | 409,587 | ||||||||
| Series 2010 A, Retirement Facility RB |
8.13% | 11/15/2039 | 1,000 | 844,980 | ||||||||
| Tarrant County Cultural Education Facilities Finance Corp.
(Stayton at Museum Way); |
8.25% | 11/15/2044 | 860 | 915,281 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp.
(LBJ Infrastructure); |
7.00% | 06/30/2040 | 1,000 | 1,197,920 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB |
6.88% | 12/31/2039 | 1,000 | 1,178,570 | ||||||||
| Texas Private Activity Bond Surface Transportation Corp.
(NTE Mobility Partners LLC); |
6.75% | 06/30/2043 | 1,000 | 1,241,920 | ||||||||
| Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.); Series 2010 A, Education RB (g)(h) |
7.13% | 02/15/2020 | 1,000 | 1,220,000 | ||||||||
| Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB |
7.00% | 11/01/2030 | 1,000 | 1,155,770 | ||||||||
| Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2007, Ref. Hospital RB |
5.00% | 07/01/2033 | 1,000 | 1,026,160 | ||||||||
| 33,750,050 | ||||||||||||
| Utah–0.30% |
| |||||||||||
| Utah (State of) Charter School Finance Authority (North
Davis Preparatory Academy); |
6.38% | 07/15/2040 | 1,000 | 1,099,950 | ||||||||
| Virginia–0.32% |
| |||||||||||
| Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB |
6.45% | 09/01/2037 | 219 | 229,013 | ||||||||
| Tobacco Settlement Financing Corp.; Series 2007 B-2, Sr. Tobacco Settlement RB |
5.20% | 06/01/2046 | 1,000 | 957,720 | ||||||||
| 1,186,733 | ||||||||||||
| Washington–2.42% |
| |||||||||||
| King (County of) Public Hospital District No. 4 (Snoqualmie Valley Hospital); Series 2011, Ref. & Improvement Limited Tax GO Bonds |
7.00% | 12/01/2040 | 1,000 | 1,105,750 | ||||||||
| King (County of) Public Hospital District No. 4; Series 2015 A, RB |
6.25% | 12/01/2045 | 1,000 | 1,025,180 | ||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||
| Washington–(continued) |
||||||||||||
| King (County of); Series 2011 B, Ref. Sewer RB (b) |
5.00% | 01/01/2034 | $ | 3,000 | $ | 3,460,500 | ||||||
| Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB (g)(h) |
7.00% | 07/01/2019 | 1,000 | 1,184,240 | ||||||||
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB (g)(h) |
7.38% | 03/01/2019 | 1,200 | 1,402,620 | ||||||||
| Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A, RB (e) |
7.00% | 07/01/2050 | 740 | 777,451 | ||||||||
| 8,955,741 | ||||||||||||
| West Virginia–0.80% |
||||||||||||
| Kanawha (County of) (The West Virginia State University Foundation); Series 2013, Student Housing RB |
6.75% | 07/01/2045 | 1,000 | 1,154,460 | ||||||||
| West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); Series 2016, Solid Waste Disposal Facilities RB (e)(f) |
7.25% | 02/01/2036 | 750 | 757,200 | ||||||||
| West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB |
6.50% | 10/01/2038 | 1,000 | 1,055,550 | ||||||||
| 2,967,210 | ||||||||||||
| Wisconsin–3.96% |
||||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB (g)(h) |
6.38% | 02/15/2019 | 1,500 | 1,719,000 | ||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community, Inc.); Series 2009 A, RB (g)(h) |
7.63% | 09/15/2019 | 1,000 | 1,208,160 | ||||||||
| Wisconsin (State of) Health & Educational Facilities
Authority |
5.88% | 08/01/2042 | 1,000 | 1,035,980 | ||||||||
| Series 2013, RB |
7.00% | 08/01/2043 | 1,025 | 1,108,353 | ||||||||
| Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB |
8.25% | 06/01/2046 | 1,000 | 1,251,080 | ||||||||
| Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development); Series 2016, Lease Development RB (b) |
5.00% | 03/01/2046 | 3,000 | 3,476,310 | ||||||||
| Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB |
5.88% | 04/01/2045 | 660 | 709,731 | ||||||||
| Wisconsin (State of) Public Finance Authority (Voyager Foundation Inc.); Series 2012 A, Charter School RB |
6.20% | 10/01/2042 | 500 | 546,930 | ||||||||
| Wisconsin Health & Educational Facilities Authority (Ascension Senior Credit Group); Series 2016 A, Ref. RB (b) |
5.00% | 11/15/2039 | 3,000 | 3,601,710 | ||||||||
| 14,657,254 | ||||||||||||
| TOTAL INVESTMENTS(k)–115.93% (Cost $387,975,688) |
428,649,888 | |||||||||||
| FLOATING RATE NOTE OBLIGATIONS–(17.37)% |
||||||||||||
| Notes with interest and fee rates ranging from 0.92% to 1.51% at 05/31/2016 and contractual maturities of collateral ranging from 06/15/2021 to 10/01/2052 (See Note 1D) (l) |
(64,215,000) | |||||||||||
| OTHER ASSETS LESS LIABILITIES–1.44% |
5,309,739 | |||||||||||
| NET ASSETS–100.00% |
$ | 369,744,627 | ||||||||||
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
Investment Abbreviations:
Notes to Schedule of Investments:
| (a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
| (b) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1D. |
| (c) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (d) | Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
| (e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2016 was $21,725,267, which represented 5.88% of the Trust’s Net Assets. |
| (f) | Security subject to the alternative minimum tax. |
| (g) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| (h) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| (i) | Zero coupon bond issued at a discount. |
| (j) | Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at May 31, 2016 was $3,363,930, which represented less than 1% of the Trust’s Net Assets. |
| (k) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each. |
| (l) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2016. At May 31, 2016, the Trust’s investments with a value of $114,073,852 are held by TOB Trusts and serve as collateral for the $64,215,000 in the floating rate note obligations outstanding at that date. |
See accompanying notes which are an integral part of this schedule.
Invesco Municipal Income Opportunities Trust
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2016
(Unaudited)
NOTE 1 — Significant Accounting Policies
| A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
| C. | Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without |
Invesco Municipal Income Opportunities Trust
| D. | Floating Rate Note Obligations – (continued) |
first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.
Invesco Municipal Income Opportunities Trust
| D. | Floating Rate Note Obligations – (continued) |
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
| E. | Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. |
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Trust’s investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of May 31, 2016. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Municipal Obligations |
$ | — | $ | 428,649,888 | $ | 0 | $ | 428,649,888 |
Invesco Municipal Income Opportunities Trust
NOTE 3 — Investment 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 three months ended May 31, 2016 was $16,434,018 and $11,447,953, 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 |
$ | 50,283,517 | ||
| Aggregate unrealized (depreciation) of investment securities |
(8,397,256) | |||
| Net unrealized appreciation of investment securities |
$ | 41,886,261 | ||
| Cost of investments for tax purposes is $386,763,627. |
Invesco Municipal Income Opportunities Trust
| Item 2. | Controls and Procedures. |
| (a) | As of May 25, 2016, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 25, 2016, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
| (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| Item 3. | Exhibits. |
Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Municipal Income Opportunities Trust
| By: | /s/ Sheri Morris | |
| Sheri Morris | ||
| Principal Executive Officer | ||
| Date: | July 29, 2016 | |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Sheri Morris | |
| Sheri Morris | ||
| Principal Executive Officer | ||
| Date: | July 29, 2016 | |
| By: | /s/ Kelli Gallegos | |
| Kelli Gallegos | ||
| Principal Financial Officer | ||
| Date: | July 29, 2016 | |
EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.