Invesco Municipal Income Opportunities Trust
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05597

 

 

Invesco Municipal Income Opportunities Trust

(Exact name of registrant as specified in charter)

 

 

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

 

 

Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 05/31/14

 

 

 

Item 1. Schedule of Investments.

 

Invesco Municipal Income Opportunities Trust

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

 

 

 

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   MS-CE-MIOPP-QTR-1      5/14    Invesco Advisers, Inc.
 

Schedule of Investments

May 31, 2014

(Unaudited)

 

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–110.81%*

           

Alabama–0.78%

           

Huntsville (City of) Special Care Facilities Financing Authority (Redstone Village); Series 2007, Retirement Facility RB

      5.50 %      01/01/43       $ 925       $ 893,948   

Jefferson (County of);

           

Series 2013 C, Sr. Lien Sewer Revenue Conv. CAB Wts. (INS-AGM) (a)(b)

      6.60 %      10/01/42         1,300         835,744   

Series 2013 F, Sr. Lien Sewer Revenue Conv. CAB Wts. (b)

      7.75 %      10/01/46         1,700         990,505   
                                 2,720,197   

Arizona–4.43%

           

Casa Grande (City of) Industrial Development Authority (Casa Grande Regional Medical Center); Series 2001 A, Ref. Hospital RB

      7.63 %      12/01/29         1,000         1,006,950   

Phoenix (City of) Industrial Development Authority (Choice Academies); Series 2012, Education RB

      5.38 %      09/01/32         1,000         941,170   

Phoenix (City of) Industrial Development Authority (Great Hearts Academies); Series 2012, Education RB

      6.40 %      07/01/47         600         616,800   

Phoenix (City of) Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, Education Facility RB (c)

      6.75 %      07/01/44         750         775,710   

Phoenix (City of) Industrial Development Authority (Phoenix Collegiate Academy); Series 2012, Education RB

      5.63 %      07/01/42         1,000         982,630   

Pima (County of) Industrial Development Authority (Constellation Schools); Series 2008, Lease RB (d)(e)

      7.00 %      01/01/16         3,000         3,369,000   

Pima (County of) Industrial Development Authority (Coral Academy Science); Series 2008 A, Education Facilities RB

      7.25 %      12/01/38         1,000         1,029,660   

Pima (County of) Industrial Development Authority (Edkey Charter Schools); Series 2013, Ref. Education Facility RB

      6.00 %      07/01/48         1,000         926,050   

Pima (County of) Industrial Development Authority (Global Water Resources, LLC); Series 2007, Water & Wastewater RB (f)

      6.55 %      12/01/37         2,000         2,030,200   

Pima (County of) Industrial Development Authority (Noah Webster Basic Schools);

  

      

Series 2004 A, Education RB

      6.00 %      12/15/24         1,000         1,004,560   

Series 2004 A, Education RB

      6.13 %      12/15/34         500         501,155   

Quechan Indian Tribe of Fort Yuma (California & Arizona Governmental); Series 2008, RB

      7.00 %      12/01/27         1,330         1,255,866   

Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School - Queen Creek and Casa Grande Campuses); Series 2013, Education RB

      6.00 %      07/01/43         1,000         998,570   
           15,438,321   

California–12.66%

           

ABAG Finance Authority for Non-profit Corps. (Episcopal Senior Communities); Series 2012 A, Ref. RB

      5.00 %      07/01/47         1,000         1,018,350   

Alhambra (City of) (Atherton Baptist Homes); Series 2010 A, RB

      7.63 %      01/01/40         1,000         1,059,340   

Bakersfield (City of); Series 2007 A, Wastewater RB (INS-AGM) (a)(g)

      5.00 %      09/15/32         960         1,062,422   

California (State of) Educational Facilities Authority (Stanford University);

           

Series 2012 U-2, Ref. RB (g)

      5.00 %      10/01/32         3,500         4,571,665   

Series 2014 U-6, RB (g)

      5.00 %      05/01/45         3,000         3,896,730   

California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); Series 2014 B, Sub. Mobile Home Park RB

      5.88 %      08/15/49         1,250         1,252,119   

California (State of) Municipal Finance Authority (High Tech High-Media Arts); Series 2008 A, Educational Facility RB (c)

      5.88 %      07/01/28         855         868,261   

California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2012 A, Charter School Lease RB

      6.00 %      07/01/42         1,000         1,024,090   

California (State of) Pollution Control Finance Authority; Series 2012, Water Furnishing RB (c)(f)

      5.00 %      07/01/37         1,000         1,030,120   

California (State of) School Finance Authority (New Designs Charter School); Series 2012, Educational Facilities RB

      5.50 %      06/01/42         695         695,000   

California (State of) Statewide Communities Development Authority (California Baptist University); Series 2011, RB

      7.25 %      11/01/31         1,000         1,152,040   

California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB

      5.25 %      07/01/42         750         701,970   

 

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 (Lancer Educational Student Housing); Series 2007, RB

      5.63 %      06/01/33       $ 1,000       $ 1,009,310   

California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); Series 2002, Tobacco Settlement Asset-Backed RB

      6.00 %      05/01/43         750         749,970   

California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.); Series 2005, Ref. Tobacco Settlement Asset-Backed RB

      5.13 %      06/01/38         1,000         817,350   

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         965         976,792   

Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (a)(h)

      0.00 %      08/01/46         10,000         1,754,300   

Foothill-Eastern Transportation Corridor Agency; Series 2013 C, Ref. Jr. Lien Toll Road RB

      6.50 %      01/15/43         1,000         1,167,550   

Golden State Tobacco Securitization Corp.;

           

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

      5.00 %      06/01/33         1,000         831,940   

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

      5.13 %      06/01/47         2,000         1,557,280   

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

      5.75 %      06/01/47         1,000         844,330   

Inland Empire Tobacco Securitization Authority; Series 2007 C-1, Asset-Backed Tobacco Settlement CAB RB (h)

      0.00 %      06/01/36         6,000         1,088,340   

National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB

      7.00 %      08/01/32         1,000         1,254,420   

Palm Springs (City of) (Palm Springs International Airport); Series 2006, Ref. Sub. Airport Passenger Facility Charge RB (f)

      5.55 %      07/01/28         435         436,292   

Poway Unified School District (School Facilities Improvement); Series 2011, Unlimited Tax CAB GO Bonds (h)

      0.00 %      08/01/39         8,000         2,503,120   

Riverside (County of) Redevelopment Agency (Mid-County Redevelopment Project Area); Series 2010 C, Tax Allocation RB

      6.25 %      10/01/40         1,000         1,024,050   

Riverside (County of) Transportation Commission; Series 2013 A, Sr. Lien Toll RB

      5.75 %      06/01/48         1,000         1,102,980   

Sacramento (County of) Community Facilities District No. 2005-2 (North Vineyard Station No. 1); Series 2007 A, Special Tax RB

      6.00 %      09/01/37         1,000             1,025,370   

San Buenaventura (City of) (Community Memorial Health System); Series 2011, RB

      7.50 %      12/01/41         1,000         1,159,220   

San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, Tax Allocation RB

      7.00 %      08/01/41         1,400         1,566,684   

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 (h)

      0.00 %      08/01/37         5,000         1,377,350   

Southern California Logistics Airport Authority; Series 2008 A, Tax Allocation CAB RB (h)

      0.00 %      12/01/44         18,085         557,018   

Union City (City of) Community Redevelopment Agency (Community Redevelopment); Series 2011, Sub. Lien Tax Allocation RB

      6.88 %      12/01/33         1,500         1,833,180   

Victor Valley Union High School District (Election of 2008); Series 2013 B, Unlimited Tax CAB GO Bonds (h)

      0.00 %      08/01/48         8,310         1,179,023   
                                 44,147,976   

Colorado–5.16%

           

Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2006 A, RB

      5.75 %      01/01/37         1,500         1,528,170   

Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB (g)

      5.50 %      01/01/35         3,000         3,488,940   

Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group); Series 2010 A, RB

      6.25 %      11/15/40         1,000         1,091,340   

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB

      6.00 %      01/15/41         1,000         1,101,940   

Copperleaf Metropolitan District No. 2;

           

Series 2006, Limited Tax GO Bonds

      5.85 %      12/01/26         1,420         1,301,785   

Series 2006, Limited Tax GO Bonds

      5.95 %      12/01/36         2,000         1,763,980   

Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a)

      5.00 %      12/01/35         925         939,800   

Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. Tax Supported Limited Tax GO Bonds

      7.25 %      12/01/40         500         523,685   

Montrose (County of) Memorial Hospital Board of Trustees; Series 2003, Enterprise RB

      6.00 %      12/01/33         1,000         1,016,310   

Northwest Metropolitan District No. 3; Series 2005, Limited Tax GO Bonds

      6.25 %      12/01/35         2,000         1,889,540   

University of Colorado; Series 2013 A, Enterprise RB (g)

      5.00 %      06/01/43         3,000         3,336,360   
                                 17,981,850   

Connecticut–0.33%

           

Georgetown (City of) Special Taxing District; Series 2006 A, Unlimited Tax GO Bonds (c)(i)

      5.13 %      10/01/36         2,955         1,157,267   

 

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Delaware–0.29%

           

Sussex (County of) (Cadbury at Lewes); Series 2006 A, First Mortgage RB

      6.00 %      01/01/35       $ 1,000       $ 1,005,410   

District of Columbia–0.77%

           

District of Columbia (Cesar Chavez Charter School); Series 2011, RB

      7.88 %      11/15/40         1,000         1,147,630   

District of Columbia; Series 2009 B, Ref. Sec. Income Tax RB (g)

      5.00 %      12/01/25         1,335         1,554,434   
                                 2,702,064   

Florida–10.06%

           

Alachua (County of) (North Florida Retirement Village, Inc.);

           

Series 2007, IDR

      5.25 %      11/15/17         1,000         1,054,350   

Series 2007, IDR

      5.88 %      11/15/36         2,000         1,979,640   

Series 2007, IDR

      5.88 %      11/15/42         1,000         975,350   

Alachua (County of) Health Facilities Authority (East Ridge Retirement Village, Inc.); Series 2014, RB

      6.38 %      11/15/49         750         777,210   

Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB

      8.13 %      11/15/46         1,000         1,154,350   

Broward (County of) (Civic Arena); Series 2006 A, Ref. Professional Sports Facilities Tax RB (INS-AGM) (a)(g)

      5.00 %      09/01/23         7,245         7,886,400   

Capital Trust Agency (Million Air One LLC); Series 2011, RB (f)

      7.75 %      01/01/41         1,000         1,033,840   

Collier (County of) Industrial Development Authority (The Arlington of Naples); Series 2014 A, Continuing Care Community RB (c)

      8.25 %      05/15/49         1,200         1,297,272   

Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, Springing Lien RB

      7.25 %      10/01/40         1,000         1,207,260   

Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2012 A, Educational Facilities RB

      6.13 %      06/15/43         1,000         962,620   

Lee (County of) Industrial Development Authority (Cypress Cove Healthpark); Series 2012, Ref. RB

      5.75 %      10/01/42         1,000             1,022,150   

Miami-Dade (County of); Series 2009, Sub. Special Obligation CAB RB (h)

      0.00 %      10/01/42         7,900         1,856,579   

Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);

  

      

Series 2005, Ref. RB

      5.70 %      07/01/26         1,000         1,009,680   

Series 2007, First Mortgage RB

      5.50 %      07/01/32         1,000         1,007,550   

Series 2007, First Mortgage RB

      5.50 %      07/01/38         500         501,380   

Palm Beach (County of) Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014 A, RB

      7.50 %      06/01/49         750         837,135   

Renaissance Commons Community Development District; Series 2005 A, Special Assessment RB

      5.60 %      05/01/36         1,740         1,477,504   

South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB (g)

      5.00 %      08/15/32         7,000         7,352,310   

St. Johns (County of) Industrial Development Authority (Presbyterian Retirement Communities); Series 2010 A, RB

      6.00 %      08/01/45         1,000         1,080,510   

University Square Community Development District; Series 2007 A-1, Capital Improvement Special Assessment RB

      5.88 %      05/01/38         600         608,082   
                                 35,081,172   

Georgia–1.62%

           

Americus (City of) & Sumter (County of) Hospital Authority (Magnolia Manor Obligated Group); Series 2013 A, Ref. RB

      6.38 %      05/15/43         1,000         1,065,940   

Atlanta (City of) (Beltline); Series 2009 B, Tax Allocation RB

      7.38 %      01/01/31         1,000         1,181,650   

Atlanta (City of) (Eastside); Series 2005 B, Tax Allocation RB

      5.60 %      01/01/30         1,500         1,563,600   

Clayton (County of) Development Authority (Delta Air Lines, Inc.); Series 2009 B, Special Facilities RB (f)

      9.00 %      06/01/35         750         792,517   

DeKalb (County of) Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC

      6.13 %      09/01/40         1,000         1,055,020   
         5,658,727   

Hawaii–0.66%

           

Hawaii (State of) Department of Budget & Finance (15 Craigside); Series 2009 A, Special Purpose Senior Living RB

      8.75 %      11/15/29         1,000         1,170,080   

Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc. & Subsidiary); Series 2009, Special Purpose RB

      6.50 %      07/01/39         1,000         1,121,310   
         2,291,390   

Idaho–0.54%

           

Idaho (State of) Health Facilities Authority (Terraces of Boise); Series 2014 A, RB

      8.13 %      10/01/49         1,000         1,034,070   

 

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Idaho–(continued)

           

Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2007, Ref. RB

      6.13 %      11/15/27       $ 815       $ 836,100   
                                 1,870,170   

Illinois–12.27%

           

Bolingbrook (Village of) Special Services Area No. 1 (Forest City); Series 2005, Special Tax RB

      5.90 %      03/01/27         1,750         1,706,705   

Bolingbrook (Village of); Series 2005, Sales Tax RB

      5.75 %      01/01/24         2,000         1,881,780   

Chicago (City of) (Lakeshore East); Series 2002, Special Assessment Improvement RB

      6.75 %      12/01/32         1,911         1,938,327   

Chicago (City of); Series 2011, COP

      7.13 %      05/01/25         1,030         1,140,158   

Cook (County of) (Navistar International Corp.); Series 2010, Recovery Zone Facility RB

      6.50 %      10/15/40         1,000         1,021,730   

Hillside (Village of) (Mannheim Redevelopment); Series 2008, Sr. Lien Tax Increment Allocation RB

      7.00 %      01/01/28         1,000         1,041,140   

Illinois (State of) Finance Authority (Collegiate Housing Foundation - DeKalb II, LLC - Northern Illinois University); Series 2011, Student Housing RB

      6.88 %      10/01/43         1,000         1,154,890   

Illinois (State of) Finance Authority (Friendship Village of Schaumburg); Series 2010, RB

      7.00 %      02/15/38         1,445         1,454,595   

Illinois (State of) Finance Authority (Greenfields of Geneva);

           

Series 2010 A, RB

      8.00 %      02/15/30         1,130         1,171,787   

Series 2010 A, RB

      8.25 %      02/15/46         775         805,814   

Illinois (State of) Finance Authority (Luther Oaks);

           

Series 2006 A, RB

      5.70 %      08/15/28         500         500,080   

Series 2006 A, RB

      6.00 %      08/15/39         1,500         1,506,435   

Illinois (State of) Finance Authority (Lutheran Home & Services); Series 2012, Ref. RB

      5.75 %      05/15/46         1,000         1,022,640   

Illinois (State of) Finance Authority (Montgomery Place); Series 2006 A, RB

      5.75 %      05/15/38         2,000         2,033,860   

Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2010 A, RB

      8.25 %      05/15/45         1,000         685,000   

Illinois (State of) Finance Authority (Peace Village); Series 2013, RB

      7.00 %      08/15/43         1,000             1,066,920   

Illinois (State of) Finance Authority (Plymouth Place); Series 2013, Ref. RB

      6.00 %      05/15/43         1,000         960,250   

Illinois (State of) Finance Authority (The Admiral at the Lake); Series 2010 A, RB

      7.25 %      05/15/20         1,000         1,008,750   

Illinois (State of) Finance Authority (The Landing at Plymouth Place); Series 2005 A, RB

      6.00 %      05/15/37         2,500         2,439,125   

Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network, Inc.);

           

Series 2011, Ref. Charter School RB

      6.88 %      10/01/31         500         570,025   

Series 2011, Ref. Charter School RB

      7.13 %      10/01/41         500         575,965   

Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB (g)

      5.25 %      10/01/52         3,000         3,321,900   

Illinois (State of) Finance Authority (Villa St. Benedict); Series 2003 A-1, RB (i)

      6.90 %      11/15/33         1,750         1,375,920   

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2010 A, RB (g)

      5.50 %      06/15/50         960         1,031,530   

Illinois (State of) Toll Highway Authority; Series 2008 B, RB (g)

      5.50 %      01/01/33         3,000         3,338,970   

Long Grove (Village of) (Sunset Grove); Series 2010, Limited Obligation Tax Increment Allocation RB

      7.50 %      01/01/30         985         1,073,729   

Pingree Grove (Village of) (Cambridge Lakes Learning Center); Series 2011, RB

      8.50 %      06/01/41         1,000         1,093,480   

Pingree Grove (Village of) (Cambridge Lakes); Series 2006-1, Special Service Area No. 7 Special Tax RB

      6.00 %      03/01/36         2,387         2,421,564   

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         930         935,450   

Upper Illinois River Valley Development Authority (Pleasant View Luther Home); Series 2010, RB

      7.38 %      11/15/45         1,000         1,053,850   

Will (County of) & Kankakee (City of) Regional Development Authority (Senior Estates Supportive Living); Series 2007, MFH RB (f)

      7.00 %      12/01/42         1,425         1,455,538   
                                 42,787,907   

Indiana–1.55%

           

Carmel (City of) (Barrington Carmel); Series 2012 A, RB

      7.13 %      11/15/47         515         546,456   

Crown Point (City of) (Wittenberg Village); Series 2009 A, Economic Development RB

      8.00 %      11/15/39         1,000         1,117,970   

Indianapolis (City of) (Ritter Affordable Assisted Living); Series 2014, MFH RB

      6.90 %      12/01/33         500         508,510   

St. Joseph (County of) (Holy Cross Village at Notre Dame);

           

Series 2006 A, Economic Development RB

      6.00 %      05/15/26         560         572,774   

Series 2006 A, Economic Development RB

      6.00 %      05/15/38         525         531,494   

Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB (f)

      7.00 %      01/01/44         1,000         1,117,650   

Vigo (County of) Hospital Authority (Union Hospital, Inc.); Series 2007, RB (c)

      5.80 %      09/01/47         1,000         1,000,010   
                                 5,394,864   

 

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Iowa–2.70%

           

Cass (County of) (Cass County Memorial Hospital); Series 2010 A, Hospital RB

      7.25 %      06/01/35       $ 1,000       $ 1,087,800   

Iowa (State of) Finance Authority (Alcoa Inc.); Series 2012, Midwestern Disaster Area RB

      4.75 %      08/01/42         1,000         992,260   

Iowa (State of) Finance Authority (Bethany Life Communities); Series 2006 A, Ref. Senior Housing RB

      5.55 %      11/01/41         1,000         1,001,440   

Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, Midwestern Disaster Area RB

      5.25 %      12/01/25         2,000         2,091,320   

Iowa (State of) Finance Authority (Madrid Home); Series 2007, Ref. Health Care Facility RB

      5.90 %      11/15/37         750         718,245   

Iowa (State of) Tobacco Settlement Authority;

           

Series 2005 C, Asset-Backed RB

      5.38 %      06/01/38         1,000         874,590   

Series 2005 C, Asset-Backed RB

      5.63 %      06/01/46         1,000         862,630   

Series 2005 D, Asset-Backed CAB RB (h)

      0.00 %      06/01/46         10,000         759,300   

Orange City (City of); Series 2008, Ref. Hospital Capital Loan RN

      5.60 %      09/01/32         1,000         1,017,000   
         9,404,585   

Kansas–1.02%

           

Olathe (City of) (Catholic Care Campus, Inc.); Series 2006 A, Senior Living Facility RB

      6.00 %      11/15/38         1,400         1,418,256   

Wichita (City of) (Larksfield Place); Series 2013 III, Ref. Health Care Facilities & Improvement RB

      7.38 %      12/15/43         1,000         1,070,630   

Wichita (City of) (Presbyterian Manors, Inc.); Series 2013 IV-A, Health Care Facilities RB

      6.50 %      05/15/48         1,000         1,065,890   
                                     3,554,776   

Kentucky–0.69%

           

Kentucky (State of) Economic Development Finance Authority (Masonic Home Independent Living II); Series 2011, RB

      7.38 %      05/15/46         1,000         1,132,710   

Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing); Series 2013 C, First Tier Toll Conv. CAB RB (b)

      6.88 %      07/01/46         2,000         1,278,360   
                                 2,411,070   

Louisiana–0.77%

           

Lakeshore Villages Master Community Development District; Series 2007, Special Assessment RB (i)

      5.25 %      07/01/17         1,984         734,477   

Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2009 A, RB

      6.50 %      08/01/29         750         870,675   

Louisiana (State of) Public Facilities Authority (Lake Charles Memorial Hospital); Series 2007, Ref. Hospital RB (c)

      6.38 %      12/01/34         1,000         1,089,510   
                                 2,694,662   

Maine–0.31%

           

Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB

      6.75 %      07/01/41         1,000         1,100,160   

Maryland–1.53%

           

Baltimore (City of) (East Baltimore Research Park); Series 2008 A, Special Obligation Tax Allocation RB

      7.00 %      09/01/38         1,000         1,083,360   

Frederick (County of) (Jefferson Technology Park); Series 2013 B, Tax Increment & Special Tax RB

      7.13 %      07/01/43         1,000         1,095,800   

Harford (County of); Series 2011, Special Obligation Tax Allocation RB

      7.50 %      07/01/40         1,000         1,117,960   

Maryland (State of) Industrial Development Financing Authority (Our Lady of Good Counsel High School Facility); Series 2005 A, Economic Development RB (d)(e)

      6.00 %      05/01/15         1,000         1,051,510   

Westminster (City of) (Carroll Lutheran Village); Series 2004 A, Economic Development RB

      6.25 %      05/01/34         1,000         1,000,480   
                                 5,349,110   

Massachusetts–1.30%

           

Massachusetts (State of) Development Finance Agency (Evergreen Center Inc.); Series 2005, RB

      5.50 %      01/01/35         800         801,808   

Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility);

           

Series 2011 A-1, RB

      6.25 %      11/15/46         709         581,278   

Series 2011 A-2, RB

      5.50 %      11/15/46         38         27,195   

Series 2011 B, CAB RB (h)

      0.00 %      11/15/56         187         843   

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB (g)

      5.50 %      07/01/32         505         685,760   

Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB

      6.88 %      01/01/41         1,000         1,180,190   

 

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Massachusetts–(continued)

           

Massachusetts (State of); Series 2004 A, Ref. Limited Tax GO Bonds (INS-AMBAC) (a)(g)

      5.50 %      08/01/30       $ 960       $ 1,253,376   
                                 4,530,450   

Michigan–0.94%

           

Dearborn Economic Development Corp. (Henry Ford Village, Inc.); Series 2008, Ref. Limited Obligation RB

      7.00 %      11/15/28         1,200         1,240,140   

Detroit (City of) Water and Sewerage Department; Series 2012 A, Ref. Sr. Lien Sewage Disposal System RB

      5.25 %      07/01/39         1,000         996,500   

Wayne Charter County Economic Development Corp. (Rivers of Grosse Point); Series 2013, First Mortgage RB

      7.88 %      12/01/43         1,000         1,037,550   
                                 3,274,190   

Minnesota–4.09%

           

Anoka (City of) (The Homestead at Anoka, Inc.); Series 2011 A, Health Care Facilities RB

      7.00 %      11/01/40         1,000         1,057,150   

Bloomington (City of) Port Authority (Radisson Blu Mall of America, LLC); Series 2010, Recovery Zone Facility RB

      9.00 %      12/01/35         1,000             1,075,930   

Brooklyn Park (City of) (Prairie Seeds Academy); Series 2009 A, Lease RB

      9.25 %      03/01/39         1,000         1,111,390   

Minneapolis (City of) (Fairview Health Services); Series 2008 A, Health Care System RB

      6.75 %      11/15/32         1,500         1,782,615   

North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.); Series 2007, Senior Housing RB

      6.13 %      10/01/39         1,500         1,573,620   

Rochester (City of) (Homestead at Rochester, Inc.); Series 2013 A, Health Care & Housing RB

      6.88 %      12/01/48         1,000         1,086,080   

Rochester (City of) (Samaritan Bethany, Inc.); Series 2009 A, Ref. Health Care & Housing RB

      7.38 %      12/01/41         1,000         1,117,350   

Sartell (City of) (Country Manor Campus LLC); Series 2013, Health Care & Housing Facilities RB

      5.38 %      09/01/43         500         504,580   

St. Paul (City of) Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. Tax Increment Allocation RB

      6.25 %      03/01/25         1,000         1,049,190   

St. Paul (City of) Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2012 A, Charter School Lease RB

      5.25 %      09/01/32         1,060         1,063,434   

Wayzata (City of) (Folkestone Senior Living Community); Series 2012 A, Senior Housing RB

      6.00 %      05/01/47         1,000         1,089,290   

West St. Paul (City of) (Walker Thompson Hill, LLC); Series 2011A, Health Care Facilities RB

      7.00 %      09/01/46         700         735,497   

Winsted (City of) (St. Mary’s Care Center); Series 2010 A, Health Care RB

      6.88 %      09/01/42         1,000         1,019,920   
                                 14,266,046   

Mississippi–0.29%

           

Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 1998, PCR

      5.88 %      04/01/22         1,000         1,000,580   

Missouri–2.42%

           

Branson (City of) Regional Airport Transportation Development District; Series 2007 B, Airport RB (f)(i)

      6.00 %      07/01/37         1,200         171,264   

Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, Special Assessment RB

      5.50 %      04/01/27         750         414,022   

Bridgeton (City of) Industrial Development Authority (Sarah Community); Series 2011 A, Ref. & Improvement Senior Housing RB

      6.38 %      05/01/35         1,000         1,043,110   

Cass (County of); Series 2007, Hospital RB

      5.63 %      05/01/38         1,000         1,015,850   

Kansas City (City of) Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2011, Sales Tax RB

      6.75 %      10/01/41         1,000         1,052,810   

Kirkwood (City of) Industrial Development Authority (Aberdeen Heights); Series 2010 A, Retirement Community RB

      8.25 %      05/15/39         1,000         1,150,110   

St. Louis (County of) Industrial Development Authority (Grand Center Redevelopment); Series 2011, Tax Increment Allocation Improvement RB

      6.38 %      12/01/25         1,000         1,051,870   

St. Louis (County of) Industrial Development Authority (Ranken-Jordan); Series 2007, Ref. Health Facilities RB

      5.00 %      11/15/22         1,000         1,014,160   

St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Senior Living Facilities RB

      6.38 %      12/01/41         1,500         1,519,185   
                                 8,432,381   

Nebraska–0.31%

           

Gage (County of) Hospital Authority No. 1 (Beatrice Community Hospital & Health Center); Series 2010 B, Health Care Facilities RB

      6.75 %      06/01/35         1,000         1,081,450   

Nevada–0.96%

           

Henderson (City of) (Local Improvement District No. T-18); Series 2006, Special Assessment RB

      5.30 %      09/01/35         505         414,570   

 

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Nevada–(continued)

           

Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB

      8.00 %      06/15/30       $ 700       $ 809,151   

Mesquite (City of) (Special Improvement District No. 07-01-Anthem at Mesquite); Series 2007, Special Assessment Local Improvement RB

      6.00 %      08/01/23         920         953,267   

Sparks (City of) (Local Improvement District No. 3 - Legends at Sparks Marina); Series 2008, Special Assessment Limited Obligation Improvement RB

      6.50 %      09/01/20         1,070         1,172,677   
                                 3,349,665   

New Hampshire–0.61%

           

New Hampshire (State of) Business Finance Authority (Huggins Hospital); Series 2009, First Mortgage RB

      6.88 %      10/01/39         975         1,039,184   

New Hampshire (State of) Health & Education Facilities Authority (Rivermead); Series 2011 A, RB

      6.88 %      07/01/41         1,000         1,104,860   
                                 2,144,044   

New Jersey–2.88%

           

Essex (County of) Improvement Authority (Newark); Series 2010 A, RB

      6.25 %      11/01/30         1,000             1,127,140   

New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);

           

Series 1999, Special Facility RB (f)

      5.25 %      09/15/29         1,000         1,035,940   

Series 2012, RB (f)

      5.75 %      09/15/27         1,000         1,057,970   

New Jersey (State of) Economic Development Authority (Lions Gate);

           

Series 2005 A, First Mortgage RB

      5.75 %      01/01/25         710         713,003   

Series 2005 A, First Mortgage RB

      5.88 %      01/01/37         1,230         1,231,452   

New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center); Series 2006, First Mortgage RB

      5.38 %      11/01/36         700         562,814   

New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph’s Health Care System); Series 2008, RB

      6.63 %      07/01/38         1,000         1,083,110   

Tobacco Settlement Financing Corp.;

           

Series 2007 1-A, RB

      4.75 %      06/01/34         1,000         787,770   

Series 2007 1A, Asset-Backed RB

      5.00 %      06/01/29         1,000         865,390   

Series 2007 1A, Asset-Backed RB

      5.00 %      06/01/41         2,000         1,580,220   
                                 10,044,809   

New Mexico–0.31%

           

New Mexico (State of) Hospital Equipment Loan Council (La Vida Llena); Series 2010 A, First Mortgage RB

      6.13 %      07/01/40         1,000         1,069,980   

New York–7.59%

           

Brooklyn Arena Local Development Corp. (Barclays Center);

           

Series 2009, PILOT CAB RB (h)

      0.00 %      07/15/35         1,475         495,600   

Series 2009, PILOT CAB RB (h)

      0.00 %      07/15/46         10,000         1,799,900   

Erie (County of) Industrial Development Agency (Orchard Park CCRC, Inc.); Series 2006 A, RB

      6.00 %      11/15/36         1,000         1,014,640   

Mount Vernon (City of) Industrial Development Agency (Wartburg Senior Housing, Inc./Meadowview);

           

Series 1999, Civic Facility RB

      6.15 %      06/01/19         575         575,690   

Series 1999, Civic Facility RB

      6.20 %      06/01/29         500         500,235   

Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement Community RB

      6.50 %      01/01/27         1,500         787,485   

New York & New Jersey (States of) Port Authority;

           

One Hundred Sixty-Ninth Series 2011, Consolidated RB (f)(g)

      5.00 %      10/15/27         1,700         1,928,871   

One Hundred Sixty-Ninth Series 2011, Consolidated RB (f)(g)

      5.00 %      10/15/28         1,300         1,465,984   

New York (City of) Industrial Development Agency (Polytechnic University); Series 2007, Ref. Civic Facility RB (INS-ACA) (a)

      5.25 %      11/01/37         1,200         1,338,864   

New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2006, PILOT RB (INS-AMBAC) (a)

      5.00 %      01/01/39         500         509,320   

New York (City of) Municipal Water Finance Authority; Series 2013 BB, Water & Sewer System RB (g)

      5.00 %      06/15/47         3,000         3,270,720   

New York (City of) Transitional Finance Authority;

           

Series 2013 I, Sub. Future Tax Sec. RB (g)

      5.00 %      05/01/42         2,400         2,655,288   

Subseries 2012 F-1, Future Tax Sec. RB (g)

      5.00 %      05/01/39         6,000         6,637,320   

New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority Liberty RB

      6.38 %      07/15/49         1,000         1,097,930   

 

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)

           

New York Liberty Development Corp. (National Sports Museum); Series 2006 A, RB (Acquired 08/07/06; Cost $1,697,125) (c)(i)

      6.13 %      02/15/19       $ 2,000       $ 20   

Suffolk (County of) Industrial Development Agency (Medford Hamlet Assisted Living); Series 2005, Assisted Living Facility RB (f)

      6.38 %      01/01/39         1,395         1,385,486   

TSASC, Inc.;

           

Series 2006 1, Tobacco Settlement Asset-Backed RB

      5.00 %      06/01/34         700         608,076   

Series 2006 1, Tobacco Settlement Asset-Backed RB

      5.13 %      06/01/42         500         417,455   
                                 26,488,884   

North Carolina–0.55%

           

North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. First Mortgage Retirement Facilities RB

      6.25 %      07/01/35         750         788,115   

North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, First Mortgage Retirement Facilities RB

      7.75 %      03/01/41         1,000             1,117,010   
                                 1,905,125   

Ohio–4.34%

           

Buckeye Tobacco Settlement Financing Authority;

           

Series 2007 A-3, Sr. Asset-Backed Turbo RB

      6.25 %      06/01/37         1,000         860,090   

Series 2007 B, First Sub. Asset-Backed CAB RB (h)

      0.00 %      06/01/47         40,000         2,453,200   

Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 A, Health Care RB

      6.00 %      11/01/38         1,500         1,538,490   

Cleveland-Cuyahoga (County of) Port Authority (Constellation Schools); Series 2014 A, Ref. & Improvement Lease RB (c)

      6.75 %      01/01/44         1,000         1,030,850   

Cuyahoga (County of) (Eliza Jennings Senior Care Network); Series 2007 A, Health Care & Independent Living Facilities RB

      5.75 %      05/15/27         2,000         2,040,180   

Franklin (County of) (First Community Village Obligated Group); Series 2013, Ref. Health Care Facilities RB

      5.63 %      07/01/47         750         638,310   

Gallia (County of) (Holzer Health System Obligated Group); Series 2012, Ref. & Improvement Hospital Facilities RB

      8.00 %      07/01/42         1,000         1,103,680   

Lorain (County of) Port Authority (U.S. Steel Corp.); Series 2010, Recovery Zone Facility RB

      6.75 %      12/01/40         1,000         1,067,570   

Montgomery (County of) (St. Leonard); Series 2010, Ref. & Improvement Health Care & MFH RB

      6.63 %      04/01/40         1,000         1,089,600   

Muskingum (County of) (Genesis Healthcare System); Series 2013, Hospital Facilities RB

      5.00 %      02/15/44         1,000         984,710   

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 C, Ref. PCR

      5.63 %      06/01/18         1,000         1,125,030   

Toledo-Lucas (County of) Port Authority (Crocker Park Public Improvement); Series 2003, Special Assessment RB

      5.38 %      12/01/35         1,200         1,206,096   
                                 15,137,806   

Oklahoma–1.12%

           

Citizen Potawatomi Nation; Series 2004 A, Sr. Obligation Tax RB

      6.50 %      09/01/16         780         763,706   

Oklahoma (State of) Development Finance Authority (Inverness Village Community);

           

Series 2012, Ref. Continuing Care Retirement Community RB

      6.00 %      01/01/32         1,000         1,040,040   

Series 2013, Ref. Continuing Care Retirement Community RB

      5.75 %      01/01/37         1,000         1,016,530   

Tulsa (County of) Industrial Authority (Montereau, Inc.); Series 2010 A, Senior Living Community RB

      7.25 %      11/01/45         1,000         1,095,260   
                                 3,915,536   

Pennsylvania–4.81%

           

Allegheny (County of) Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, Charter School RB

      6.75 %      08/15/35         950         1,024,337   

Allegheny (County of) Redevelopment Authority (Pittsburgh Mills); Series 2004, Tax Allocation RB

      5.60 %      07/01/23         1,000         1,031,250   

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2010, RB

      6.13 %      01/01/45         965         1,006,080   

Harrisburg (City of) Authority (Harrisburg University of Science); Series 2007 B, University RB (i)

      6.00 %      09/01/36         1,800         926,226   

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB

      5.25 %      07/01/42         1,000         944,630   

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB

      6.63 %      12/01/30         1,000         1,135,070   

Pennsylvania (Commonwealth of); First Series 2014, Unlimited Tax General Obligation Bonds (g)

      5.00 %      06/15/34         3,000         3,456,420   

 

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Pennsylvania–(continued)

           

Pennsylvania (State of) Economic Development Financing Authority (USG Corp.); Series 1999, Solid Waste Disposal RB (f)

      6.00 %      06/01/31       $ 1,000       $ 1,001,470   

Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB (g)

      5.00 %      06/15/21         3,000         3,482,040   

Philadelphia (City of) Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB

      7.25 %      06/15/43         750         785,347   

Philadelphia (City of) Industrial Development Authority (Performing Arts Charter School); Series 2013, RB (c)

      6.75 %      06/15/43         1,000         1,020,870   

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB

      5.45 %      07/01/35         945         961,566   
                                   16,775,306   

Puerto Rico–0.86%

           

Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, Sr. Lien RB

      5.00 %      07/01/33         1,000         740,220   

Puerto Rico Sales Tax Financing Corp.;

           

First Sr. Series 2009 C, RB

      5.75 %      08/01/57         1,000         936,630   

Series 2007 A, CAB RB (h)

      0.00 %      08/01/56         7,000         417,270   

Series 2011 C, RB

      5.25 %      08/01/40         1,000         895,470   
                                 2,989,590   

Rhode Island–0.24%

           

Tobacco Settlement Financing Corp.; Series 2002 A, Asset-Backed RB

      6.25 %      06/01/42         835         834,992   

South Carolina–1.46%

           

Myrtle Beach (City of) (Myrtle Beach Air Force Base);

           

Series 2006 A, Tax Increment Allocation RB

      5.25 %      10/01/26         835         813,866   

Series 2006 A, Tax Increment Allocation RB

      5.30 %      10/01/35         2,000         1,964,740   

South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman);

           

Series 2012, Ref. RB

      6.00 %      11/15/42         1,087         850,521   

Series 2012, Ref. Sub. CAB RB (h)

      0.00 %      11/15/47         466         18,629   

South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2006, Ref. First Mortgage Health Facilities RB

      5.30 %      10/01/36         1,500         1,453,695   
                                 5,101,451   

Tennessee–1.48%

           

Johnson City (City of) Health & Educational Facilities Board (Mountain States Health Alliance); Series 2006 A, First Mortgage Hospital RB

      5.50 %      07/01/31         2,000         2,090,400   

Shelby (County of) Health, Educational & Housing Facilities Board (Trezevant Manor);

           

Series 2006 A, RB

      5.75 %      09/01/37         1,000         1,004,920   

Series 2013 A, Ref. RB

      5.50 %      09/01/47         1,000         982,800   

Trenton (City of) Health & Educational Facilities Board (RHA/Trenton MR, Inc.); Series 2009, RB

      9.25 %      04/01/39         930         1,069,202   
                                 5,147,322   

Texas–10.57%

           

Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB (f)

      4.85 %      04/01/21         1,200         1,252,200   

Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, Education RB

      7.13 %      03/01/44         800         823,408   

Austin Convention Enterprises, Inc.; Series 2006 B, Ref. Second Tier Convention Center RB (c)

      5.75 %      01/01/34         1,100         1,113,739   

Capital Area Cultural Education Facilities Finance Corp. (The Roman Catholic Diocese of Austin); Series 2005 B, RB

      6.13 %      04/01/45         1,000         1,149,230   

Central Texas Regional Mobility Authority; Series 2011, Sub. Lien RB

      6.75 %      01/01/41         1,000         1,148,450   

Clifton Higher Education Finance Corp. (Uplift Education); Series 2010 A, Education RB

      6.25 %      12/01/45         1,000         1,119,250   

Decatur (City of) Hospital Authority (Wise Regional Health System); Series 2004 A, RB

      7.13 %      09/01/34         1,750         1,762,793   

HFDC of Central Texas, Inc. (Sears Tyler Methodist); Series 2009 A, RB

      7.75 %      11/15/44         1,000         624,980   

HFDC of Central Texas, Inc.; Series 2006 A, Retirement Facilities RB

      5.75 %      11/01/36         1,000         1,011,850   

Houston (City of) (Continental Airlines, Inc.); Series 2011 A, Ref. Airport System Special Facilities RB (f)

      6.63 %      07/15/38         1,000         1,099,780   

Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011 A, RB

      6.88 %      05/15/41         1,000         1,195,840   

La Vernia Higher Education Finance Corp. (Amigos Por Vida Friends for Life); Series 2008, RB

      6.25 %      02/15/26         1,465         1,474,112   

La Vernia Higher Education Finance Corp. (Knowledge is Power Program, Inc.); Series 2009 A, RB

      6.25 %      08/15/39         1,000         1,117,440   

 

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)

           

Lubbock Health Facilities Development Corp. (Carillon Senior LifeCare Community); Series 2005 A, Ref. First Mortgage RB

      6.50 %      07/01/26       $ 2,500       $ 2,600,625   

North Texas Tollway Authority;

           

Series 2008 A, Ref. First Tier System RB (INS-BHAC) (a)(g)

      5.75 %      01/01/48         3,000             3,406,890   

Series 2011 B, Special Project System CAB RB (h)

      0.00 %      09/01/37         7,000         2,063,250   

Red River Health Facilities Development Corp. (Parkview on Hollybrook); Series 2013 A, First Mortgage RB

      7.38 %      07/01/48         1,000         1,019,430   

Red River Health Facilities Development Corp. (Sears Methodist Retirement System); Series 2013, Retirement Facility RB

      6.15 %      11/15/49         1,000         781,130   

San Antonio Convention Hotel Finance Corp. (Empowerment Zone); Series 2005 A, Contract RB (INS-AMBAC) (a)(f)

      5.00 %      07/15/39         1,000         1,002,160   

Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB (f)

      8.00 %      07/01/38         1,000         1,068,490   

Tarrant County Cultural Education Facilities Finance Corp. (Mirador); Series 2010 A, Retirement Facility RB

      8.13 %      11/15/39         1,000         993,030   

Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2009 A, Retirement Facility RB

      8.25 %      11/15/44         1,000         878,790   

Texas (State of) Turnpike Authority (Central Texas Turnpike System); Series 2002, CAB RB (INS-AMBAC) (a)(h)

      0.00 %      08/15/33         4,160         1,318,678   

Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, Sr. Lien RB

      7.00 %      06/30/40         1,000         1,193,270   

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB

      6.88 %      12/31/39         1,000         1,175,330   

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC); Series 2013, Sr. Lien RB (f)

      6.75 %      06/30/43         1,000         1,215,170   

Texas State Public Finance Authority Charter School Finance Corp. (Odyssey Academy, Inc.); Series 2010 A, Education RB

      7.13 %      02/15/40         1,000         1,102,470   

Travis County Health Facilities Development Corp. (Westminster Manor); Series 2010, RB

      7.00 %      11/01/30         1,000         1,138,300   

Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2007, Ref. Hospital RB

      5.00 %      07/01/33         1,000         1,025,220   
                                 36,875,305   

Utah–0.30%

           

Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, Charter School RB

      6.38 %      07/15/40         1,000         1,060,620   

Virginia–0.42%

           

Peninsula Town Center Community Development Authority; Series 2007, Special Obligation RB

      6.45 %      09/01/37         226         237,935   

Virginia (State of) Small Business Financing Authority (Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC); Series 2009, RB (c)(d)(e)

      9.00 %      07/01/14         1,200         1,232,976   
                                 1,470,911   

Washington–2.30%

           

King (County of) Public Hospital District No. 4 (Snoqualmie Valley Hospital);

           

    Series 2009, Ref. & Improvement Limited Tax GO Bonds

      7.25 %      12/01/38         1,000         1,006,840   

    Series 2011, Ref. & Improvement Limited Tax GO Bonds

      7.00 %      12/01/40         1,000         1,067,780   

King (County of); Series 2011 B, Ref. Sewer RB (g)

      5.00 %      01/01/34         3,000         3,336,180   

Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2009, RB

      7.00 %      07/01/39         1,000         1,133,340   

Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB

      7.38 %      03/01/38         1,200         1,470,072   
                                 8,014,212   

West Virginia–0.61%

           

Kanawha (County of) (The West Virginia State University Foundation); Series 2013, Student Housing RB

      6.75 %      07/01/45         1,000         1,087,270   

West Virginia (State of) Hospital Finance Authority (Thomas Health System); Series 2008, RB

      6.50 %      10/01/38         1,000         1,028,710   
                                 2,115,980   

 

See accompanying notes which are an integral part of this schedule.

Invesco Municipal Income Opportunities Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Wisconsin–1.91%

           

Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care, Inc. Obligated Group); Series 2009, RB

      6.38 %      02/15/29       $ 1,500       $ 1,754,865   

Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community, Inc.); Series 2009 A, RB

      7.63 %      09/15/39         1,000         1,161,220   

Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing, Inc.);

           

Series 2012, RB

      5.88 %      08/01/42         1,000         975,380   

Series 2013, RB

      7.00 %      08/01/43         1,025         1,077,624   

Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch); Series 2011 A, Continuing Care Retirement Community RB

      8.25 %      06/01/46         1,000         1,167,840   

Wisconsin (State of) Public Finance Authority (Voyager Foundation Inc.); Series 2012 A, Charter School RB

      6.20 %      10/01/42         500         513,355   
                                 6,650,284   

TOTAL INVESTMENTS(j)–110.81% (Cost $366,494,107)

                                386,428,597   

FLOATING RATE NOTE OBLIGATIONS-(11.91)%
Notes with interest and fee rates ranging from 0.58% to 0.69% at 05/31/14 and
contractual maturities of collateral ranging from 06/15/21 to 10/01/52
(See Note 1D) (k)

                                (41,540,000 ) 

OTHER ASSETS LESS LIABILITIES–1.10%

                                3,827,864   

NET ASSETS–100.00%

                              $     348,716,461   

Investment Abbreviations:

 

ACA   —ACA Financial Guaranty Corp.
AGM   —Assured Guaranty Municipal Corp.
AMBAC   —American Municipal Bond Assurance Corp.
BHAC   —Berkshire Hathaway Assurance Corp.
CAB   —Capital Appreciation Bonds
Conv.   —Convertible
COP   —Certificates of Participation
GO   —General Obligation
IDR   —Industrial Development Revenue Bonds
INS   —Insurer
Jr.   —Junior
MFH   —Multi-Family Housing
PCR   —Pollution Control Revenue Bonds
PILOT   —Payment-in-Lieu-of-Tax
RAC   —Revenue Anticipation Certificates
RB   —Revenue Bonds
Ref.   —Refunding
RN   —Revenue Notes
Sec.   —Secured
SGI   —Syncora Guarantee, Inc.
Sr.   —Senior
Sub.   —Subordinated
Wts.   —Warrants
 

Notes to Schedule of Investments:

 

*  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.
(a)  Principal and/or interest payments are secured by the bond insurance company listed.
(b)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
(c)  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, 2014 was $11,616,605, which represented 3.33% of the Trust’s Net Assets.
(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  Security subject to the alternative minimum tax.
(g)  Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.
(h)  Zero coupon bond issued at a discount.
(i)  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, 2014 was $4,365,174, which represented 1.25% of the Trust’s Net Assets.
(j)  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%.
(k)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2014. At May 31, 2014, the Trust’s investments with a value of $72,420,510 are held by Dealer Trusts and serve as collateral for the $41,540,000 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, 2014

(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 of the Trust’s 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate

 

Invesco Municipal Income Opportunities Trust

D. Floating Rate Note Obligations – (continued)

investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.

Recently published 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.” These rules may preclude banking entities from sponsoring and/or providing services for existing TOB trust programs. There can be no assurances that TOB trusts can be restructured substantially similar to their present form, that new sponsors of TOB trusts would begin providing these services, or 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. The ultimate impact of these rules on the TOBs market and the municipal market generally is not yet certain.

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 these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations.

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

E. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

 

Invesco Municipal Income Opportunities Trust

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.

As of May 31, 2014, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 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, 2014 was $23,588,044 and $16,904,874, 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

    $ 33,666,034   

Aggregate unrealized (depreciation) of investment securities

      (13,231,499)   

Net unrealized appreciation of investment securities

    $             20,434,535   

Cost of investments for tax purposes is $365,994,062.

   

 

Invesco Municipal Income Opportunities Trust

Item 2. Controls and Procedures.

 

  (a) As of May 23, 2014, 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 23, 2014, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Municipal Income Opportunities Trust

 

By:  

/s/ Philip A. Taylor

  Philip A. Taylor
  Principal Executive Officer
Date:   July 29, 2014

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Philip A. Taylor

  Philip A. Taylor
  Principal Executive Officer
Date:   July 29, 2014
By:  

/s/ Sheri Morris

  Sheri Morris
  Principal Financial Officer
Date:   July 29, 2014

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.