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OMB APPROVAL
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OMB Number: 3235-0570
Expires: January 31, 2014
Estimated average burden
hours per response: 20.6
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number
811-06567
Invesco Van Kampen Municipal Opportunity Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: (
713) 626-1919
Date of
fiscal year end:
2/28
Date of
reporting period:
8/31/12
Item 1. Reports to Stockholders.
Invesco Van Kampen Municipal
Opportunity Trust
Semiannual Report to Shareholders
n
August 31, 2012
NYSE: VMO
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2
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Trust Performance
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2
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Trust Updates
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3
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Dividend Reinvestment Plan
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4
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Schedule of Investments
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17
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Financial Statements
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20
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Notes to Financial Statements
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26
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Financial Highlights
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28
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Approval of Investment Advisory and Sub-Advisory Agreements
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30
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Results of Proxy
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Unless otherwise noted, all data provided by Invesco.
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NOT FDIC INSURED
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MAY LOSE VALUE
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NO BANK GUARANTEE
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Trust Performance
Performance summary
Cumulative total returns, 2/29/12 to 8/31/12
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Trust at NAV
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6.18
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%
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Trust at Market Value
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4.45
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Barclays Municipal Bond Index
▼
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2.94
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Market Price Premium to NAV as of 8/31/12
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5.43
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Source(s):
▼
Lipper Inc.
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The performance data quoted represent past performance and cannot guarantee comparable
future results; current performance may be lower or higher. Investment return, net asset
value and common share market price will fluctuate so that you may have a gain or loss when
you sell shares. Please visit invesco.com/us for the most recent month-end performance.
Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and
changes in net asset value (NAV) for performance based on NAV and changes in market price
for performance based on market price.
Since the Trust is a closed-end management investment company, shares of the Trust may
trade at a discount or premium from the NAV. This characteristic is separate and distinct
from the risk that NAV could decrease as a result of investment activities and may be a
greater risk to investors expecting to sell their shares after a short time. The Trust
cannot predict whether shares will trade at, above or below NAV. The Trust should not be
viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant
long-term investors.
The
Barclays Municipal Bond Index
is an unmanaged index considered representative of the
tax-exempt bond market.
The Trust is not managed to track the performance of any particular index, including
the index(es) defined here, and consequently, the performance of the Trust may deviate
significantly
from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index
results include reinvested dividends, and they do not reflect sales charges.
Trust Updates
Preferred Shares
On May 9, 2012, the Trust successfully priced and placed a private offering of Variable Rate
Muni Term Preferred Shares (VMTP) in the amount of $187,000,000 pursuant to an offering exempt
from registration under the Securities Act of 1933. VMTP is a variable rate form of preferred stock
with a mandatory redemption date. The proceeds of the VMTP were used to redeem all of the Trusts
outstanding auction rate preferred shares (ARPS) at their liquidation preference (sometimes
referred to as at par), together with accrued and unpaid dividends, if any, to the redemption
date. As of May 30, 2012, all of the Trusts ARPS were redeemed in full.
Mergers, Redomestication and Upcoming Name Change
At a shareholder meeting held on September 25, 2012, shareholders of the Trust approved the
merger of each of Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector
Municipal Trust and Invesco Van Kampen Trust for Value Municipals (the Target Funds) into the
Trust. Shareholders also approved the redomestication of the Trust to a Delaware statutory trust.
The redomestication and mergers were completed on October 15, 2012, and common shares of the Target
Funds were converted into newly issued common shares of the Trust. VMTP shares of the Target Funds
were converted into newly issued VMTP shares of the Trust.
In addition, the Trust will change its name to Invesco Municipal Opportunity Trust effective
December 3, 2012.
2
Invesco Van Kampen Municipal Opportunity Trust
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your
dividends and capital gains distributions (Distributions) into additional shares of your Trust.
Under the Plan, the money you earn from Distributions will be reinvested automatically in more
shares of your Trust, allowing you to potentially increase your investment over time.
Plan benefits
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Add to your account:
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You may increase the amount of shares in your Trust easily and automatically with the Plan.
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Low transaction costs:
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Shareholders who participate in the Plan are able to buy shares at below-market prices when
the Trust is trading at a premium to its net asset value (NAV). In addition, transaction
costs are low because when new shares are issued by a Trust, there is no fee, and when
shares are bought in blocks on the open market, the per share fee is shared among all
Participants.
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n
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Convenience:
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You will receive a detailed account statement from Computershare Trust Company, N.A. (the
Agent) which administers the Plan. The statement shows your total Distributions, date of
investment, shares acquired, and price per share, as well as the total number of shares in
your reinvestment account. You can also access your account via the Internet. To do this,
please go to invesco.com/us.
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n
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Safekeeping:
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The Agent will hold the shares it has acquired for you in safekeeping.
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How to participate in the Plan
If you own shares in your own name, you
can participate directly in the Plan. If
your shares are held in street name the
name of your brokerage firm, bank, or other
financial institution you must instruct
that entity to participate on your behalf.
If they are unable to participate on your
behalf, you may request that they
reregister your shares in your own name so
that you may enroll in the Plan.
How to enroll
To enroll in the Plan, please read the
Terms and Conditions in the Plan Brochure.
You can enroll in the Plan by visiting
invesco.com/us, calling toll-free 800 341
2929 or notifying us in writing at Invesco
Closed-End Funds, Computershare Trust
Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078. Please include your Trust
name and account number and ensure that all
shareholders listed on the account sign
these written instructions. Your
participation in the Plan will begin with
the next Distribution payable after the
Agent receives your authorization, as long
as they receive it before the record
date, which is generally 10 business days
before such Distributions are paid. If your
authorization arrives after such record
date, your participation in the Plan will
begin with the following Distributions.
How the Plan works
If you choose to participate in the
Plan, your Distributions will be promptly
reinvested for you, automatically
increasing your reinvestment shares. If the
Trust is trading at a share price that is
equal to its NAV, youll pay that amount
for your reinvested shares. However, if the
Trust is trading above or below NAV, the
price is determined by one of two ways:
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1.
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Premium: If the Trust is trading at a premium a market price that is higher than its
NAV youll pay either the NAV or 95 percent of the market price, whichever is greater.
When the Trust trades at a premium, youll pay less for your reinvested shares than an
investor purchasing shares on the stock ex- change. Keep in mind, a portion of your price
reduction may be taxable because you are receiving shares at less than market price.
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2.
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Discount: If the Trust is trading at a discount a market price that is lower than NAV
youll pay the market price for your reinvested shares.
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Costs of the Plan
There is no direct charge to you for
reinvesting Distributions because the
Plans fees are paid by your Trust. If your
Trust is trading at or above its NAV, your
new shares are issued directly by the Trust
and there are no brokerage charges or fees.
However, if your Trust is trading at a
discount, the shares are purchased on the
open market, and you will pay your portion
of per share fees. These per share fees are
typically less than the standard brokerage
charges for individual transactions because
shares are purchased for all Participants
in blocks, resulting in lower fees for each
individual Participant. Any service or per
share fees are added to the purchase price.
Per share fees include any applicable
brokerage commissions the Agent is required
to pay.
Tax implications
The automatic reinvestment of
Distributions does not relieve you of any
income tax that may be due on
Distributions. You will receive tax
information annually to help you prepare
your federal income tax return.
Invesco does not offer tax advice. The
tax information contained herein is general
and is not exhaustive by nature. It was not
intended or written to be used, and it
cannot be used, by any taxpayer for
avoiding penalties that may be imposed on
the taxpayer under U.S. federal tax laws.
Federal and state tax laws are complex and
constantly changing. Shareholders should
always consult a legal or tax adviser for
information concerning their individual
situation.
How to withdraw from the Plan
You may withdraw from the Plan at any
time by calling 800 341 2929, visiting
invesco.com/us or by writing to Invesco
Closed-End Funds, Computershare Trust
Company, N.A., P.O. Box 43078, Providence,
RI 02940-3078. Simply indicate that you
would like to withdraw from the Plan, and
be sure to include your Trust name and
account number. Also, ensure that all
shareholders listed on the account have
signed these written instructions. If you
withdraw, you have three options with
regard to the shares held in the Plan:
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1.
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If you opt to continue to hold your non-certificated whole shares (Investment Plan Book
Shares), they will be held by the Agent electronically as Direct Registration Book-Shares
(Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees.
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2.
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If you opt to sell your shares through the Agent, we will sell all full and fractional
shares and send the proceeds via check to your address of record after deducting a $2.50
service fee and applicable per share fees. Per share fees include any applicable brokerage
commissions the Agent is required to pay.
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3.
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You may sell your shares through your financial adviser through the Direct Registration
System (DRS). DRS is a service within the securities industry that allows Trust shares to
be held in your name in electronic format. You retain full ownership of your shares,
without having to hold a share certificate. You should contact your financial adviser to
learn more about any restrictions or fees that may apply.
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To obtain a complete copy of the
Dividend Reinvestment Plan, please call
our Client Services department at 800 341
2929 or visit invesco.com/us.
3
Invesco Van Kampen Municipal Opportunity Trust
Schedule
of Investments
August 31,
2012
(Unaudited)
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Principal
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Interest
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Maturity
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Amount
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Rate
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Date
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(000)
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Value
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Municipal Obligations164.79%
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Alabama1.52%
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Bessemer Governmental Utility Services Corp.;
Series 2008 A, Ref. Water Supply RB
(INSAGC)
(a)(b)
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5.00
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%
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06/01/39
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$
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1,975
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$
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2,116,450
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Birmingham (City of) Airport Authority; Series 2010, RB
(INSAGM)
(a)
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5.25
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%
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07/01/30
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1,500
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1,691,010
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Huntsville (City of) Special Care Facilities Financing Authority
(Redstone Village); Series 2007, Retirement Facility RB
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5.50
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%
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01/01/43
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1,600
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1,602,912
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Mobile (City of) Industrial Development Board (Mobile Energy
Services Co.); Series 1995, Ref. Solid Waste
Disposal RB
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6.95
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%
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01/01/20
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5
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0
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Selma (City of) Industrial Development Board;
Series 2009 A, Gulf Opportunity Zone RB
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6.25
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%
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11/01/33
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1,825
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2,077,325
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7,487,697
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Alaska0.68%
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Alaska (State of) Industrial Development & Export
Authority (Providence Health Services);
Series 2011 A, RB
(b)
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5.50
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%
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10/01/41
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2,895
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3,343,320
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Arizona5.22%
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Apache (County of) Industrial Development Authority (Tucson
Electric Power Co.); Series 2012 A, PCR
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4.50
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%
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03/01/30
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2,700
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2,808,216
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Arizona (State of) Transportation Board;
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Series 2008 B,
Highway RB
(b)
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5.00
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%
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07/01/25
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1,575
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1,859,083
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Series 2008 B,
Highway RB
(b)
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5.00
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%
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07/01/26
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2,365
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2,777,243
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Series 2011 A, Ref.
Sub. Highway RB
(b)
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5.00
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%
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07/01/36
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2,400
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2,740,944
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Glendale (City of) Industrial Development Authority (Midwestern
University);
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Series 2010, RB
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5.00
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%
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05/15/35
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500
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533,360
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Series 2010, RB
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5.13
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%
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05/15/40
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1,000
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1,066,060
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Goodyear (City of) McDowell Road Commercial Corridor Improvement
District; Series 2007, Special Assessment Improvement RB
(INSAMBAC)
(a)
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5.25
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%
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01/01/32
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1,775
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1,876,477
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Maricopa (County of) Industrial Development Authority (Catholic
Healthcare West); Series 2009 C, Health
Facilities RB
(c)(d)
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5.00
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%
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07/01/14
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2,050
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2,185,197
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Navajo County Pollution Control Corp.;
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Series 2009 C,
PCR
(c)(d)
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5.50
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%
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06/01/14
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575
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614,077
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Series 2009 E,
PCR
(c)(d)
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5.75
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%
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06/01/16
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675
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763,114
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Phoenix (City of) Industrial Development Authority (Career
Success Schools);
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Series 2009, Education RB
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7.00
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%
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01/01/39
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595
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622,638
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Series 2009, Education RB
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7.13
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%
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01/01/45
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570
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599,019
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Phoenix (City of) Industrial Development Authority (Rowan
University); Series 2012, Lease RB
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5.00
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%
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06/01/42
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1,970
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2,125,157
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Pima (County of) Industrial Development Authority (Global Water
Resources, LLC); Series 2007, Water &
Wastewater RB
(e)
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6.55
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%
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12/01/37
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2,100
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2,197,692
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Salt River Project Agricultural Improvement & Power
District; Series 2009 A, Electric
System RB
(b)
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5.00
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%
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01/01/28
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1,930
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2,232,354
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University Medical Center Corp.; Series 2005, Hospital RB
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5.00
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%
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07/01/35
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705
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723,577
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25,724,208
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California15.52%
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Anaheim (City of) Public Financing Authority (Anaheim Public
Improvements); Series 1997 C, Sub. Lease CAB
RB (INSAGM)
(a)(f)
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0.00
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%
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09/01/20
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2,630
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1,985,966
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Bay Area Governments Association (California Redevelopment
Agency Pool); Series 2004 A, Tax Allocation
RB (INSSGI)
(a)
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5.25
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%
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09/01/29
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|
|
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2,400
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|
|
2,414,904
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Bay Area Toll Authority (San Francisco Bay Area);
Series 2008 F-1, Toll
Bridge RB
(b)
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5.00
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%
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04/01/39
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|
|
|
4,000
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|
|
|
4,508,040
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Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO
Bonds
(f)
|
|
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0.00
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%
|
|
|
08/01/28
|
|
|
|
750
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|
|
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400,852
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California (State of) Department of Water Resources (Central
Valley);
|
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|
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Series 2008 AE, Water
System RB
(b)
|
|
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5.00
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%
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|
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12/01/24
|
|
|
|
725
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|
|
|
870,247
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Series 2008 AE, Water
System RB
(b)
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|
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5.00
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%
|
|
|
12/01/25
|
|
|
|
900
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|
|
|
1,077,552
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Series 2008 AE, Water
System RB
(b)
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|
|
5.00
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%
|
|
|
12/01/26
|
|
|
|
900
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|
|
|
1,074,258
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|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
4 Invesco
Van Kampen Municipal Opportunity Trust
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Principal
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Interest
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Maturity
|
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Amount
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Rate
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Date
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(000)
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Value
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California(continued)
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Series 2008 AE, Water
System RB
(b)
|
|
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5.00
|
%
|
|
|
12/01/27
|
|
|
$
|
525
|
|
|
$
|
619,038
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Series 2008 AE, Water
System RB
(b)
|
|
|
5.00
|
%
|
|
|
12/01/28
|
|
|
|
900
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|
|
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1,059,048
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California (State of) Health Facilities Financing Authority
(Catholic Healthcare West); Series 2009 A, RB
|
|
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6.00
|
%
|
|
|
07/01/34
|
|
|
|
1,000
|
|
|
|
1,183,050
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|
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California (State of) Housing Finance Agency;
|
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Series 2008 K, Home
Mortgage RB
(e)
|
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5.30
|
%
|
|
|
08/01/23
|
|
|
|
2,825
|
|
|
|
2,932,152
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|
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Series 2008 K, Home
Mortgage RB
(e)
|
|
|
5.45
|
%
|
|
|
08/01/28
|
|
|
|
3,400
|
|
|
|
3,532,566
|
|
|
California (State of) Pollution Control Financing Authority
(Waste Management Inc.); Series 2002 B, Solid Waste
Disposal RB
(e)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
|
2,000
|
|
|
|
2,140,300
|
|
|
California (State of) Public Works Board (Department of Mental
HealthCoalinga State Hospital); Series 2004 A,
Lease RB
|
|
|
5.00
|
%
|
|
|
06/01/25
|
|
|
|
2,000
|
|
|
|
2,076,460
|
|
|
California (State of) Statewide Communities Development
Authority (Adventist Health System/West);
Series 2005 A, Health Facility RB
|
|
|
5.00
|
%
|
|
|
03/01/30
|
|
|
|
5,000
|
|
|
|
5,182,300
|
|
|
California (State of) Statewide Communities Development
Authority (John Muir Health); Series 2006 A, RB
|
|
|
5.00
|
%
|
|
|
08/15/28
|
|
|
|
960
|
|
|
|
1,039,488
|
|
|
California (State of) Statewide Communities Development
Authority (Kaiser Permanente); Series 2009 A, RB
|
|
|
5.00
|
%
|
|
|
04/01/19
|
|
|
|
1,250
|
|
|
|
1,484,462
|
|
|
California (State of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.75
|
%
|
|
|
04/01/31
|
|
|
|
1,150
|
|
|
|
1,358,322
|
|
|
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO
Bonds
|
|
|
5.25
|
%
|
|
|
07/01/21
|
|
|
|
1,800
|
|
|
|
2,191,752
|
|
|
Series 2010, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.50
|
%
|
|
|
03/01/40
|
|
|
|
3,190
|
|
|
|
3,660,908
|
|
|
Series 2012, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.25
|
%
|
|
|
04/01/35
|
|
|
|
1,725
|
|
|
|
1,969,691
|
|
|
Series 2012, Various Purpose Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
04/01/42
|
|
|
|
1,725
|
|
|
|
1,900,846
|
|
|
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
|
|
|
|
410
|
|
|
|
411,037
|
|
|
East Bay Municipal Utility District; Series 2010 A,
Ref. Sub. Water
System RB
(b)
|
|
|
5.00
|
%
|
|
|
06/01/36
|
|
|
|
3,800
|
|
|
|
4,429,014
|
|
|
Los Angeles (City of) Department of Water & Power;
Series 2012 B, Waterworks RB
|
|
|
5.00
|
%
|
|
|
07/01/37
|
|
|
|
1,000
|
|
|
|
1,165,940
|
|
|
Modesto (City of); Series 2008 A, Ref. VRD Water RB
(LOCJPMorgan Chase Bank,
N.A.)
(g)(h)
|
|
|
0.16
|
%
|
|
|
10/01/36
|
|
|
|
3,500
|
|
|
|
3,500,000
|
|
|
Morongo Band of Mission Indians (The) (Enterprise Casino);
Series 2008 B, RB
(i)
|
|
|
5.50
|
%
|
|
|
03/01/18
|
|
|
|
115
|
|
|
|
118,992
|
|
|
Palomar Pomerado Health; Series 2009, COP
|
|
|
6.75
|
%
|
|
|
11/01/39
|
|
|
|
1,050
|
|
|
|
1,181,302
|
|
|
Regents of the University of California;
Series 2012 G, Limited Project RB
|
|
|
5.00
|
%
|
|
|
05/15/37
|
|
|
|
1,525
|
|
|
|
1,764,105
|
|
|
Sacramento (County of); Series 2010, Sr. Airport
System RB
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
2,100
|
|
|
|
2,302,776
|
|
|
San Diego Community College District (Election of 2006);
Series 2011, Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
08/01/36
|
|
|
|
5,505
|
|
|
|
6,339,723
|
|
|
San Francisco (City & County of) Airport Commission
(San Francisco International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 F, Ref. Second
Series RB
(e)
|
|
|
5.00
|
%
|
|
|
05/01/25
|
|
|
|
710
|
|
|
|
808,853
|
|
|
Series 2011 F, Ref. Second
Series RB
(e)
|
|
|
5.00
|
%
|
|
|
05/01/26
|
|
|
|
1,420
|
|
|
|
1,606,900
|
|
|
San Francisco (City & County of) Public Utilities
Commission (Water System Improvement Program);
Subseries 2011 A,
Water RB
(b)
|
|
|
5.00
|
%
|
|
|
11/01/36
|
|
|
|
3,090
|
|
|
|
3,561,874
|
|
|
San Francisco (City & County of) Public Utilities
Commission; Series 2012, Water RB
|
|
|
5.00
|
%
|
|
|
11/01/33
|
|
|
|
2,000
|
|
|
|
2,352,700
|
|
|
Vernon (City of); Series 2009 A, Electric System RB
|
|
|
5.13
|
%
|
|
|
08/01/21
|
|
|
|
2,000
|
|
|
|
2,224,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,429,438
|
|
|
Colorado3.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Board of Governors; Series 2012 A,
University Enterprise System RB
|
|
|
5.00
|
%
|
|
|
03/01/41
|
|
|
|
3,500
|
|
|
|
3,998,715
|
|
|
Colorado (State of) Health Facilities Authority (Catholic
Health); Series 2006 C5, RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
09/01/36
|
|
|
|
4,475
|
|
|
|
4,789,816
|
|
|
Colorado (State of) Health Facilities Authority (Evangelical
Lutheran); Series 2005, Health Facilities RB
|
|
|
5.00
|
%
|
|
|
06/01/35
|
|
|
|
2,790
|
|
|
|
2,893,481
|
|
|
Colorado (State of) Health Facilities Authority (Volunteers of
America Care);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Health & Residential Care
Facilities RB
|
|
|
5.25
|
%
|
|
|
07/01/27
|
|
|
|
500
|
|
|
|
500,485
|
|
|
Series 2007 A, Health & Residential Care
Facilities RB
|
|
|
5.30
|
%
|
|
|
07/01/37
|
|
|
|
375
|
|
|
|
356,603
|
|
|
Colorado (State of) Housing & Finance Authority;
Series 1997 B-2, MFH Mortgage RB
(CEPFHA)
(e)
|
|
|
5.80
|
%
|
|
|
10/01/28
|
|
|
|
230
|
|
|
|
230,345
|
|
|
Colorado (State of) Regional Transportation District (Denver
Transit Partners Eagle P3);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010, Private Activity RB
|
|
|
6.50
|
%
|
|
|
01/15/30
|
|
|
|
1,300
|
|
|
|
1,581,749
|
|
|
Series 2010, Private Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/34
|
|
|
|
1,050
|
|
|
|
1,223,323
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
5 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Colorado(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montezuma (County of) Hospital District; Series 2007, Ref.
RB
|
|
|
5.90
|
%
|
|
|
10/01/37
|
|
|
$
|
895
|
|
|
$
|
915,012
|
|
|
Salida (City of) Hospital District; Series 2006, RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
1,416
|
|
|
|
1,436,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,926,217
|
|
|
Connecticut1.19%
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut (State of) (Bradley International Airport);
Series 2000 A, Special Obligation Parking RB
(INSACA)
(a)(e)
|
|
|
6.60
|
%
|
|
|
07/01/24
|
|
|
|
3,800
|
|
|
|
3,806,992
|
|
|
Connecticut (State of) Housing Finance Authority; Subseries 2010
D-2, Housing Mortgage Finance
Program RB
(e)
|
|
|
5.00
|
%
|
|
|
05/15/31
|
|
|
|
1,450
|
|
|
|
1,572,771
|
|
|
Hamden (Town of) (Whitney Center); Series 2009 B,
Entrance Fee Principal Redemption RB
|
|
|
6.13
|
%
|
|
|
01/01/14
|
|
|
|
455
|
|
|
|
455,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,835,432
|
|
|
District of Columbia4.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia (Sibley Memorial Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Hospital RB
|
|
|
6.50
|
%
|
|
|
10/01/29
|
|
|
|
700
|
|
|
|
828,065
|
|
|
Series 2009, Hospital RB
|
|
|
6.38
|
%
|
|
|
10/01/34
|
|
|
|
2,215
|
|
|
|
2,595,471
|
|
|
District of Columbia Water & Sewer Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Public Utility Sub. Lien RB
(INSAGM)
(a)
|
|
|
5.50
|
%
|
|
|
10/01/41
|
|
|
|
8,000
|
|
|
|
9,270,480
|
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/29
|
|
|
|
700
|
|
|
|
798,812
|
|
|
Series 2008 A, Ref. Public Utility Sub. Lien RB
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/34
|
|
|
|
1,425
|
|
|
|
1,593,706
|
|
|
Metropolitan Washington Airports Authority;
Series 2002 A, Airport
System RB
(c)(e)(j)
|
|
|
5.25
|
%
|
|
|
10/01/12
|
|
|
|
5,350
|
|
|
|
5,371,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,457,880
|
|
|
Florida11.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua (County of) (North Florida Retirement Village, Inc.);
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/36
|
|
|
|
1,000
|
|
|
|
983,420
|
|
|
Broward (County of); Series 2012 A, Water &
Sewer Utility RB
|
|
|
5.00
|
%
|
|
|
10/01/37
|
|
|
|
2,070
|
|
|
|
2,409,273
|
|
|
Citizens Property Insurance Corp. (High Risk Account);
Series 2010
A-1,
Sr. Sec. RB
|
|
|
5.25
|
%
|
|
|
06/01/17
|
|
|
|
2,090
|
|
|
|
2,397,585
|
|
|
Escambia (County of) Health Facilities Authority (Florida Health
Care Facility Loan Veterans Health Administration Program);
Series 2000, RB
(INSAMBAC)
(a)
|
|
|
5.95
|
%
|
|
|
07/01/20
|
|
|
|
315
|
|
|
|
328,432
|
|
|
Florida (State of) Department of Transportation;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Ref.
Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/26
|
|
|
|
2,540
|
|
|
|
2,942,869
|
|
|
Series 2008 A, Ref.
Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/27
|
|
|
|
2,580
|
|
|
|
2,982,583
|
|
|
Series 2008 A, Ref.
Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/28
|
|
|
|
2,805
|
|
|
|
3,253,435
|
|
|
Series 2008 A, Ref.
Turnpike RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/32
|
|
|
|
2,500
|
|
|
|
2,867,275
|
|
|
Hillsborough (County of) Aviation Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
(INSAGC)
(a)(b)(e)
|
|
|
5.38
|
%
|
|
|
10/01/33
|
|
|
|
900
|
|
|
|
976,059
|
|
|
Series 2008 A, RB
(INSAGC)
(a)(b)(e)
|
|
|
5.50
|
%
|
|
|
10/01/38
|
|
|
|
2,000
|
|
|
|
2,177,960
|
|
|
Hillsborough (County of) Industrial Development Authority (Tampa
Electric Co.); Series 2007 B, Ref.
PCR
(c)(d)
|
|
|
5.15
|
%
|
|
|
09/01/13
|
|
|
|
775
|
|
|
|
808,100
|
|
|
Jacksonville (City of) (Better Jacksonville);
Series 2012 A, Ref. Sales Tax RB
|
|
|
5.00
|
%
|
|
|
10/01/30
|
|
|
|
1,100
|
|
|
|
1,269,983
|
|
|
JEA; Series 2012 Three B, Electric System RB
|
|
|
5.00
|
%
|
|
|
10/01/39
|
|
|
|
3,000
|
|
|
|
3,423,930
|
|
|
Miami-Dade (County of) (Miami International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, Aviation RB
(INSAGC)
(a)(e)
|
|
|
5.38
|
%
|
|
|
10/01/27
|
|
|
|
2,100
|
|
|
|
2,103,717
|
|
|
Series 2002, Aviation RB
(INSAGC)
(a)(e)
|
|
|
5.38
|
%
|
|
|
10/01/32
|
|
|
|
2,500
|
|
|
|
2,503,200
|
|
|
Miami-Dade (County of) Expressway Authority;
Series 2010 A, Ref. Toll System RB
|
|
|
5.00
|
%
|
|
|
07/01/40
|
|
|
|
2,000
|
|
|
|
2,181,700
|
|
|
Miami-Dade (County of) Health Facilities Authority (Miami
Childrens Hospital); Series 2010 A, Ref.
Hospital RB
|
|
|
6.13
|
%
|
|
|
08/01/42
|
|
|
|
595
|
|
|
|
703,742
|
|
|
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB
|
|
|
6.00
|
%
|
|
|
05/01/24
|
|
|
|
495
|
|
|
|
504,207
|
|
|
Overoaks Community Development District;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 A, Capital Improvement Special
Assessment RB
(k)
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
120
|
|
|
|
1
|
|
|
Series 2010
A-2,
Capital
Improvement RB
|
|
|
6.13
|
%
|
|
|
05/01/35
|
|
|
|
125
|
|
|
|
111,094
|
|
|
Series 2010 B, Capital Improvement RB
|
|
|
5.13
|
%
|
|
|
05/01/17
|
|
|
|
280
|
|
|
|
263,724
|
|
|
Palm Beach (County of) Health Facilities Authority (The
Waterford); Series 2007, RB
|
|
|
5.88
|
%
|
|
|
11/15/37
|
|
|
|
1,000
|
|
|
|
1,041,440
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
6 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Florida(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palm Beach (County of) Solid Waste Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Improvement RB
(INSBHAC)
(a)(b)
|
|
|
5.50
|
%
|
|
|
10/01/23
|
|
|
$
|
2,400
|
|
|
$
|
2,938,488
|
|
|
Series 2011,
Ref. RB
(b)
|
|
|
5.00
|
%
|
|
|
10/01/31
|
|
|
|
2,340
|
|
|
|
2,718,729
|
|
|
Putnam (County of) Development Authority (Seminole Electric
Cooperative); Series 2007 A,
Ref. PCR (INSAMBAC)
(a)(c)(d)
|
|
|
5.35
|
%
|
|
|
05/01/18
|
|
|
|
2,900
|
|
|
|
3,290,746
|
|
|
Reunion East Community Development District; Series 2005,
Special
Assessment RB
(k)
|
|
|
5.80
|
%
|
|
|
05/01/36
|
|
|
|
490
|
|
|
|
220,735
|
|
|
Seminole Indian Tribe of Florida; Series 2007 A,
Special
Obligation RB
(i)
|
|
|
5.75
|
%
|
|
|
10/01/22
|
|
|
|
750
|
|
|
|
812,858
|
|
|
Seven Oaks Community Development District II;
Series 2004 A, Special Assessment RB
|
|
|
5.88
|
%
|
|
|
05/01/35
|
|
|
|
820
|
|
|
|
629,604
|
|
|
South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); Series 2007,
Hospital RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
7,510
|
|
|
|
8,148,125
|
|
|
Sterling Hill Community Development District;
Series 2003 A, Capital Improvement Special Assessment
RB
|
|
|
6.20
|
%
|
|
|
05/01/35
|
|
|
|
750
|
|
|
|
661,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,654,259
|
|
|
Georgia4.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta (City of) (Beltline);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
595
|
|
|
|
662,128
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
6.75
|
%
|
|
|
01/01/20
|
|
|
|
330
|
|
|
|
367,231
|
|
|
Series 2009 B, Tax Allocation RB
|
|
|
7.38
|
%
|
|
|
01/01/31
|
|
|
|
190
|
|
|
|
211,713
|
|
|
Atlanta (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2004 C, Airport Passenger Facility
Charge & Sub. Lien General RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
5,000
|
|
|
|
5,281,100
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/27
|
|
|
|
1,150
|
|
|
|
1,419,778
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/28
|
|
|
|
1,250
|
|
|
|
1,537,687
|
|
|
Series 2009 A, Water & Wastewater RB
|
|
|
6.00
|
%
|
|
|
11/01/29
|
|
|
|
1,150
|
|
|
|
1,403,690
|
|
|
Burke (County of) Development Authority (Oglethorpe Power
Vogtle); Series 2011 A,
PCR
(c)(d)
|
|
|
2.50
|
%
|
|
|
03/01/13
|
|
|
|
1,075
|
|
|
|
1,084,976
|
|
|
Fulton (County of) Development Authority (Georgia Tech Athletic
Association); Series 2012, Ref. RB
|
|
|
5.00
|
%
|
|
|
10/01/42
|
|
|
|
1,040
|
|
|
|
1,159,850
|
|
|
Georgia (State of) Municipal Electric Authority;
Series 1997 A, Power RB
(INSNATL)
(a)
|
|
|
6.50
|
%
|
|
|
01/01/20
|
|
|
|
7,000
|
|
|
|
8,267,070
|
|
|
Oconee (County of) Industrial Development Authority (OIIT);
Series 2003, RB
(c)(j)
|
|
|
5.25
|
%
|
|
|
07/01/13
|
|
|
|
1,000
|
|
|
|
1,041,380
|
|
|
Putnam (County of) Development Authority (Georgia Power Co.);
First Series 1996, PCR
|
|
|
5.10
|
%
|
|
|
06/01/23
|
|
|
|
1,200
|
|
|
|
1,221,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,657,963
|
|
|
Hawaii0.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii (State of); Series 2010 A, Airport System RB
|
|
|
5.00
|
%
|
|
|
07/01/39
|
|
|
|
1,875
|
|
|
|
2,064,131
|
|
|
Idaho0.82%
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho (State of) Health Facilities Authority (St. Lukes
Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
|
|
|
6.50
|
%
|
|
|
11/01/23
|
|
|
|
750
|
|
|
|
889,455
|
|
|
Series 2008 A, RB
|
|
|
6.75
|
%
|
|
|
11/01/37
|
|
|
|
1,000
|
|
|
|
1,186,420
|
|
|
Idaho (State of) Health Facilities Authority (Valley Vista Care
Corp.); Series 2007, Ref. RB
|
|
|
6.13
|
%
|
|
|
11/15/27
|
|
|
|
745
|
|
|
|
760,690
|
|
|
Regents of the University of Idaho; Series 2011, Ref.
General RB
(c)(d)
|
|
|
5.25
|
%
|
|
|
04/01/21
|
|
|
|
995
|
|
|
|
1,175,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,012,227
|
|
|
Illinois20.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bartlett (Village of) (Quarry Redevelopment); Series 2007,
Ref. Sr. Lien Tax Increment Allocation RB
|
|
|
5.60
|
%
|
|
|
01/01/23
|
|
|
|
1,250
|
|
|
|
1,197,875
|
|
|
Bolingbrook (Village of); Series 1999 B, Unlimited Tax
CAB GO Bonds
(INSNATL)
(a)(f)
|
|
|
0.00
|
%
|
|
|
01/01/30
|
|
|
|
1,365
|
|
|
|
525,075
|
|
|
Bourbonnais (Village of) (Olivet Nazarene University);
Series 2010, Industrial Project RB
|
|
|
5.50
|
%
|
|
|
11/01/40
|
|
|
|
675
|
|
|
|
720,664
|
|
|
Chicago (City of) (OHare International Airport);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 A, Ref. Third Lien General Airport RB
(INSNATL)
(a)(e)
|
|
|
5.38
|
%
|
|
|
01/01/32
|
|
|
|
3,150
|
|
|
|
3,154,284
|
|
|
Series 2005 A, Third Lien General Airport RB
(INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/24
|
|
|
|
10,900
|
|
|
|
12,064,447
|
|
|
Series 2005 A, Third Lien General Airport RB
(INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/25
|
|
|
|
10,000
|
|
|
|
11,105,900
|
|
|
Series 2005 A, Third Lien General Airport RB
(INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/26
|
|
|
|
3,855
|
|
|
|
4,282,674
|
|
|
Series 2012 B, Ref. Passenger Facility
Charge RB
(e)
|
|
|
5.00
|
%
|
|
|
01/01/30
|
|
|
|
2,500
|
|
|
|
2,749,225
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
7 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Illinois(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chicago (City of) Board of Education;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 C, Ref. Unlimited Tax GO Bonds
(INSAGM)
(a)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
$
|
4,000
|
|
|
$
|
4,483,400
|
|
|
Series 2008 C, Ref. Unlimited Tax GO Bonds
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
12/01/27
|
|
|
|
2,600
|
|
|
|
2,914,210
|
|
|
Series 2011 A, Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
12/01/41
|
|
|
|
1,125
|
|
|
|
1,224,360
|
|
|
Chicago (City of) Transit Authority; Series 2011, Sales Tax
Receipts RB
(b)
|
|
|
5.25
|
%
|
|
|
12/01/36
|
|
|
|
3,480
|
|
|
|
3,988,602
|
|
|
Chicago (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Unlimited Tax GO Bonds
(INSAGC)
(a)(b)
|
|
|
5.25
|
%
|
|
|
01/01/25
|
|
|
|
1,450
|
|
|
|
1,643,633
|
|
|
Series 2011, COP
|
|
|
7.13
|
%
|
|
|
05/01/21
|
|
|
|
220
|
|
|
|
241,325
|
|
|
Series 2011, COP
|
|
|
7.13
|
%
|
|
|
05/01/21
|
|
|
|
725
|
|
|
|
795,274
|
|
|
Series 2011 A, Sales
Tax RB
(b)
|
|
|
5.25
|
%
|
|
|
01/01/38
|
|
|
|
1,710
|
|
|
|
1,960,361
|
|
|
Series 2012 A, Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
2,300
|
|
|
|
2,606,843
|
|
|
Granite City (City of) (Waste Management, Inc.);
Series 2002, Solid Waste Disposal
RB
(c)(d)(e)
|
|
|
3.50
|
%
|
|
|
05/01/13
|
|
|
|
800
|
|
|
|
816,168
|
|
|
Illinois (State of) Finance Authority (Christian Homes, Inc.);
Series 2007 A, Ref. RB
|
|
|
5.75
|
%
|
|
|
05/15/26
|
|
|
|
2,300
|
|
|
|
2,439,541
|
|
|
Illinois (State of) Finance Authority (Kish Health System
Obligated Group); Series 2008, Ref. Hospital RB
|
|
|
5.50
|
%
|
|
|
10/01/22
|
|
|
|
1,100
|
|
|
|
1,216,589
|
|
|
Illinois (State of) Finance Authority (Northwestern Memorial
Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, RB
(b)
|
|
|
5.38
|
%
|
|
|
08/15/24
|
|
|
|
2,200
|
|
|
|
2,576,222
|
|
|
Series 2009 A, RB
(b)
|
|
|
5.75
|
%
|
|
|
08/15/30
|
|
|
|
1,400
|
|
|
|
1,640,534
|
|
|
Illinois (State of) Finance Authority (OSF Healthcare System);
Series 2007 A, RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
2,500
|
|
|
|
2,736,150
|
|
|
Illinois
(State of) Finance Authority (Park Place of Elmhurst);
Series 2010 D-2,
TEMPS-65
sm
RB
|
|
|
7.00
|
%
|
|
|
11/15/15
|
|
|
|
1,600
|
|
|
|
1,600,896
|
|
|
Illinois (State of) Finance Authority (Riverside Health System);
Series 2009, RB
|
|
|
6.25
|
%
|
|
|
11/15/35
|
|
|
|
1,150
|
|
|
|
1,339,853
|
|
|
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB
|
|
|
5.50
|
%
|
|
|
04/01/37
|
|
|
|
1,000
|
|
|
|
1,037,190
|
|
|
Illinois (State of) Finance Authority (Rush University Medical
Center Obligated Group); Series 2009 A, RB
|
|
|
7.25
|
%
|
|
|
11/01/38
|
|
|
|
1,800
|
|
|
|
2,277,486
|
|
|
Illinois (State of) Finance Authority (Sherman Health System);
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
08/01/37
|
|
|
|
5,500
|
|
|
|
5,945,005
|
|
|
Illinois (State of) Finance Authority (Swedish American
Hospital); Series 2004, RB
(INSAMBAC)
(a)
|
|
|
5.00
|
%
|
|
|
11/15/31
|
|
|
|
1,570
|
|
|
|
1,589,327
|
|
|
Illinois (State of) Finance Authority (Swedish Covenant
Hospital); Series 2010 A, Ref. RB
|
|
|
6.00
|
%
|
|
|
08/15/38
|
|
|
|
1,350
|
|
|
|
1,530,454
|
|
|
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, RB
|
|
|
5.50
|
%
|
|
|
06/15/50
|
|
|
|
2,100
|
|
|
|
2,361,954
|
|
|
Series 2012 A, RB
|
|
|
5.00
|
%
|
|
|
06/15/42
|
|
|
|
1,500
|
|
|
|
1,674,510
|
|
|
Peoria (County of); Series 2011, Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
12/15/41
|
|
|
|
2,250
|
|
|
|
2,476,440
|
|
|
Railsplitter Tobacco Settlement Authority; Series 2010, RB
|
|
|
5.50
|
%
|
|
|
06/01/23
|
|
|
|
3,025
|
|
|
|
3,534,561
|
|
|
Regional Transportation Authority; Series 1994 B, RB
(INSAMBAC)
(a)
|
|
|
8.00
|
%
|
|
|
06/01/17
|
|
|
|
5,000
|
|
|
|
6,142,050
|
|
|
Will (County of) & Kankakee (City of) Regional Development
Authority (Senior Estates Supportive Living); Series 2007,
MFH RB
(e)
|
|
|
7.00
|
%
|
|
|
12/01/42
|
|
|
|
470
|
|
|
|
487,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,080,552
|
|
|
Indiana1.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana (State of) Finance Authority (CWA Authority);
Series 2011 B, Second Lien Wastewater Utility RB
|
|
|
5.25
|
%
|
|
|
10/01/31
|
|
|
|
2,130
|
|
|
|
2,452,738
|
|
|
Indiana (State of) Finance Authority (Deaconess Hospital
Obligated Group); Series 2009 A, Hospital RB
|
|
|
6.75
|
%
|
|
|
03/01/39
|
|
|
|
1,360
|
|
|
|
1,608,472
|
|
|
Indiana (State of) Finance Authority (Indianapolis
Power & Light Co.); Series 2009 A, Ref.
Environmental Facilities RB
|
|
|
4.90
|
%
|
|
|
01/01/16
|
|
|
|
1,525
|
|
|
|
1,681,678
|
|
|
Indiana (State of) Health Facility Financing Authority (Columbus
Regional Hospital); Series 1993, Ref. RB
(INSAGM)
(a)
|
|
|
7.00
|
%
|
|
|
08/15/15
|
|
|
|
975
|
|
|
|
1,067,654
|
|
|
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007, RB
(i)
|
|
|
5.75
|
%
|
|
|
09/01/42
|
|
|
|
500
|
|
|
|
515,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,326,282
|
|
|
Iowa0.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa (State of) Finance Authority (Alcoa Inc.);
Series 2012, Midwestern Disaster Area RB
|
|
|
4.75
|
%
|
|
|
08/01/42
|
|
|
|
2,500
|
|
|
|
2,514,850
|
|
|
Kansas0.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas (State of) Development Finance Authority (Adventist
Health System/Sunbelt Obligated Group); Series 2009 C,
Hospital RB
(b)
|
|
|
5.75
|
%
|
|
|
11/15/38
|
|
|
|
2,400
|
|
|
|
2,811,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Kentucky2.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Louisville Arena Authority, Inc.); Subseries 2008
A-1,
RB
(INSAGC)
(a)
|
|
|
5.75
|
%
|
|
|
12/01/28
|
|
|
$
|
1,400
|
|
|
$
|
1,567,720
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Owensboro Medical Health System, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Hospital RB
|
|
|
6.38
|
%
|
|
|
06/01/40
|
|
|
|
1,125
|
|
|
|
1,334,002
|
|
|
Series 2010 A, Hospital RB
|
|
|
6.50
|
%
|
|
|
03/01/45
|
|
|
|
1,500
|
|
|
|
1,787,880
|
|
|
Kentucky (State of) Property & Building Commission
(No. 93);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. RB
(INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
02/01/24
|
|
|
|
1,510
|
|
|
|
1,776,364
|
|
|
Series 2009, Ref. RB
(INSAGC)
(a)
|
|
|
5.25
|
%
|
|
|
02/01/25
|
|
|
|
1,710
|
|
|
|
2,002,855
|
|
|
Louisville (City of) & Jefferson (County of) Metropolitan
Government (Norton Healthcare, Inc.); Series 2006, Health
System RB
|
|
|
5.25
|
%
|
|
|
10/01/36
|
|
|
|
4,000
|
|
|
|
4,194,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,663,781
|
|
|
Louisiana1.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeshore Villages Master Community Development District;
Series 2007, Special
Assessment RB
(k)
|
|
|
5.25
|
%
|
|
|
07/01/17
|
|
|
|
989
|
|
|
|
395,748
|
|
|
Louisiana (State of) Public Facilities Authority (Entergy
Louisiana LLC); Series 2010, RB
|
|
|
5.00
|
%
|
|
|
06/01/30
|
|
|
|
1,050
|
|
|
|
1,121,747
|
|
|
Louisiana Citizens Property Insurance Corp.; Series 2009
C-2, Assessment RB
(INSAGC)
(a)
|
|
|
6.75
|
%
|
|
|
06/01/26
|
|
|
|
1,900
|
|
|
|
2,287,315
|
|
|
Rapides (Parish of) Finance Authority (Cleco Power LLC);
Series 2007, RB
(c)(d)(e)
|
|
|
5.25
|
%
|
|
|
03/01/13
|
|
|
|
1,850
|
|
|
|
1,882,782
|
|
|
St. Charles (Parish of) (Valero Energy Corp.); Series 2010,
Gulf Opportunity
Zone RB
(c)(d)
|
|
|
4.00
|
%
|
|
|
06/01/22
|
|
|
|
1,000
|
|
|
|
1,076,500
|
|
|
St. John the Baptist (Parish of) (Marathon Oil Corp.);
Series 2007 A, RB
|
|
|
5.13
|
%
|
|
|
06/01/37
|
|
|
|
1,200
|
|
|
|
1,273,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,037,184
|
|
|
Maryland0.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (Mercy Medical Center);
Series 2007 A, RB
|
|
|
5.50
|
%
|
|
|
07/01/42
|
|
|
|
1,915
|
|
|
|
2,030,934
|
|
|
Maryland Economic Development Corp. (Terminal);
Series 2010 B, RB
|
|
|
5.75
|
%
|
|
|
06/01/35
|
|
|
|
940
|
|
|
|
1,029,084
|
|
|
Maryland Economic Development Corp. (Transportation Facilities);
Series 2010 A, RB
|
|
|
5.38
|
%
|
|
|
06/01/25
|
|
|
|
665
|
|
|
|
715,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,775,252
|
|
|
Massachusetts3.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (State of) Development Finance Agency (Berklee
College of Music); Series 2007 A, RB
|
|
|
5.00
|
%
|
|
|
10/01/32
|
|
|
|
1,650
|
|
|
|
1,801,619
|
|
|
Massachusetts (State of) Development Finance Agency (Linden
Ponds, Inc. Facility);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011
A-1,
RB
|
|
|
6.25
|
%
|
|
|
11/15/39
|
|
|
|
282
|
|
|
|
216,071
|
|
|
Series 2011
A-1,
RB
|
|
|
6.25
|
%
|
|
|
11/15/46
|
|
|
|
337
|
|
|
|
251,656
|
|
|
Series 2011
A-2,
RB
|
|
|
5.50
|
%
|
|
|
11/15/46
|
|
|
|
33
|
|
|
|
21,084
|
|
|
Series 2011 B, RB
(f)
|
|
|
0.00
|
%
|
|
|
11/15/56
|
|
|
|
164
|
|
|
|
855
|
|
|
Massachusetts (State of) Development Finance Agency (Partners
Healthcare); Series 2012 L, RB
|
|
|
5.00
|
%
|
|
|
07/01/36
|
|
|
|
4,025
|
|
|
|
4,533,921
|
|
|
Massachusetts (State of) Development Finance Agency (SEMASS
System); Series 2001 A, Resource Recovery
RB (INSNATL)
(a)
|
|
|
5.63
|
%
|
|
|
01/01/16
|
|
|
|
3,000
|
|
|
|
3,031,020
|
|
|
Massachusetts (State of) Development Finance Agency (The Groves
in Lincoln); Series 2009 B-2, Senior Living Facility RB
|
|
|
6.25
|
%
|
|
|
06/01/14
|
|
|
|
615
|
|
|
|
412,105
|
|
|
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
|
|
7.25
|
%
|
|
|
01/01/32
|
|
|
|
750
|
|
|
|
948,930
|
|
|
Massachusetts (State of) School Building Authority;
Series 2011 B, Sr. Dedicated Sales
Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
10/15/35
|
|
|
|
3,780
|
|
|
|
4,443,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,660,878
|
|
|
Michigan1.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
Detroit (City of); Series 2001 C-1, Ref. Sr. Lien
Sewage Disposal System RB
(INSAGM)
(a)
|
|
|
7.00
|
%
|
|
|
07/01/27
|
|
|
|
2,100
|
|
|
|
2,518,425
|
|
|
Kent (County of) Hospital Finance Authority (Spectrum Health
System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, RB
(c)(d)
|
|
|
5.25
|
%
|
|
|
01/15/14
|
|
|
|
800
|
|
|
|
848,152
|
|
|
Series 2008 A, RB
(c)(d)
|
|
|
5.50
|
%
|
|
|
01/15/15
|
|
|
|
400
|
|
|
|
443,204
|
|
|
Oakland University; Series 2012, General RB
|
|
|
5.00
|
%
|
|
|
03/01/42
|
|
|
|
3,000
|
|
|
|
3,298,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,108,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Minnesota0.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chaska (City of); Series 2000 A, Electric RB
|
|
|
6.10
|
%
|
|
|
10/01/30
|
|
|
$
|
10
|
|
|
$
|
10,038
|
|
|
Minneapolis (City of) (Fairview Health Services);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Health Care System RB
|
|
|
6.38
|
%
|
|
|
11/15/23
|
|
|
|
1,700
|
|
|
|
2,045,083
|
|
|
Series 2008 A, Health Care System RB
|
|
|
6.63
|
%
|
|
|
11/15/28
|
|
|
|
1,150
|
|
|
|
1,378,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,433,373
|
|
|
Missouri2.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau (County of) Industrial Development Authority
(Southeast Missouri Hospital Association); Series 2002,
Health Facilities RB
|
|
|
5.50
|
%
|
|
|
06/01/22
|
|
|
|
350
|
|
|
|
350,493
|
|
|
Kansas City (City of) Industrial Development Authority (Downtown
Redevelopment District);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 A, Ref. RB
|
|
|
5.50
|
%
|
|
|
09/01/27
|
|
|
|
700
|
|
|
|
835,429
|
|
|
Series 2011 A, Ref. RB
|
|
|
5.50
|
%
|
|
|
09/01/28
|
|
|
|
1,400
|
|
|
|
1,665,146
|
|
|
Kirkwood (City
of) Industrial Development Authority (Aberdeen Heights);
Series 2010 C-1,
TEMPS-75
sm
Retirement Community RB
|
|
|
7.50
|
%
|
|
|
11/15/16
|
|
|
|
1,500
|
|
|
|
1,507,950
|
|
|
Maryland Heights (City of) (South Heights Redevelopment);
Series 2007 A, Ref. Tax Increment Allocation RB
|
|
|
5.50
|
%
|
|
|
09/01/18
|
|
|
|
555
|
|
|
|
575,924
|
|
|
Missouri (State of) Health & Educational Facilities
Authority (Lutheran Senior Services);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005 A, Senior Living Facilities RB
|
|
|
5.38
|
%
|
|
|
02/01/35
|
|
|
|
1,375
|
|
|
|
1,405,841
|
|
|
Series 2010, Senior Living Facilities RB
|
|
|
5.50
|
%
|
|
|
02/01/42
|
|
|
|
950
|
|
|
|
1,010,847
|
|
|
St. Louis (City of) Industrial Development Authority
(Loughborough Commons Redevelopment); Series 2007, Ref.
Community Improvement District Tax Increment Allocation RB
|
|
|
5.75
|
%
|
|
|
11/01/27
|
|
|
|
575
|
|
|
|
581,727
|
|
|
St. Louis (County of) Industrial Development Authority (St.
Andrews Resources for Seniors);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/30
|
|
|
|
615
|
|
|
|
648,112
|
|
|
Series 2007 A, Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/41
|
|
|
|
1,450
|
|
|
|
1,514,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,096,008
|
|
|
Nebraska0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
Omaha (City of) Public Power District;
Series 2011 B, RB
(b)
|
|
|
5.00
|
%
|
|
|
02/01/36
|
|
|
|
3,390
|
|
|
|
3,908,636
|
|
|
Nevada2.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark (County of) (Southwest Gas Corp.);
Series 2004 A, IDR
(INSAMBAC)
(a)(e)
|
|
|
5.25
|
%
|
|
|
07/01/34
|
|
|
|
6,000
|
|
|
|
6,149,160
|
|
|
Las Vegas Valley Water District; Series 2012 B,
Limited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
06/01/42
|
|
|
|
3,000
|
|
|
|
3,380,760
|
|
|
Reno (City of) (Renown Regional Medical Center);
Series 2007 A, Hospital RB
|
|
|
5.25
|
%
|
|
|
06/01/37
|
|
|
|
4,250
|
|
|
|
4,463,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,993,313
|
|
|
New Hampshire0.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire (State of) Business Finance Authority (Pennichuck
Water Works, Inc.); Series 1997, Water Facility RB
(INSAMBAC)
(a)(e)
|
|
|
6.30
|
%
|
|
|
05/01/22
|
|
|
|
750
|
|
|
|
752,063
|
|
|
New Jersey7.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (State of) Economic Development Authority (Provident
Group-Montclair Properties LLC-Montclair State University
Student Housing); Series 2010 A, RB
|
|
|
5.88
|
%
|
|
|
06/01/42
|
|
|
|
1,500
|
|
|
|
1,664,625
|
|
|
New Jersey (State of) Economic Development Authority;
Series 1992, RB
(INSNATL)
(a)
|
|
|
5.90
|
%
|
|
|
03/15/21
|
|
|
|
30,000
|
|
|
|
36,321,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,986,225
|
|
|
New Mexico0.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
Farmington (City of) (Public Service Co. of New Mexico San
Juan); Series 2010 C, Ref. PCR
|
|
|
5.90
|
%
|
|
|
06/01/40
|
|
|
|
1,900
|
|
|
|
2,107,005
|
|
|
New Mexico (State of) Hospital Equipment Loan Council
(Presbyterian Health Care Services); Series 2008 A,
Hospital RB
(b)
|
|
|
6.38
|
%
|
|
|
08/01/32
|
|
|
|
1,250
|
|
|
|
1,487,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,594,193
|
|
|
New York13.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn Arena Local Development Corp. (Barclays Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, PILOT RB
|
|
|
6.25
|
%
|
|
|
07/15/40
|
|
|
|
1,270
|
|
|
|
1,477,226
|
|
|
Series 2009, PILOT RB
|
|
|
6.38
|
%
|
|
|
07/15/43
|
|
|
|
530
|
|
|
|
619,602
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
New York(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York & New Jersey (States of) Port Authority (JFK
International Air Terminal LLC); Series 2010 8, Special
Obligation RB
|
|
|
6.00
|
%
|
|
|
12/01/36
|
|
|
$
|
1,950
|
|
|
$
|
2,273,778
|
|
|
New York & New Jersey (States of) Port Authority; One
Hundred Forty-Fourth Series 2006,
Consolidated RB
(b)
|
|
|
5.00
|
%
|
|
|
10/01/35
|
|
|
|
15,000
|
|
|
|
17,121,000
|
|
|
New York (City of) Municipal Water Finance Authority;
Series 2010 FF, Second General Resolution Water &
Sewer System RB
|
|
|
5.00
|
%
|
|
|
06/15/31
|
|
|
|
6,000
|
|
|
|
6,961,020
|
|
|
New York (City of) Transitional Finance Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009
S-3,
Building
Aid RB
(b)
|
|
|
5.25
|
%
|
|
|
01/15/39
|
|
|
|
1,800
|
|
|
|
2,029,356
|
|
|
Subseries 2012 F-1, Future Tax Sec. RB
|
|
|
5.00
|
%
|
|
|
05/01/39
|
|
|
|
6,400
|
|
|
|
7,365,440
|
|
|
New York (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 F, Ref. Unlimited Tax GO Bonds
|
|
|
5.00
|
%
|
|
|
08/01/31
|
|
|
|
1,200
|
|
|
|
1,413,360
|
|
|
Subseries 2008 I-1, Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
02/01/26
|
|
|
|
5,500
|
|
|
|
6,393,585
|
|
|
New York (State of) Dormitory Authority (General Purpose);
Series 2011 A, State Personal Income
Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/30
|
|
|
|
2,040
|
|
|
|
2,399,917
|
|
|
New York (State of) Dormitory Authority (Upstate Community
Colleges); Series 2004 B, RB
|
|
|
5.25
|
%
|
|
|
07/01/20
|
|
|
|
1,500
|
|
|
|
1,599,345
|
|
|
New York (State of) Dormitory Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1993 A, Second General City University System
Consolidated RB
|
|
|
5.75
|
%
|
|
|
07/01/13
|
|
|
|
705
|
|
|
|
736,464
|
|
|
Series 1995 A, City University System Consolidated RB
|
|
|
5.63
|
%
|
|
|
07/01/16
|
|
|
|
3,080
|
|
|
|
3,491,765
|
|
|
New York (State of) Thruway Authority (Transportation);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, Personal Income
Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/26
|
|
|
|
1,700
|
|
|
|
2,041,122
|
|
|
Series 2009 A, Personal Income
Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/27
|
|
|
|
1,900
|
|
|
|
2,264,154
|
|
|
Series 2009 A, Personal Income
Tax RB
(b)
|
|
|
5.00
|
%
|
|
|
03/15/28
|
|
|
|
1,000
|
|
|
|
1,194,920
|
|
|
New York (State of) Thruway Authority; Series 2011
A-1,
Second
General Highway & Bridge
Trust Fund RB
(b)
|
|
|
5.00
|
%
|
|
|
04/01/29
|
|
|
|
3,465
|
|
|
|
4,082,013
|
|
|
New York Liberty Development Corp. (7 World Trade Center);
Series 2012, Class 2, Ref. Liberty RB
|
|
|
5.00
|
%
|
|
|
09/15/43
|
|
|
|
1,700
|
|
|
|
1,862,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,326,706
|
|
|
North Carolina1.82%
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (State of) Eastern Municipal Power Agency;
Series 2009 B, Power System RB
|
|
|
5.00
|
%
|
|
|
01/01/26
|
|
|
|
3,950
|
|
|
|
4,476,693
|
|
|
North Carolina (State of) Medical Care Commission
(Southminster); Series 2007 A, First Mortgage
Retirement Facilities RB
|
|
|
5.75
|
%
|
|
|
10/01/37
|
|
|
|
705
|
|
|
|
697,576
|
|
|
North Carolina (State of) Turnpike Authority; Series 2011,
Monroe Connector System State
Appropriation RB
(b)
|
|
|
5.00
|
%
|
|
|
07/01/41
|
|
|
|
3,320
|
|
|
|
3,797,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,971,419
|
|
|
North Dakota0.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
McLean (County of) (Great River Energy);
Series 2010 B, Solid Waste Facilities RB
|
|
|
5.15
|
%
|
|
|
07/01/40
|
|
|
|
1,000
|
|
|
|
1,097,420
|
|
|
Ohio8.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
American Municipal Power, Inc. (Amp Fremont Energy Center);
Series 2012, RB
|
|
|
5.00
|
%
|
|
|
02/15/37
|
|
|
|
2,240
|
|
|
|
2,515,184
|
|
|
Cleveland State University; Series 2012, RB
|
|
|
5.00
|
%
|
|
|
06/01/37
|
|
|
|
1,200
|
|
|
|
1,335,612
|
|
|
Cuyahoga (County of) (Cleveland Clinic Health System Obligated
Group); Series 2004 B1,
VRD RB
(g)
|
|
|
0.18
|
%
|
|
|
01/01/39
|
|
|
|
1,700
|
|
|
|
1,700,000
|
|
|
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent
Living Facilities RB
|
|
|
5.75
|
%
|
|
|
05/15/27
|
|
|
|
400
|
|
|
|
412,152
|
|
|
Franklin (County of) (Ohio Health Corp.);
Series 2011 A, Hospital
Facilities RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
1,675
|
|
|
|
1,849,669
|
|
|
Franklin (County of) (OhioHealth Corp.);
Series 2011 A, Hospital
Facilities RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/41
|
|
|
|
1,500
|
|
|
|
1,649,040
|
|
|
Hamilton (County of) (Christ Hospital); Series 2012, Health
Care Facilities RB
|
|
|
5.25
|
%
|
|
|
06/01/32
|
|
|
|
2,000
|
|
|
|
2,199,220
|
|
|
Lorain (County of) (Catholic Healthcare Partners);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002, Hospital
Facilities RB
(c)(j)
|
|
|
5.38
|
%
|
|
|
10/01/12
|
|
|
|
500
|
|
|
|
502,150
|
|
|
Series 2003 C-1, Ref. Hospital Facilities RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
04/01/24
|
|
|
|
3,000
|
|
|
|
3,351,780
|
|
|
Series 2006 A, Hospital Facilities RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
2,750
|
|
|
|
3,073,538
|
|
|
Series 2006 B, Hospital Facilities RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/24
|
|
|
|
2,775
|
|
|
|
3,101,645
|
|
|
Lucas (County of) (ProMedica Healthcare);
Series 2011 A, Hospital RB
|
|
|
5.75
|
%
|
|
|
11/15/31
|
|
|
|
1,000
|
|
|
|
1,202,330
|
|
|
Montgomery (County of) (Catholic Health Initiatives);
Series 2006 C-1, RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
10/01/41
|
|
|
|
1,625
|
|
|
|
1,728,903
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Ohio(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montgomery (County of) (Miami Valley Hospital);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 A, RB
|
|
|
6.00
|
%
|
|
|
11/15/28
|
|
|
$
|
1,475
|
|
|
$
|
1,564,945
|
|
|
Series 2009 A, RB
|
|
|
6.25
|
%
|
|
|
11/15/39
|
|
|
|
925
|
|
|
|
981,212
|
|
|
Ohio (State of) Air Quality Development Authority (FirstEnergy
Generation Corp.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006, Ref.
PCR
(c)(d)
|
|
|
2.25
|
%
|
|
|
06/03/13
|
|
|
|
3,000
|
|
|
|
3,019,770
|
|
|
Series 2009 C, Ref. PCR
|
|
|
5.63
|
%
|
|
|
06/01/18
|
|
|
|
2,600
|
|
|
|
3,021,798
|
|
|
Ohio (State of) Air Quality Development Authority (Ohio Power
Co. Galvin); Series 2010 A,
Ref. RB
(c)(d)(e)
|
|
|
2.88
|
%
|
|
|
08/01/14
|
|
|
|
2,000
|
|
|
|
2,045,520
|
|
|
Ohio (State of) Higher Educational Facility Commission (Summa
Health System); Series 2010, Hospital Facilities RB
|
|
|
5.75
|
%
|
|
|
11/15/35
|
|
|
|
1,480
|
|
|
|
1,679,060
|
|
|
Ohio (State of) Higher Educational Facility Commission
(University Hospitals Health System, Inc.);
Series 2009 A,
Hospital RB
(c)(j)
|
|
|
6.75
|
%
|
|
|
01/15/39
|
|
|
|
1,900
|
|
|
|
2,184,316
|
|
|
Ohio (State of) Housing Finance Agency (Mortgage-Backed
Securities Program);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 D, Residential Mortgage RB
(CEPGNMA)
(b)(e)
|
|
|
5.30
|
%
|
|
|
09/01/28
|
|
|
|
414
|
|
|
|
444,776
|
|
|
Series 2008 D, Residential Mortgage RB
(CEPGNMA)
(b)(e)
|
|
|
5.40
|
%
|
|
|
03/01/33
|
|
|
|
271
|
|
|
|
291,624
|
|
|
Series 2008 F, Residential Mortgage RB
(CEPGNMA)
(b)
|
|
|
5.50
|
%
|
|
|
09/01/39
|
|
|
|
931
|
|
|
|
966,732
|
|
|
Ohio (State of) Water Development Authority (FirstEnergy Nuclear
Generation Corp.); Series 2009 A, Ref.
PCR
(c)(d)
|
|
|
5.88
|
%
|
|
|
06/01/16
|
|
|
|
950
|
|
|
|
1,070,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,891,712
|
|
|
Oklahoma0.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
McAlester (City of) Public Works Authority; Series 2002,
Utility System CAB RB
(INSAGM)
(a)(f)
|
|
|
0.00
|
%
|
|
|
02/01/34
|
|
|
|
3,970
|
|
|
|
1,808,573
|
|
|
Pennsylvania3.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware River Port Authority; Series 2010 D, RB
|
|
|
5.00
|
%
|
|
|
01/01/35
|
|
|
|
950
|
|
|
|
1,051,451
|
|
|
Franklin (County of) Industrial Development Authority
(Chambersburg Hospital); Series 2010, RB
|
|
|
5.38
|
%
|
|
|
07/01/42
|
|
|
|
1,800
|
|
|
|
1,949,202
|
|
|
Pennsylvania (State of) Turnpike Commission;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subseries 2010 B-2,
Sub. Conv. CAB RB
(f)
|
|
|
0.00
|
%
|
|
|
12/01/28
|
|
|
|
2,100
|
|
|
|
2,101,806
|
|
|
Subseries 2010 B-2,
Sub. Conv. CAB RB
(f)
|
|
|
0.00
|
%
|
|
|
12/01/34
|
|
|
|
1,300
|
|
|
|
1,274,468
|
|
|
Susquehanna Area Regional Airport Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2003 A, Airport System RB
(INSAMBAC)
(a)(e)
|
|
|
5.38
|
%
|
|
|
01/01/21
|
|
|
|
3,000
|
|
|
|
3,007,230
|
|
|
Series 2003 A, Airport System RB
(INSAMBAC)
(a)(e)
|
|
|
5.38
|
%
|
|
|
01/01/22
|
|
|
|
5,415
|
|
|
|
5,426,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,810,745
|
|
|
Puerto Rico3.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico (Commonwealth of) Aqueduct & Sewer
Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012 A, Sr. Lien RB
|
|
|
5.00
|
%
|
|
|
07/01/33
|
|
|
|
1,670
|
|
|
|
1,693,864
|
|
|
Series 2012 A, Sr. Lien RB
|
|
|
5.25
|
%
|
|
|
07/01/42
|
|
|
|
1,150
|
|
|
|
1,157,383
|
|
|
Series 2012 A, Sr. Lien RB
|
|
|
6.00
|
%
|
|
|
07/01/47
|
|
|
|
920
|
|
|
|
1,007,547
|
|
|
Puerto Rico (Commonwealth of) Electric Power Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 CCC, RB
|
|
|
5.25
|
%
|
|
|
07/01/27
|
|
|
|
2,100
|
|
|
|
2,290,407
|
|
|
Series 2010 XX, RB
|
|
|
5.25
|
%
|
|
|
07/01/40
|
|
|
|
1,900
|
|
|
|
1,977,159
|
|
|
Puerto Rico Sales Tax Financing Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Subseries 2010 A, RB
|
|
|
5.38
|
%
|
|
|
08/01/39
|
|
|
|
1,900
|
|
|
|
2,034,064
|
|
|
First Subseries 2010 A, RB
|
|
|
5.50
|
%
|
|
|
08/01/42
|
|
|
|
2,100
|
|
|
|
2,270,268
|
|
|
First Subseries 2010 C, RB
|
|
|
5.25
|
%
|
|
|
08/01/41
|
|
|
|
3,500
|
|
|
|
3,722,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,152,872
|
|
|
South Carolina5.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
Charleston Educational Excellence Finance Corp. (Charleston
County School District);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005, Installment
Purchase RB
(b)
|
|
|
5.25
|
%
|
|
|
12/01/25
|
|
|
|
2,500
|
|
|
|
2,802,000
|
|
|
Series 2005, Installment
Purchase RB
(b)
|
|
|
5.25
|
%
|
|
|
12/01/26
|
|
|
|
7,500
|
|
|
|
8,374,800
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Electric & Gas Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 A, IDR
(INSAMBAC)
(a)
|
|
|
5.20
|
%
|
|
|
11/01/27
|
|
|
|
5,000
|
|
|
|
5,032,300
|
|
|
Series 2002 B, IDR
(INSAMBAC)
(a)(e)
|
|
|
5.45
|
%
|
|
|
11/01/32
|
|
|
|
3,750
|
|
|
|
3,759,600
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
South Carolina(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Palmetto Health Alliance); Series 2003 A, Ref.
Hospital Facilities RB
|
|
|
6.25
|
%
|
|
|
08/01/31
|
|
|
$
|
1,840
|
|
|
$
|
1,954,319
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(The Woodlands at Furman);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2012, Ref. RB
|
|
|
6.00
|
%
|
|
|
11/15/32
|
|
|
|
517
|
|
|
|
395,497
|
|
|
Series 2012, Ref.
Sub. CAB RB
(f)
|
|
|
0.00
|
%
|
|
|
11/15/47
|
|
|
|
222
|
|
|
|
1,094
|
|
|
South Carolina (State of) Public Service Authority (Santee
Cooper); Series 2010 B,
Ref. RB
(b)
|
|
|
5.00
|
%
|
|
|
01/01/33
|
|
|
|
2,775
|
|
|
|
3,209,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,528,648
|
|
|
Tennessee0.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga (City of) Health, Educational & Housing
Facility Board (Community Development Financial Institution
Phase I LLC); Series 2005 A, Ref. Sr. RB
|
|
|
5.13
|
%
|
|
|
10/01/35
|
|
|
|
1,750
|
|
|
|
1,775,567
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (Methodist Healthcare);
Series 2004 B,
RB (INSAGM)
(a)(b)
|
|
|
5.25
|
%
|
|
|
09/01/27
|
|
|
|
2,400
|
|
|
|
2,656,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,431,839
|
|
|
Texas20.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special
Facilities RB
(e)
|
|
|
4.85
|
%
|
|
|
04/01/21
|
|
|
|
1,450
|
|
|
|
1,554,632
|
|
|
Austin (City of); Series 2012, Ref. Water &
Wastewater System RB
|
|
|
5.00
|
%
|
|
|
11/15/42
|
|
|
|
1,400
|
|
|
|
1,626,478
|
|
|
Dallas (City of) (Civic Center Convention Complex);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, Ref. & Improvement RB
(INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
08/15/18
|
|
|
|
1,150
|
|
|
|
1,351,112
|
|
|
Series 2009, Ref. & Improvement RB
(INSAGC)
(a)
|
|
|
5.00
|
%
|
|
|
08/15/19
|
|
|
|
1,350
|
|
|
|
1,596,753
|
|
|
Dallas (County of) Flood Control District No. 1;
Series 2002, Ref. Unlimited Tax GO Bonds
|
|
|
6.75
|
%
|
|
|
04/01/16
|
|
|
|
510
|
|
|
|
524,091
|
|
|
Dallas-Fort Worth International Airport Facilities
Improvement Corp.;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2000 A, Joint RB
(INSNATL)
(a)(e)
|
|
|
5.75
|
%
|
|
|
11/01/30
|
|
|
|
1,470
|
|
|
|
1,483,539
|
|
|
Series 2001 A, Ref. & Improvement RB
(INSBHAC)
(a)(e)
|
|
|
5.50
|
%
|
|
|
11/01/31
|
|
|
|
2,080
|
|
|
|
2,083,370
|
|
|
Series 2002 C, Joint Improvement RB
(INSNATL)
(a)(e)
|
|
|
5.75
|
%
|
|
|
11/01/18
|
|
|
|
270
|
|
|
|
271,007
|
|
|
Series 2002 C, Joint Improvement RB
(INSNATL)
(a)(e)
|
|
|
6.00
|
%
|
|
|
11/01/23
|
|
|
|
505
|
|
|
|
506,990
|
|
|
Series 2003 A, Joint RB
(INSAGM)
(a)(e)
|
|
|
5.50
|
%
|
|
|
11/01/21
|
|
|
|
8,000
|
|
|
|
8,388,880
|
|
|
El Paso (County of) Hospital District; Series 2008 A,
Limited Tax GO Bonds
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
08/15/37
|
|
|
|
4,850
|
|
|
|
5,288,295
|
|
|
Fort Bend (County of) Grand Parkway Toll Road Authority;
Series 2012, Limited Contract Tax &
Sub. Lien RB
|
|
|
5.00
|
%
|
|
|
03/01/42
|
|
|
|
1,500
|
|
|
|
1,724,325
|
|
|
Harris (County of); Series 2009 A, Sr. Lien Toll
Road RB
(b)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
1,930
|
|
|
|
2,224,962
|
|
|
Harris County Health Facilities Development Corp. (Memorial
Hermann Healthcare System); Series 2008 B, Ref. RB
|
|
|
7.25
|
%
|
|
|
12/01/35
|
|
|
|
750
|
|
|
|
938,393
|
|
|
Harris County Industrial Development Corp. (Deer Park Refining
Limited Partnership); Series 2006, Solid Waste Disposal RB
|
|
|
5.00
|
%
|
|
|
02/01/23
|
|
|
|
950
|
|
|
|
1,057,929
|
|
|
Houston (City of);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2002 A, Sub. Lien Airport System RB
|
|
|
5.13
|
%
|
|
|
07/01/32
|
|
|
|
1,365
|
|
|
|
1,366,652
|
|
|
Series 2007 A, Ref. First Lien Combined Utility System
RB
(INSAGM)
(a)(b)
|
|
|
5.00
|
%
|
|
|
11/15/36
|
|
|
|
7,825
|
|
|
|
8,909,232
|
|
|
Series 2011 D, First Lien Combined Utility
System RB
(b)
|
|
|
5.00
|
%
|
|
|
11/15/33
|
|
|
|
7,680
|
|
|
|
9,032,218
|
|
|
Series 2012, Ref. VRD First Lien Combined Utility
System RB
(g)
|
|
|
0.92
|
%
|
|
|
05/15/34
|
|
|
|
1,500
|
|
|
|
1,500,000
|
|
|
Series 2012 A, Ref. Sub. Lien Airport
System RB
(e)
|
|
|
5.00
|
%
|
|
|
07/01/30
|
|
|
|
2,000
|
|
|
|
2,252,120
|
|
|
Series 2012 A, Ref. Sub. Lien Airport
System RB
(e)
|
|
|
5.00
|
%
|
|
|
07/01/31
|
|
|
|
5,000
|
|
|
|
5,599,300
|
|
|
Judson Independent School District; Series 2008, School
Building Unlimited Tax GO Bonds
(INSAGC)
(a)(b)
|
|
|
5.00
|
%
|
|
|
02/01/37
|
|
|
|
3,030
|
|
|
|
3,232,949
|
|
|
Lower Colorado River Authority (LCRA Transmissions Services
Corp.); Series 2011 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/41
|
|
|
|
1,250
|
|
|
|
1,399,050
|
|
|
Lower Colorado River Authority; Series 2010 A, Ref. RB
|
|
|
5.00
|
%
|
|
|
05/15/40
|
|
|
|
1,500
|
|
|
|
1,661,955
|
|
|
Matagorda (County of) Navigation District No. 1
(CenterPoint Energy Houston Electric, LLC); Series 2004,
Ref. Collateralized RB
(c)(d)
|
|
|
5.60
|
%
|
|
|
03/01/14
|
|
|
|
1,000
|
|
|
|
1,048,070
|
|
|
North Texas Tollway Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
6.00
|
%
|
|
|
01/01/26
|
|
|
|
1,000
|
|
|
|
1,195,490
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
6.00
|
%
|
|
|
01/01/27
|
|
|
|
1,000
|
|
|
|
1,195,490
|
|
|
Series 2008 B, Ref. First Tier System RB
|
|
|
5.63
|
%
|
|
|
01/01/28
|
|
|
|
1,000
|
|
|
|
1,132,390
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Texas(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 F, Ref. Second Tier System RB
|
|
|
5.75
|
%
|
|
|
01/01/33
|
|
|
$
|
2,650
|
|
|
$
|
2,931,536
|
|
|
Series 2008 L-2, Ref. First
Tier System RB
(c)(d)
|
|
|
6.00
|
%
|
|
|
01/01/13
|
|
|
|
1,350
|
|
|
|
1,374,111
|
|
|
Series 2011 A, Special Projects
System RB
(b)
|
|
|
5.50
|
%
|
|
|
09/01/36
|
|
|
|
2,670
|
|
|
|
3,191,905
|
|
|
Tarrant County Cultural Education Facilities Finance Corp.
(Buckingham Senior Living Community, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, Retirement Facility RB
|
|
|
5.63
|
%
|
|
|
11/15/27
|
|
|
|
1,000
|
|
|
|
1,044,450
|
|
|
Series 2007, Retirement Facility RB
|
|
|
5.75
|
%
|
|
|
11/15/37
|
|
|
|
500
|
|
|
|
516,730
|
|
|
Tarrant County Cultural Education Facilities Finance Corp.
(Buckner Retirement Services, Inc.); Series 2007,
Retirement Facility RB
|
|
|
5.25
|
%
|
|
|
11/15/37
|
|
|
|
4,000
|
|
|
|
4,132,880
|
|
|
Tarrant County Cultural Education Facilities Finance Corp. (C.C.
Young Memorial Home); Series 2007, Retirement Facility RB
|
|
|
5.75
|
%
|
|
|
02/15/25
|
|
|
|
400
|
|
|
|
401,192
|
|
|
Tarrant County Cultural Education Facilities Finance Corp.
(CHRISTUS Health); Series 2008 A,
Ref. RB (INSAGC)
(a)
|
|
|
6.25
|
%
|
|
|
07/01/28
|
|
|
|
3,000
|
|
|
|
3,572,730
|
|
|
Texas (State of) Transportation Commission; Series 2008,
Mobility Fund Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
04/01/28
|
|
|
|
5,400
|
|
|
|
6,394,248
|
|
|
Texas A&M University System Board of Regents;
Series 2009 A, Financing System RB
|
|
|
5.00
|
%
|
|
|
05/15/29
|
|
|
|
3,000
|
|
|
|
3,487,410
|
|
|
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
|
|
|
|
1,430
|
|
|
|
1,720,204
|
|
|
Tyler Health Facilities Development Corp. (East Texas Medical
Center Regional Healthcare System); Series 2007 A,
Ref. & Improvement Hospital RB
|
|
|
5.38
|
%
|
|
|
11/01/37
|
|
|
|
540
|
|
|
|
577,492
|
|
|
Waco Educational Finance Corp. (Baylor University);
Series 2012, RB
|
|
|
5.00
|
%
|
|
|
03/01/43
|
|
|
|
2,250
|
|
|
|
2,576,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,067,102
|
|
|
Utah0.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
Mountain Regional Water Special Service District;
Series 2003, Ref.
Water RB
(c)(j)
|
|
|
5.00
|
%
|
|
|
12/16/13
|
|
|
|
2,380
|
|
|
|
2,523,704
|
|
|
Utah (State of) Charter School Finance Authority (Summit
Academy); Series 2007 A, Charter School RB
|
|
|
5.80
|
%
|
|
|
06/15/38
|
|
|
|
730
|
|
|
|
749,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,272,991
|
|
|
Virgin Islands0.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands (Government of) Public Finance Authority
(Matching Fund Loan Note); Series 2010 A,
Sr. Lien RB
|
|
|
5.00
|
%
|
|
|
10/01/25
|
|
|
|
1,700
|
|
|
|
1,883,430
|
|
|
Virginia0.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia (State of) Small Business Financing Authority
(Elizabeth River Crossings Opco, LLC); Series 2012,
Sr. Lien RB
(e)
|
|
|
5.50
|
%
|
|
|
01/01/42
|
|
|
|
1,275
|
|
|
|
1,410,571
|
|
|
White Oak Village Shops Community Development Authority;
Series 2007, Special Assessment RB
|
|
|
5.30
|
%
|
|
|
03/01/17
|
|
|
|
1,045
|
|
|
|
1,123,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,533,716
|
|
|
Washington5.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bellevue (City of) Convention Center Authority (Compound
Interest); Series 1994, Ref. Special Obligation
RB (INSNATL)
(a)(f)
|
|
|
0.00
|
%
|
|
|
02/01/25
|
|
|
|
9,850
|
|
|
|
6,435,103
|
|
|
Energy Northwest (Public Power Supply System Nuclear Project
No. 3); Series 1993 C, Ref. RB
(INSNATL)
(a)(f)
|
|
|
0.00
|
%
|
|
|
07/01/14
|
|
|
|
5,125
|
|
|
|
5,059,297
|
|
|
Kalispel Tribe of Indians; Series 2008, RB
|
|
|
6.63
|
%
|
|
|
01/01/28
|
|
|
|
1,250
|
|
|
|
1,124,613
|
|
|
Seattle (Port of); Series 2012 A, Ref. Intermediate
Lien RB
|
|
|
5.00
|
%
|
|
|
08/01/30
|
|
|
|
1,900
|
|
|
|
2,244,375
|
|
|
Spokane (City of) Public Facilities District; Series 2003,
Hotel, Motel & Sales Use Tax RB
(INSNATL)
(a)
|
|
|
5.25
|
%
|
|
|
09/01/33
|
|
|
|
3,000
|
|
|
|
3,071,820
|
|
|
Washington (State of) (SR 520 Corridor ProgramToll
Revenue);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
06/01/33
|
|
|
|
1,450
|
|
|
|
1,699,052
|
|
|
Series 2011 C, Motor Vehicle Fuel Unlimited Tax GO
Bonds
(b)
|
|
|
5.00
|
%
|
|
|
06/01/41
|
|
|
|
585
|
|
|
|
667,421
|
|
|
Washington (State of) Health Care Facilities Authority (Catholic
Health Initiatives);
Series 2011 A, RB
(b)
|
|
|
5.00
|
%
|
|
|
02/01/41
|
|
|
|
2,130
|
|
|
|
2,347,239
|
|
|
Washington (State of) Health Care Facilities Authority (Swedish
Health Services);
Series 2011 A, RB
(c)(j)
|
|
|
6.25
|
%
|
|
|
05/15/21
|
|
|
|
950
|
|
|
|
1,315,551
|
|
|
Washington (State of) Higher Education Facilities Authority
(Whitworth University); Series 2012, RB
|
|
|
5.25
|
%
|
|
|
10/01/37
|
|
|
|
1,000
|
|
|
|
1,089,100
|
|
|
Washington (State of) Housing Finance Commission (Wesley Homes);
Series 2008, Non-Profit
CR RB
(i)
|
|
|
6.00
|
%
|
|
|
01/01/27
|
|
|
|
1,440
|
|
|
|
1,532,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,585,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
West Virginia1.16%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio (County of) (Fort Henry Centre Financing District);
Series 2007 A, Tax Increment Allocation RB
|
|
|
5.85
|
%
|
|
|
06/01/34
|
|
|
$
|
500
|
|
|
$
|
516,875
|
|
|
Pleasants (County of) Commission (Allegheny Energy Supply Co.,
LLC Pleasants Station); Series 2007 F, Ref. PCR
|
|
|
5.25
|
%
|
|
|
10/15/37
|
|
|
|
855
|
|
|
|
900,982
|
|
|
West Virginia (State of) Hospital Finance Authority (Thomas
Health System);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008, RB
|
|
|
6.00
|
%
|
|
|
10/01/20
|
|
|
|
1,000
|
|
|
|
1,060,990
|
|
|
Series 2008, RB
|
|
|
6.25
|
%
|
|
|
10/01/23
|
|
|
|
1,025
|
|
|
|
1,086,479
|
|
|
West Virginia (State of) Hospital Finance Authority (West
Virginia United Health System Obligated Group);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009 C, Ref. & Improvement RB
|
|
|
5.50
|
%
|
|
|
06/01/34
|
|
|
|
1,000
|
|
|
|
1,110,690
|
|
|
Series 2009 C, Ref. & Improvement RB
|
|
|
5.50
|
%
|
|
|
06/01/39
|
|
|
|
955
|
|
|
|
1,051,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,727,710
|
|
|
Wisconsin2.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
Southeast Wisconsin Professional Baseball Park District;
Series 1998 A, Ref. Sales
Tax RB
(j)
|
|
|
5.50
|
%
|
|
|
12/15/20
|
|
|
|
1,500
|
|
|
|
1,946,850
|
|
|
Superior (City of) (Superior Water, Light & Power Co.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 A, Ref. Collateralized
Utility RB
(e)
|
|
|
5.38
|
%
|
|
|
11/01/21
|
|
|
|
425
|
|
|
|
462,345
|
|
|
Series 2007 B, Collateralized
Utility RB
(e)
|
|
|
5.75
|
%
|
|
|
11/01/37
|
|
|
|
385
|
|
|
|
407,122
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Aurora Health Care, Inc.);
Series 2009 B, RB
(c)(d)
|
|
|
4.75
|
%
|
|
|
08/15/14
|
|
|
|
1,000
|
|
|
|
1,059,070
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Mercy Alliance); Series 2012, RB
|
|
|
5.00
|
%
|
|
|
06/01/39
|
|
|
|
1,000
|
|
|
|
1,071,260
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Ministry Health Care); Series 2012 C, Ref.
RB
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
1,230
|
|
|
|
1,365,915
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB
|
|
|
6.63
|
%
|
|
|
02/15/39
|
|
|
|
1,270
|
|
|
|
1,484,338
|
|
|
Wisconsin (State of) Housing & Economic Development
Authority;
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2008 A, Home
Ownership RB
(b)(e)
|
|
|
5.30
|
%
|
|
|
09/01/23
|
|
|
|
2,400
|
|
|
|
2,615,184
|
|
|
Series 2008 A, Home
Ownership RB
(b)(e)
|
|
|
5.50
|
%
|
|
|
09/01/28
|
|
|
|
390
|
|
|
|
418,006
|
|
|
Wisconsin (State of); Series 2009 A, General
Fund Annual Appropriation RB
|
|
|
5.38
|
%
|
|
|
05/01/25
|
|
|
|
950
|
|
|
|
1,128,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,958,690
|
|
|
Wyoming0.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweetwater (County of) (FMC Corp.); Series 2005, Ref. Solid
Waste
Disposal RB
(e)
|
|
|
5.60
|
%
|
|
|
12/01/35
|
|
|
|
1,000
|
|
|
|
1,063,610
|
|
|
Sweetwater (County of) (Idaho Power Co.); Series 2006, Ref.
PCR
|
|
|
5.25
|
%
|
|
|
07/15/26
|
|
|
|
1,100
|
|
|
|
1,255,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,319,007
|
|
|
TOTAL
INVESTMENTS
(l)
164.79%
(Cost $739,902,427)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
811,704,117
|
|
|
FLOATING RATE NOTE OBLIGATIONS(28.56%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest rates ranging from 0.15% to 0.34% at
08/31/2012
and contractual maturities of collateral ranging from
09/01/23
to
12/15/41
(See
Note 1K)
(m)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(140,685,000
|
)
|
|
VARIABLE RATE MUNI TERM PREFERRED SHARES(37.96%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(187,000,000
|
)
|
|
OTHER ASSETS LESS LIABILITIES1.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,538,095
|
|
|
NET ASSETS APPLICABLE TO COMMON SHARES100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
492,557,212
|
|
|
Investment Abbreviations:
|
|
|
ACA
|
|
ACA Financial Guaranty Corp.
|
AGC
|
|
Assured Guaranty Corp.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
American Municipal Bond Assurance Corp.
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
CAB
|
|
Capital Appreciation Bonds
|
CEP
|
|
Credit Enhancement Provider
|
Conv.
|
|
Convertible
|
COP
|
|
Certificates of Participation
|
CR
|
|
Custodial Receipts
|
FHA
|
|
Federal Housing Administration
|
GNMA
|
|
Government National Mortgage Association
|
GO
|
|
General Obligation
|
IDR
|
|
Industrial Development Revenue Bonds
|
INS
|
|
Insurer
|
LOC
|
|
Letter of Credit
|
MFH
|
|
Multi-Family Housing
|
NATL
|
|
National Public Finance Guarantee Corp.
|
PCR
|
|
Pollution Control Revenue Bonds
|
PILOT
|
|
Payment-in-Lieu-of-Tax
|
RB
|
|
Revenue Bonds
|
Ref.
|
|
Refunding
|
Sec.
|
|
Secured
|
SGI
|
|
Syncora Guarantee, Inc.
|
Sr.
|
|
Senior
|
Sub.
|
|
Subordinated
|
TEMPS
|
|
Tax-Exempt Mandatory Paydown Securities
|
VRD
|
|
Variable Rate Demand
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Van Kampen Municipal Opportunity Trust
Notes to Schedule of Investments:
|
|
|
(a)
|
|
Principal
and/or
interest payments are secured by the bond insurance company
listed.
|
(b)
|
|
Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1K.
|
(c)
|
|
Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put.
|
(d)
|
|
Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
August 31, 2012.
|
(e)
|
|
Security subject to the alternative
minimum tax.
|
(f)
|
|
Zero coupon bond issued at a
discount.
|
(g)
|
|
Demand security payable upon demand
by the Trust at specified time intervals no greater than
thirteen months. Interest rate is redetermined periodically.
Rate shown is the rate in effect on August 31, 2012.
|
(h)
|
|
Principal and interest payments are
fully enhanced by a letter of credit from the bank listed or a
predecessor bank, branch or subsidiary.
|
(i)
|
|
Security purchased or received in a
transaction exempt from registration under the Securities Act of
1933, as amended. The security may be resold pursuant to an
exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these
securities at August 31, 2012 was $2,979,779, which
represented 0.61% of the Funds Net Assets.
|
(j)
|
|
Advance refunded; secured by an
escrow fund of U.S. Government obligations or other highly
rated collateral.
|
(k)
|
|
Defaulted security. Currently, the
issuer is partially or fully in default with respect to interest
payments. The aggregate value of these securities at
August 31, 2012 was $616,484, which represented 0.13% of
the Trusts Net Assets
|
(l)
|
|
This table provides a listing of
those entities that have either issued, guaranteed, backed or
otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity
has guaranteed, backed or otherwise enhanced the credit quality
of a security, it is not primarily responsible for the
issuers obligations but may be called upon to satisfy the
issuers obligations.
|
|
|
|
|
|
Entities
|
|
Percentage
|
|
National Public Finance Guarantee Corp.
|
|
|
8.4
|
%
|
|
Assured Guaranty Municipal Corp.
|
|
|
8.3
|
|
|
Assured Guaranty Corp.
|
|
|
7.9
|
|
|
|
|
|
(m)
|
|
Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at August 31, 2012. At August 31,
2012, the Trusts investments with a value of $259,449,698
are held by Dealer Trusts and serve as collateral for the
$140,685,000 in the floating rate note obligations outstanding
at that date.
|
By
credit sector, based on Total Investments
as
of August 31, 2012
|
|
|
|
|
Revenue Bonds
|
|
|
89.6
|
%
|
|
General Obligation Bonds
|
|
|
7.7
|
|
|
Pre-refunded Bonds
|
|
|
1.9
|
|
|
Other
|
|
|
0.8
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
16 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Assets and Liabilities
August 31,
2012
(Unaudited)
|
|
|
|
|
Assets:
|
Investments, at value (Cost $739,902,427)
|
|
$
|
811,704,117
|
|
|
Receivable for:
|
|
|
|
|
Investments sold
|
|
|
3,750,208
|
|
|
Interest
|
|
|
9,586,692
|
|
|
Deferred offering costs
|
|
|
239,009
|
|
|
Total assets
|
|
|
825,280,026
|
|
|
Liabilities:
|
Floating rate note obligations
|
|
|
140,685,000
|
|
|
Variable rate muni term preferred shares, at liquidation value
($0.01 par value, 1,870 shares issued with liquidation
preference of $100,000 per share)
|
|
|
187,000,000
|
|
|
Payable for:
|
|
|
|
|
Investments purchased
|
|
|
2,720,825
|
|
|
Amount due custodian
|
|
|
2,036,481
|
|
|
Accrued fees to affiliates
|
|
|
52
|
|
|
Accrued other operating expenses
|
|
|
84,413
|
|
|
Accrued interest expense
|
|
|
196,043
|
|
|
Total liabilities
|
|
|
332,722,814
|
|
|
Net assets applicable to common shares
|
|
$
|
492,557,212
|
|
|
Net assets applicable to common shares consist of:
|
Shares of beneficial interest common shares
|
|
$
|
504,605,957
|
|
|
Undistributed net investment income
|
|
|
6,829,784
|
|
|
Undistributed net realized gain (loss)
|
|
|
(90,680,219
|
)
|
|
Unrealized appreciation
|
|
|
71,801,690
|
|
|
|
|
$
|
492,557,212
|
|
|
Shares outstanding, $0.01 par value per share, with an unlimited
number of shares authorized:
|
Common shares outstanding
|
|
|
33,875,513
|
|
|
Net asset value per common share
|
|
$
|
14.54
|
|
|
Market value per common share
|
|
$
|
15.34
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
17 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Operations
For
the six months ended August 31, 2012
(Unaudited)
|
|
|
|
|
Investment income:
|
Interest
|
|
$
|
18,257,350
|
|
|
Expenses:
|
Advisory fees
|
|
|
2,248,626
|
|
|
Administrative services fees
|
|
|
69,652
|
|
|
Custodian fees
|
|
|
6,665
|
|
|
Interest, facilities and maintenance fees
|
|
|
1,389,179
|
|
|
Transfer agent fees
|
|
|
18,195
|
|
|
Trustees and officers fees and benefits
|
|
|
31,041
|
|
|
Other
|
|
|
277,799
|
|
|
Total expenses
|
|
|
4,041,157
|
|
|
Less: Fees waived
|
|
|
(61,580
|
)
|
|
Net expenses
|
|
|
3,979,577
|
|
|
Net investment income
|
|
|
14,277,773
|
|
|
Realized and unrealized gain from:
|
Net realized gain from investment securities
|
|
|
12,294
|
|
|
Change in net unrealized appreciation of investment securities
|
|
|
15,121,653
|
|
|
Net realized and unrealized gain
|
|
|
15,133,947
|
|
|
Net increase in net assets resulting from operations
|
|
$
|
29,411,720
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
(55,368
|
)
|
|
Net increase in net assets from operations applicable to common
shares
|
|
$
|
29,356,352
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
18 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Changes in Net Assets
For
the six months ended August 31, 2012 and the year ended
February 29, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
February 29,
|
|
|
2012
|
|
2012
|
|
Operations:
|
Net investment income
|
|
$
|
14,277,773
|
|
|
$
|
32,072,172
|
|
|
Net realized gain (loss)
|
|
|
12,294
|
|
|
|
(10,415,769
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized appreciation
|
|
|
15,121,653
|
|
|
|
72,388,149
|
|
|
Net increase in net assets resulting from operations
|
|
|
29,411,720
|
|
|
|
94,044,552
|
|
|
Distributions to preferred shareholders from net investment
income
|
|
|
(55,368
|
)
|
|
|
(252,303
|
)
|
|
Net increase in net assets from operations applicable to common
shares
|
|
|
29,356,352
|
|
|
|
93,792,249
|
|
|
Distributions to shareholders from net investment income
|
|
|
(17,471,013
|
)
|
|
|
(34,899,298
|
)
|
|
Share transactionsnet:
|
Increase from transactions in common shares of beneficial
interest
|
|
|
380,632
|
|
|
|
823,054
|
|
|
Net increase in net assets applicable to common shares
|
|
|
12,265,971
|
|
|
|
59,716,005
|
|
|
Net assets applicable to common shares:
|
Beginning of period
|
|
|
480,291,241
|
|
|
|
420,575,236
|
|
|
End of period (includes undistributed net investment income of
$6,829,784 and $10,078,392, respectively)
|
|
$
|
492,557,212
|
|
|
$
|
480,291,241
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
19 Invesco
Van Kampen Municipal Opportunity Trust
Statement
of Cash Flows
For
the six months ended August 31, 2012
(Unaudited)
|
|
|
|
|
Cash provided by operating activities:
|
Net increase in net assets resulting from operations applicable
to common shares
|
|
$
|
29,356,352
|
|
|
Adjustments to reconcile the change in net assets applicable to
common shares from operations to net cash provided by operating
activities:
|
Purchases of investments
|
|
|
(50,694,080
|
)
|
|
Proceeds from sales of investments
|
|
|
61,967,763
|
|
|
Amortization of premium
|
|
|
1,267,416
|
|
|
Accretion of discount
|
|
|
(514,375
|
)
|
|
Increase in receivables and other assets
|
|
|
(325,856
|
)
|
|
Decrease in accrued expenses and other payables
|
|
|
(14,882
|
)
|
|
Net realized loss from investment securities
|
|
|
(12,294
|
)
|
|
Net change in unrealized appreciation on investment securities
|
|
|
(15,121,653
|
)
|
|
Net cash provided by operating activities
|
|
|
25,908,391
|
|
|
Cash provided by (used in) financing activities:
|
Dividends paid to common shareholders from net investment income
|
|
|
(17,090,313
|
)
|
|
Decrease in payable for amount due custodian
|
|
|
(8,523,078
|
)
|
|
Increase in VMTP shares, at liquidation value
|
|
|
187,000,000
|
|
|
Net proceeds from the redemption of preferred shares
|
|
|
(187,000,000
|
)
|
|
Net proceeds from floating rate note obligations
|
|
|
(295,000
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
(25,908,391
|
)
|
|
Net increase in cash
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
|
|
|
Supplemental disclosure of cash flow information:
|
Cash paid during the period for interest, facilities and
maintenance fees
|
|
$
|
1,324,204
|
|
|
Notes
to Financial Statements
August 31,
2012
(Unaudited)
NOTE 1Significant
Accounting Policies
Invesco Van Kampen Municipal Opportunity Trust (the
Trust), a Massachusetts business trust, is
registered under the Investment Company Act of 1940, as amended
(the 1940 Act), as a diversified, closed-end series
management investment company.
The Trusts investment objective is to seek to
provide a high level of current income which is exempt from
federal income tax, consistent with preservation of capital.
The following is a summary of the significant
accounting policies followed by the Trust in the preparation of
its financial statements.
|
|
|
A.
|
|
Security
Valuations
Securities, including
restricted securities, are valued according to the following
policy.
|
|
|
Securities are fair valued using an
evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by
the pricing service may be determined without exclusive reliance
on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, individual
trading characteristics and other market data. Securities with a
demand feature exercisable within one to seven days are valued
at par. Debt securities are subject to interest rate and credit
risks. In addition, all debt securities involve some risk of
default with respect to interest and principal payments.
|
|
|
Securities for which market quotations
either are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the
supervision of the Trusts officers following procedures
approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental
analytical data relating to the investment; the nature and
duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable
companies; relevant political, economic or issuer specific news;
and other relevant factors under the circumstances.
|
20 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
Valuations change in response to many
factors including the historical and prospective earnings of the
issuer, the value of the issuers assets, general economic
conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially
differ from the value received upon actual sale of those
investments.
|
B.
|
|
Securities
Transactions and Investment Income
Securities transactions are accounted for on a trade date basis.
Realized gains or losses on sales are computed on the basis of
specific identification of the securities sold. Interest income
is recorded on the accrual basis from settlement date. Dividend
income (net of withholding tax, if any) is recorded on the
ex-dividend date. Bond premiums and discounts are amortized
and/or
accreted for financial reporting purposes.
|
|
|
The Trust may periodically participate
in litigation related to Trust investments. As such, the Trust
may receive proceeds from litigation settlements. Any proceeds
received are included in the Statement of Operations as realized
gain (loss) for investments no longer held and as unrealized
gain (loss) for investments still held.
|
|
|
Brokerage commissions and mark ups are
considered transaction costs and are recorded as an increase to
the cost basis of securities purchased
and/or
a
reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in
the Statement of Operations and the Statement of Changes in Net
Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction
costs are included in the calculation of the Trusts net
asset value and, accordingly, they reduce the Trusts total
returns. These transaction costs are not considered operating
expenses and are not reflected in net investment income reported
in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of
expenses and net investment income reported in the Financial
Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser.
|
C.
|
|
Country
Determination
For the purposes of making
investment selection decisions and presentation in the Schedule
of Investments, the investment adviser may determine the country
in which an issuer is located
and/or
credit risk exposure based on various factors. These factors
include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the
country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the
issuers securities, as well as other criteria. Among the
other criteria that may be evaluated for making this
determination are the country in which the issuer maintains 50%
or more of its assets, the type of security, financial
guarantees and enhancements, the nature of the collateral and
the sponsor organization. Country of issuer
and/or
credit risk exposure has been determined to be the United States
of America, unless otherwise noted.
|
D.
|
|
Distributions
The Trust declares and pays monthly dividends from net
investment income to common shareholders. Distributions from net
realized capital gain, if any, are generally paid annually and
are distributed on a pro rata basis to common and preferred
shareholders. The Trust may elect to treat a portion of the
proceeds from redemptions as distributions for federal income
tax purposes.
|
E.
|
|
Federal Income
Taxes
The Trust intends to comply with
the requirements of Subchapter M of the Internal Revenue
Code necessary to qualify as a regulated investment company and
to distribute substantially all of the Trusts taxable
earnings to shareholders. As such, the Trust will not be subject
to federal income taxes on otherwise taxable income (including
net realized capital gain) that is distributed to shareholders.
Therefore, no provision for federal income taxes is recorded in
the financial statements.
|
|
|
In addition, the Trust intends to invest
in such municipal securities to allow it to qualify to pay
shareholders exempt dividends, as defined in the
Internal Revenue Code.
|
|
|
The Trust files tax returns in the
U.S. Federal jurisdiction and certain other jurisdictions.
Generally, the Trust is subject to examinations by such taxing
authorities for up to three years after the filing of the return
for the tax period.
|
F.
|
|
Interest,
Facilities and Maintenance Fees
Interest,
Facilities and Maintenance Fees include interest and related
borrowing costs such as commitment fees, rating and bank agent
fees and other expenses associated with lines of credit and
Variable Rate Muni Term Preferred Shares (VMTP
Shares), and interest and administrative expenses related
to establishing and maintaining Auction Rate Preferred Shares
and floating rate note obligations, if any.
|
G.
|
|
Accounting
Estimates
The preparation of financial
statements in conformity with accounting principles generally
accepted in the United States of America (GAAP)
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of
revenues and expenses during the reporting period including
estimates and assumptions related to taxation. Actual results
could differ from those estimates by a significant amount. In
addition, the Trust monitors for material events or transactions
that may occur or become known after the period-end date and
before the date the financial statements are released to print.
|
H.
|
|
Indemnifications
Under the Trusts organizational documents, each Trustee,
officer, employee or other agent of the Trust is indemnified
against certain liabilities that may arise out of the
performance of their duties to the Trust. Additionally, in the
normal course of business, the Trust enters into contracts,
including the Trusts servicing agreements, that contain a
variety of indemnification clauses. The Trusts maximum
exposure under these arrangements is unknown as this would
involve future claims that may be made against the Trust that
have not yet occurred. The risk of material loss as a result of
such indemnification claims is considered remote.
|
I.
|
|
Other
Risks
The value of, payment of interest
on, repayment of principal for and the ability to sell a
municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative
regulations, voter initiatives and the economics of the regions
in which the issuers are located.
|
|
|
Since many municipal securities are
issued to finance similar projects, especially those relating to
education, health care, transportation and utilities, conditions
in those sectors can affect the overall municipal securities
market and a Trusts investments in municipal securities.
|
|
|
There is some risk that a portion or all
of the interest received from certain tax-free municipal
securities could become taxable as a result of determinations by
the Internal Revenue Service.
|
J.
|
|
Cash and Cash
Equivalents
For the purposes of the
Statement of Cash Flows the Trust defines Cash and Cash
Equivalents as cash (including foreign currency), money market
funds and other investments held in lieu of cash and excludes
investments made with cash collateral received.
|
K.
|
|
Floating Rate
Note Obligations
The Trust invests
in inverse floating rate securities, such as Residual Interest
Bonds (RIBs) or Tender Option Bonds
(TOBs) for investment purposes and to enhance the
yield of the Trust. Inverse floating rate investments tend to
underperform the market
|
21 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
|
for fixed rate bonds in a rising interest rate environment, but
tend to outperform the market for fixed rate bonds when interest
rates decline or remain relatively stable. Such transactions may
be purchased in the secondary market without first owning the
underlying bond or by the sale of fixed rate bonds by the Trust
to special purpose trusts established by a broker dealer
(Dealer Trusts) in exchange for cash and residual
interests in the Dealer Trusts assets and cash flows,
which are in the form of inverse floating rate securities. The
Dealer Trusts finance the purchases of the fixed rate bonds by
issuing floating rate notes to third parties and allowing the
Trust to retain residual interests in the bonds. The floating
rate notes issued by the Dealer Trusts have interest rates that
reset weekly and the floating rate note holders have the option
to tender their notes to the Dealer Trusts for redemption at par
at each reset date. The residual interests held by the Trust
(inverse floating rate investments) include the right of the
Trust (1) to cause the holders of the floating rate notes
to tender their notes at par at the next interest rate reset
date, and (2) to transfer the municipal bond from the
Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
|
|
|
TOBs are presently classified as private
placement securities. Private placement securities are subject
to restrictions on resale because they have not been registered
under the Securities Act of 1933, as amended or are otherwise
not readily marketable. As a result of the absence of a public
trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices
realized from these sales could be less than those originally
paid by the Trust or less than what may be considered the fair
value of such securities.
|
|
|
The Trust accounts for the transfer of
bonds to the Dealer Trusts as secured borrowings, with the
securities transferred remaining in the Trusts investment
assets, and the related floating rate notes reflected as Trust
liabilities under the caption
Floating rate note
obligations
on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds
under the caption
Interest
and records the expenses
related to floating rate obligations and any administrative
expenses of the Dealer Trusts as a component of
Interest,
facilities and maintenance fees
on the Statement of
Operations.
|
|
|
The Trust generally invests in inverse
floating rate securities that include embedded leverage, thus
exposing the Trust to greater risks and increased costs. The
primary risks associated with inverse floating rate securities
are varying degrees of liquidity and the changes in the value of
such securities in response to changes in market rates of
interest to a greater extent than the value of an equal
principal amount of a fixed rate security having similar credit
quality, redemption provisions and maturity which may cause the
Trusts net asset value to be more volatile than if it had
not invested in inverse floating rate securities. In certain
instances, the short-term floating rate interests created by the
special purpose trust may not be able to be sold to third
parties or, in the case of holders tendering (or putting) such
interests for repayment of principal, may not be able to be
remarketed to third parties. In such cases, the special purpose
trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of
long-term fixed income bonds by the Trust, the Trust will then
be required to repay the principal amount of the tendered
securities. During times of market volatility, illiquidity or
uncertainty, the Trust could be required to sell other portfolio
holdings at a disadvantageous time to raise cash to meet that
obligation.
|
NOTE 2Advisory
Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory
agreement with Invesco Advisers, Inc. (the Adviser
or Invesco). Under the terms of the investment
advisory agreement, the Trust pays an advisory fee to the
Adviser based on the annual rate of 0.55% of the Trusts
average daily managed assets. Managed assets for this purpose
means the Trusts net assets, plus assets attributable to
outstanding preferred shares and the amount of any borrowings
incurred for the purpose of leverage (whether or not such
borrowed amounts are reflected in the Trusts financial
statements for purposes of GAAP).
Under the terms of a master
sub-advisory
agreement between the Adviser and each of Invesco Asset
Management Deutschland GmbH, Invesco Asset Management Limited,
Invesco Asset Management (Japan) Limited, Invesco Australia
Limited, Invesco Hong Kong Limited, Invesco Senior Secured
Management, Inc. and Invesco Canada Ltd. (collectively, the
Affiliated
Sub-Advisers)
the Adviser, not the Trust, may pay 40% of the fees paid to the
Adviser to any such Affiliated
Sub-Adviser(s)
that provide(s) discretionary investment management services to
the Trust based on the percentage of assets allocated to such
Sub-Adviser(s).
The Adviser had contractually agreed, through
June 30, 2012, to waive advisory fees
and/or
reimburse expenses to the extent necessary to limit the
Trusts expenses (excluding certain items discussed below)
to 1.03%. In determining the Advisers obligation to waive
advisory fees
and/or
reimburse expenses, the following expenses are not taken into
account, and could cause the Trusts expenses to exceed the
limit reflected above: (1) interest, facilities and
maintenance fees; (2) taxes; (3) dividend expense on
short sales; (4) extraordinary or non-routine items,
including litigation expenses; and (5) expenses that the
Trust has incurred but did not actually pay because of an
expense offset arrangement. The fee waiver agreement terminated
on June 30, 2012.
For the six months ended August 31, 2012, the
Adviser waived advisory fees of $61,580.
The Trust has entered into a master administrative
services agreement with Invesco pursuant to which the Trust has
agreed to pay Invesco for certain administrative costs incurred
in providing accounting services to the Trust. For the six
months ended August 31, 2012, expenses incurred under this
agreement are shown in the Statement of Operations as
Administrative services fees
.
Certain officers and trustees of the Trust are
officers and directors of Invesco.
NOTE 3Additional
Valuation Information
GAAP defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date,
under current market conditions. GAAP establishes a hierarchy
that prioritizes the inputs to valuation methods giving the
highest priority to readily available unadjusted quoted prices
in an active market for identical assets (Level 1) and
the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily
available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three
levels. Changes in valuation methods may result in transfers in
or out of an investments assigned level:
|
|
|
|
Level 1
|
Prices are determined using quoted prices in an active market
for identical assets.
|
|
Level 2
|
Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.
|
22 Invesco
Van Kampen Municipal Opportunity Trust
|
|
|
|
Level 3
|
Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market
activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the
Trusts own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information.
|
The following is a summary of the tiered valuation
input levels, as of August 31, 2012. The level assigned to
the securities valuations may not be an indication of the risk
or liquidity associated with investing in those securities.
Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from
the value received upon actual sale of those investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Obligations
|
|
$
|
|
|
|
$
|
811,704,117
|
|
|
$
|
|
|
|
$
|
811,704,117
|
|
|
NOTE 4Trustees
and Officers Fees and Benefits
Trustees and Officers Fees and Benefits
include amounts accrued by the Trust to pay remuneration to
certain Trustees and Officers of the Trust.
During the six months ended August 31, 2012,
the Trust paid legal fees of $203,824 for services rendered by
Skadden, Arps, Slate, Meagher & Flom LLP as counsel to
the Trust. A trustee of the Trust is of counsel with the firm.
NOTE 5Cash
Balances and Borrowings
The Fund is permitted to temporarily carry a negative or
overdrawn balance in its account with State Street Bank and
Trust Company (SSB), the custodian bank. Such
balances, if any at period end, are shown in the Statement of
Assets and Liabilities under the payable caption
Amount due
custodian
. To compensate the custodian bank for such
overdrafts, the overdrawn Fund may either (1) leave funds
as a compensating balance in the account so the custodian bank
can be compensated by earning the additional interest; or
(2) compensate by paying the custodian bank at a rate
agreed upon by the custodian bank and Invesco, not to exceed the
contractually agreed upon rate.
Inverse floating rate obligations resulting from the
transfer of bonds to Dealer Trusts are accounted for as secured
borrowings. The average floating rate notes outstanding and
average annual interest and fees related to inverse floating
rate note obligations during the six months ended
August 31, 2012 were $141,177,046 and 0.39%, respectively.
NOTE 6Tax
Information
The amount and character of income and gains to be distributed
are determined in accordance with income tax regulations, which
may differ from generally accepted accounting principles.
Reclassifications are made to the Trusts capital accounts
to reflect income and gains available for distribution (or
available capital loss carryforward) under income tax
regulations. The tax character of distributions paid during the
year and the tax components of net assets will be reported at
the Trusts fiscal year-end.
Capital loss carryforward is calculated and reported
as of a specific date. Results of transactions and other
activity after that date may affect the amount of capital loss
carryforward actually available for the Trust to utilize. The
Regulated Investment Company Modernization Act of 2010 (the
Act) eliminated the eight-year carryover period for
capital losses that arise in taxable years beginning after its
enactment date of December 22, 2010. Consequently, these
capital losses can be carried forward for an unlimited period.
However, capital losses with an expiration period may not be
used to offset capital gains until all net capital losses
without an expiration date have been utilized. Additionally,
post-enactment capital loss carryovers will retain their
character as either short-term or long-term capital losses
instead of as short-term capital losses as under prior law. The
ability to utilize capital loss carryforward in the future may
be limited under the Internal Revenue Code and related
regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of
February 29, 2012 which expires as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Loss Carryforward*
|
Expiration
|
|
Short-Term
|
|
Long-Term
|
|
Total
|
|
February 28, 2013
|
|
$
|
577,984
|
|
|
$
|
|
|
|
$
|
577,984
|
|
|
February 28, 2014
|
|
|
1,179,918
|
|
|
|
|
|
|
|
1,179,918
|
|
|
February 28, 2015
|
|
|
3,206,957
|
|
|
|
|
|
|
|
3,206,957
|
|
|
February 29, 2016
|
|
|
41,319,327
|
|
|
|
|
|
|
|
41,319,327
|
|
|
February 28, 2017
|
|
|
27,670,283
|
|
|
|
|
|
|
|
27,670,283
|
|
|
February 28, 2018
|
|
|
3,145,788
|
|
|
|
|
|
|
|
3,145,788
|
|
|
February 28, 2019
|
|
|
3,734,031
|
|
|
|
|
|
|
|
3,734,031
|
|
|
No expiration date
|
|
|
|
|
|
|
4,843,682
|
|
|
|
4,843,682
|
|
|
|
|
$
|
80,834,288
|
|
|
$
|
4,843,682
|
|
|
$
|
85,677,970
|
|
|
|
|
*
|
Capital loss carryforward as of the
date listed above is reduced for limitations, if any, to the
extent required by the Internal Revenue Code.
|
23 Invesco
Van Kampen Municipal Opportunity Trust
NOTE 7Investment
Securities
The aggregate amount of investment securities (other than
short-term securities, U.S. Treasury obligations and money
market funds, if any) purchased and sold by the Trust during the
six months ended August 31, 2012 was $77,206,314 and
$65,183,971, 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
|
|
$
|
74,269,226
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(3,653,318
|
)
|
|
Net unrealized appreciation of investment securities
|
|
$
|
70,615,908
|
|
|
Cost of investments for tax purposes is $741,088,209.
|
NOTE 8Common
Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as
follows:
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
February 29,
|
|
|
2012
|
|
2012
|
|
Beginning shares
|
|
|
33,849,096
|
|
|
|
33,787,408
|
|
|
Shares issued through dividend reinvestment
|
|
|
26,417
|
|
|
|
61,688
|
|
|
Ending shares
|
|
|
33,875,513
|
|
|
|
33,849,096
|
|
|
The Board of Trustees have approved share
repurchases whereby the Trust may, when appropriate, purchase
shares in the open market or in privately negotiated
transactions at a price not above market value or net asset
value, whichever is lower at the time of purchase.
NOTE 9Auction
Rate Preferred Shares
The Trust is authorized to issue Auction Rate Preferred Shares
(ARPS). On May 16, 2012 through May 30,
2012, the Trust redeemed all of its outstanding ARPS at their
respective liquidation preference, including accrued and unpaid
dividends, if any, through the redemption date. The redemptions
were funded with proceeds received from issuance of VMTP shares.
Historically, the Trust paid annual fees equivalent
to 0.25% of the ARPS liquidation value for the remarketing
efforts associated with the auction. Effective March 16,
2009, the Trust decreased this amount to 0.15% due to auction
failures. These fees are included as a component of
Interest, facilities and maintenance fees
expense on the Statement of Operations.
Dividends, which are cumulative, are reset through
auction procedures.
|
|
|
|
|
|
|
|
Range of
|
Series
|
|
Dividend
Rates
|
|
A
|
|
|
0.055-0.188
|
|
%
|
|
B
|
|
|
0.110-0.364
|
|
|
|
C
|
|
|
0.033-0.144
|
|
|
|
D
|
|
|
0.110-0.364
|
|
|
|
E
|
|
|
0.033-0.155
|
|
|
|
F
|
|
|
0.033-0.144
|
|
|
|
|
|
|
For the period March 1, 2012
through May 30, 2012.
|
The Trust was subject to certain restrictions
relating to the ARPS. Failure to comply with these restrictions
could have precluded the Trust from declaring any distributions
to common shareholders or purchasing common shares
and/or
could
trigger the mandatory redemption of ARPS at liquidation value.
Beginning February 14, 2008 and continuing
through May 30, 2012, all series of ARPS of the Trust were
not successfully remarketed. As a result, the dividend rates of
these ARPS were reset to the maximum applicable rate.
24 Invesco
Van Kampen Municipal Opportunity Trust
Transactions in ARPS were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
A
|
|
Series
B
|
|
Series
C
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Outstanding at February 29, 2012
|
|
|
1,650
|
|
|
$
|
41,250,000
|
|
|
|
1,650
|
|
|
$
|
41,250,000
|
|
|
|
1,100
|
|
|
$
|
27,500,000
|
|
|
Shares redeemed
|
|
|
(1,650
|
)
|
|
|
(41,250,000
|
)
|
|
|
(1,650
|
)
|
|
|
(41,250,000
|
)
|
|
|
(1,100
|
)
|
|
|
(27,500,000
|
)
|
|
Outstanding at August 31, 2012
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series
D
|
|
Series
E
|
|
Series
F
|
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
|
Outstanding at February 29, 2012
|
|
|
1,100
|
|
|
$
|
27,500,000
|
|
|
|
1,100
|
|
|
$
|
27,500,000
|
|
|
|
880
|
|
|
$
|
22,000,000
|
|
|
Shares redeemed
|
|
|
(1,100
|
)
|
|
|
(27,500,000
|
)
|
|
|
(1,100
|
)
|
|
|
(27,500,000
|
)
|
|
|
(880
|
)
|
|
|
(22,000,000
|
)
|
|
Outstanding at August 31, 2012
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
$
|
|
|
|
NOTE 10Variable
Rate Muni Term Preferred Shares
On May 9, 2012, the Trust issued 1,870
Series 2015/6-VMO VMTP Shares, with liquidation preference
of $100,000 per share pursuant to an offering exempt from
registration under the Securities Act of 1933. Proceeds from the
issuance of VMTP Shares were used to redeem all of the
Trusts outstanding ARPS. VMTP Shares are a floating-rate
form of preferred shares with a mandatory redemption date. The
Trust is required to redeem all outstanding VMTP Shares on
June 1, 2015, unless earlier redeemed, repurchased or
extended. VMTP Shares are subject to optional and mandatory
redemption in certain circumstances. The redemption price per
share is equal to the sum of the liquidation value per share
plus any accumulated but unpaid dividends and a redemption
premium, if any.
The Trust incurred costs in connection with the
issuance of VMTP Shares. These costs were recorded as a deferred
charge and will be amortized over the 3 year life of the
VMTP Shares. Amortization of these costs is included in
Interest, facilities and maintenance fees
on the
Statement of Operations and the unamortized balance is included
in
Deferred offering costs
on the Statement of Assets and
Liabilities.
Dividends paid on the VMTP Shares (which are treated
as interest expense for financial reporting purposes) are
declared daily and paid monthly. The initial rate for dividends
is equal to the sum of 1.10% per annum plus the Securities
Industry and Financial Markets Association Municipal Swap Index.
Subsequent rates take into account a ratings spread which is
based on the long term preferred share ratings assigned to the
VMTP Shares by Moodys and Fitch. The average liquidation
value outstanding and the average annualized dividend rate of
the VMTP Shares during the six months ended August 31, 2012
were $187,000,000 and 1.27%, respectively.
The Trust is subject to certain restrictions, such
as maintaining certain asset coverage and leverage ratio
requirements relating to the VMTP Shares. Failure to comply with
these restrictions could preclude the Trust from declaring any
distributions to common shareholders or purchasing common shares
and/or
could
trigger the mandatory redemption of VMTP Shares at liquidation
value.
For financial reporting purposes, the liquidation
value of VMTP Shares, which is considered debt of the issuer, is
recorded as a liability under the caption
Variable rate muni
term preferred shares
on the Statement of Assets and
Liabilities. Unpaid dividends on VMTP Shares are recognized as
Accrued interest expense
on the Statement of Assets and
Liabilities. Dividends paid on VMTP Shares are recognized as a
component of
Interest, facilities and maintenance fees
on
the Statement of Operations.
NOTE 11Dividends
The Trust declared the following dividends to common
shareholders from net investment income subsequent to
August 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration
Date
|
|
Amount Per
Share
|
|
Record
Date
|
|
Payable
Date
|
|
September 4, 2012
|
|
$
|
0.086
|
|
|
|
September 18, 2012
|
|
|
|
September 28, 2012
|
|
|
October 1, 2012
|
|
$
|
0.086
|
|
|
|
October 12, 2012
|
|
|
|
October 31, 2012
|
|
|
25 Invesco
Van Kampen Municipal Opportunity Trust
NOTE 12Financial
Highlights
The following schedule presents financial highlights for a share
of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
|
|
Four months
|
|
|
|
|
|
|
|
|
|
|
ended
|
|
Year ended
|
|
ended
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
February 29,
|
|
February 28,
|
|
Years ended
October 31,
|
|
|
2012
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
Net asset value per common share, beginning of period
|
|
$
|
14.19
|
|
|
$
|
12.45
|
|
|
$
|
13.85
|
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
|
$
|
15.46
|
|
|
$
|
16.61
|
|
|
Net investment
income
(a)
|
|
|
0.42
|
|
|
|
0.95
|
|
|
|
0.34
|
|
|
|
1.06
|
|
|
|
1.15
|
|
|
|
1.26
|
|
|
|
1.17
|
|
|
Net gains (losses) on securities (both realized and unrealized)
|
|
|
0.45
|
|
|
|
1.83
|
|
|
|
(1.40
|
)
|
|
|
0.79
|
|
|
|
2.30
|
|
|
|
(5.07
|
)
|
|
|
(1.17
|
)
|
|
Dividends paid to preferred shareholders from net
investment income
(a)
|
|
|
(0.00
|
)
|
|
|
(0.01
|
)
|
|
|
(0.00
|
)
|
|
|
(0.01
|
)
|
|
|
(0.05
|
)
|
|
|
(0.30
|
)
|
|
|
(0.37
|
)
|
|
Total from investment operations
|
|
|
0.87
|
|
|
|
2.77
|
|
|
|
(1.06
|
)
|
|
|
1.84
|
|
|
|
3.40
|
|
|
|
(4.11
|
)
|
|
|
(0.37
|
)
|
|
Less dividends paid to common shareholders from net investment
income
|
|
|
(0.52
|
)
|
|
|
(1.03
|
)
|
|
|
(0.34
|
)
|
|
|
(1.03
|
)
|
|
|
(0.88
|
)
|
|
|
(0.83
|
)
|
|
|
(0.78
|
)
|
|
Net asset value per common share, end of period
|
|
$
|
14.54
|
|
|
$
|
14.19
|
|
|
$
|
12.45
|
|
|
$
|
13.85
|
|
|
$
|
13.04
|
|
|
$
|
10.52
|
|
|
$
|
15.46
|
|
|
Market value per common share, end of period
|
|
$
|
15.34
|
|
|
$
|
15.22
|
|
|
$
|
12.51
|
|
|
$
|
14.51
|
|
|
$
|
13.23
|
|
|
$
|
10.10
|
|
|
$
|
14.30
|
|
|
Total return at net asset
value
(b)
|
|
|
6.19
|
%
|
|
|
23.10
|
%
|
|
|
(7.65
|
)%
|
|
|
14.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return at market
value
(c)
|
|
|
4.45
|
%
|
|
|
31.40
|
%
|
|
|
(11.43
|
)%
|
|
|
18.32
|
%
|
|
|
41.33
|
%
|
|
|
(24.86
|
)%
|
|
|
2.40
|
%
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
492,557
|
|
|
$
|
480,291
|
|
|
$
|
420,575
|
|
|
$
|
467,738
|
|
|
$
|
439,370
|
|
|
$
|
353,764
|
|
|
$
|
524,862
|
|
|
Portfolio turnover
rate
(d)
|
|
|
8
|
%
|
|
|
16
|
%
|
|
|
2
|
%
|
|
|
10
|
%
|
|
|
14
|
%
|
|
|
57
|
%
|
|
|
23
|
%
|
|
Ratios/supplemental data based on average net assets applicable
to common shares:
|
Ratio of expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With fee waivers
and/or
expense
reimbursements
(e)
|
|
|
1.63
|
%
(f)
|
|
|
1.40
|
%
|
|
|
1.32
|
%
(g)
|
|
|
1.30
|
%
|
|
|
1.54
|
%
|
|
|
2.11
|
%
|
|
|
2.03
|
%
|
|
With fee waivers
and/or
expense reimbursements excluding interest, facilities and
maintenance
fees
(e)(h)
|
|
|
1.06
|
%
(f)
|
|
|
1.14
|
%
|
|
|
1.06
|
%
(g)
|
|
|
1.08
|
%
|
|
|
1.17
|
%
|
|
|
1.03
|
%
|
|
|
1.03
|
%
|
|
Without fee waivers
and/or
expense
reimbursements
(e)
|
|
|
1.66
|
%
(f)
|
|
|
1.46
|
%
|
|
|
1.37
|
%
(g)
|
|
|
1.40
|
%
|
|
|
1.73
|
%
|
|
|
2.28
|
%
|
|
|
2.18
|
%
|
|
Ratio of net investment income before preferred share dividends
|
|
|
5.87
|
%
(f)
|
|
|
7.18
|
%
|
|
|
8.13
|
%
(g)
|
|
|
7.88
|
%
|
|
|
9.92
|
%
|
|
|
8.92
|
%
|
|
|
7.30
|
%
|
|
Preferred share dividends
|
|
|
0.02
|
%
(f)
|
|
|
0.06
|
%
|
|
|
0.11
|
%
(g)
|
|
|
0.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income after preferred share dividends
|
|
|
5.85
|
%
(f)
|
|
|
7.12
|
%
|
|
|
8.02
|
%
(g)
|
|
|
7.77
|
%
|
|
|
9.53
|
%
|
|
|
6.78
|
%
|
|
|
4.99
|
%
|
|
Senior securities:
|
Total amount of preferred shares outstanding (000s
omitted)
(j)
|
|
$
|
187,000
|
|
|
$
|
187,000
|
|
|
$
|
221,000
|
|
|
$
|
221,000
|
(i)
|
|
$
|
255,000
|
(i)
|
|
$
|
272,000
|
(i)
|
|
$
|
340,000
|
(i)
|
|
Asset coverage per preferred
share
(j)(k)
|
|
$
|
363,340
|
|
|
$
|
89,210
|
|
|
$
|
72,576
|
|
|
$
|
77,912
|
|
|
$
|
68,078
|
|
|
$
|
57,538
|
|
|
$
|
63,629
|
|
|
Liquidating preference per preferred
share
(j)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
(a)
|
|
Calculated using average shares
outstanding.
|
(b)
|
|
Includes adjustments in accordance
with accounting principles generally accepted in the United
States of America and as such, the net asset value for financial
reporting purposes and the returns based upon those net asset
values may differ from the net asset value and returns for
shareholder transactions. Not annualized for periods less than
one year, if applicable.
|
(c)
|
|
Total return assumes an investment
at the common share market price at the beginning of the period
indicated, reinvestment of all distributions for the period in
accordance with the Trusts dividend reinvestment plan, and
sale of all shares at the closing common share market price at
the end of the period indicated. Not annualized for periods less
than one year, if applicable.
|
(d)
|
|
Portfolio turnover is calculated at
the fund level and is not annualized for periods less than one
year, if applicable.
|
(e)
|
|
Ratios do not reflect the effect of
dividend payments to preferred shareholders.
|
(f)
|
|
Ratios are annualized and based on
average daily net assets applicable to common shares (000s
omitted) of $483,057.
|
(g)
|
|
Annualized.
|
(h)
|
|
For the years ended
October 31, 2010 and prior, ratio does not exclude
facilities and maintenance fees.
|
(i)
|
|
Total shares outstanding for the
years ended October 31, 2010, 2009, 2008 and 2007 were
8,840, 10,200 10,880 and 13,600, respectively.
|
(j)
|
|
For the years ended
February 29, 2012 and prior, amounts are based on ARPS
outstanding.
|
(k)
|
|
Calculated by subtracting the
Trusts total liabilities (not including the preferred
shares) from the Trusts total assets and dividing this by
preferred shares.
|
26 Invesco
Van Kampen Municipal Opportunity Trust
NOTE 13Subsequent
Event
The Board of Trustees (the Board) and the
shareholders of the Trust approved the redomestication of the
Trust, a Massachusetts business trust, into a Delaware statutory
trust pursuant to an Agreement and Plan of Redomestication (the
Redomestication). The Board and the shareholders
also approved an Agreement and Plan of Merger pursuant to which
Invesco Municipal Premium Income Trust, Invesco Van Kampen
Select Sector Municipal Trust and Invesco Van Kampen Trust for
Value Municipals (each Target Trust) merged with and
into the Trust in accordance with the Delaware Statutory
Trust Act (the Merger). As a result of the
Merger, all of the assets and liabilities on each Target Trust
became assets and liabilities of the Trust and each Target
Trusts shareholders became shareholders of the Trust. The
Redomestication and the Merger were consummated on
October 15, 2012.
Effective December 3, 2012, the Trust will
change its name to Invesco Municipal Opportunity Trust.
NOTE 14Legal
Proceedings
Terms used in the Legal Proceedings Note are defined terms
solely for the purpose of this note.
Pending Litigation and Regulatory Inquiries
On January 17, 2011, a Consolidated Amended Shareholder
Derivative Complaint was filed on behalf of Invesco Van Kampen
Advantage Municipal Income Trust II; Invesco Van Kampen
Municipal Opportunity Trust; Invesco Van Kampen Municipal Trust;
Invesco Van Kampen High Income Trust II; Invesco Van Kampen
Senior Income Trust (the Trusts) against Van Kampen
Asset Management, Morgan Stanley, and certain individuals
(collectively, the Defendants). The Plaintiffs
alleged that Defendants breached their fiduciary duties to
common shareholders by causing the Trusts to redeem Auction Rate
Preferred Securities (ARPS) at their liquidation
value, which was at a discount from market value at the time,
and by not having adequate procedures to deal with potential
conflicts of interest. The Plaintiffs alleged that the
redemption of the ARPS wasted Trust assets, occurred at the
expense of the Trusts and the common shareholders, and was
improperly motivated to benefit preferred shareholders and
Defendants. Additionally, the Plaintiffs claimed that the ARPS
were replaced with less favorable financing. Plaintiffs seek
judgment that: 1) orders Defendants to refrain from
redeeming any ARPS at their liquidation value using Trusts
assets; 2) awards monetary damages against all Defendants,
individually, jointly or severally, in favor of the Trusts, for
all losses and damages allegedly suffered as a result of the
redemptions of ARPS at their liquidation value; 3) grants
appropriate equitable relief to remedy the Defendants
alleged breaches of fiduciary duties; and 4) awards to
Plaintiffs the costs and disbursements of the action. On
August 10, 2010, the Board of Trustees formed a Special
Litigation Committee (SLC) to investigate the claims
made in the April 2010 demand letters with the assistance of
independent counsel. After reviewing the findings of the
SLCs and a vote by Independent Trustees, the Board
announced on June 24, 2011, that it had adopted the
SLCs recommendation to reject the demands and seek
dismissal of the lawsuit. The Trusts filed a motion to dismiss
on October 4, 2011, which remains pending. The Trust has
accrued $70,093 in expenses relating to these matters during the
six months ended August 31, 2012.
Management of Invesco and the Trust believe that the
outcome of the proceedings described above will not have a
material adverse effect on the Trust or on the ability of
Invesco to provide ongoing services to the Trust.
27 Invesco
Van Kampen Municipal Opportunity Trust
Approval
of Investment Advisory and
Sub-Advisory
Contracts
The Board of Trustees (the Board) of Invesco Van Kampen
Municipal Opportunity Trust (the Fund) is required under the
Investment Company Act of 1940, as amended, to approve annually
the renewal of the investment advisory agreement with Invesco
Advisers, Inc. (Invesco Advisers) and the Master Intergroup
Sub-Advisory
Contract (the
sub-advisory
contracts) with Invesco Asset Management Deutschland GmbH,
Invesco Asset Management Ltd., Invesco Asset Management (Japan)
Limited, Invesco Australia Limited, Invesco Hong Kong Limited,
Invesco Senior Secured Management, Inc. and Invesco Canada Ltd.
(collectively, the Affiliated
Sub-Advisers).
During contract renewal meetings held on May 15, 2012, the
Board as a whole, and the disinterested or
independent Trustees, who comprise more than 75% of
the Board, voting separately, approved the continuance of the
Funds investment advisory agreement and the
sub-advisory
contracts for another year. In doing so, the Board considered
the process that it follows in reviewing and approving the
Funds investment advisory agreement and
sub-advisory
contracts and the information that it is provided. The Board
determined that the Funds investment advisory agreement
and the
sub-advisory
contracts are in the best interests of the Fund and its
shareholders and the compensation to Invesco Advisers and the
Affiliated
Sub-Advisers
under the agreements is fair and reasonable.
The Boards
Fund Evaluation Process
The Board, acting directly and through its committees, meets
throughout the year to review the performance of the Invesco Van
Kampen funds. Over the course of each year, the Board, acting
directly and through its committees, meets with portfolio
managers for the funds and other members of management to review
the performance, investment objective(s), policies, strategies
and limitations and investment risks of the funds. The Board
meets regularly and at designated contract renewal meetings each
year to conduct a review of the performance, fees, expenses and
other matters related to the funds. The Board also considered
materials it had received in approving the proposed
reorganizations of other closed-end funds advised by Invesco
Advisers into the Fund.
During the contract renewal process, the Trustees
receive comparative performance and fee data regarding the funds
prepared by Invesco Advisers and an independent company, Lipper,
Inc. (Lipper). The independent Trustees are assisted in their
annual evaluation of the funds investment advisory
agreements by fund counsel.
In evaluating the fairness and reasonableness of the
Funds investment advisory agreement and
sub-advisory
contracts, the Board considered, among other things, the factors
discussed below. The Trustees recognized that the advisory fees
for the Invesco Van Kampen funds, including the Fund, reflect
the results of years of review and negotiation between the
Trustees and Invesco Advisers and previously Van Kampen Asset
Management, the funds predecessor investment adviser. The
Trustees deliberations and conclusions in a particular
year may be based in part on their deliberations and conclusions
regarding these same arrangements throughout the year and in
prior years. The Board noted the willingness of Invesco Advisers
personnel to engage in open and candid discussions with the
Board. One Trustee may have weighed a particular piece of
information differently than another Trustee.
The discussion below is a summary of the
Boards evaluation with respect to the Funds
investment advisory agreement as well as a discussion of the
material factors and related conclusions that formed the basis
for the Boards approval of the Funds investment
advisory agreement and
sub-advisory
contracts. Unless otherwise stated, this information is current
as of May 15, 2012, and may not reflect consideration of
factors that became known to the Board after that date,
including, for example, changes to the Funds performance,
advisory fees, expense limitations
and/or
fee
waivers.
Factors and
Conclusions
|
|
A.
|
Nature, Extent
and Quality of Services Provided by Invesco Advisers and the
Affiliated
Sub-Advisers
|
The Board reviewed the advisory services provided to the Fund by
Invesco Advisers under the Funds investment advisory
agreement, the performance of Invesco Advisers in providing
these services, and the credentials and experience of the
officers and employees of Invesco Advisers who provide these
services. Based on their meetings throughout the year with the
Funds portfolio managers, the Board concluded that these
individuals are competent and able to continue to carry out
their responsibilities under the Funds investment advisory
agreement or
sub-advisory
contracts, as applicable. The Boards review of the
qualifications of Invesco Advisers to provide advisory services
included the Boards consideration of Invesco
Advisers performance and investment process oversight,
independent credit analysis and investment risk management.
In determining whether to continue the Funds
investment advisory agreement, the Board considered the prior
relationship between Invesco Advisers (and previously Van Kampen
Asset Management) and the Fund, as well as the Boards
knowledge of Invesco Advisers operations, and concluded
that it is beneficial to maintain the current relationship, in
part, because of such knowledge. The Board also considered
services that Invesco Advisers and its affiliates provide to the
Invesco Van Kampen funds, including the Fund, such as various
back office support functions, equity and fixed income trading
operations, internal audit and legal and compliance. The Board
concluded that the nature, extent and quality of the services
provided to the Fund by Invesco Advisers are appropriate and
satisfactory and the advisory services are provided in
accordance with the terms of the Funds investment advisory
agreement.
The Board reviewed the services capable of being
provided by the Affiliated
Sub-Advisers
under the
sub-advisory
contracts and the credentials and experience of the officers and
employees of the Affiliated
Sub-Advisers
who would provide such services. The Board concluded that the
sub-advisory
contracts benefit the Fund and its shareholders by permitting
Invesco Advisers to use the resources and talents of the
Affiliated
Sub-Advisers,
from time to time as necessary and appropriate, in managing the
Fund. The Board concluded that the nature, extent and quality of
the services capable of being provided by the Affiliated
Sub-Advisers
are appropriate and satisfactory and in accordance with the
terms of the Funds
sub-advisory
contracts.
The Board considered Fund performance as a relevant factor in
considering whether to approve the investment advisory
agreement. The Board did not view Fund performance as a relevant
factor in considering whether to approve the
sub-advisory
contracts for the Fund, as no Affiliated
Sub-Adviser
currently manages assets of the Fund.
The Board compared the Funds performance
during the past one, two, three, five and ten calendar years to
the performance of funds in the Funds Lipper performance
universe and against the applicable Lipper index. The Board
noted that the Funds performance was in the fourth
quintile of its performance universe for the one year period,
the second quintile for the two year period, the first quintile
for the three year period, and the fifth quintile for the five
and ten year periods (the first quintile being the best
performing funds and the fifth quintile being the worst
performing funds). The Board noted that the Funds
performance was above the performance of the applicable Lipper
index for the two and three year periods and below the
performance of the index for the one, five and ten year periods.
When considering a funds performance, the Board places
emphasis on trends and longer term returns.
28 Invesco
Van Kampen Municipal Opportunity Trust
|
|
C.
|
Advisory and
Sub-Advisory
Fees and Fee Waivers
|
The Board compared the Funds contractual advisory fee rate
to the contractual advisory fee rates of funds in the
Funds Lipper expense group at a common asset level. The
Board noted that the Funds contractual advisory fee rate
was below the median contractual advisory fee rate of funds in
its expense group. The Board also reviewed the methodology used
by Lipper in providing expense group information, which includes
using audited financial data from the most recent annual report
of each fund in the expense group that was publicly available as
of the end of the past calendar year and including only one fund
per investment adviser. The Board noted that comparative data is
as of varying dates, which may affect the comparability of data
during times of market volatility.
The Board also considered the Funds effective
fee rate (the advisory fee after advisory fee waivers and before
expense limitations/waivers), including comparisons, as
applicable, to advisory fee rates of other funds advised by
Invesco Advisers and its affiliates with investment strategies
similar to those of the Fund. The Board reviewed not only the
advisory fees but other fees and expenses (whether paid to
Invesco Advisers, its affiliates or others) and the Funds
overall expense ratio.
The Board compared the strategy of the Fund to that
of other client accounts of Invesco Advisers and the Affiliated
Sub-Advisers
and considered, as applicable, the fees charged to other client
accounts with investment strategies similar to those of the
Fund. The Board noted that Invesco Advisers or the Affiliated
Sub-Advisers
may charge lower fees to large institutional clients solely for
investment management services than to registered fund clients,
such as the Fund. Invesco Advisers reviewed with the Board the
significantly greater scope of services it provides to
registered fund clients, including the Fund, relative to other
client accounts. These additional services include provision of
administrative services, officers and office space, oversight of
service providers, preparation of shareholder reports, efforts
to support secondary market trading of the Funds shares,
preparation of financial information and regulatory compliance
under the Investment Company Act of 1940, as amended, and stock
exchange listing standards, including preparation for,
coordinating the solicitation of proxies for, and conducting
annual shareholder meetings. The Board noted that
sub-advisory
fees charged by the Affiliated
Sub-Advisers
to manage registered fund clients and to manage other client
accounts were often more comparable. The Board concluded that
the aggregate services provided to the Fund were sufficiently
different from those provided to institutional clients, and the
Board did not place significant weight on these fee comparisons.
The Board noted that Invesco Advisers has
contractually agreed to waive fees
and/or
limit
expenses of the Fund through June 30, 2012 in an amount
necessary to limit total annual operating expenses to a
specified percentage of average daily net assets for each class
of the Fund. The Board also considered the effect this fee
waiver, and the discontinuation of this fee waiver on
June 30, 2012, would have on the Funds total
estimated expenses. The Board also considered that in the event
the proposed reorganizations are consummated, Invesco Advisers
has contractually agreed, for at least two years from the
closing date of the reorganizations, to waive advisory fees
and/or
reimburse expenses in an amount necessary to limit total annual
operating expenses to a specified percentage of average daily
net assets of the Fund.
The Board also considered the services capable of
being provided by the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts, as well as the allocation of fees between Invesco
Advisers and the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts. The Board noted that to the extent the Fund were to
utilize the Affiliated
Sub-Advisers,
Invesco Advisers would provide services related to oversight of
the Affiliated
Sub-Advisers
as well as the additional services described above other than
day-to-day
portfolio management. The Board also noted that the
sub-advisory
fees have no direct effect on the Fund or its shareholders, as
they are paid by Invesco Advisers to the Affiliated
Sub-Advisers.
Based upon the information and considerations
described above, the Board concluded that the Funds
advisory and
sub-advisory
fees are fair and reasonable.
|
|
D.
|
Economies of
Scale and Breakpoints
|
The Board considered the extent to which there are economies of
scale in the provision of advisory services to the Fund. The
Board noted that most closed-end funds do not have fund level
breakpoints because closed-end funds generally do not experience
substantial asset growth after the initial public offering. The
Board noted that although the Fund does not benefit from
economies of scale through contractual breakpoints, the Fund
does share directly in economies of scale through lower fees
charged by third party service providers based on the combined
size of the registered fund clients advised by Invesco Advisers.
|
|
E.
|
Profitability and
Financial Resources
|
The Board reviewed information from Invesco Advisers concerning
the costs of the advisory and other services that Invesco
Advisers and its affiliates provide to the Fund and the
profitability of Invesco Advisers and its affiliates in
providing these services. The Board reviewed with Invesco
Advisers the methodology used to prepare the profitability
information. The Board considered the profitability of Invesco
Advisers in connection with managing the Fund and the Invesco
Van Kampen funds. The Board noted that Invesco Advisers
continues to operate at a net profit from services Invesco
Advisers and its subsidiaries provide to the Fund and the
Invesco Van Kampen funds. The Board concluded that the level of
profits realized by Invesco Advisers and its affiliates from
providing services to the Fund is not excessive given the
nature, quality and extent of the services provided to the Fund.
The Board considered whether Invesco Advisers and each
Affiliated
Sub-Adviser
are financially sound and have the resources necessary to
perform their obligations under the investment advisory
agreement and
sub-advisory
contracts. The Board concluded that Invesco Advisers and each
Affiliated
Sub-Adviser
have the financial resources necessary to fulfill these
obligations.
|
|
F.
|
Collateral
Benefits to Invesco Advisers and its Affiliates
|
The Board considered various other benefits received by Invesco
Advisers and its affiliates from the relationship with the Fund,
including the fees received for their provision of
administrative services to the Fund. The Board considered the
performance of Invesco Advisers and its affiliates in providing
these services and the organizational structure employed to
provide these services. The Board also considered that the
services are required for the operation of the Fund; that
Invesco Advisers and its affiliates can provide services, the
nature and quality of which are at least equal to those provided
by others offering the same or similar services; and that the
fees for such services are fair and reasonable in light of the
usual and customary charges by others for services of the same
nature and quality.
The Board considered that the Funds uninvested
cash and cash collateral from any securities lending
arrangements may be invested in money market funds advised by
Invesco Advisers pursuant to procedures approved by the Board.
The Board noted that Invesco Advisers receives advisory fees
from these affiliated money market funds attributable to such
investments, although Invesco Advisers has contractually agreed
to waive through varying periods the advisory fees payable by
the Fund. The waiver is in an amount equal to 100% of the net
advisory fee Invesco Advisers receives from the affiliated money
market funds with respect to the Funds investment in the
affiliated money market funds of uninvested cash, but not cash
collateral. The Board concluded that the Funds investment
of uninvested cash and cash collateral from any securities
lending arrangements in the affiliated money market funds is in
the best interests of the Fund and its shareholders.
29 Invesco
Van Kampen Municipal Opportunity Trust
Proxy
Results
An Annual Meeting (Meeting) of Shareholders of
Invesco Van Kampen Municipal Opportunity Trust (the
Fund) was held on July 17, 2012. The Meeting
was held for the following purpose:
|
|
(1)
|
Elect one Class II Trustee, by the holders of Common Shares
and Preferred Shares voting together as a single class, and
elect one Class II Trustee by the holders of Preferred
Shares voting separately, each of whom will serve for a
three-year term or until his or her successor has been duly
elected and qualified.
|
The results of the voting on the above matter were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes
|
|
|
Matter
|
|
|
|
|
|
Votes
For
|
|
Against
|
|
|
(1)
|
|
Wayne W. Whalen
|
|
|
30,170,314
|
|
|
|
1,289,066
|
|
|
|
Linda Hutton
Heagy
(P)
|
|
|
1,870
|
|
|
|
0
|
|
The Meeting was adjourned until August 14, 2012, with
respect to the following proposals:
|
|
(1)
|
Approval of an Agreement and Plan of Redomestication that
provides for the reorganization of the Fund as a Delaware
statutory trust by the holders of Preferred Shares.
|
|
(2bi)
|
Approval of an Agreement and Plan of Merger that provides for
Invesco Municipal Premium Income Trust to merge with and into
the Fund by holders of Preferred Shares.
|
|
(2bii)
|
Approval of an Agreement and Plan of Merger that provides for
Invesco Van Kampen Select Sector Municipal Trust to merge with
and into the Fund by holders of Preferred Shares.
|
|
(2biii)
|
Approval of an Agreement and Plan of Merger that provides for
Invesco Van Kampen Trust for Value Municipals to merge with and
into the Fund by holders of Preferred Shares.
|
The results of the voting on the above matters were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes
|
|
Votes
|
|
Broker
|
|
|
Matters
|
|
Votes
For
|
|
Against
|
|
Abstain
|
|
Non-Votes
|
|
(1)
|
|
Preferred Shares
|
|
|
1,870
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
(2bi)
|
|
Preferred Shares
|
|
|
1,870
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
(2bii)
|
|
Preferred Shares
|
|
|
1,870
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
(2biii)
|
|
Preferred Shares
|
|
|
1,870
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Other proposals, including the redomestication proposal, were
adjourned until September 25, 2012. Results from the
adjourned meeting will be reflected in the next report to
shareholders.
|
|
(P)
|
Election of Trustee by preferred shareholders only.
|
30 Invesco
Van Kampen Municipal Opportunity Trust
Correspondence information
Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.
Invesco privacy policy
You share personal and financial information with us that is necessary for your transactions
and your account records. We take very seriously the obligation to keep that information
confidential and private.
Invesco collects nonpublic personal information about you from account applications or other
forms you complete and from your transactions with us or our affiliates. We do not disclose
information about you or our former customers to service providers or other third parties except
to the extent necessary to service your account and in other limited circumstances as permitted by
law. For example, we use this information to facilitate the delivery of transaction confirmations,
financial reports, prospectuses and tax forms.
Even within Invesco, only people involved in the servicing of your accounts and compliance
monitoring have access to your information. To ensure the highest level of confidentiality and
security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed
federal standards. Special measures, such as data encryption and authentication, apply to your
communications with us on our website. More detail is available to you at invesco.com/privacy.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the
quarter-ends. For the second and fourth quarters, the lists appear in the Trusts semiannual and
annual reports to shareholders. For the first and third quarters, the Trust files the lists with
the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trusts
Forms N-Q on the SEC website at sec.gov. Copies of the Trusts Forms N-Q may be reviewed and copied
at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of
the Public Reference Room, including information about duplicating fee charges, by calling 202 551
8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.
The SEC file number for the Trust is shown below.
A description of the policies and procedures that the Trust uses to determine how to vote
proxies relating to portfolio securities is available without charge, upon request, from our
Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is
also available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio securities
during the 12 months ended June 30, 2012, is available at invesco.com/proxysearch. In
addition, this information is available on the SEC website at sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to
individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is
the US distributor for Invesco Ltd.s retail mutual funds, exchange-traded funds and institutional
money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
|
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|
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SEC file number: 811-06567
|
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VK-CE-MOPP-SAR-1
|
|
Invesco Distributors, Inc.
|
ITEM 2. CODE OF ETHICS.
There were no amendments to the Code of Ethics (the Code) that applies to the
Registrants Principal Executive Officer (PEO) and Principal Financial Officer
(PFO) during the period covered by the report. The Registrant did not grant any
waivers, including implicit waivers, from any provisions of the Code to the PEO or
PFO during the period covered by this report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Investments in securities of unaffiliated issuers is included as part of the
reports to stockholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND
AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
ITEM 11. CONTROLS AND PROCEDURES.
(a)
|
|
As of August 13, 2012, an evaluation was performed under the supervision and with
the participation of the officers of the Registrant, including the Principal Executive Officer
(PEO) and Principal Financial Officer (PFO), to assess the effectiveness of the
Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation,
the Registrants officers, including the PEO and PFO, concluded that, as of August 13,
2012, the Registrants disclosure controls and procedures were reasonably designed
to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is
|
|
|
recorded, processed, summarized and reported within the time periods specified by the rules
and forms of the Securities and Exchange Commission; and (2) that material information
relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely
decisions regarding required disclosure.
|
(b)
|
|
There have been no changes in the Registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the
period covered by the report that has materially affected, or is reasonably likely to
materially affect, the Registrants internal control over financial reporting.
|
ITEM 12. EXHIBITS.
|
|
|
12(a)(1)
|
|
Not applicable.
|
|
|
|
12(a)(2)
|
|
Certifications of principal executive officer and principal financial officer as
required by Rule 30a-2(a) under the Investment Company Act of 1940.
|
|
|
|
12(a)(3)
|
|
Not applicable
|
|
|
|
12(b)
|
|
Certifications of principal executive officer and principal financial officer as required by
Rule 30a-2(b) under the Investment Company Act of 1940.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: Invesco Van Kampen Municipal Opportunity Trust
|
|
|
|
|
By:
|
|
/s/ Colin Meadows
Colin Meadows
|
|
|
|
|
Principal Executive Officer
|
|
|
|
|
|
|
|
Date:
|
|
November 8, 2012
|
|
|
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
|
|
|
|
|
By:
|
|
/s/ Colin Meadows
Colin Meadows
|
|
|
|
|
Principal Executive Officer
|
|
|
|
|
|
|
|
Date:
|
|
November 8, 2012
|
|
|
|
|
|
|
|
By:
|
|
/s/ Sheri Morris
Sheri Morris
|
|
|
|
|
Principal Financial Officer
|
|
|
|
|
|
|
|
Date:
|
|
November 8, 2012
|
|
|
EXHIBIT INDEX
|
|
|
12(a) (1)
|
|
Not applicable.
|
|
|
|
12(a) (2)
|
|
Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(a)
under the Investment Company Act of 1940.
|
|
|
|
12(a) (3)
|
|
Not applicable.
|
|
|
|
12(b)
|
|
Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(b)
under the Investment Company Act of 1940.
|
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