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OMB APPROVAL
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OMB Number: 3235-0570
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Expires: January 31, 2014
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Estimated average burden
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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 811-05793
Invesco Municipal Income Opportunities Trust II
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrants telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of
reporting period: 8/31/11
Item 1. Reports to Stockholders.
Invesco Municipal Income Opportunities Trust II
Semiannual Report to Shareholders August 31, 2011
NYSE: OIB
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2
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Letters to Shareholders
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3
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Trust Performance
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4
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Dividend Reinvestment Plan
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5
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Schedule of Investments
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14
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Financial Statements
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16
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Notes to Financial Statements
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20
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Financial Highlights
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21
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Approval of Investment Advisory and Sub-Advisory Agreements
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23
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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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Letters to Shareholders
Bruce Crockett
Dear Fellow Shareholders:
In todays volatile market environment, investors face risks that could
make it more difficult to achieve their long-term financial goals
a secure retirement, home ownership, a childs college education.
Although the markets are complex and dynamic, there are ways to simplify
the process and potentially increase your odds of achieving your goals.
The best approach is to create a solid financial plan that helps you
save and invest in ways that anticipate your needs over the long term.
Your financial adviser can help you define your financial
plan, develop an appropriate investment strategy and put you in a
better position to achieve your financial goals over the long term.
This can take some of the guesswork out of
the process and help you make thoughtful investments. Your financial
adviser also can help you better understand your tolerance for risk,
so that your investment approach lets you sleep at night while getting
you closer to your goals. Lastly, your financial adviser can develop
an asset allocation strategy that seeks to balance your investment
approach, providing some protection against a decline in the markets
while allowing you to participate in rising markets. Invesco calls
this type of approach intentional investing. It means thinking
carefully, planning thoughtfully and acting deliberately.
While no investment can guarantee favorable returns, your Board remains committed to
managing costs and enhancing the performance of Invescos funds as part of our Investor First
orientation. We continue to oversee the funds with the same strong sense of responsibility for
your money and your continued trust that weve always maintained.
As always, please contact me at bruce@brucecrockett.com with any questions or concerns you
may have. On behalf of your Board, we look forward to continuing to represent your interests and
serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Philip Taylor
Dear Shareholders:
Enclosed is important information about your Fund, its performance and
its holdings as of the close of the reporting period.
In light of economic uncertainty and market volatility, I suggest
you check the timely market updates and commentary from many of our
fund managers and other investment professionals at invesco.com/us. On
our website, you also can obtain information about your account at any
hour of the day or night. I invite you to visit and explore the tools
and information we offer at invesco.com/us.
As weve seen over the last several years, market conditions can
change often suddenly and dramatically.
Thats one reason financial advisers typically advise their clients
to be well diversified and to maintain a long-term investment focus.
While diversification cant guarantee a profit or protect against
loss, it can cushion the impact of dramatic market moves. Maintaining
a long-term investment focus for your long-term goals financing
your retirement or your childrens education, for example may help
you avoid making rash investment decisions based on short-term market
swings.
Our funds are managed strictly according to their stated investment objectives and
strategies, with robust risk oversight using consistent, repeatable investment processes that
dont change in response to short-term market events. This disciplined approach cant guarantee a
profit; no investment can do that, since all involve some measure of risk. But it can ensure
that your money is managed the way we said it would be, and that its managed with a long-term
focus.
If you have questions about your account, please contact one of our client service
representatives at 800 341 2929. If you have a general Invesco-related question or comment for
me, I invite you to email me directly at phil@invesco.com. All of us at Invesco look forward to
serving your investment management needs for many years to come. Thank you for investing with us.
Sincerely,
Philip Taylor
Senior Managing Director, Invesco Ltd.
2
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Invesco Municipal Income Opportunities Trust II
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Trust Performance
Performance summary
Cumulative total returns, 2/28/11 to 8/31/11
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Trust at NAV
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8.28
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%
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Trust at Market Value
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9.47
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Barclays Capital High Yield Municipal Bond Index
▼
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6.90
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Market Price Discount to NAV as of 8/31/11
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-6.61
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▼
Invesco, Barclays Capital
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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/performance 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 Capital High Yield Municipal Bond Index
is an unmanaged index
consisting of noninvestment-grade bonds.
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.
Portfolio Management Update
The following individuals are
jointly and primarily responsible
for the day-to-day management of
Invesco Municipal Income
Opportunities Trust II.
Effective June 28, 2011,
Gerard Pollard
joined the Trusts
management team. He has been
associated with Invesco or its
affiliates in an investment
capacity since 1998.
Effective June 28, 2011,
Franklin Ruben
joined the Trusts
management team. He has been
associated with
Invesco or its affiliates in an
investment capacity since 1997.
William Black
began managing
the Trust in 2009 and has been
associated with Invesco or its
affiliates in an investment
capacity since 2010. From 1998 to
2010, Mr. Black was associated
with Van Kampen Asset Management
or its affiliates in an
investment capacity.
Mark Paris
began managing the
Trust in 2009 and has been
associated with Invesco or its affiliates in an investment
capacity since 2010. From 2002 to
2010, Mr. Paris was associated with
Van Kampen Asset Management or its
affiliates in an investment
capacity.
James Phillips
began managing
the Trust in 2009 and has been
associated with Invesco or its affiliates in an investment capacity
since 2010. From 1991 to 2010, Mr.
Phillips was associated with Van
Kampen Asset management or its affiliates in an investment capacity.
3
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Invesco Municipal Income Opportunities Trust II
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Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your
dividends and capital gains distributions (Distributions) into additional shares of your Trust.
Under the Plan, the money you earn from dividends and capital gains distributions will be
reinvested automatically in more shares of your Trust, allowing you to potentially increase your
investment over time.
Plan benefits
n
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Add to your account:
You may increase the amount of
shares in your Trust easily and
automatically with the Plan.
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n
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Low transaction costs:
Transaction costs are low because
the new shares are bought in blocks
and the brokerage commission is
shared among all participants.
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n
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Convenience:
You will receive a detailed account
statement from Computershare Trust
Company, N.A. (the Agent) which
administers the Plan. The statement
shows your total Distributions, date
of investment, shares acquired, and
price per share, as well as the
total number of shares in your
reinvestment account. You can also
access your account via the
Internet. To do this, please go to
invesco.com/us.
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Safekeeping:
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 in the name of your
brokerage firm, bank, or other financial institution you must
instruct that entity to participate on
your behalf. If they are unable to
participate on your behalf, you may
request that they reregister your
shares in your own name so that you
may enroll in the Plan.
How to enroll
To enroll in the Plan, please
read the Terms and Conditions in the
Plan brochure. You can enroll in the
Plan by visiting invesco.com/us,
calling toll-free 800 341 2929 or
notifying us in writing at Invesco
Closed-End Funds, Computershare Trust
Company, N.A., P.O. Box 43078,
Providence, RI 02940-3078. Please
include your Trust name and account
number and ensure that all
shareholders listed on the account
sign these written instructions. Your
participation in the Plan will begin
with the next Distribution payable
after the Agent receives your
authorization, as long as they receive
it before the record date, which is
generally one week before such
Distributions are paid. If your
authorization arrives after such
record date, your participation in the
Plan will begin with the following
Distributions.
How the Plan Works
If you choose to participate in
the Plan, whenever your Trust
declares such Distributions, it will
be invested in additional shares of
your Trust that are purchased on the
open market.
Costs of the Plan
There is no direct charge to you
for reinvesting Distributions because
the Plans fees are paid by your
Trust. However, you will pay your
portion of any per share fees incurred
when the new shares are purchased on
the open market. These fees are
typically less than the standard
brokerage charges for individual
transactions, because shares are
purchased for all Participants in
blocks, resulting in lower commissions
for each individual Participant. Any
per share or service fees are averaged
into the purchase price. Per share
fees include any applicable brokerage
commissions the Agent is required to
pay.
Tax implications
The automatic reinvestment of
Distributions does not relieve you
of any income tax that may be due on
Distributions. You will receive tax
information annually to help you
prepare your federal income tax
return.
Invesco does not offer tax
advice. The tax information
contained herein is general and is
not exhaustive by nature. It was
not intended or written to be used,
and it cannot be used, by any
taxpayer for avoiding penalties
that may be imposed on the taxpayer
under U.S. federal tax laws.
Federal and state tax laws are
complex and constantly changing.
Shareholders should always consult
a legal or tax adviser for
information concerning their
individual situation.
How to withdraw from the Plan
You may withdraw from the Plan
at any time by calling 800 341 2929,
visiting invesco.com/us or by writing
to Invesco Closed-End Funds,
Computershare Trust Company, N.A.,
P.O. Box 43078, Providence, RI
02940-3078. Simply indicate that you
would like to withdraw from the Plan,
and be sure to include your Trust name
and account number. Also, ensure that
all shareholders listed on the account
have signed these written
instructions. If you withdraw, you
have three options with regard to the
shares held in the Plan:
1.
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If you opt to continue to hold
your non-certificated shares,
whole shares will be held by the
Agent and fractional shares will
be sold. The proceeds will be
sent via check to your address
of record after deducting per
share fees. Per share
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fees include any applicable
brokerage commissions the Agent
is required to pay.
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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 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
stock 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.
4
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Invesco Municipal Income Opportunities Trust II
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Schedule
of Investments
August 31,
2011
(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 Obligations105.07%
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Alabama1.03%
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Colbert (County of) Northwest Alabama Health Care Authority;
Series 2003, Health Care Facilities RB
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5.75
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%
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06/01/27
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$
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1,000
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$
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987,670
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Huntsville-Redstone Village (City of) Special Care Facilities
Financing Authority (Redstone Village); Series 2007,
Retirement Facilities RB
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5.50
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%
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01/01/43
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345
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252,171
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1,239,841
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Arizona2.80%
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Pima (County of) Industrial Development Authority (Constellation
Schools); Series 2008, Lease RB
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7.00
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%
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01/01/38
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1,125
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1,055,745
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Pima (County of) Industrial Development Authority (Global Water
Resources LLC); Series 2007, Water &
Wastewater RB
(a)
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6.55
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%
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12/01/37
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800
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721,632
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Pima (County of) Industrial Development Authority (Noah Webster
Basic Schools); Series 2004 A, Education RB
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6.00
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%
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12/15/24
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500
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484,390
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Pinal (County of) Electrical District No. 4;
Series 2008, Electrical System RB
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6.00
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%
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12/01/38
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620
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633,435
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Quechan Indian Tribe of Fort Yuma (Indian Reservation
California and Governmental Projects); Series 2008, RB
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7.00
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%
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12/01/27
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500
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466,205
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3,361,407
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California7.01%
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Alhambra (City of) (Atherton Baptist Homes);
Series 2010 A, RB
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7.63
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%
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01/01/40
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375
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387,217
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Bakersfield (City of); Series 2007 A, Wastewater RB
(INSAGM)
(b)(c)
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5.00
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%
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09/15/32
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360
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370,091
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California (County of) Tobacco Securitization Agency (Gold
Country); Series 2006 CAB,
RB
(d)
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0.00
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%
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06/01/33
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1,695
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150,160
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California (State of) Municipal Finance Authority (High Tech
High); Series 2008 A, Educational Facility
RB
(e)
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5.88
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%
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07/01/28
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320
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289,965
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California (State of) Statewide Communities Development
Authority (California Baptist University);
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Series 2007 A, RB
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5.50
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%
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11/01/38
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500
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424,245
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Series 2011, RB
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7.25
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%
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11/01/31
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375
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395,782
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California (State of) Statewide Communities Development
Authority (Lancer Educational Student Housing);
Series 2007, RB
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5.63
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%
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06/01/33
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500
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429,175
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California (State of) Statewide Communities Development
Authority (Thomas Jefferson School of Law);
Series 2008 A,
RB
(e)
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7.25
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%
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10/01/38
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185
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185,237
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Desert Community College District (Election 2004);
Series 2007 C, Unlimited Tax CAB GO Bonds
(INSAGM)
(b)(d)
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0.00
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%
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08/01/46
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3,750
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373,050
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Golden State Tobacco Securitization Corp.; Series 2007
A-1,
Sr.
Tobacco Settlement Asset-Backed RB
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5.13
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%
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06/01/47
|
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2,650
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1,709,992
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National City (City of) Community Development Commission
(National City Redevelopment); Series 2011, Tax Allocation
RB
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7.00
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%
|
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08/01/32
|
|
|
|
375
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|
|
|
392,989
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|
Palm Springs (City of) (Palm Springs International Airport);
Series 2006, Ref. Sub. Airport Passenger Facilities
RB
(a)
|
|
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5.55
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%
|
|
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07/01/28
|
|
|
|
470
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|
|
|
399,867
|
|
|
Poway Unified School District (School Facilities Improvement);
Series 2011, Unlimited Tax GO CAB
Bonds
(d)
|
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0.00
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%
|
|
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08/01/39
|
|
|
|
2,040
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|
|
|
349,534
|
|
|
Riverside (County of) Redevelopment Agency (Mid County
Redevelopment); Series 2010 C, Tax Allocation RB
|
|
|
6.25
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%
|
|
|
10/01/40
|
|
|
|
375
|
|
|
|
346,316
|
|
|
Sacramento (County of) Community Facilities District
No. 05-2
(North Vineyard Station No. 1); Series 2007 A,
Special Tax Bonds
|
|
|
6.00
|
%
|
|
|
09/01/37
|
|
|
|
375
|
|
|
|
304,530
|
|
|
San Buenaventura (City of) (Community Memorial Health System);
Series 2011, RB
|
|
|
7.50
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%
|
|
|
12/01/41
|
|
|
|
375
|
|
|
|
372,274
|
|
|
San Francisco (City of) Redevelopment Financial Authority
(Mission Bay South); Series 2011 D, Tax Allocation, RB
|
|
|
7.00
|
%
|
|
|
08/01/41
|
|
|
|
525
|
|
|
|
550,767
|
|
|
Southern California Logistics Airport Authority;
Series 2008 A, Sub. Tax Allocation CAB
RB
(d)
|
|
|
0.00
|
%
|
|
|
12/01/44
|
|
|
|
6,780
|
|
|
|
364,222
|
|
|
Union (City of) Communities Redevelopment Agency;
Series 2011, Tax Allocation RB
|
|
|
6.88
|
%
|
|
|
12/01/33
|
|
|
|
565
|
|
|
|
603,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,398,680
|
|
|
Colorado3.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Health Facilities Authority (Christian
Living Communities);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
01/01/37
|
|
|
|
600
|
|
|
|
527,586
|
|
|
Series 2009 A, RB
|
|
|
8.25
|
%
|
|
|
01/01/24
|
|
|
|
400
|
|
|
|
417,084
|
|
|
Colorado (State of) Health Facilities Authority (Total Long-term
Care National Obligated Group); Series 2010 A, RB
|
|
|
6.25
|
%
|
|
|
11/15/40
|
|
|
|
375
|
|
|
|
380,456
|
|
|
Colorado (State of) Housing & Finance Authority
(Single Family); Series 1998 B-3, Sr. Sub. RB
|
|
|
6.55
|
%
|
|
|
05/01/25
|
|
|
|
15
|
|
|
|
15,141
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
5 Invesco
Municipal Income Opportunities Trust II
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Colorado(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (State of) Regional Transportation District (Denver
Transit Partners); Series 2010, Private Activity RB
|
|
|
6.00
|
%
|
|
|
01/15/41
|
|
|
$
|
375
|
|
|
$
|
375,225
|
|
|
Copperleaf Metropolitan District No. 2; Series 2006,
Limited Tax GO Bonds
|
|
|
5.85
|
%
|
|
|
12/01/26
|
|
|
|
1,420
|
|
|
|
1,085,491
|
|
|
Denver (City of) Convention Center Hotel Authority;
Series 2006, Ref. Sr. RB
(INSSGI)
(b)
|
|
|
5.00
|
%
|
|
|
12/01/35
|
|
|
|
345
|
|
|
|
295,303
|
|
|
Fossil Ridge Metropolitan District No. 1; Series 2010,
Ref. Tax Supported GO Bonds
|
|
|
7.25
|
%
|
|
|
12/01/40
|
|
|
|
500
|
|
|
|
490,405
|
|
|
Montrose (County of) Memorial Hospital; Series 2003, RB
|
|
|
6.00
|
%
|
|
|
12/01/33
|
|
|
|
375
|
|
|
|
368,186
|
|
|
Northwest Metropolitan District No. 3; Series 2005,
Limited Tax GO Bonds
|
|
|
6.25
|
%
|
|
|
12/01/35
|
|
|
|
750
|
|
|
|
636,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,591,192
|
|
|
District of Columbia0.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia (Cesar Chavez Charter School);
Series 2011, RB
|
|
|
7.88
|
%
|
|
|
11/15/40
|
|
|
|
375
|
|
|
|
384,990
|
|
|
District of Columbia; Series 2009 B, Ref. Sec. Income
Tax RB
(c)
|
|
|
5.00
|
%
|
|
|
12/01/25
|
|
|
|
495
|
|
|
|
556,345
|
|
|
Metropolitan Washington Airports Authority (Caterair
International Corp.); Series 1991, Special Facility
RB
(a)
|
|
|
10.13
|
%
|
|
|
09/01/11
|
|
|
|
120
|
|
|
|
120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,061,335
|
|
|
Florida11.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alachua (County of) (North Florida Retirement Village, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007, IDR
|
|
|
5.25
|
%
|
|
|
11/15/17
|
|
|
|
500
|
|
|
|
471,125
|
|
|
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/36
|
|
|
|
700
|
|
|
|
552,580
|
|
|
Series 2007, IDR
|
|
|
5.88
|
%
|
|
|
11/15/42
|
|
|
|
375
|
|
|
|
287,565
|
|
|
Brevard (County of) Health Facilities Authority (Buena Vida
Estates, Inc.); Series 2008, Residential Care Facility RB
|
|
|
6.75
|
%
|
|
|
01/01/37
|
|
|
|
535
|
|
|
|
474,336
|
|
|
Broward (County of) (Civic Arena); Series 2006 A, Ref.
Professional Sports Facilities Tax RB
(INSAGM/AMBAC)
(b)(c)
|
|
|
5.00
|
%
|
|
|
09/01/23
|
|
|
|
2,735
|
|
|
|
2,920,652
|
|
|
Capital Trust Agency (Million Air One LLC);
Series 2011,
RB
(a)
|
|
|
7.75
|
%
|
|
|
01/01/41
|
|
|
|
375
|
|
|
|
369,394
|
|
|
Collier (County of) Industrial Development Authority (Arlington
Naples); Series 2011, Continuing Care Community BAN
|
|
|
14.00
|
%
|
|
|
05/15/15
|
|
|
|
190
|
|
|
|
189,303
|
|
|
Florida (State of) Development Finance Corp. (Renaissance
Charter School, Inc.); Series 2010 A, Educational
Facilities RB
|
|
|
6.00
|
%
|
|
|
09/15/40
|
|
|
|
375
|
|
|
|
344,265
|
|
|
Lee (County of) Industrial Development Authority (Cypress Cove
Health Park); Series 1997 A, Health Care Facilities RB
|
|
|
6.38
|
%
|
|
|
10/01/25
|
|
|
|
375
|
|
|
|
293,494
|
|
|
Miami-Dade (County of); Series 2009, Sub. Special
Obligation CAB
RB
(d)
|
|
|
0.00
|
%
|
|
|
10/01/42
|
|
|
|
3,000
|
|
|
|
376,470
|
|
|
Mid-Bay Bridge Authority; Series 2011 A, Springing
Lien RB
|
|
|
7.25
|
%
|
|
|
10/01/40
|
|
|
|
375
|
|
|
|
380,775
|
|
|
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB
|
|
|
6.25
|
%
|
|
|
05/01/37
|
|
|
|
475
|
|
|
|
462,526
|
|
|
Orange (County of) Health Facilities Authority (Orlando Lutheran
Towers, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2005, Ref. Health Care Facility RB
|
|
|
5.70
|
%
|
|
|
07/01/26
|
|
|
|
500
|
|
|
|
445,545
|
|
|
Series 2007, First Mortgage RB
|
|
|
5.50
|
%
|
|
|
07/01/38
|
|
|
|
500
|
|
|
|
405,105
|
|
|
Orange (County of) Health Facilities Authority (Westminster
Community Care); Series 1999, RB
|
|
|
6.75
|
%
|
|
|
04/01/34
|
|
|
|
940
|
|
|
|
884,606
|
|
|
Pinellas (County of) Health Facilities Authority (The Oaks of
Clearwater); Series 2004, Health Care Facilities RB
|
|
|
6.25
|
%
|
|
|
06/01/34
|
|
|
|
500
|
|
|
|
506,730
|
|
|
Renaissance Commons Community Development District;
Series 2005 A, Special Assessment RB
|
|
|
5.60
|
%
|
|
|
05/01/36
|
|
|
|
930
|
|
|
|
750,259
|
|
|
South Miami (City of) Health Facilities Authority (Baptist
Health South Florida Obligated Group); Series 2007,
Hospital
RB
(c)
|
|
|
5.00
|
%
|
|
|
08/15/32
|
|
|
|
2,640
|
|
|
|
2,645,333
|
|
|
St. Johns (County of) Industrial Development Authority
(Presbyterian Retirement Communities); Series 2010 A,
RB
|
|
|
6.00
|
%
|
|
|
08/01/45
|
|
|
|
375
|
|
|
|
376,001
|
|
|
Tolomato Community Development District; Series 2007,
Special Assessment RB
|
|
|
6.55
|
%
|
|
|
05/01/27
|
|
|
|
600
|
|
|
|
399,732
|
|
|
University Square Community Development District;
Series 2007
A-1,
Capital
Improvement Special Assessment RB
|
|
|
5.88
|
%
|
|
|
05/01/38
|
|
|
|
235
|
|
|
|
212,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,748,711
|
|
|
Georgia1.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta (City of) (Beltline); Series 2009 B, Tax
Allocation RB
|
|
|
7.38
|
%
|
|
|
01/01/31
|
|
|
|
375
|
|
|
|
385,935
|
|
|
Atlanta (City of) (Eastside); Series 2005 B, Tax
Allocation Bonds
|
|
|
5.40
|
%
|
|
|
01/01/20
|
|
|
|
800
|
|
|
|
821,640
|
|
|
Clayton (County of) Development Authority (Delta Air Lines,
Inc.); Series 2009 B, Special Facilities
RB
(a)
|
|
|
9.00
|
%
|
|
|
06/01/35
|
|
|
|
280
|
|
|
|
299,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,507,405
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
6 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Hawaii2.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii (State of) Department of Budget & Finance (15
Craigside); Series 2009 A, Special Purpose RB
|
|
|
8.75
|
%
|
|
|
11/15/29
|
|
|
$
|
375
|
|
|
$
|
416,216
|
|
|
Hawaii (State of) Department of Budget & Finance
(Hawaiian Electric Company); Series 2009, Special Purpose RB
|
|
|
6.50
|
%
|
|
|
07/01/39
|
|
|
|
375
|
|
|
|
399,060
|
|
|
Hawaii (State of) Department of Budget & Finance
(Kahala Nui); Series 2003 A, Special Purpose RB
|
|
|
8.00
|
%
|
|
|
11/15/33
|
|
|
|
1,000
|
|
|
|
1,043,170
|
|
|
Hawaii (State of); Series 2008 DK, Unlimited Tax GO
Bonds
(c)
|
|
|
5.00
|
%
|
|
|
05/01/23
|
|
|
|
1,140
|
|
|
|
1,299,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,157,544
|
|
|
Illinois10.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolingbrook (Village of) (Forest City); Series 2005,
Special Services Area No. 1 Special Tax Bonds
|
|
|
5.90
|
%
|
|
|
03/01/27
|
|
|
|
625
|
|
|
|
514,869
|
|
|
Bolingbrook (Village of); Series 2005, Sales Tax RB
|
|
|
6.25
|
%
|
|
|
01/01/24
|
|
|
|
500
|
|
|
|
333,305
|
|
|
Chicago (City of) (Lakeshore East); Series 2003,
Improvement Special Assessment RB
|
|
|
6.75
|
%
|
|
|
12/01/32
|
|
|
|
999
|
|
|
|
1,021,298
|
|
|
Chicago (City of) Increment Revenue; Series 2011 C, COP
|
|
|
7.13
|
%
|
|
|
05/01/25
|
|
|
|
390
|
|
|
|
397,585
|
|
|
Cook (County of) (Navistar International Corp.);
Series 2010, Recovery Zone Facility RB
|
|
|
6.50
|
%
|
|
|
10/15/40
|
|
|
|
265
|
|
|
|
266,420
|
|
|
Illinois (State of) Finance Authority (Friendship Village of
Schaumburg); Series 2010, RB
|
|
|
7.00
|
%
|
|
|
02/15/38
|
|
|
|
540
|
|
|
|
518,675
|
|
|
Illinois (State of) Finance Authority (Kewanee Hospital);
Series 2006, RB
|
|
|
5.00
|
%
|
|
|
08/15/26
|
|
|
|
370
|
|
|
|
316,457
|
|
|
Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB
|
|
|
6.00
|
%
|
|
|
08/15/39
|
|
|
|
1,000
|
|
|
|
770,640
|
|
|
Illinois (State of) Finance Authority (Montgomery Place);
Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
05/15/38
|
|
|
|
750
|
|
|
|
634,928
|
|
|
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2010 A, RB
|
|
|
8.25
|
%
|
|
|
05/15/45
|
|
|
|
375
|
|
|
|
369,473
|
|
|
Illinois (State of) Finance Authority (Smith Crossing);
Series 2003 A, Health Facilities RB
|
|
|
7.00
|
%
|
|
|
11/15/32
|
|
|
|
750
|
|
|
|
689,587
|
|
|
Illinois (State of) Finance Authority (The Admiral at the Lake);
Series 2010 A, RB
|
|
|
7.25
|
%
|
|
|
05/15/20
|
|
|
|
375
|
|
|
|
375,180
|
|
|
Illinois (State of) Finance Authority (The Landing at Plymouth
Place); Series 2005 A, RB
|
|
|
6.00
|
%
|
|
|
05/15/37
|
|
|
|
1,000
|
|
|
|
833,940
|
|
|
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2003
A-1,
Health
Facilities
RB
(f)
|
|
|
6.90
|
%
|
|
|
11/15/33
|
|
|
|
1,000
|
|
|
|
350,000
|
|
|
Illinois (State of) Financial Authority (DeKalb-Northern Student
Housing); Series 2011, RB
|
|
|
6.88
|
%
|
|
|
10/01/43
|
|
|
|
375
|
|
|
|
385,451
|
|
|
Illinois (State of) Metropolitan Pier & Exposition
Authority (McCormick Place Expansion);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2010 A, Dedicated State Tax
RB
(c)
|
|
|
5.50
|
%
|
|
|
06/15/50
|
|
|
|
360
|
|
|
|
365,227
|
|
|
Series 2010 B, Ref. CAB RB
(INSAGM)
(b)(d)
|
|
|
0.00
|
%
|
|
|
06/15/43
|
|
|
|
3,750
|
|
|
|
550,125
|
|
|
Illinois (State of) Toll Highway Authority;
Series 2008 B,
RB
(c)
|
|
|
5.50
|
%
|
|
|
01/01/33
|
|
|
|
1,200
|
|
|
|
1,253,652
|
|
|
Long Grove (Village of) (Sunset Grove); Series 2010,
Limited Obligation Tax Increment Allocation RB
|
|
|
7.50
|
%
|
|
|
01/01/30
|
|
|
|
375
|
|
|
|
365,486
|
|
|
Pingree Grove (Village of) (Cambridge Lakes Learning Center);
Series 2011, RB
|
|
|
8.50
|
%
|
|
|
06/01/41
|
|
|
|
400
|
|
|
|
406,792
|
|
|
Pingree Grove (Village of) Special Service Area No. 7
(Cambridge Lakes);
Series 2006-1,
Special Tax Bonds
|
|
|
6.00
|
%
|
|
|
03/01/36
|
|
|
|
981
|
|
|
|
869,961
|
|
|
Will-Kankakee Regional Development Authority (Senior Estates
Supportive Living); Series 2007, MFH
RB
(a)
|
|
|
7.00
|
%
|
|
|
12/01/42
|
|
|
|
550
|
|
|
|
481,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,070,510
|
|
|
Indiana1.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Crown Point (City of) (Wittenberg Village);
Series 2009 A, Economic Development RB
|
|
|
8.00
|
%
|
|
|
11/15/39
|
|
|
|
375
|
|
|
|
382,823
|
|
|
Indiana (State of) Finance Authority (Kings Daughters
Hospital & Health Services); Series 2010,
Hospital RB
|
|
|
5.50
|
%
|
|
|
08/15/45
|
|
|
|
375
|
|
|
|
332,689
|
|
|
St. Joseph (County of) (Holy Cross Village at Notre Dame);
Series 2006 A, Economic Development RB
|
|
|
6.00
|
%
|
|
|
05/15/38
|
|
|
|
525
|
|
|
|
466,483
|
|
|
Vigo (County of) Hospital Authority (Union Hospital, Inc.);
Series 2007, Hospital
RB
(e)
|
|
|
5.80
|
%
|
|
|
09/01/47
|
|
|
|
375
|
|
|
|
332,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,514,166
|
|
|
Iowa0.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cass (County of) (Cass County Memorial Hospital);
Series 2010 A, Hospital RB
|
|
|
7.25
|
%
|
|
|
06/01/35
|
|
|
|
375
|
|
|
|
395,989
|
|
|
Orange City (City of); Series 2008, Ref. Hospital Capital
Loan RN
|
|
|
5.60
|
%
|
|
|
09/01/32
|
|
|
|
375
|
|
|
|
324,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
720,086
|
|
|
Kansas0.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Senior Living Facility RB
|
|
|
6.00
|
%
|
|
|
11/15/38
|
|
|
|
525
|
|
|
|
466,106
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
7 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Kentucky0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky (State of) Economic Development Finance Authority
(Masonic Home Independent Living II); Series 2011, RB
|
|
|
7.38
|
%
|
|
|
05/15/46
|
|
|
$
|
375
|
|
|
$
|
374,471
|
|
|
Louisiana1.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lakeshore Villages Master Community Development District;
Series 2007, Special Assessment
RB
(f)
|
|
|
5.25
|
%
|
|
|
07/01/17
|
|
|
|
744
|
|
|
|
372,298
|
|
|
Louisiana (State of) Local Government Environmental
Facilities & Community Development Authority (Westlake
Chemical Corp.); Series 2009 A, RB
|
|
|
6.50
|
%
|
|
|
08/01/29
|
|
|
|
375
|
|
|
|
385,695
|
|
|
Louisiana (State of) Public Facilities Authority (Lake Charles
Memorial Hospital); Series 2007, Ref. Hospital
RB
(e)
|
|
|
6.38
|
%
|
|
|
12/01/34
|
|
|
|
400
|
|
|
|
373,044
|
|
|
Tobacco Settlement Financing Corp.; Series 2001 B,
Tobacco Settlement Asset-Backed RB
|
|
|
5.88
|
%
|
|
|
05/15/39
|
|
|
|
750
|
|
|
|
744,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,875,584
|
|
|
Maine0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine (State of) Health & Higher Educational
Facilities Authority (Maine General Medical Center);
Series 2011, RB
|
|
|
6.75
|
%
|
|
|
07/01/41
|
|
|
|
375
|
|
|
|
376,020
|
|
|
Maryland1.78%
|
|
|
|
|
|
|
|
|
|
|
|
|
Harford (County of) Series 2011, Special Obligation Tax
Allocation RB
|
|
|
7.50
|
%
|
|
|
07/01/40
|
|
|
|
375
|
|
|
|
390,506
|
|
|
Maryland (State of) Health & Higher Educational
Facilities Authority (King Farm Presbyterian Retirement
Community); Series 2007 A, RB
|
|
|
5.30
|
%
|
|
|
01/01/37
|
|
|
|
500
|
|
|
|
365,255
|
|
|
Maryland (State of) Industrial Development Financing Authority
(Our Lady of Good Counsel High School Facility);
Series 2005 A, Economic Development RB
|
|
|
6.00
|
%
|
|
|
05/01/35
|
|
|
|
500
|
|
|
|
501,415
|
|
|
Westminster (City of) (Carroll Lutheran Village);
Series 2004 A, Economic Development RB
|
|
|
6.25
|
%
|
|
|
05/01/34
|
|
|
|
1,000
|
|
|
|
871,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,129,116
|
|
|
Massachusetts3.87%
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (Commonwealth of); Series 2004 A, Ref.
Limited Tax GO Bonds
(INSAMBAC)
(b)(c)
|
|
|
5.50
|
%
|
|
|
08/01/30
|
|
|
|
360
|
|
|
|
446,188
|
|
|
Massachusetts (State of) Development Finance Agency (Evergreen
Center, Inc.); Series 2005, RB
|
|
|
5.50
|
%
|
|
|
01/01/35
|
|
|
|
500
|
|
|
|
446,915
|
|
|
Massachusetts (State of) Development Finance Agency (Linden
Ponds, Inc.); Series 2007 A,
RB
(f)
|
|
|
5.75
|
%
|
|
|
11/15/42
|
|
|
|
375
|
|
|
|
199,894
|
|
|
Massachusetts (State of) Development Finance Agency (Loomis
Community); Series 1999 A, First Mortgage RB
|
|
|
5.75
|
%
|
|
|
07/01/23
|
|
|
|
1,500
|
|
|
|
1,499,835
|
|
|
Massachusetts (State of) Development Finance Agency (The Groves
in Lincoln); Series 2009 A, Senior Living Facilities RB
|
|
|
7.75
|
%
|
|
|
06/01/39
|
|
|
|
375
|
|
|
|
378,728
|
|
|
Massachusetts (State of) Development Finance Agency (The New
England Center For Children, Inc.); Series 1998, RB
|
|
|
5.88
|
%
|
|
|
11/01/18
|
|
|
|
1,110
|
|
|
|
1,029,991
|
|
|
Massachusetts (State of) Development Finance Agency (Tufts
Medical Center); Series 2011 I, RB
|
|
|
6.88
|
%
|
|
|
01/01/41
|
|
|
|
375
|
|
|
|
397,597
|
|
|
Massachusetts (State of) Health & Educational
Facilities Authority (Massachusetts Institute of Technology);
Series 2002 K,
RB
(c)
|
|
|
5.50
|
%
|
|
|
07/01/32
|
|
|
|
190
|
|
|
|
237,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,637,074
|
|
|
Michigan0.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
Dearborn (City of) Economic Development Corp. (Henry Ford
Village, Inc.); Series 2008, Ref. Limited Obligation RB
|
|
|
7.00
|
%
|
|
|
11/15/28
|
|
|
|
450
|
|
|
|
432,576
|
|
|
Michigan (State of) Strategic Fund (The Dow Chemical Co.);
Series 2003
A-1,
Ref.
Limited Obligation
RB
(a)(g)(h)
|
|
|
6.75
|
%
|
|
|
06/02/14
|
|
|
|
375
|
|
|
|
419,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
852,145
|
|
|
Minnesota2.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bloomington (City of) Port Authority (Radisson Blu Moa LLC);
Series 2010, Recovery Zone Facilities RB
|
|
|
9.00
|
%
|
|
|
12/01/35
|
|
|
|
375
|
|
|
|
384,251
|
|
|
Brooklyn Park (City of) (Prairie Seeds Academy);
Series 2009 A, Lease RB
|
|
|
9.25
|
%
|
|
|
03/01/39
|
|
|
|
350
|
|
|
|
387,534
|
|
|
Minneapolis (City of) (Fairview Health Services);
Series 2008 A, Health Care System RB
|
|
|
6.75
|
%
|
|
|
11/15/32
|
|
|
|
600
|
|
|
|
664,344
|
|
|
North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.);
Series 2007, Senior Housing RB
|
|
|
6.13
|
%
|
|
|
10/01/39
|
|
|
|
500
|
|
|
|
493,700
|
|
|
St. Paul (City of) Housing & Redevelopment Authority
(Emerald Gardens); Series 2010, Ref. Tax Increment
Allocation RB
|
|
|
6.25
|
%
|
|
|
03/01/25
|
|
|
|
375
|
|
|
|
377,576
|
|
|
Winsted (City of) (St. Marys Care Center);
Series 2010 A, Health Care RB
|
|
|
6.88
|
%
|
|
|
09/01/42
|
|
|
|
375
|
|
|
|
376,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,684,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
8 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Mississippi0.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi (State of) Business Finance Corp. (System Energy
Resources, Inc.); Series 1998, PCR
|
|
|
5.88
|
%
|
|
|
04/01/22
|
|
|
$
|
400
|
|
|
$
|
399,960
|
|
|
Missouri3.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
Branson (City of) Regional Airport Transportation Development
District; Series 2007 B, Airport
RB
(a)
|
|
|
6.00
|
%
|
|
|
07/01/37
|
|
|
|
450
|
|
|
|
189,688
|
|
|
Cass (County of); Series 2007, Hospital RB
|
|
|
5.63
|
%
|
|
|
05/01/38
|
|
|
|
375
|
|
|
|
337,136
|
|
|
Des Peres (City of) (West County Center);
Series 2002 A, Ref. Tax Increment Allocation RB
|
|
|
5.75
|
%
|
|
|
04/15/20
|
|
|
|
2,000
|
|
|
|
2,000,100
|
|
|
Kirkwood (City of) Industrial Development Authority (Aberdeen
Heights); Series 2010 A, Retirement Community RB
|
|
|
8.25
|
%
|
|
|
05/15/39
|
|
|
|
375
|
|
|
|
389,040
|
|
|
Missouri (State of) Housing Development Commission
(Homeownership Loan Program); Series 2000
A-1,
Single
Family Mortgage RB
(INSGNMA/FNMA)
(a)(b)
|
|
|
7.50
|
%
|
|
|
03/01/31
|
|
|
|
30
|
|
|
|
30,871
|
|
|
St. Louis (County of) Industrial Development Authority (Grand
Center Redevelopment); Series 2011, Tax Increment
Allocation RB
|
|
|
6.38
|
%
|
|
|
12/01/25
|
|
|
|
375
|
|
|
|
376,504
|
|
|
St. Louis (County of) Industrial Development Authority
(Ranken-Jordan); Series 2007, Ref. Health Facilities RB
|
|
|
5.00
|
%
|
|
|
11/15/22
|
|
|
|
500
|
|
|
|
450,875
|
|
|
St. Louis (County of) Industrial Development Authority (St.
Andrews Resources for Seniors); Series 2007 A,
Senior Living Facilities RB
|
|
|
6.38
|
%
|
|
|
12/01/41
|
|
|
|
500
|
|
|
|
446,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,220,629
|
|
|
Nebraska0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gage (County of) Hospital Authority No. 1 (Beatrice
Community Hospital & Health Center);
Series 2010 B, Health Care Facilities RB
|
|
|
6.75
|
%
|
|
|
06/01/35
|
|
|
|
375
|
|
|
|
377,036
|
|
|
Nevada1.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
Clark (County of) (Special Improvement District No. 142);
Series 2003, Local Improvement Special Assessment RB
|
|
|
6.38
|
%
|
|
|
08/01/23
|
|
|
|
920
|
|
|
|
938,354
|
|
|
Director of the State of Nevada Department of
Business & Industry (Las Vegas Monorail);
Series 2000, Second
Tier RB
(f)
|
|
|
7.38
|
%
|
|
|
01/01/40
|
|
|
|
1,000
|
|
|
|
1,500
|
|
|
Henderson (City of) Local Improvement District
No. T-18;
Series 2006, Special Assessment RB
|
|
|
5.30
|
%
|
|
|
09/01/35
|
|
|
|
675
|
|
|
|
353,038
|
|
|
Las Vegas (City of) Redevelopment Agency;
Series 2009 A, Tax Increment Allocation RB
|
|
|
8.00
|
%
|
|
|
06/15/30
|
|
|
|
450
|
|
|
|
515,529
|
|
|
Sparks (City of) Local Improvement Districts No. 3 (Legends
at Sparks Marina); Series 2008, Limited Obligation Special
Assessment Bonds
|
|
|
6.50
|
%
|
|
|
09/01/20
|
|
|
|
520
|
|
|
|
517,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,325,629
|
|
|
New Hampshire0.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire (State of) Business Finance Authority (Huggins
Hospital); Series 2009, First Mortgage RB
|
|
|
6.88
|
%
|
|
|
10/01/39
|
|
|
|
375
|
|
|
|
388,110
|
|
|
New Jersey3.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
Essex (County of) Improvement Authority (Newark);
Series 2010 A, Lease RB
|
|
|
6.25
|
%
|
|
|
11/01/30
|
|
|
|
375
|
|
|
|
403,106
|
|
|
New Jersey (State of) Economic Development Authority
(Continental Airlines, Inc.);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 1999, Special Facility
RB
(a)
|
|
|
6.25
|
%
|
|
|
09/15/19
|
|
|
|
375
|
|
|
|
365,081
|
|
|
Series 1999, Special Facility
RB
(a)
|
|
|
6.40
|
%
|
|
|
09/15/23
|
|
|
|
190
|
|
|
|
183,662
|
|
|
New Jersey (State of) Economic Development Authority (Franciscan
Oaks); Series 1997, First Mortgage RB
|
|
|
5.75
|
%
|
|
|
10/01/23
|
|
|
|
375
|
|
|
|
374,171
|
|
|
New Jersey (State of) Economic Development Authority (Lions
Gate); Series 2005 A, First Mortgage RB
|
|
|
5.75
|
%
|
|
|
01/01/25
|
|
|
|
710
|
|
|
|
654,592
|
|
|
New Jersey (State of) Economic Development Authority
(Presbyterian Home at Montgomery); Series 2001 A,
First Mortgage RB
|
|
|
6.38
|
%
|
|
|
11/01/31
|
|
|
|
500
|
|
|
|
439,435
|
|
|
New Jersey (State of) Economic Development Authority (United
Methodist Homes of New Jersey Obligated Group);
Series 1998, Ref. Economic Development RB
|
|
|
5.13
|
%
|
|
|
07/01/25
|
|
|
|
1,000
|
|
|
|
858,490
|
|
|
New Jersey (State of) Health Care Facilities Financing Authority
(Raritan Bay Medical Center); Series 1994, RB
|
|
|
7.25
|
%
|
|
|
07/01/27
|
|
|
|
540
|
|
|
|
413,618
|
|
|
New Jersey (State of) Health Care Facilities Financing Authority
(St. Josephs Health Care System); Series 2008, RB
|
|
|
6.63
|
%
|
|
|
07/01/38
|
|
|
|
375
|
|
|
|
368,723
|
|
|
New Jersey (State of) Tobacco Settlement Financing Corp.;
Series 2007 1A, RB
|
|
|
5.00
|
%
|
|
|
06/01/41
|
|
|
|
340
|
|
|
|
225,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,286,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
9 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
New Mexico0.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico (State of) Hospital Equipment Loan Council (La Vida
Llena); Series 2010 A, First Mortgage RB
|
|
|
6.13
|
%
|
|
|
07/01/40
|
|
|
$
|
375
|
|
|
$
|
373,703
|
|
|
New York3.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
Brooklyn (City of) Arena Local Development Corp. (Barclays
Center);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2009, CAB
RB
(d)
|
|
|
0.00
|
%
|
|
|
07/15/35
|
|
|
|
550
|
|
|
|
121,963
|
|
|
Series 2009, CAB
RB
(d)
|
|
|
0.00
|
%
|
|
|
07/15/46
|
|
|
|
3,750
|
|
|
|
394,237
|
|
|
Mount Vernon (City of) Industrial Development Agency (Wartburg
Senior Housing Inc./Meadowview); Series 1999, Civic
Facility RB
|
|
|
6.15
|
%
|
|
|
06/01/19
|
|
|
|
790
|
|
|
|
764,428
|
|
|
Nassau (County of) Industrial Development Agency (Amsterdam at
Harborside); Series 2007 A, Continuing Care Retirement
Community RB
|
|
|
6.50
|
%
|
|
|
01/01/27
|
|
|
|
550
|
|
|
|
529,820
|
|
|
New York (State of) Dormitory Authority (Orange Regional Medical
Center); Series 2008, RB
|
|
|
6.25
|
%
|
|
|
12/01/37
|
|
|
|
375
|
|
|
|
366,683
|
|
|
New York City (City of) Industrial Development Agency
(Polytechnic University); Series 2007, Ref. Civic Facility
RB
(INSACA)
(b)
|
|
|
5.25
|
%
|
|
|
11/01/37
|
|
|
|
450
|
|
|
|
438,106
|
|
|
New York City (City of) Industrial Development Agency (7 World
Trade Center, LLC); Series 2005 A, Liberty RB
|
|
|
6.50
|
%
|
|
|
03/01/35
|
|
|
|
600
|
|
|
|
603,564
|
|
|
New York City (City of) Liberty Development Corp. (Bank of
America Tower at One Bryant Park); Series 2010, Ref. Second
Priority Liberty RB
|
|
|
6.38
|
%
|
|
|
07/15/49
|
|
|
|
375
|
|
|
|
388,106
|
|
|
New York City (City of) Liberty Development Corp. (National
Sports Museum); Series 2006 A, Liberty
RB
(e)(f)
|
|
|
6.13
|
%
|
|
|
02/15/19
|
|
|
|
1,000
|
|
|
|
10
|
|
|
Seneca (County of) Industrial Development Agency (Seneca
Meadows, Inc.); Series 2005, Solid Waste
Disposal RB
(a)(e)(g)(h)
|
|
|
6.63
|
%
|
|
|
10/01/13
|
|
|
|
375
|
|
|
|
375,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,982,892
|
|
|
North Carolina0.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (State of) Medical Care Commission (Pennybyrn at
Maryfield); Series 2005 A, Health Care Facilities RB
|
|
|
6.13
|
%
|
|
|
10/01/35
|
|
|
|
400
|
|
|
|
325,904
|
|
|
North Carolina (State of) Medical Care Commission (Whitestone);
Series 2011 A, First Mortgage Retirement Facilities RB
|
|
|
7.75
|
%
|
|
|
03/01/41
|
|
|
|
375
|
|
|
|
380,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
706,559
|
|
|
Ohio2.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Centerville (City of) (Bethany Lutheran Village Continuing Care
Facility Expansion); Series 2007 A, Healthcare RB
|
|
|
6.00
|
%
|
|
|
11/01/38
|
|
|
|
600
|
|
|
|
510,174
|
|
|
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Healthcare & Independent
Living Facilities RB
|
|
|
5.75
|
%
|
|
|
05/15/27
|
|
|
|
700
|
|
|
|
632,457
|
|
|
Lorain (County of) Port Authority (U.S. Steel Corp.
Project); Series 2010, Recovery Zone Facility RB
|
|
|
6.75
|
%
|
|
|
12/01/40
|
|
|
|
375
|
|
|
|
382,357
|
|
|
Montgomery (County of) (St. Leonard); Series 2010, Ref.
& Improvement Health Care MFH RB
|
|
|
6.63
|
%
|
|
|
04/01/40
|
|
|
|
375
|
|
|
|
373,305
|
|
|
Ohio (State of) Air Quality Development Authority (FirstEnergy
Generation Corp.); Series 2009 C, Ref. PCR
|
|
|
5.63
|
%
|
|
|
06/01/18
|
|
|
|
375
|
|
|
|
421,845
|
|
|
Toledo-Lucas (County of) Port Authority (Crocker Park Public
Improvement); Series 2003, Special Assessment RB
|
|
|
5.38
|
%
|
|
|
12/01/35
|
|
|
|
450
|
|
|
|
391,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,711,674
|
|
|
Oklahoma1.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
Citizen Potawatomi Nation; Series 2004 A, Sr.
Obligation Tax RB
|
|
|
6.50
|
%
|
|
|
09/01/16
|
|
|
|
450
|
|
|
|
430,515
|
|
|
Oklahoma (State of) Development Finance Authority (Comanche
County Hospital); Series 2002 B, RB
|
|
|
6.60
|
%
|
|
|
07/01/31
|
|
|
|
390
|
|
|
|
403,229
|
|
|
Tulsa (County of) Industrial Authority (Montereau, Inc.);
Series 2010 A, Senior Living Community RB
|
|
|
7.25
|
%
|
|
|
11/01/45
|
|
|
|
375
|
|
|
|
384,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,218,130
|
|
|
Pennsylvania6.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny (County of) Industrial Development Authority (Propel
Charter School-Montour); Series 2010 A, Charter School
RB
|
|
|
6.75
|
%
|
|
|
08/15/35
|
|
|
|
365
|
|
|
|
332,300
|
|
|
Allegheny (County of) Redevelopment Authority (Pittsburgh
Mills); Series 2004, Tax Allocation RB
|
|
|
5.60
|
%
|
|
|
07/01/23
|
|
|
|
500
|
|
|
|
469,080
|
|
|
Bucks (County of) Industrial Development Authority (Anns
Choice, Inc. Facility); Series 2005 A, Retirement
Community RB
|
|
|
6.25
|
%
|
|
|
01/01/35
|
|
|
|
1,000
|
|
|
|
903,670
|
|
|
Chester (County of) Industrial Development Authority
(RHA/Pennsylvania Nursing Homes, Inc); Series 2002, First
Mortgage RB
|
|
|
8.50
|
%
|
|
|
05/01/32
|
|
|
|
2,760
|
|
|
|
2,633,426
|
|
|
Cumberland (County of) Municipal Authority (Asbury Pennsylvania
Obligated Group); Series 2010, RB
|
|
|
6.13
|
%
|
|
|
01/01/45
|
|
|
|
360
|
|
|
|
322,542
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
10 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Pennsylvania(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harrisburg (City of) Authority (Harrisburg University of
Science); Series 2007 B, University RB
|
|
|
6.00
|
%
|
|
|
09/01/36
|
|
|
$
|
750
|
|
|
$
|
654,113
|
|
|
Montgomery (County of) Industrial Development Authority
(Philadelphia Presbytery Homes, Inc.); Series 2010, RB
|
|
|
6.63
|
%
|
|
|
12/01/30
|
|
|
|
375
|
|
|
|
389,505
|
|
|
Pennsylvania (State of) Intergovernmental Cooperation Authority
(City of Philadelphia Funding Program); Series 2009, Ref.
Special Tax
Bonds
(c)
|
|
|
5.00
|
%
|
|
|
06/15/21
|
|
|
|
1,125
|
|
|
|
1,306,823
|
|
|
Philadelphia (City of) Hospitals & Higher Education
Facilities Authority (Childrens Hospital of Philadelphia);
Series 2002 B, VRD
RB
(i)
|
|
|
0.13
|
%
|
|
|
07/01/25
|
|
|
|
600
|
|
|
|
600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,611,459
|
|
|
Puerto Rico0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.;
Series 2010 A, Sales Tax CAB
RB
(d)
|
|
|
0.00
|
%
|
|
|
08/01/34
|
|
|
|
1,500
|
|
|
|
352,515
|
|
|
South Carolina1.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgetown (County of) (International Paper Co.);
Series 2000 A, Ref. Environmental Improvement RB
|
|
|
5.95
|
%
|
|
|
03/15/14
|
|
|
|
250
|
|
|
|
270,027
|
|
|
Myrtle Beach (City of) (Myrtle Beach Air Force Base);
Series 2006 A, Tax Increment RB
|
|
|
5.25
|
%
|
|
|
10/01/26
|
|
|
|
975
|
|
|
|
776,529
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(The Woodlands at Furman); Series 2007 A,
RB
(f)
|
|
|
6.00
|
%
|
|
|
11/15/37
|
|
|
|
575
|
|
|
|
229,109
|
|
|
South Carolina (State of) Jobs-Economic Development Authority
(Wesley Commons); Series 2006, Ref. First Mortgage Health
Facilities RB
|
|
|
5.13
|
%
|
|
|
10/01/26
|
|
|
|
1,000
|
|
|
|
828,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,104,265
|
|
|
Tennessee2.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
Johnson (City of) Health & Educational Facilities
Board (Mountain States Health Alliance);
Series 2006 A, First Mortgage Hospital RB
|
|
|
5.50
|
%
|
|
|
07/01/31
|
|
|
|
800
|
|
|
|
798,016
|
|
|
Metropolitan Government of Nashville & Davidson
(County of) Health & Educational Facilities Board
(Blakeford at Green Hills); Series 1998, RB
|
|
|
5.65
|
%
|
|
|
07/01/24
|
|
|
|
375
|
|
|
|
354,671
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (The Village at Germantown);
Series 2003 A, Residential Care Facility Mortgage RB
|
|
|
7.25
|
%
|
|
|
12/01/34
|
|
|
|
1,000
|
|
|
|
943,770
|
|
|
Shelby (County of) Health, Educational & Housing
Facilities Board (Trezevant Manor); Series 2006 A, RB
|
|
|
5.75
|
%
|
|
|
09/01/37
|
|
|
|
1,000
|
|
|
|
878,220
|
|
|
Trenton (City of) Health & Educational Facilities
Board (RHA/Trenton MR, Inc.); Series 2009, RB
|
|
|
9.25
|
%
|
|
|
04/01/39
|
|
|
|
375
|
|
|
|
380,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,355,478
|
|
|
Texas11.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliance Airport Authority, Inc. (American Airlines, Inc.);
Series 2007, Ref. Special Facilities
RB
(a)
|
|
|
5.25
|
%
|
|
|
12/01/29
|
|
|
|
375
|
|
|
|
249,289
|
|
|
Alliance Airport Authority, Inc. (Federal Express Corp.);
Series 2006, Ref. Special Facilities
RB
(a)
|
|
|
4.85
|
%
|
|
|
04/01/21
|
|
|
|
450
|
|
|
|
467,847
|
|
|
Austin (City of) Convention Enterprises, Inc.;
Series 2006 B, Ref. Convention Center Hotel Second
Tier RB
(e)
|
|
|
5.75
|
%
|
|
|
01/01/34
|
|
|
|
500
|
|
|
|
446,915
|
|
|
Capital Area Cultural Education Facilities Finance Corp. (The
Roman Catholic Diocese of Austin); Series 2005 B, RB
|
|
|
6.13
|
%
|
|
|
04/01/45
|
|
|
|
375
|
|
|
|
384,656
|
|
|
Central Texas Regional Mobility Authority; Series 2011,
Sub. Lien RB
|
|
|
6.75
|
%
|
|
|
01/01/41
|
|
|
|
375
|
|
|
|
358,898
|
|
|
Clifton Higher Education Finance Corp. (Uplift Education);
Series 2010 A, Education RB
|
|
|
6.25
|
%
|
|
|
12/01/45
|
|
|
|
375
|
|
|
|
364,646
|
|
|
Decatur (City of) Hospital Authority (Wise Regional Health
System); Series 2004 A, Hospital RB
|
|
|
7.13
|
%
|
|
|
09/01/34
|
|
|
|
660
|
|
|
|
651,050
|
|
|
HFDC of Central Texas, Inc. (Legacy at Willow Bend);
Series 2006 A, Retirement Facilities RB
|
|
|
5.75
|
%
|
|
|
11/01/36
|
|
|
|
375
|
|
|
|
306,596
|
|
|
HFDC of Central Texas, Inc. (Sears Tyler Methodist);
Series 2009 A, RB
|
|
|
7.75
|
%
|
|
|
11/15/44
|
|
|
|
375
|
|
|
|
348,386
|
|
|
Houston (City of) (Continental Airlines, Inc. Terminal E);
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2001 E, Airport System Special Facilities
RB
(a)
|
|
|
6.75
|
%
|
|
|
07/01/21
|
|
|
|
375
|
|
|
|
372,724
|
|
|
Series 2001 E, Airport System Special Facilities
RB
(a)
|
|
|
6.75
|
%
|
|
|
07/01/29
|
|
|
|
185
|
|
|
|
181,857
|
|
|
Houston (City of) Health Facilities Development Corp.
(Buckingham Senior Living Community); Series 2004 A,
Retirement Facilities
RB
(g)(j)
|
|
|
7.13
|
%
|
|
|
02/15/14
|
|
|
|
1,000
|
|
|
|
1,165,980
|
|
|
Houston (City of) Higher Education Finance Corp. (Cosmos
Foundation, Inc.); Series 2011 A, Higher Education RB
|
|
|
6.88
|
%
|
|
|
05/15/41
|
|
|
|
375
|
|
|
|
391,455
|
|
|
La Vernia Higher Education Finance Corp. (Kipp, Inc.);
Series 2009 A, RB
|
|
|
6.25
|
%
|
|
|
08/15/39
|
|
|
|
375
|
|
|
|
387,547
|
|
|
Love Field Airport Modernization Corp. (Southwest Airlines
Co.Love Field Modernization Program); Series 2010,
Special Facilities RB
|
|
|
5.25
|
%
|
|
|
11/01/40
|
|
|
|
300
|
|
|
|
282,918
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
11 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Texas(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lubbock (City of) Health Facilities Development Corp.
(Carillon); Series 2005 A, Ref. First Mortgage RB
|
|
|
6.50
|
%
|
|
|
07/01/26
|
|
|
$
|
825
|
|
|
$
|
779,947
|
|
|
North Texas Tollway Authority (Special Project System);
Series 2011 B, CAB
RB
(d)
|
|
|
0.00
|
%
|
|
|
09/01/37
|
|
|
|
2,800
|
|
|
|
529,284
|
|
|
North Texas Tollway Authority; Series 2008 A, First
Tier RB
(INSBHAC)
(b)(c)
|
|
|
5.75
|
%
|
|
|
01/01/48
|
|
|
|
1,125
|
|
|
|
1,177,695
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(Mirador); Series 2010 A, Retirement Facility RB
|
|
|
8.13
|
%
|
|
|
11/15/39
|
|
|
|
565
|
|
|
|
568,170
|
|
|
Tarrant (County of) Cultural Education Facilities Finance Corp.
(Northwest Senior Housing Corp.-Edgemere);
Series 2006 A, Retirement Facilities RB
|
|
|
6.00
|
%
|
|
|
11/15/36
|
|
|
|
400
|
|
|
|
378,632
|
|
|
Tarrant County Cultural Education Facilities Finance Corp. (C.C.
Young Memorial Home); Series 2009 B-2, Retirement Facility
RB
|
|
|
6.50
|
%
|
|
|
02/15/14
|
|
|
|
250
|
|
|
|
247,710
|
|
|
Texas (State of) Department of Housing & Community
Affairs; Series 2007 B, Single Family Mortgage RB
(INS
GNMA/FNMA/FHLMC)
(a)(b)(c)
|
|
|
5.15
|
%
|
|
|
09/01/27
|
|
|
|
2,250
|
|
|
|
2,293,110
|
|
|
Texas (State of) Public Finance Authority Charter School Finance
Corp. (Odyssey Academy, Inc.); Series 2010 A,
Educational RB
|
|
|
7.13
|
%
|
|
|
02/15/40
|
|
|
|
375
|
|
|
|
381,349
|
|
|
Texas (State of) Turnpike Authority; Series 2002, Central
Texas Turnpike CAB RB
(INSAMBAC)
(b)(d)
|
|
|
0.00
|
%
|
|
|
08/15/33
|
|
|
|
1,560
|
|
|
|
386,272
|
|
|
Texas Private Activity Bond Surface Transportation Corp. (North
Transit Express Mobility); Series 2009, Sr. Lien RB
|
|
|
6.88
|
%
|
|
|
12/31/39
|
|
|
|
375
|
|
|
|
387,716
|
|
|
Travis (County of) Health Facilities Development Corp.
(Westminster Manor); Series 2010, RB
|
|
|
7.00
|
%
|
|
|
11/01/30
|
|
|
|
375
|
|
|
|
384,889
|
|
|
Tyler (City of) Health Facilities Development Corp. (Mother
Frances Hospital); Series 2007, Ref. RB
|
|
|
5.00
|
%
|
|
|
07/01/33
|
|
|
|
375
|
|
|
|
336,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,212,344
|
|
|
Utah0.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
Emery (County of) (Pacificorp); Series 1996, Environmental
Improvement
RB
(a)
|
|
|
6.15
|
%
|
|
|
09/01/30
|
|
|
|
650
|
|
|
|
649,928
|
|
|
Utah (State of) Charter School Finance Authority (North Davis
Preparatory Academy); Series 2010, Charter School RB
|
|
|
6.38
|
%
|
|
|
07/15/40
|
|
|
|
375
|
|
|
|
353,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,003,726
|
|
|
Virginia4.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chesterfield (County of) Economic Development Authority
(Brandermill Woods); Series 1998, Ref. Mortgage RB
|
|
|
6.50
|
%
|
|
|
01/01/28
|
|
|
|
4,419
|
|
|
|
3,889,602
|
|
|
Lexington (City of) Industrial Development Authority (Kendall at
Lexington); Series 2007 A, Residential Care Facilities
Mortgage RB
|
|
|
5.50
|
%
|
|
|
01/01/37
|
|
|
|
395
|
|
|
|
330,007
|
|
|
Peninsula Town Center Community Development Authority;
Series 2007, Special Obligation RB
|
|
|
6.45
|
%
|
|
|
09/01/37
|
|
|
|
496
|
|
|
|
491,680
|
|
|
Virginia (State of) Small Business Financing Authority (Hampton
Roads Proton Beam Therapy Institute at Hampton University, LLC);
Series 2009, RB
|
|
|
9.00
|
%
|
|
|
07/01/39
|
|
|
|
450
|
|
|
|
473,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,184,752
|
|
|
Washington2.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
King (County of) Public Hospital District No. 4 (Snoqualime
Valley Hospital); Series 2009, Ref. Improvement Limited Tax
GO Bonds
|
|
|
7.25
|
%
|
|
|
12/01/38
|
|
|
|
375
|
|
|
|
377,947
|
|
|
King (County of) Washington Sewer Revenue;
Series 2011 B, Ref.
RB
(c)
|
|
|
5.00
|
%
|
|
|
01/01/34
|
|
|
|
1,125
|
|
|
|
1,188,945
|
|
|
Seattle (Port of) Industrial Development Corp. (Northwest
Airlines, Inc.); Series 2001, Special Facilities
RB
(a)
|
|
|
7.25
|
%
|
|
|
04/01/30
|
|
|
|
600
|
|
|
|
600,840
|
|
|
Washington (State of) Health Care Facilities Authority (Central
Washington Health Services Association); Series 2009, RB
|
|
|
7.00
|
%
|
|
|
07/01/39
|
|
|
|
375
|
|
|
|
386,089
|
|
|
Washington (State of) Health Care Facilities Authority (Seattle
Cancer Care Alliance); Series 2009, RB
|
|
|
7.38
|
%
|
|
|
03/01/38
|
|
|
|
450
|
|
|
|
497,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,051,327
|
|
|
West Virginia0.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia (State of) Hospital Finance Authority (Thomas
Health System); Series 2008, Hospital RB
|
|
|
6.50
|
%
|
|
|
10/01/38
|
|
|
|
750
|
|
|
|
707,272
|
|
|
Wisconsin2.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Beaver Dam Community Hospitals, Inc.);
Series 2004 A, RB
|
|
|
6.75
|
%
|
|
|
08/15/34
|
|
|
|
1,250
|
|
|
|
1,237,725
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (Prohealth Care, Inc. Obligated Group);
Series 2009, RB
|
|
|
6.38
|
%
|
|
|
02/15/29
|
|
|
|
575
|
|
|
|
628,170
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
12 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
Interest
|
|
Maturity
|
|
Amount
|
|
|
|
|
Rate
|
|
Date
|
|
(000)
|
|
Value
|
|
Wisconsin(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (State of) Health & Educational Facilities
Authority (St. Johns Communities, Inc.);
Series 2009 A, RB
|
|
|
7.63
|
%
|
|
|
09/15/39
|
|
|
$
|
375
|
|
|
$
|
386,006
|
|
|
Wisconsin (State of) Public Finance Authority (Glenridge Palmer
Ranch); Series 2011 A, Continuing Care Retirement
Community RB
|
|
|
8.25
|
%
|
|
|
06/01/46
|
|
|
|
375
|
|
|
|
380,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,632,031
|
|
|
TOTAL
INVESTMENTS
(k)
105.07%
(Cost $131,861,607)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,971,179
|
|
|
FLOATING RATE NOTE OBLIGATIONS(7.20)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes with interest rates ranging from 0.21% to 0.34% at
08/31/11
and
contractual maturities of collateral ranging from
06/15/21
to
06/15/50
(See
Note 1H).
(l)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,630,000
|
)
|
|
OTHER ASSETS LESS LIABILITIES2.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,552,882
|
|
|
NET ASSETS100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
119,894,061
|
|
|
Investment Abbreviations:
|
|
|
ACA
|
|
ACA Financial Guaranty Corp.
|
AGM
|
|
Assured Guaranty Municipal Corp.
|
AMBAC
|
|
American Municipal Bond Assurance Corp.
|
BAN
|
|
Bond Anticipation Notes
|
BHAC
|
|
Berkshire Hathaway Assurance Corp.
|
CAB
|
|
Capital Appreciation Bonds
|
COP
|
|
Certificates of Participation
|
FHLMC
|
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
|
Federal National Mortgage Association
|
GNMA
|
|
Government National Mortgage Association
|
GO
|
|
General Obligation
|
IDR
|
|
Industrial Development Revenue Bonds
|
INS
|
|
Insurer
|
MFH
|
|
Multi-Family Housing
|
PCR
|
|
Pollution Control Revenue Bonds
|
RB
|
|
Revenue Bonds
|
Ref.
|
|
Refunding
|
RN
|
|
Revenue Notes
|
SGI
|
|
Syncora Guarantee, Inc.
|
Sr.
|
|
Senior
|
VRD
|
|
Variable Rate Demand
|
Notes to Schedule of Investments:
|
|
|
(a)
|
|
Security subject to the alternative
minimum tax.
|
(b)
|
|
Principal
and/or
interest payments are secured by the bond insurance company
listed.
|
(c)
|
|
Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1H.
|
(d)
|
|
Zero coupon bond issued at a
discount.
|
(e)
|
|
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, 2011 was $2,003,317, which
represented 1.67% of the Trusts Net Assets.
|
(f)
|
|
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, 2011 was $1,152,811, which represented 0.96% of
the Trusts Net Assets.
|
(g)
|
|
Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put.
|
(h)
|
|
Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
August 31, 2011.
|
(i)
|
|
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, 2011.
|
(j)
|
|
Advance refunded; secured by an
escrow fund of U.S. Government obligations or other highly
rated collateral.
|
(k)
|
|
Entities may either issue,
guarantee, back or otherwise enhance the credit quality of a
security. The entities are not primarily responsible for the
issuers obligation but may be called upon to satisfy
issuers obligations. No concentration of any single entity was
greater than 5%.
|
(l)
|
|
Floating rate note obligations
related to securities held. The interest rates shown reflect the
rates in effect at August 31, 2011. At August 31,
2011, the Trusts investments with a value of $16,061,085
are held by Dealer Trusts and serve as collateral for the
$8,630,000 in the floating rate note obligations outstanding at
that date.
|
Portfolio
Composition
By
credit sector, based on Total Investments
As
of August 31, 2011
|
|
|
|
|
Revenue Bonds
|
|
|
80.0
|
%
|
|
General Obligation Bonds
|
|
|
4.2
|
|
|
Pre-refunded Bonds
|
|
|
0.9
|
|
|
Other
|
|
|
14.9
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
13 Invesco
Municipal Income Opportunities Trust II
Statement
of Assets and Liabilities
August 31,
2011
(Unaudited)
|
|
|
|
|
Assets:
|
Investments, at value (Cost $131,861,607)
|
|
$
|
125,971,179
|
|
|
Receivable for:
|
|
|
|
|
Investments sold
|
|
|
3,268,842
|
|
|
Interest
|
|
|
2,311,311
|
|
|
Investment for trustee deferred compensation and retirement plans
|
|
|
2,274
|
|
|
Other assets
|
|
|
27,071
|
|
|
Total assets
|
|
|
131,580,677
|
|
|
Liabilities:
|
Floating rate note obligations
|
|
|
8,630,000
|
|
|
Payable for:
|
|
|
|
|
Investments purchased
|
|
|
1,645,645
|
|
|
Amount due custodian
|
|
|
1,305,994
|
|
|
Accrued fees to affiliates
|
|
|
4
|
|
|
Accrued other operating expenses
|
|
|
38,933
|
|
|
Trustee deferred compensation and retirement plans
|
|
|
66,040
|
|
|
Total liabilities
|
|
|
11,686,616
|
|
|
Net assets applicable to shares outstanding
|
|
$
|
119,894,061
|
|
|
Net assets consist of:
|
Shares of beneficial interest
|
|
$
|
141,593,771
|
|
|
Undistributed net investment income
|
|
|
1,022,068
|
|
|
Undistributed net realized gain (loss)
|
|
|
(16,831,350
|
)
|
|
Unrealized appreciation (depreciation)
|
|
|
(5,890,428
|
)
|
|
|
|
$
|
119,894,061
|
|
|
Shares outstanding, $0.01 par value per share, with an unlimited
number of shares authorized:
|
Shares outstanding
|
|
|
16,184,389
|
|
|
Net asset value per share
|
|
$
|
7.41
|
|
|
Market value per share
|
|
$
|
6.92
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
14 Invesco
Municipal Income Opportunities Trust II
Statement
of Operations
For
the six months ended August 31, 2011
(Unaudited)
|
|
|
|
|
Investment income:
|
Interest
|
|
$
|
4,275,105
|
|
|
Expenses:
|
Advisory fees
|
|
|
293,215
|
|
|
Administrative services fees
|
|
|
25,137
|
|
|
Custodian fees
|
|
|
2,164
|
|
|
Interest, facilities and maintenance fees
|
|
|
35,405
|
|
|
Transfer agent fees
|
|
|
3,976
|
|
|
Trustees and officers fees and benefits
|
|
|
12,158
|
|
|
Professional services fees
|
|
|
26,166
|
|
|
Other
|
|
|
34,012
|
|
|
Total expenses
|
|
|
432,233
|
|
|
Net investment income
|
|
|
3,842,872
|
|
|
Net realized gain (loss) from investment securities
|
|
|
(1,918,709
|
)
|
|
Change in net unrealized appreciation of investment securities
|
|
|
7,154,125
|
|
|
Net realized and unrealized gain
|
|
|
5,235,416
|
|
|
Net increase in net assets resulting from operations
|
|
$
|
9,078,288
|
|
|
See accompanying Notes to Financial Statements which are an
integral part of the financial statements.
15 Invesco
Municipal Income Opportunities Trust II
Statement
of Changes in Net Assets
For
the six months ended August 31, 2011 and the year ended
February 28, 2011
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
February 28,
|
|
|
2011
|
|
2011
|
|
Operations:
|
Net investment income
|
|
$
|
3,842,872
|
|
|
$
|
7,575,013
|
|
|
Net realized gain (loss)
|
|
|
(1,918,709
|
)
|
|
|
(4,592,170
|
)
|
|
Change in net unrealized appreciation (depreciation)
|
|
|
7,154,125
|
|
|
|
(860,525
|
)
|
|
Net increase in net assets resulting from operations
|
|
|
9,078,288
|
|
|
|
2,122,318
|
|
|
Distributions to shareholders from net investment income
|
|
|
(3,762,870
|
)
|
|
|
(7,525,743
|
)
|
|
Net increase (decrease) in net assets
|
|
|
5,315,418
|
|
|
|
(5,403,425
|
)
|
|
Net Assets:
|
Beginning of period
|
|
|
114,578,643
|
|
|
|
119,982,068
|
|
|
End of period (includes undistributed net investment income of
$1,022,068 and $942,066, respectively)
|
|
$
|
119,894,061
|
|
|
$
|
114,578,643
|
|
|
Notes
to Financial Statements
August 31,
2011
(Unaudited)
NOTE 1Significant
Accounting Policies
Invesco Municipal Income Opportunities Trust II (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
management investment company.
The Trusts investment objective is to provide
a high level of current income exempt from federal income tax.
The following is a summary of the significant
accounting policies followed by the Trust in the preparation of
its financial statements.
|
|
|
A.
|
|
Security
Valuations
Securities, including
restricted securities, are valued according to the following
policy.
|
|
|
Securities are fair valued using an
evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by
the pricing service may be determined without exclusive reliance
on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, individual
trading characteristics and other market data. Short-term
obligations, including commercial paper, having 60 days or
less to maturity are recorded at amortized cost which
approximates value. Securities with a demand feature exercisable
within one to seven days are valued at par. Debt securities are
subject to interest rate and credit risks. In addition, all debt
securities involve some risk of default with respect to interest
and principal payments.
|
|
|
Securities for which market quotations
either are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the
supervision of the Trusts officers following procedures
approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental
analytical data relating to the investment; the nature and
duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable
companies; relevant political, economic or issuer specific news;
and other relevant factors under the circumstances.
|
|
|
Valuations change in response to many
factors including the historical and prospective earnings of the
issuer, the value of the issuers assets, general economic
conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially
differ from the value received upon actual sale of those
investments.
|
B.
|
|
Securities
Transactions and Investment Income
Securities transactions are accounted for on a trade date basis.
Realized gains or losses on sales are computed on the basis of
specific identification of the securities sold. Interest income
is recorded on the accrual basis from settlement date. Dividend
income (net of withholding tax, if any) is recorded on the
ex-dividend date. Bond premiums and discounts are amortized
and/or
accreted for financial reporting purposes.
|
|
|
The Trust may periodically participate
in litigation related to Trust investments. As such, the Trust
may receive proceeds from litigation settlements. Any proceeds
received are included in the Statement of Operations as realized
gain (loss) for investments no longer held and as unrealized
gain (loss) for investments still held.
|
|
|
Brokerage commissions and mark ups are
considered transaction costs and are recorded as an increase to
the cost basis of securities purchased
and/or
a
reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in
the Statement of Operations and the Statement of Changes in Net
Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction
costs are included in the calculation of the Trusts net
asset value and, accordingly, they reduce the Trusts total
returns. These transaction costs are not considered operating
expenses and are not reflected in net investment income reported
in
|
16 Invesco
Municipal Income Opportunities Trust II
|
|
|
|
|
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.
|
|
Accounting
Estimates
The preparation of financial
statements in conformity with accounting principles generally
accepted in the United States of America (GAAP)
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of
revenues and expenses during the reporting period including
estimates and assumptions related to taxation. Actual results
could differ from those estimates by a significant amount. In
addition, the Trust monitors for material events or transactions
that may occur or become known after the period-end date and
before the date the financial statements are released to print.
|
G.
|
|
Indemnifications
Under the Trusts organizational documents, each Trustee,
officer, employee or other agent of the Trust is indemnified
against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of
business, the Trust enters into contracts, including the
Trusts servicing agreements that contain a variety of
indemnification clauses. The Trusts maximum exposure under
these arrangements is unknown as this would involve future
claims that may be made against the Trust that have not yet
occurred. The risk of material loss as a result of such
indemnification claims is considered remote.
|
H.
|
|
Floating Rate
Note Obligations
The Trust invests
in inverse floating rate securities, such as Residual Interest
Bonds (RIBs) or Tender Option Bonds
(TOBs) for investment purposes and to enhance the
yield of the Trust. Inverse floating rate investments tend to
underperform the market for fixed rate bonds in a rising
interest rate environment, but tend to outperform the market for
fixed rate bonds when interest rates decline or remain
relatively stable. Such transactions may be purchased in the
secondary market without first owning the underlying bond or by
the sale of fixed rate bonds by the Trust to special purpose
trusts established by a broker dealer (Dealer
Trusts) in exchange for cash and residual interests in the
Dealer Trusts assets and cash flows, which are in the form
of inverse floating rate securities. The Dealer Trusts finance
the purchases of the fixed rate bonds by issuing floating rate
notes to third parties and allowing the Trust to retain residual
interest in the bonds. The floating rate notes issued by the
Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date.
The residual interests held by the Trust (inverse floating rate
investments) include the right of the Trust (1) to cause
the holders of the floating rate notes to tender their notes at
par at the next interest rate reset date, and (2) to
transfer the municipal bond from the Dealer Trusts to the Trust,
thereby collapsing the Dealer Trusts.
|
|
|
TOBs are presently classified as private
placement securities. Private placement securities are subject
to restrictions on resale because they have not been registered
under the Securities Act of 1933, as amended or are otherwise
not readily marketable. As a result of the absence of a public
trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices
realized from these sales could be less than those originally
paid by the Trust or less than what may be considered the fair
value of such securities.
|
|
|
The Trust accounts for the transfer of
bonds to the Dealer Trusts as secured borrowings, with the
securities transferred remaining in the Trusts investment
assets, and the related floating rate notes reflected as Trust
liabilities under the caption
Floating rate note
obligations
on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds
under the caption
Interest
and records the expenses
related to floating rate note 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.
|
17 Invesco
Municipal Income Opportunities Trust II
|
|
|
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.
|
|
Interest,
Facilities and Maintenance Fees
Interest,
Facilities and Maintenance Fees include interest and related
borrowing costs such as commitment fees and other expenses
associated with lines of credit and interest and administrative
expenses related to establishing and maintaining floating rate
note obligations, if any.
|
NOTE 2Advisory
Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory
agreement with Invesco Advisers, Inc. (the Adviser
or Invesco). Under the terms of the investment
advisory agreement, the Trust pays an advisory fee to the
Adviser based on the annual rate 0.50% of the Trusts
average weekly net assets.
Under the terms of a master
sub-advisory
agreement between the Adviser and each of Invesco Asset
Management Deutschland GmbH, Invesco Asset Management Limited,
Invesco Asset Management (Japan) Limited, Invesco Australia
Limited, Invesco Hong Kong Limited, Invesco Senior Secured
Management, Inc. and Invesco Canada Ltd. (collectively, the
Affiliated
Sub-Advisers)
the Adviser, not the Trust, may pay 40% of the fees paid to the
Adviser to any such Affiliated
Sub-Adviser(s)
that provide(s) discretionary investment management services to
the Trust based on the percentage of assets allocated to such
Sub-Adviser(s).
The Adviser has contractually agreed, through at
least June 30, 2012, to waive advisory fees
and/or
reimburse expenses to the extent necessary to limit the
Trusts expenses (excluding certain items discussed below)
to 0.73%. In determining the Advisers obligation to waive
advisory fees
and/or
reimburse expenses, the following expenses are not taken into
account, and could cause the Trusts expenses to exceed the
limit reflected above: (1) interest, facilities and
maintenance fees; (2) taxes; (3) dividend expense on
short sales; (4) extraordinary or non-routine items; and
(5) expenses that the Trust has incurred but did not
actually pay because of an expense offset arrangement. Unless
the Board of Trustees and Invesco mutually agree to amend or
continue the fee waiver agreement, it will terminate on
June 30, 2012.
For the six months ended August 31, 2011, the
Adviser did not waive any advisory fees.
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, 2011, expenses incurred under these
agreement are shown in the Statement of Operations as
administrative services fees.
Certain officers and trustees of the Trust are
officers and directors of Invesco.
NOTE 3Additional
Valuation Information
GAAP defines fair value as the price that would be received to
sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date,
under current market conditions. GAAP establishes a hierarchy
that prioritizes the inputs to valuation methods giving the
highest priority to readily available unadjusted quoted prices
in an active market for identical assets (Level 1) and
the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily
available or are unreliable. Based on the valuation inputs, the
securities or other investments are tiered into one of three
levels. Changes in valuation methods may result in transfers in
or out of an investments assigned level:
|
|
|
|
Level 1
|
Prices are determined using quoted prices in an active market
for identical assets.
|
|
Level 2
|
Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.
|
|
Level 3
|
Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market
activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the
Trusts own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information.
|
The following is a summary of the tiered valuation
input levels, as of August 31, 2011. The level assigned to
the securities valuations may not be an indication of the risk
or liquidity associated with investing in those securities.
Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from
the value received upon actual sale of those investments.
During the six months ended August 31, 2011,
there were no significant transfers between investment levels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Municipal Obligations
|
|
$
|
|
|
|
$
|
125,971,179
|
|
|
$
|
|
|
|
$
|
125,971,179
|
|
|
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. Trustees have the
option to defer compensation payable by the Trust, and
Trustees and Officers Fees and Benefits
also include amounts accrued by the Trust to fund such deferred
compensation amounts. Those Trustees who defer compensation have
the option to select various Invesco Trusts in which their
deferral accounts shall
18 Invesco
Municipal Income Opportunities Trust II
be deemed to be invested. Finally, certain current Trustees are
eligible to participate in a retirement plan that provides for
benefits to be paid upon retirement to Trustees over a period of
time based on the number of years of service. The Trust may have
certain former Trustees who also participate in a retirement
plan and receive benefits under such plan. Trustees
and Officers Fees and Benefits include amounts
accrued by the Trust to fund such retirement benefits.
Obligations under the deferred compensation and retirement plans
represent unsecured claims against the general assets of the
Trust.
During the six months ended August 31, 2011,
the Trust paid legal fees of $1,725 for services rendered by
Kramer, Levin, Naftalis & Frankel LLP as counsel to
the Independent Trustees. A partner of that firm is a Trustee of
the Trust.
NOTE 5Cash
Balances and Borrowings
The Trust is permitted to temporarily carry a negative or
overdrawn balance in its account with The State Street Bank and
Trust Company, the custodian bank. To compensate the
custodian bank for such overdrafts, the overdrawn Trust may
either (1) leave funds as a compensating balance in the
account so the custodian bank can be compensated by earning the
additional interest; or (2) compensate by paying the
custodian bank at a rate agreed upon by the custodian bank and
Invesco, not to exceed the contractually agreed upon rate.
Inverse floating rate note 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, 2011 were $8,019,000 and 0.88%, 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
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 28, 2011 which expires as follows:
|
|
|
|
|
|
|
Capital Loss
|
Expiration
|
|
Carryforward*
|
|
February 28, 2013
|
|
$
|
1,472,699
|
|
|
February 28, 2017
|
|
|
3,649,558
|
|
|
February 28, 2018
|
|
|
4,703,351
|
|
|
February 28, 2019
|
|
|
3,967,140
|
|
|
Total capital loss carryforward
|
|
$
|
13,792,748
|
|
|
|
|
*
|
Capital loss carryforward as of the
date listed above is reduced for limitations, if any, to the
extent required by the Internal Revenue Code.
|
NOTE 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, 2011 was $15,464,918 and
$12,178,489, 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
|
|
$
|
4,070,078
|
|
|
Aggregate unrealized (depreciation) of investment securities
|
|
|
(9,805,542
|
)
|
|
Net unrealized appreciation (depreciation) of investment
securities
|
|
$
|
(5,735,464
|
)
|
|
Cost of investments for tax purposes is $131,706,643.
|
NOTE 8Shares
of Beneficial Interest
Transactions in shares of beneficial interest were as follows:
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Year ended
|
|
|
August 31,
|
|
February 28,
|
|
|
2011
|
|
2011
|
|
Beginning shares
|
|
|
16,184,389
|
|
|
|
16,184,389
|
|
|
Shares repurchased
|
|
|
|
|
|
|
|
|
|
Ending shares
|
|
|
16,184,389
|
|
|
|
16,184,389
|
|
|
19 Invesco
Municipal Income Opportunities Trust II
The Trustees have approved share repurchases whereby
the Trust may, when appropriate, purchase shares in the open
market or in privately negotiated transactions at a price not
above market value or net asset value, whichever is lower at the
time of purchase.
NOTE 9Dividends
The Trust declared the following dividends to common
shareholders from net investment income subsequent to
August 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration
Date
|
|
Amount Per
Share
|
|
Record
Date
|
|
Payable
Date
|
|
September 1, 2011
|
|
$
|
0.03875
|
|
|
|
September 15, 2011
|
|
|
|
September 30, 2011
|
|
|
September 30, 2011
|
|
$
|
0.03875
|
|
|
|
October 14, 2011
|
|
|
|
October 31, 2011
|
|
|
NOTE 10Financial
Highlights
The following schedule presents financial highlights for a share
of the Trust outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
|
|
|
|
|
|
|
|
|
|
|
|
|
ended
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31,
|
|
Year ended
February 28/29,
|
|
|
2011
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
Net asset value, beginning of period
|
|
$
|
7.08
|
|
|
$
|
7.41
|
|
|
$
|
6.15
|
|
|
$
|
8.01
|
|
|
$
|
9.30
|
|
|
$
|
9.04
|
|
|
Net investment
income
(a)
|
|
|
0.24
|
|
|
|
0.47
|
|
|
|
0.48
|
|
|
|
0.49
|
|
|
|
0.48
|
|
|
|
0.49
|
|
|
Net realized and unrealized gains (losses)
|
|
|
0.32
|
|
|
|
(0.33
|
)
|
|
|
1.25
|
|
|
|
(1.83
|
)
|
|
|
(1.28
|
)
|
|
|
0.27
|
|
|
Total from investment operations
|
|
|
0.56
|
|
|
|
0.14
|
|
|
|
1.73
|
|
|
|
(1.34
|
)
|
|
|
(0.80
|
)
|
|
|
0.76
|
|
|
Less distributions from investment income
|
|
|
(0.23
|
)
|
|
|
(0.47
|
)
|
|
|
(0.47
|
)
|
|
|
(0.52
|
)
|
|
|
(0.49
|
)
|
|
|
(0.50
|
)
|
|
Anti-dilutive effect of shares
repurchased
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
Net asset value, end of period
|
|
$
|
7.41
|
|
|
$
|
7.08
|
|
|
$
|
7.41
|
|
|
$
|
6.15
|
|
|
$
|
8.01
|
|
|
$
|
9.30
|
|
|
Market value, end of period
|
|
$
|
6.92
|
|
|
$
|
6.54
|
|
|
$
|
7.00
|
|
|
$
|
6.12
|
|
|
$
|
8.15
|
|
|
$
|
9.14
|
|
|
Total return net asset
value
(c)
|
|
|
8.28
|
%
|
|
|
1.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return at market
value
(d)
|
|
|
9.47
|
%
|
|
|
(0.33
|
)%
|
|
|
22.71
|
%
|
|
|
(19.22
|
)%
|
|
|
(5.67
|
)%
|
|
|
10.15
|
%
|
|
Net assets, end of period (000s omitted)
|
|
$
|
119,894
|
|
|
$
|
114,579
|
|
|
$
|
119,982
|
|
|
$
|
99,550
|
|
|
$
|
129,891
|
|
|
$
|
151,084
|
|
|
Portfolio turnover
rate
(e)
|
|
|
10
|
%
|
|
|
18
|
%
|
|
|
11
|
%
|
|
|
20
|
%
|
|
|
25
|
%
|
|
|
24
|
%
|
|
Ratios/supplemental data based on average net assets:
|
Ratio of expenses
|
|
|
0.74
|
%
(f)
|
|
|
0.71
|
%
|
|
|
0.82
|
%
(g)
|
|
|
0.95
|
%
(g)
|
|
|
0.94
|
%
(g)(h)
|
|
|
0.73
|
%
(h)
|
|
Ratio of expenses excluding interest, facilities and maintenance
fees
(i)
|
|
|
0.68
|
%
(f)
|
|
|
0.66
|
%
|
|
|
0.76
|
%
(g)
|
|
|
0.73
|
%
(g)
|
|
|
0.73
|
%
(g)(h)
|
|
|
0.71
|
%
(h)
|
|
Ratio of net investment income
|
|
|
6.55
|
%
(f)
|
|
|
6.29
|
%
|
|
|
7.01
|
%
(g)
|
|
|
6.63
|
%
(g)
|
|
|
5.36
|
%
(g)(h)
|
|
|
5.30
|
%
(h)
|
|
Rebate from Morgan Stanley affiliate
|
|
|
|
|
|
|
|
|
|
|
0.00
|
%
(j)
|
|
|
0.00
|
%
(j)
|
|
|
0.00
|
%
(j)
|
|
|
|
|
|
|
|
|
(a)
|
|
Calculated using average shares
outstanding.
|
(b)
|
|
Includes anti-dilutive effect of
acquiring treasury shares of less than $0.01.
|
(c)
|
|
Includes adjustments in accordance
with accounting principles generally accepted in the United
States of America and as such, the net asset value for financial
reporting purposes and the returns based upon those net assets
may differ from the net asset value and returns for shareholder
transactions. Not annualized for periods less than one year.
|
(d)
|
|
Total return assumes an investment
at the market price at the beginning of the period indicated,
reinvestment of all distributions for the period in accordance
with the Trusts dividend reinvestment plan, and sale of
all shares at the closing market price at the end of the period
indicated. Total return does not reflect brokerage commissions
and is not annualized for periods less than one year.
|
(e)
|
|
Portfolio turnover is not
annualized for periods less than one year, if applicable.
|
(f)
|
|
Ratios are annualized and based on
average daily net assets (000s omitted) of $116,787.
|
(g)
|
|
The ratios reflect the rebate of
certain Trust expenses in connection with investments in an
Morgan Stanley affiliate during the period. The effect of the
rebate on the ratios is disclosed in the above table as
Rebate from Morgan Stanley affiliate.
|
(h)
|
|
Does not reflect the effect of
expense offset of 0.01%.
|
(i)
|
|
For the years ended
February 28, 2010 and prior, ratio does not exclude
facilities and maintenance fees.
|
(j)
|
|
Amount is less than 0.005%.
|
20 Invesco
Municipal Income Opportunities Trust II
Approval
of Investment Advisory and
Sub-Advisory
Contracts
The Board of Trustees (the Board) of Invesco Municipal Income
Opportunities Trust II is required under the Investment
Company Act of 1940, as amended, to approve annually the renewal
of the Invesco Municipal Income Opportunities Trust II (the
Fund) investment advisory agreement with Invesco Advisers, Inc.
(Invesco Advisers) and the Master Intergroup
Sub-Advisory
Contract for Mutual Funds (the
sub-advisory
contracts) with 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).
During contract renewal meetings held on June
14-15,
2011,
the Board as a whole, and the disinterested or
independent Trustees, who comprise 80% of the Board,
voting separately, approved the continuance of the Funds
investment advisory agreement and the
sub-advisory
contracts for another year, effective July 1, 2011. 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 Boards Investments Committee has established three
Sub-Committees,
each of which is responsible for overseeing the management of a
number of the closed-end funds and all of the open-end funds
advised by Invesco Advisers (the Invesco Funds). The
Sub-Committees
meet throughout the year to review the performance of their
assigned funds, including reviewing materials prepared under the
direction of the independent Senior Officer, an officer of the
Invesco Funds who reports directly to the independent Trustees.
Over the course of each year, the
Sub-Committees
meet with portfolio managers for their assigned Invesco Funds
and other members of management to review the performance,
investment objective(s), policies, strategies, limitations and
investment risks of these funds. The
Sub-Committees
meet regularly and at designated contract renewal meetings each
year to conduct a review of the performance, fees, expenses and
other matters related to their assigned Invesco Funds. Each
Sub-Committee
recommends to the Investments Committee, which in turn
recommends to the full Board, whether to approve the continuance
of each Invesco Funds investment advisory agreement and
sub-advisory
contracts for another year.
During the contract renewal process, the Trustees
receive comparative performance and fee data regarding the
Invesco Funds prepared by Invesco Advisers and an independent
company, Lipper, Inc. (Lipper). The Trustees also receive an
independent written evaluation from the Senior Officer. The
Senior Officers evaluation is prepared as part of his
responsibility to manage the process by which the Invesco
Funds proposed management fees are negotiated during the
annual contract renewal process to ensure they are negotiated in
a manner that is at arms length and reasonable. The
independent Trustees are assisted in their annual evaluation of
the Funds investment advisory agreement by the Senior
Officer and by independent legal counsel. The independent
Trustees also discuss the continuance of the investment advisory
agreement and
sub-advisory
contracts in private sessions with the Senior Officer and
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 Funds include advisory fees that are the result
of years of review and negotiation between the Trustees and
Invesco Advisers as well as advisory fees inherited from Morgan
Stanley and Van Kampen funds following the acquisition of the
retail mutual fund business of Morgan Stanley (the Morgan
Stanley Transaction). 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. One Trustee may have
weighed a particular piece of information differently than
another Trustee.
The discussion below serves as the Senior
Officers independent written 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 June 15, 2011, 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 and Summary of Independent Written Fee
Evaluation
|
|
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, including the Funds portfolio manager or
managers, with whom the Board has met since the closing of the
Morgan Stanley Transaction. 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 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 Funds 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 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 provide these 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
in managing the Fund. The Board concluded that the nature,
extent and quality of the services 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, three and five calendar years to the
performance of funds in the Lipper performance universe and
against the Lipper Closed-End High Yield Municipal
Debt Funds Index. The Board noted that the Funds
performance was in the fourth quintile of its performance
universe for the one, three and five 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 below the performance of the Index
for the one, three and five year periods. Invesco Advisers
advised the Board that additional portfolio managers were added
at the beginning of 2009 and the Fund is reducing overweight
positions in certain sectors. Although the independent written
evaluation of the Funds Senior Officer only considered
Fund performance through the most recent calendar year, the
Trustees also reviewed more recent Fund performance and this
review did not change their conclusions.
|
|
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
21 Invesco
Municipal Income Opportunities Trust II
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 compared the Funds effective
fee rate (the advisory fee after advisory fee waivers and before
expense limitations/waivers) to the advisory fee rates of other
mutual funds advised by Invesco Advisers and its affiliates with
investment strategies comparable to those of the Fund. The Board
noted that the Funds rate was the same as two other
closed-end funds with comparable investment strategies.
Other than the mutual funds described above, the
Board noted that Invesco Advisers and the Affiliated
Sub-Advisers
do not manage other mutual funds or client accounts in a manner
substantially similar to the management of the Fund.
The Board noted that as part of the Morgan Stanley
Transaction, Invesco Advisers has contractually agreed to waive
fees
and/or
limit expenses of the Fund through at least 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 noted that at the current expense
ratio for the Fund, this expense waiver does not have any impact.
The Board also considered the services 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 Invesco Advisers provides
services to
sub-advised
Invesco Funds, including oversight of the Affiliated
Sub-Advisers
as well as the additional services described above other than
day-to-day
that Invesco Advisers provides services to
sub-advised
Invesco Funds, including 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.
The Board noted that the Fund shares directly in economies of
scale through lower fees charged by third party service
providers based on the combined size of the Invesco Funds and
other 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
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 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 Invesco Funds. 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, transfer agency and distribution 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 these services are provided to the
Fund pursuant to written contracts that are reviewed and
approved on an annual basis by the Board; 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 the benefits realized by
Invesco Advisers and the Affiliated
Sub-Advisers
as a result of portfolio brokerage transactions executed through
soft dollar arrangements. The Board noted that soft
dollar arrangements shift the payment obligation for research
and execution services from Invesco Advisers and the Affiliated
Sub-Advisers
to the Invesco Funds and therefore may reduce Invesco
Advisers and the Affiliated
Sub-Advisers
expenses. The Board concluded that the soft dollar arrangements
are appropriate. The Board also concluded that, based on their
review and representations made by the Chief Compliance Officer
of the Invesco Funds, these arrangements are consistent with
regulatory requirements.
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 Invesco Funds. 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.
22 Invesco
Municipal Income Opportunities Trust II
Proxy
Results
An Annual Meeting (Meeting) of Shareholders of
Invesco Municipal Income Opportunities Trust II was held on
July 14, 2011. The Meeting was held for the following
purpose:
|
|
(1)
|
Elect six Trustees by the holders of Common Shares, each of whom
will serve for a three-year term or until a successor has been
duly elected and qualified.
|
The results of the voting on the above matter were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes
|
|
|
Matter
|
|
|
|
|
|
Votes
For
|
|
Withheld
|
|
|
(1)
|
|
David C. Arch
|
|
|
14,716,893
|
|
|
|
517,022
|
|
|
|
Bob R. Baker
|
|
|
14,707,381
|
|
|
|
526,534
|
|
|
|
Frank S. Bayley
|
|
|
14,719,385
|
|
|
|
514,530
|
|
|
|
Larry Soll
|
|
|
14,740,015
|
|
|
|
493,900
|
|
|
|
Philip A. Taylor
|
|
|
14,744,533
|
|
|
|
489,382
|
|
|
|
Wayne W. Whalen
|
|
|
14,746,846
|
|
|
|
487,069
|
|
23 Invesco
Municipal Income Opportunities Trust II
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 811-05793.
A description of the policies and procedures that the Trust uses to determine how to vote
proxies relating to portfolio securities is available without charge, upon request, from our
Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is
also available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio
securities during the 12 months ended June 30, 2011, is available at
invesco.com/proxysearch. In addition, this information is available on the SEC website at
sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services
to individual and institutional clients and does not sell securities. Invesco Distributors,
Inc. is the U.S. distributor for Invesco Ltd.s retail mutual funds, exchange-traded funds and
institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
|
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|
MS-CE-MIO2-SAR-1
|
|
Invesco Distributors, Inc.
|
|
|
|
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.
|
|
|
|
ITEM 4.
|
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
|
|
|
ITEM 5.
|
|
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
|
|
|
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.
|
|
|
|
ITEM 8.
|
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
|
|
|
ITEM 9.
|
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
|
|
|
|
ITEM 10.
|
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
|
|
|
ITEM 11.
|
|
CONTROLS AND PROCEDURES.
|
(a)
|
|
|
As of September 16, 2011, 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 September 16, 2011, 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.
|
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 Municipal Income Opportunities Trust II
|
|
|
|
|
|
|
|
By:
|
/s/ Philip A. Taylor
|
|
|
Philip A. Taylor
|
|
|
Principal Executive Officer
|
|
|
Date: November 7, 2011
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.
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By:
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/s/ Philip A. Taylor
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Philip A. Taylor
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Principal Executive Officer
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Date: November 7, 2011
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By:
|
/s/ Sheri Morris
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|
Sheri Morris
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Principal Financial Officer
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|
Date: November 7, 2011
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.
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|
12(a) (3)
|
|
Not applicable.
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|
|
|
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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